# EDGAR Filing Document

**Accession Number:** 0000906564
**File Stem:** 0000906564-26-000031
**Filing Date:** 2026-4
**Character Count:** 697450
**Document Hash:** bd026234112f90b374644c2ec84c9e25
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000906564-26-000031.hdr.sgml**: 20260420

**ACCESSION NUMBER**: 0000906564-26-000031

**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 C
- **CENTRAL INDEX KEY:** 0000906564

**ORGANIZATION NAME:**
- **EIN:** 460164570
- **STATE OF INCORPORATION:** SD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07772
- **FILM NUMBER:** 26873458

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

**MAIL ADDRESS:**
- **STREET 1:** MIDLAND NATIONAL LIFE INSURANCE COMPANY
- **STREET 2:** 8300 MILLS CIVIC PARKWAY
- **CITY:** WEST DES MOINES
- **STATE:** IA
- **ZIP:** 50266

## Series and Classes Contracts Data

### MIDLAND NATIONAL LIFE SEPARATE ACCOUNT C (Series ID: S000010317)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000028555 | MNL Advisor Variable Annuity        |  |
| C000028556 | Advantage III Variable Annuity      |  |
| C000028557 | Advantage II Variable Annuity       |  |
| C000028558 | National Advantage Variable Annuity |  |
| C000028559 | Variable Annuity II                 |  |
| C000028560 | Variable Annuity                    |  |
| C000028561 | Vector Variable Annuity             |  |
| C000028562 | Vector II Variable Annuity          |  |
| C000107223 | LiveWell VA                         |  |
| C000198523 | LiveWell Freedom Variable Annuity   |  |
| C000228204 | LiveWell RILA                       |  |
| C000235591 | Midland Advisory RILA               |  |

F

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**

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

**FINANCIAL STATEMENTS – STATUTORY BASIS AND SUPPLEMENTAL SCHEDULES**

**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**TABLE OF CONTENTS**<br>**DECEMBER 31, 2025, 2024 and 2023**<br>

---

| | |
|:---|:---|
| | Page(s) |
| *Midland National Life Insurance Company* |  |
| &nbsp;&nbsp;*Financial Statements* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Auditors](#ia06a9c22ffee4393a5c7da846cd1be2c_1) | [1](#ia06a9c22ffee4393a5c7da846cd1be2c_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of Admitted Assets, Liabilities and Capital and Surplus](#ia06a9c22ffee4393a5c7da846cd1be2c_13)[- Statutory Basis](#ia06a9c22ffee4393a5c7da846cd1be2c_13) | [3](#ia06a9c22ffee4393a5c7da846cd1be2c_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#ia06a9c22ffee4393a5c7da846cd1be2c_16)[- Statutory Basis](#ia06a9c22ffee4393a5c7da846cd1be2c_16) | [4](#ia06a9c22ffee4393a5c7da846cd1be2c_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Capital and Surplus](#ia06a9c22ffee4393a5c7da846cd1be2c_19)[- Statutory Basis](#ia06a9c22ffee4393a5c7da846cd1be2c_19) | [5](#ia06a9c22ffee4393a5c7da846cd1be2c_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of Cash Flows](#ia06a9c22ffee4393a5c7da846cd1be2c_22)[- Statutory Basis](#ia06a9c22ffee4393a5c7da846cd1be2c_22) | [7](#ia06a9c22ffee4393a5c7da846cd1be2c_22) |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes to Statutory Financial Statements - Statutory Basis  | # |

---

------

**Report of Independent Auditors**

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

***Opinions***

We have audited the accompanying statutory basis financial statements of Midland National Life Insurance Company (the "Company"), which comprise the statements of admitted assets, liabilities and capital and surplus – statutory basis as of December 31, 2025 and 2024, and the related statements of operations – statutory basis, of changes in capital and surplus – statutory basis, and of cash flows – statutory basis for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the "financial statements").

*Unmodified Opinion on Statutory Basis of Accounting*

In our opinion, the accompanying financial statements present fairly, in all material respects, the admitted assets, liabilities and capital and surplus – statutory basis of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in accordance with the accounting practices prescribed or permitted by the Iowa Insurance Division described in Note 1.

*Adverse Opinion on U.S. Generally Accepted Accounting Principles*

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the accompanying financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2025 and 2024, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2025.

***Basis for Opinions***

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

*Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles*

As described in Note 1 to the financial statements, the financial statements are prepared by the Company on the basis of the accounting practices prescribed or permitted by the Iowa Insurance Division, which is a basis of accounting other than accounting principles generally accepted in the United States of America.

The effects on the financial statements of the variances between the statutory basis of accounting described in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material.

***Responsibilities of Management for the Financial Statements***

Management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting practices prescribed or permitted by the Iowa Insurance Division. Management is also

------

responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date the financial statements are available to be issued.

***Auditors' Responsibilities for the Audit of the Financial Statements***

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with US GAAS, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise professional judgment and maintain professional skepticism throughout the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

/s/ PricewaterhouseCoopers LLP

Des Moines, Iowa

April 17, 2026

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**STATEMENTS OF ADMITTED ASSETS, LIABILITIES AND CAPITAL AND SURPLUS - STATUTORY BASIS**<br>**AS OF DECEMBER 31, 2025 and 2024**<br>**(Dollars in Thousands, except par value)**<br>

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| **ADMITTED ASSETS** |  |  |
| Bonds | $57892650 | $55595820 |
| Stocks |  |  |
| &nbsp;&nbsp;&nbsp;Preferred | 665185 | 781852 |
| &nbsp;&nbsp;&nbsp;Common - subsidiaries | 3258200 | 2087793 |
| &nbsp;&nbsp;&nbsp;Common - other | 469720 | 264517 |
| Mortgage loans | 3910917 | 3838788 |
| Real estate | 94448 | 95966 |
| Policy loans | 665143 | 596140 |
| Cash, cash equivalents and short-term investments | 1419028 | 2719145 |
| Receivable for securities | 29745 | 78885 |
| Derivative instruments | 898227 | 749024 |
| Other invested assets | 5276933 | 4568015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash and invested assets | 74580196 | 71375945 |
| Policy premiums due, deferred or uncollected | 129497 | 176018 |
| Accrued investment income | 588577 | 523659 |
| Current federal income tax receivable | 215506 | 332098 |
| Net deferred tax asset | 344427 | 349399 |
| Company owned life insurance | 2188678 | 2027274 |
| Admitted disallowed interest maintenance reserve | 338620 | 253524 |
| Other admitted assets | 78119 | 63765 |
| Separate account assets | 9774789 | 7566444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total admitted assets | $88238409 | $82668126 |
| **LIABILITIES AND CAPITAL AND SURPLUS** |  |  |
| Liabilities for future policy benefits | $43079415 | $45218229 |
| Liabilities for deposit-type contracts | 3141529 | 1360258 |
| Policy and contract claims | 293641 | 265261 |
| Other policyholder funds | 2497 | 2912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total policyholder liabilities | 46517082 | 46846660 |
| Amounts payable for reinsurance | 58339 | 91436 |
| Asset valuation reserve | 947394 | 858560 |
| Repurchase agreements, FHLB advances and collateral on derivatives | 8212655 | 8128899 |
| Payable for securities | 29765 | 60274 |
| Funds held under coinsurance | 17127197 | 13767745 |
| Derivative instruments | 342288 | 264836 |
| Accrued expenses and other liabilities | 621137 | 546691 |
| Separate account liabilities | 9242639 | 7109659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 83098496 | 77674760 |
| Capital and surplus |  |  |
| Common stock - $1 par value; 2,549,439 shares authorized, issued, and outstanding | 2549 | 2549 |
| Surplus notes | 1237000 | 1237000 |
| Additional paid-in capital | 893927 | 893927 |
| Other surplus funds | 338620 | 253524 |
| Unassigned surplus | 2667817 | 2606366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total capital and surplus | 5139913 | 4993366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and capital and surplus | $88238409 | $82668126 |

---

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

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**STATEMENTS OF OPERATIONS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| **REVENUES** |  |  |  |
| Life insurance and annuity premiums and other considerations | $2828593 | $6405842 | $4516010 |
| Net investment income | 3262784 | 3312930 | 2340965 |
| Commissions and expense allowances on reinsurance ceded | 454227 | 421946 | 310311 |
| Amortization of interest maintenance reserve | (19399) | (16826) | (9005) |
| Reserve adjustments on reinsurance ceded | (169609) | (180392) | (278686) |
| Investment income ceded - funds withheld reinsurance | (735852) | (669286) | (418926) |
| Other income | 263994 | 313805 | 251333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 5884738 | 9588019 | 6712002 |
| **BENEFITS AND EXPENSES** |  |  |  |
| Life and annuity policy benefits | 5367458 | 5996155 | 6715688 |
| Increase (decrease) in liabilities for future life and annuity <br> policy benefits | (2138729) | 1467684 | (1570465) |
| Commissions | 598511 | 602411 | 504352 |
| General expenses | 440944 | 394407 | 344437 |
| Insurance taxes, licenses and fees | 34114 | 39974 | 38130 |
| Transfers to interest maintenance reserve ceded | 16643 | 1465 | 22238 |
| Transfers to interest maintenance reserve - market value <br> adjustments | 16066 | 21039 | 12221 |
| Net transfers to separate accounts | 1081481 | 270991 | 12272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 5416488 | 8794126 | 6078873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain from operations before federal income taxes and net realized capital losses | 468250 | 793893 | 633129 |
| Federal income tax expense | 79648 | 42731 | 29816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain from operations before net realized capital losses | 388602 | 751162 | 603313 |
| Net realized capital losses | (76145) | (54203) | (282080) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $312457 | $696959 | $321233 |

---

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

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**STATEMENTS OF CHANGES IN CAPITAL AND SURPLUS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Surplus Notes** | **Additional Paid-In Capital** | **Other Surplus** | **Unassigned Surplus** | **Total Capital and Surplus** |
| **Balances at December 31, 2022** | $2549 | $1237000 | $793927 | $— | $3030041 | $5063517 |
| Net income |  |  |  |  | 321233 | 321233 |
| Change in net unrealized capital gains (losses) |  |  |  |  | 86504 | 86504 |
| Change in net deferred income tax |  |  |  |  | (11103) | (11103) |
| Change in nonadmitted assets |  |  |  |  | (25026) | (25026) |
| Change in asset valuation reserve |  |  |  |  | (144294) | (144294) |
| Surplus (contributed to) withdrawn from <br> Separate Accounts during period |  |  |  |  | 80321 | 80321 |
| Other changes in surplus in Separate <br> Accounts statement |  |  |  |  | (70517) | (70517) |
| Change in surplus as a result of reinsurance |  |  |  |  | (65644) | (65644) |
| Dividends to stockholder |  |  |  |  | (320000) | (320000) |
| Change in admitted disallowed interest <br> maintenance reserve |  |  |  | 74012 | (74012) |  |
| OPEB SSAP92 adjustment |  |  |  |  | 20100 | 20100 |
| Correction of errors from prior periods |  |  |  |  | (36498) | (36498) |
| **Balances at December 31, 2023** | 2549 | 1237000 | 793927 | 74012 | 2791105 | 4898593 |
| Net income |  |  |  |  | 696959 | 696959 |
| Change in net unrealized capital gains (losses) |  |  |  |  | 29447 | 29447 |
| Change in net deferred income tax |  |  |  |  | (55193) | (55193) |
| Change in nonadmitted assets |  |  |  |  | 51056 | 51056 |
| Change in asset valuation reserve |  |  |  |  | (124025) | (124025) |
| Other changes in surplus in Separate <br> Accounts statement |  |  |  |  | 26369 | 26369 |
| Additional paid in surplus |  |  | 100000 |  |  | 100000 |
| Change in surplus as a result of reinsurance |  |  |  |  | (26057) | (26057) |
| Dividends to stockholder |  |  |  |  | (600000) | (600000) |
| Change in admitted disallowed interest <br> maintenance reserve |  |  |  | 179512 | (179512) |  |
| OPEB SSAP92 adjustment |  |  |  |  | (4542) | (4542) |
| Correction of errors from prior periods |  |  |  |  | 759 | 759 |
| **Balances at December 31, 2024** | 2549 | 1237000 | 893927 | 253524 | 2606366 | 4993366 |

---

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

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**STATEMENTS OF CHANGES IN CAPITAL AND SURPLUS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Surplus Notes** | **Additional Paid-In Capital** | **Other Surplus** | **Unassigned Surplus** | **Total Capital and Surplus** |
| Net income |  |  |  |  | 312457 | 312457 |
| Change in net unrealized capital gains (losses) |  |  |  |  | 32627 | 32627 |
| Change in net deferred income tax |  |  |  |  | 27226 | 27226 |
| Change in nonadmitted assets |  |  |  |  | 11885 | 11885 |
| Change in asset valuation reserve |  |  |  |  | (88834) | (88834) |
| Other changes in surplus in Separate <br> Accounts statement |  |  |  |  | 82419 | 82419 |
| Change in surplus as a result of reinsurance |  |  |  |  | 210057 | 210057 |
| Dividends to stockholder |  |  |  |  | (383021) | (383021) |
| Change in admitted disallowed interest <br> maintenance reserve |  |  |  | 85096 | (85096) |  |
| OPEB SSAP92 adjustment |  |  |  |  | (2455) | (2455) |
| Change in accounting principle |  |  |  |  | (68667) | (68667) |
| Correction of error from prior periods |  |  |  |  | 12853 | 12853 |
| **Balances at December 31, 2025** | $2549 | $1237000 | $893927 | $338620 | $2667817 | $5139913 |

---

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

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**STATEMENTS OF CASH FLOWS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| **OPERATING ACTIVITIES** |  |  |  |
| Life insurance and annuity premiums and other considerations | $2857574 | $6405215 | $4517150 |
| Net investment income | 3060136 | 3175870 | 2235897 |
| Other income | 765989 | 498130 | 357530 |
| Benefits paid | (5484988) | (6166272) | (6961809) |
| Net transfers to separate account | (1078235) | (270283) | (11717) |
| Insurance expenses paid | (1758675) | (1653353) | (1313859) |
| Federal income taxes recovered (paid) | 81970 | (11230) | (57757) |
| &nbsp;&nbsp;Net cash provided (used) by operating activities | (1556229) | 1978077 | (1234565) |
| **INVESTING ACTIVITIES** |  |  |  |
| Proceeds from investments sold, matured or repaid |  |  |  |
| &nbsp;&nbsp;Bonds | 9732902 | 6609212 | 7456372 |
| &nbsp;&nbsp;Preferred and common stocks | 123237 | 247623 | 680905 |
| &nbsp;&nbsp;Mortgage loans | 737157 | 662927 | 407525 |
| &nbsp;&nbsp;Other invested assets | 567394 | 291511 | 295808 |
| &nbsp;&nbsp;Miscellaneous proceeds | 56563 | 6178 | 5476 |
| Cost of investments acquired |  |  |  |
| &nbsp;&nbsp;Bonds | (12741850) | (7499619) | (5542615) |
| &nbsp;&nbsp;Preferred and common stocks | (1252781) | (1177054) | (711564) |
| &nbsp;&nbsp;Mortgage loans | (838855) | (792868) | (382133) |
| &nbsp;&nbsp;Real estate | (1110) | (161) | (1974) |
| &nbsp;&nbsp;Other invested assets | (808433) | (428016) | (1085829) |
| &nbsp;&nbsp;Miscellaneous applications | (188371) | (256412) | (95602) |
| Net change in policy loans | (69212) | (67477) | (68906) |
| &nbsp;&nbsp;Net cash provided (used) in investing activities | (4683359) | (2404156) | 957463 |
| **FINANCING ACTIVITIES** |  |  |  |
| Capital and paid in surplus |  | 100000 |  |
| Net change in collateral liability | 204106 | 53106 | 207158 |
| Net change in repurchase agreements and FHLB advances | (120350) | (121397) | (39947) |
| Net deposits (withdrawals) on deposit-type contract | 1749187 | 901050 | (55671) |
| Dividends paid to stockholder | (360000) | (600000) | (320000) |
| Net change in funds held under reinsurance | 3359452 | 1290671 | 1096456 |
| Net change in remittances and items not allocated | 67791 | (244002) | 351342 |
| Other cash provided | 39285 | 56438 | 24671 |
| &nbsp;&nbsp;Net cash provided by financing activities and other sources | 4939471 | 1435866 | 1264010 |
| **RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS** |  |  |  |
| Net change in cash, cash equivalents and short-term investments | (1300117) | 1009787 | 986908 |
| Cash, cash equivalents and short-term investments: |  |  |  |
| &nbsp;&nbsp;Beginning of year | 2719145 | 1709358 | 722450 |
| &nbsp;&nbsp;End of year | $1419028 | $2719145 | $1709358 |

---

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

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**STATEMENTS OF CASH FLOWS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| **SUPPLEMENTAL CASH FLOW** |  |  |  |
| **Non-cash from operating:** |  |  |  |
| &nbsp;&nbsp;Bond and mortgage loan interest capitalization | $(65150) | $(84830) | $(63298) |
| &nbsp;&nbsp;Non-cash dividend to parent - investment income | (3021) |  |  |
| **Non-cash from investing:** |  |  |  |
| &nbsp;&nbsp;Bonds and Other Invested Assets (OIA) proceeds from restructure | (254643) | (608328) |  |
| &nbsp;&nbsp;Bonds and OIA acquired in restructure | 240894 | 608328 |  |
| &nbsp;&nbsp;Bonds and stocks proceeds from exchange transactions | (864991) | (610564) |  |
| &nbsp;&nbsp;Bonds and stocks acquired in exchange transactions | 878740 | 610564 |  |
| &nbsp;&nbsp;OIA acquired as a result of transfers | 665733 | 999 |  |
| &nbsp;&nbsp;Bond proceeds as a result of transfers | (665733) | (999) |  |
| &nbsp;&nbsp;Bond and mortgage loan interest capitalization | 65150 | 84830 | 63298 |
| &nbsp;&nbsp;Non-cash dividend to parent - OIA proceeds | (20000) |  |  |
| **Non-cash from financing:** |  |  |  |
| &nbsp;&nbsp;Non-cash dividend to parent | 23021 |  |  |

---

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

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

**1. NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES AND PROCEDURES**

**Organization**

Midland National Life Insurance Company ("Midland National" or the "Company") is a stock life insurance company domiciled in the state of Iowa. The Company operates predominantly in the individual life and annuity business of the life insurance industry and is licensed to operate in 49 states, the District of Columbia, and several U.S. territories. The Company is a wholly owned subsidiary of Sammons Financial Group, Inc. ("SFG"), which is an indirect wholly owned subsidiary of Sammons Enterprises, Inc. ("SEI"). MNL Reinsurance Company ("MNL Re"), Solberg Reinsurance Company ("Solberg Re") and Canal Reinsurance Company ("Canal Re"), subsidiaries of Midland National, are captive reinsurance companies domiciled in Iowa, and New Roots M Trust ("NRMT"), Stone Roots M Trust ("SRMT"), and Ton Roots M Trust ("TRMT"), are investment subsidiaries of Midland National. The Company is affiliated through common ownership with North American Company for Life and Health Insurance ("North American"), including its subsidiaries New Roots N Trust ("NRNT"), Stone Roots N Trust ("SRNT"), Ton Roots N Trust ("TRNT") and Lantern Insurance Company ("Lantern"), Sammons Institutional Group, Inc. ("SIG"), Sammons Financial Network, LLC ("SFN"), SFG Tenura, LLC ("Tenura"), Heyday Insurance Agency, LLC ("Heyday"), SFG Bermuda, LTD ("SFG Bermuda"), Property Disposition, Inc. ("PDI"), SFG Asset Management, LLC ("SFGAM"), SFG Fortuna ("Fortuna"), My Financial Freedom ("MFF"), SFG US Insurance Holdings LLC ("USIH") and Sammons Financial Group Wealth Management Holdings, LLC ("SFGWM"), including its subsidiaries Beacon Capital Management, Inc. ("Beacon"), NorthRock Partners Holdco, LLC ("NorthRock"), and Wealthcare LLC ("Wealthcare").

**Basis of presentation**

The Company is domiciled in Iowa and prepares its statutory basis financial statements in accordance with accounting practices prescribed or permitted by the Iowa Insurance Division. Prescribed statutory accounting practices ("SAP") include state laws, regulations and general administrative rules, as well as a variety of publications of the National Association of Insurance Commissioners ("NAIC"), including the NAIC Annual Statement Instructions, and the NAIC Accounting Practices and Procedures Manual ("NAIC SAP"). The NAIC SAP was promulgated within a set of approved and published Statements of Statutory Accounting Principles ("SSAP"). Permitted practices encompass all accounting practices not so prescribed. The Company's capital and surplus was adequate for regulatory purposes prior to the effect of the prescribed practices described below and would not have been subject to a risk-based capital triggering event. The Company's financial statements reflect the following prescribed practices in 2025, 2024 and 2023:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Iowa Bulletin 07-06 – In 2006 the Commissioner of Insurance of the State of Iowa issued Bulletin 07-06 that provides a prescribed practice for Iowa domiciled companies. This bulletin allows assets held in a separate account where general account guarantees are present, to be carried at other than fair value with prior approval of the commissioner. The Company has received such approval for certain assets within its Bank-Owned Life Insurance ("BOLI"), Pension Risk Transfer ("PRT") and Registered Index-Linked Annuity ("RILA") Separate Accounts. As a result of that approval and in accordance with SSAP No. 56 - Separate Accounts, those certain assets held in the separate accounts are carried at the same basis they would be if they were held by the general account. The impact of

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

applying this prescribed practice had no impact on 2025 statutory net income; however, capital and surplus as of December 31, 2025 is increased by $212,455 as a result of this prescribed practice. The impact of applying this prescribed practice had no impact on 2024 statutory net income; however, capital and surplus as of December 31, 2024 is increased by $299,073 as a result of this prescribed practice. The impact of applying this prescribed practice had no impact on 2023 statutory net income; however, capital and surplus as of December 31, 2023 is increased by $253,580 as a result of this prescribed practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Iowa Administrative Code 191 – Chapter 97, "Accounting for Certain Derivative Instruments Used to Hedge the Growth in Interest Credited for Indexed Insurance Products and Accounting for the Indexed Insurance Products Reserve" ("IAC 191-97"). This prescribed practice allows insurance companies domiciled in Iowa to account for eligible derivative assets at amortized cost, if the insurance company can demonstrate it meets the criteria for an economic hedge. Eligible derivative assets include call or put options that are purchased to hedge the growth in interest credited to an indexed product as a direct result of changes in the related external index or indices, or call or put options that are written to offset all or a portion of a purchased call or put option. Other derivative instruments such as index futures, swaps and swaptions that may be used to hedge the growth in interest credited to the policy as a direct result of changes in the related indices would still be accounted for at fair value since an amortized cost for those instruments does not exist. IAC 191-97 also prescribes that insurance companies determine indexed annuity reserve calculations based on the Guideline 35 Reserve assuming the fair value of the call option(s) associated with the current index term is zero, regardless of the observable market for such option(s). At the conclusion of the index term, credited interest is reflected in the reserve as realized, based on actual index performance. This prescribed accounting practice must be applied to both the indexed reserves and the call/put options used to hedge indexed insurance products. The impact of applying this prescribed practice decreased the Company's statutory net income for the year ended December 31, 2025 by $192,110 and the cumulative effect on capital and surplus at December 31, 2025 was a decrease of $443,667. The impact of applying this prescribed practice increased the Company's statutory net income for the year ended December 31, 2024 by $25,434 and the cumulative effect on capital and surplus at December 31, 2024 was a decrease of $251,557. The impact of applying this prescribed practice decreased the Company's statutory net income for the year ended December 31, 2023 by $348,606 and the cumulative effect on capital and surplus at December 31, 2023 was a decrease of $276,991.

Under either the NAIC basis or the IAC 191-97, the Company elects to establish a voluntary reserve to offset the timing mismatch between the derivative instruments and the hedged liabilities, if that mismatch results in an increase in surplus. Under the IAC 191-97, a timing mismatch occurs related to the emergence of earnings. The impact of equity markets is reflected in investment income from futures during the policyholder's contract years, but is not reflected in the reserve until the policy anniversary, at which time the index credit is applied to the account value. The voluntary reserve established as of December 31, 2025 is $26,431 which offsets the portion of investment income on futures that has been determined to represent earnings that will be used to fund index credits that have not yet been applied to policy account balances. This eliminates the mismatch of the assets and the liabilities calculated in accordance with IAC 191-97. Under the NAIC basis, a voluntary reserve of $470,098 would have been established as of December 31, 2025 to eliminate the timing mismatch of the assets and liabilities. The impact of applying this prescribed practice, net of the effect of the difference between the above mentioned voluntary reserve and the voluntary reserve that would have

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

been established without the prescribed practice resulted in no impact to the Company's statutory net income for the year ended December 31, 2025 and there was no cumulative impact on the Company's capital and surplus at December 31, 2025. The voluntary reserve established as of December 31, 2024 was $35,576 which offsets the portion of investment income on futures that has been determined to represent earnings that will be used to fund index credits that have not yet been applied to policy account balances. This eliminates the mismatch of the assets and liabilities calculated in accordance with IAC 191-97. Under the NAIC basis, a voluntary reserve of $287,133 would have been established as of December 31, 2024 to eliminate the timing mismatch of the assets and liabilities. The impact of applying this prescribed practice, net of the effect of the difference between the above mentioned voluntary reserve and the voluntary reserve that would have been established without the prescribed practice resulted in no impact to the Company's statutory net income for the year ended December 31, 2024 and there was no cumulative impact on the Company's capital and surplus at December 31, 2024. The voluntary reserve established as of December 31, 2023 was $6,374 which offsets the portion of investment income on futures that has been determined to represent earnings that will be used to fund index credits that have not yet been applied to policy account balances. This eliminates the mismatch of the assets and liabilities calculated in accordance with IAC 191-97. Under the NAIC basis, a voluntary reserve of $283,365 would have been established as of December 31, 2023 to eliminate the timing mismatch of the assets and liabilities. The impact of applying this prescribed practice, net of the effect of the difference between the above mentioned voluntary reserve and the voluntary reserve that would have been established without the prescribed practice resulted in a decrease to the Company's statutory net income of $71,615 for the year ended December 31, 2023 and there was no cumulative impact on the Company's capital and surplus at December 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Iowa Administrative Code 191 – Chapter 43, "Annuity Mortality Tables For Use in Determining Reserve Liabilities For Annuities" ("IAC 191-43") allows a prescribed practice for Iowa domiciled companies. This prescribed practice allows insurance companies domiciled in Iowa to use the Annuity 2000 Mortality Table for determining the minimum standard of valuation for annuities issued during 2015. SSAP 51 requires the 2012 Individual Annuity Reserving ("IAR") Mortality Table for determining the minimum standard of valuation for annuities issued on or after January 1, 2015. The impact of applying this prescribed practice decreased the Company's statutory net income for the year ended December 31, 2025 by $2,249 and the cumulative effect on capital and surplus at December 31, 2025 was an increase of $17,686. The impact of applying this prescribed practice decreased the Company's statutory net income for the year ended December 31, 2024 by $391 and the cumulative effect on capital and surplus at December 31, 2024 was an increase of $19,935. The impact of applying this prescribed practice increased the Company's statutory net income for the year ended December 31, 2023 by $150 and the cumulative effect on capital and surplus at December 31, 2023 was an increase of $20,326.

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

The following table compares the Company's statutory income and capital and surplus according to the NAIC practices to those prescribed by the State of Iowa:

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Net Income:** |  |  |  |
| (1) Midland National state basis | $312457 | $696959 | $321233 |
| (2) State prescribed practice that increase (decrease) NAIC SAP: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(a) Economic hedge of call option derivative assets (IAC 191-97) | (192110) | 25434 | (348606) |
| &nbsp;&nbsp;&nbsp;&nbsp;(b) Deferral of 2012 annuity mortality table (IAC 191-43) | (2249) | (391) | 150 |
| (3) NAIC SAP (1-2=3) | $506816 | $671916 | $669689 |
| **Surplus:** |  |  |  |
| (4) Midland National state basis | $5139913 | $4993366 | $4898593 |
| (5) State prescribed practices that increase (decrease) NAIC SAP: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(a) Book value of separate account assets (Bulletin 07-06) | 212455 | 299073 | 253580 |
| &nbsp;&nbsp;&nbsp;&nbsp;(b) Economic hedge of call option derivative assets (IAC 191-97) | (443667) | (251557) | (276991) |
| &nbsp;&nbsp;&nbsp;&nbsp;(c) Deferral of 2012 annuity mortality table (IAC 191-43) | 17686 | 19935 | 20326 |
| (6) NAIC SAP (4-5=6) | $5353439 | $4925915 | $4901678 |

---

The Company has coinsurance agreements with MNL Re, Solberg Re and Canal Re, which are affiliated limited purpose subsidiary life insurance companies. The Company recognizes reserve credits under these agreements. The reserve credits at MNL Re, Solberg Re and Canal Re are supported by contingent note guarantees ("LLC Notes"). The LLC Notes held by MNL Re, Solberg Re and Canal Re function in a manner similar to a standby letter of credit and for which the Company is a beneficiary, are admitted assets under Iowa prescribed practice and the surplus generated by the prescribed practice has been retained in the carrying value of MNL Re, Solberg Re and Canal Re. Under NAIC Accounting principles, the LLC Notes would be non-admitted assets.

The impact of the Company's limited purpose subsidiary life insurance companies applying this prescribed practice has no impact on the Company's statutory net income but the cumulative effect on the Company's capital and surplus was an increase of $1,848,507, $1,792,287, and $1,720,567 as of December 31, 2025, 2024, and 2023, respectively.

If the Company's subsidiaries had not utilized this prescribed practice, the result would not have triggered a regulatory event at the Company.

The Company's investment in MNL Re, Solberg Re and Canal Re at December 31, 2025 was $91,574, $65,398 and $165,320, respectively. If the Company's subsidiaries had not used this prescribed practice, the Company's investment in MNL Re, Solberg Re and Canal Re at December 31, 2025, respectively, would have been negative $704,288, negative $379,170 and negative $442,757.

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

The Company reports investment income ceded on funds withheld coinsurance as part of revenue in the statements of operations. Under SAP, investment income ceded on funds withheld coinsurance should be reported as an expense. The difference in presentation does not impact the Company's statutory net income nor the Company's capital and surplus. The Iowa Insurance Division does not object to the Company's presentation of investment income ceded on funds withheld coinsurance.

SAP differs in some respects from accounting principles generally accepted in the United States ("GAAP"). The more significant of these differences are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquisition costs of acquiring new business are charged to current operations as incurred rather than deferred and amortized on a constant level basis over the expected term of the contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Policy reserves on traditional life products are based on statutory mortality and interest rate assumptions, which may differ from reserves determined under GAAP using best-estimate assumptions for mortality, interest and policyholder behavior. In addition, SAP requires additional reserves according to actuarial guidelines that are not required for GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Policy reserves on universal life and investment products are based on discounting methodologies utilizing statutory interest rates rather than interest rates used to calculate full account values. In addition, SAP requires additional reserves according to actuarial guidelines that are not required by GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in deferred tax assets ("DTAs") are recorded directly to surplus as opposed to being an item of income tax benefit or expenses for GAAP. Admittance testing may result in a charge to surplus for non-admitted portions of DTAs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An Interest Maintenance Reserve ("IMR") liability, prescribed by the NAIC, reflects the net accumulated unamortized realized capital gains and losses, net of tax, attributable to changes in market interest rates. Such gains and losses are deferred into the reserve when incurred, rather than recognized as gains or losses in the statement of operations, then amortized back into operations over the expected remaining period to maturity of the investment that was sold. When cumulative capital losses exceed capital gains, a negative IMR liability occurs in which case admittance is subject to certain restrictions. There were non-admitted IMR assets of $31,033 and $34,790 recorded at 2025 and 2024, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An Asset Valuation Reserve ("AVR") liability has been recorded in accordance with the formula prescribed by the NAIC which represents a provision for future impairments of bonds, equity securities, mortgage loans, real estate and other invested assets including temporary declines in the estimated realizable value of such investments. Changes in the AVR reserve are charged directly to unassigned surplus;

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under SAP, certain assets designated as "non-admitted assets" are excluded from the statements of admitted assets, liabilities and capital and surplus and are charged directly to statutory unassigned surplus as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **Changes in 2025** |
| Policy loans | $1698 | $1489 | $209 |
| Agents' balances | 12319 | 13310 | (991) |
| Amounts recoverable from reinsurers | 174 | 37 | 137 |
| Net deferred tax asset | 195618 | 175990 | 19628 |
| Software | 19900 | 43745 | (23845) |
| Furniture and equipment | 566 | 745 | (179) |
| Other assets | 88951 | 95795 | (6844) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonadmitted assets | $319226 | $331111 | $(11885) |

---

Under GAAP, such assets would be recorded at their net realizable or book value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For universal life and investment products, revenues consist of premiums received rather than policy charges for the cost of insurance, policy administration charges, amortization of policy initiation fees and surrender charges assessed; benefits consist of amounts incurred rather than the excess of the benefits incurred over the policy account value released;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Available-for-sale and trading bonds rated by the NAIC as one through five are reported at amortized cost rather than fair value. Available-for-sale and trading bonds rated by the NAIC as six are reported at the lower of amortized cost or fair value with changes in fair value reported as a change in surplus. For any bonds carried at fair value, the change in unrealized gains and losses would be reported as a component of surplus net of related income taxes. Credit impairments directly reduce the amortized cost of the impaired securities. Under GAAP reporting, available-for-sale and trading bonds are reported at fair value. For available-for-sale securities, changes in fair value due to drivers other than credit are presented as a component of other comprehensive income. An allowance for expected credit losses is recognized against potentially credit impaired securities with the change in the allowance recognized as a component of net income. All changes in the fair value of trading securities are recognized as a component of net income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Debt securities must meet a principles-based bond definitions ("PBBD") in order to be reported as bonds under SAP, whereas a PBBD does not exist under GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Redeemable preferred stocks rated one through three are reported at amortized cost. Redeemable preferred stocks rated by the NAIC as four through six are reported at the lower of amortized cost or fair value with changes in fair value reported as a change in surplus. Under GAAP, redeemable preferred stocks are reported at fair value with changes in fair value presented as a component of other comprehensive income. Perpetual preferred stocks are carried at fair value not to exceed the current effective call price, regardless of NAIC designations. Unrealized gains and losses are recognized in surplus. Under GAAP, perpetual preferred stocks are reported at fair value with change in fair value presented as a component of earnings;

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Common stocks, other than common stocks of affiliates, are reported at fair value with changes in fair value reported as a change in surplus. Under GAAP, common stocks, other than common stocks of affiliates, are reported at fair value with changes in fair value presented as a component of net income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Common stock of insurance subsidiaries is recorded based on the underlying audited statutory equity of the respective entity's financial statements. GAAP requires consolidation of subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Common stock of trust subsidiaries is recorded based on the underlying audited GAAP equity of the respective entity's financial statements. GAAP requires consolidation of subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The assets and liabilities for reinsurance transactions are generally recorded on a net basis versus a gross basis for GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In accordance with IAC 191-97, option derivative instruments that hedge the growth in interest credited to the hedged policy as a direct result of changes in the related indices are carried on the statutory statements of admitted assets, liabilities and capital and surplus at amortized cost and any amortization or proceeds from terminated or expired options is reported in income. Other derivative instruments, such as index futures that are used to hedge the growth in interest credited to the hedged policy as a direct result of changes in the related indices, are carried at fair value since an amortized cost for these instruments does not exist and the change in fair values is reported as income. Other derivative instruments not qualifying for hedge accounting are carried at fair value with changes in the fair value being recorded directly to unassigned surplus. Derivative instruments not qualifying for hedge accounting are carried on the GAAP balance sheet at fair value, with changes in fair value recognized through income. Under GAAP, indexed life and annuity liabilities and funds withheld coinsurance treaties include embedded derivatives and the change in fair value of the embedded derivative is recognized through income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under SAP, the statements of cash flow reconcile to changes in cash, cash equivalents and short-term investments with original maturities of one year or less. Under GAAP, the statements of cash flow reconcile to changes in cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recognition of the changes in equity from limited partnership investments is recorded directly to surplus under SAP reporting purposes; whereas for GAAP reporting, the equity method reports the change in the equity value through earnings as a component of net investment income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company, in accordance with GAAP, performs an analysis related to variable interest entities ("VIE") on all entities with which it has a financial interest to determine if financial results require consolidation as a primary beneficiary of the VIE. SAP reporting requirements do not require such an analysis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Surplus notes issued by the Company are included in capital and surplus under SAP whereas GAAP reporting includes surplus notes in debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under SAP, when total consideration received on securities called before their maturity is greater than the par value of that security, the excess of consideration received over par value is reported as net investment income, while the excess of par value over book value is reported as realized capital gains.

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

Under GAAP reporting there is no such requirement to bifurcate total consideration between net investment income and realized capital gains/(losses). As such, the Company recognizes the excess of total consideration received over book value as part of realized capital gains/(losses) for GAAP reporting purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain group annuity and universal life contracts, which do not pass through all investment gains to contract holders, are maintained in the separate accounts, whereas GAAP reports these contracts in the general account assets and liabilities of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under SAP, all leases are considered to be operating leases and rental expense is recognized over the lease term without recognition of a right-to-use asset or lease liability. GAAP requires recognition of a right-of-use asset and lease liability on the balance sheet for all operating and capital leases.

Other significant accounting policies are as follows:

**Use of estimates**

The preparation of the financial statements in conformity with SAP requires management to make estimates and assumptions that affect the reported amounts of admitted assets and liabilities and disclosure of contingent assets and liabilities at the dates of the statements of admitted assets, liabilities and capital and surplus, and reported amounts of revenues and benefits and expenses during the reporting periods. Actual results could differ significantly from those estimates.

The most significant areas that require the use of management's estimates relate to the determination of the fair values of financial assets and liabilities, derivatives and derivative instruments, impairments of securities, income taxes, and liabilities for future policy benefits.

**Fair value of financial assets, financial liabilities and financial instruments**

Fair value estimates are significantly affected by the assumptions used, including discount rates and estimates of future cash flows. Although fair value estimates are calculated using assumptions that management believes are appropriate, changes in assumptions could cause these estimates to vary materially. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in some cases, could not be realized in the immediate settlement of the instruments. Certain financial liabilities (including non-investment type insurance contracts) and all nonfinancial instruments are excluded from the disclosure requirements. Accordingly, the aggregate fair value amounts presented in Note 2 may not represent the underlying value to the Company.

The Company uses the following methods and assumptions in estimating the fair value of its financial instruments:

*Investment securities*

Fair value for bonds and preferred stocks is obtained primarily from independent pricing sources, broker quotes and fair value/cash flow models. Fair value is based on quoted market prices, where available. For bonds and preferred stocks not actively traded, fair value is estimated using values obtained from independent pricing services or broker quotes. When values are not available from pricing services or

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

broker quotes, such as private placements including corporate securities, asset-backed securities, commercial mortgage-backed securities and residential mortgage-backed securities, fair value may be estimated by discounting expected future cash flows using a current market rate applicable to the yield, credit quality, and maturity of the investments. The fair value of unaffiliated common stocks is based on quoted market prices, where available, and for those common stocks not actively traded, fair values are obtained from independent pricing services or internal fair value/cash flow models.

*Mortgage loans*

Fair value for mortgage loans is estimated using a duration-adjusted pricing methodology that reflects changes in market interest rates and the specific interest-rate sensitivity of each mortgage. Price changes derived from the monthly duration-adjustments are applied to the mortgage portfolio. Each modeled mortgage is assigned a spread corresponding to its risk profile. These spreads are adjusted for current market conditions. The discount rates used include internally generated illiquidity and default factors.

*Cash, cash equivalents and short-term investments* 

Cash consists of deposits held by various commercial and custodial banks. Cash equivalents consists of short-term highly liquid investments, which are readily convertible to cash. Short-term investments primarily consist of fixed income securities acquired with less than one year to maturity. The Company has deposits with certain financial institutions which exceed federally insured limits. Fair value approximates amortized cost due to the nature and short-term duration of cash, cash equivalents and short-term investments.

*Derivative instruments*

Fair value for options is based on internal financial models or counterparty quoted prices. Variation margin accounts, consisting of cash balances applicable to open futures contracts, held by counterparties are reported at the cash balances, which is equal to fair value. Fair value for interest rate swaps and foreign currency forwards is based on exchange prices, broker quoted prices or fair values provided by the counterparties.

*Other invested assets*

Other invested assets consist of limited partnerships, limited liability companies, debt securities that do not qualify as bonds, residual equity interests, collateral loans, surplus notes and reverse mortgages. The fair value of limited partnerships and limited liability companies is the Company's share of each entity's underlying equity reported to the Company. There is a limited market for these other invested assets and the fair value is determined based on inputs received from the entities. Residual equity interests are carried at the lower of amortized cost or fair value. Debt securities that do not qualify as bonds are carried at the lower of amortized cost or fair value. Collateral loans, surplus notes and reverse mortgages are carried at amortized cost. Fair value of debt securities that do not qualify as bonds, residual equity interests, surplus notes and collateral loans are obtained using the same techniques as investment securities. Fair value for reverse mortgages are obtain using the same techniques as mortgage loans.

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

*Company owned life insurance*

The Company is the owner and beneficiary of life insurance policies reported at their cash surrender values pursuant to SSAP No. 21R in the statements of admitted assets, liabilities and capital and surplus. The underlying investment characteristics of the investment vehicle are categorized as follows at December 31:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Bonds | $616408 | $451093 |
| Mutual funds | 42477 | 41094 |
| Cash and short-term investments | 74684 | 76823 |
| Other invested assets | 1455109 | 1458264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total company owned life insurance | $2188678 | $2027274 |

---

*Investment-type insurance contracts*

Fair value for the Company's liabilities under investment-type insurance contracts is estimated using two methods. For those contracts without a defined maturity, the fair value is estimated as the amount payable on demand (cash surrender value). For those contracts with known maturities, fair value is estimated using discounted cash flow calculations using interest rates currently being offered for similar contracts with maturities consistent with the contracts being valued. The reported value of the Company's investment-type insurance contracts includes the fair value of indexed life and annuity embedded derivatives which are calculated using discounted cash flow valuation techniques based on current interest rates adjusted to reflect credit risk and additional risk margins.

*Separate accounts*

Non-insulated separate account assets consist of cash equivalents, preferred stocks, bonds and options, and non-insulated separate account liabilities consist of written options. The fair value methodology of these assets and liabilities are disclosed above. Insulated variable separate account assets are reported at estimated fair value in the consolidated balance sheets based on quoted net asset values of the underlying mutual funds

*Repurchase agreements, Federal Home Loan Bank ("FHLB") advances and collateral on derivative instruments*

The fair value of the Company's repurchase agreements is tied to the fair value of the underlying collateral securities. The fair value of FHLB advances is estimated using a discounted cash flow calculation with the current interest rate and maturity of the contract. The fair value of collateral on derivative instruments approximates the carrying value due to the short-term nature of the investment. These investments primarily consist of cash and fixed income securities.

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

**Investments and Investment Income**

*Bonds*

Issuer credit obligations ("ICO"), or debt securities backed by the general creditworthiness of an operating entity, are generally reported at amortized cost using the constant yield interest method. Bonds with an NAIC designation of six are reported at the lower of amortized cost or fair value. If a decline in fair value is determined to be other-than-temporary, the impairment is recognized as a realized loss.

Asset-backed securities ("ABS"), which are debt securities whose repayment is primarily derived from the cash flows of a defined pool of underlying assets, are accounted for in accordance with SSAP No. 43. Income on these securities is recognized using a constant effective yield based on anticipated prepayments and the estimated economic life of the securities. Changes in estimated cash flows, including differences between actual and anticipated prepayments, require recalculation of the effective yield. For most ABS, changes in estimated cash flows are accounted for using the prospective method, which adjusts the effective yield for future periods. For high-credit-quality ABS, changes in estimated cash flows are accounted for using the retrospective method, which adjusts the yield based on actual payments received to date and revised expectations of future cash flows. This adjustment is included in net investment income. Included in this category are approximately $7,865 and $9,366 of mortgage-backed securities that are all or partially collateralized by sub-prime mortgages at December 31, 2025 and 2024, respectively. A sub-prime mortgage is defined as a mortgage with one or more of the following attributes: weak credit score, high debt-to-income ratio, high loan-to-value ratio or undocumented income. At both December 31, 2025 and 2024, 99% of the Company's securities with sub-prime exposure are rated as investment grade.

*Stocks*

Perpetual preferred stocks are carried at fair value, not to exceed the current stated call price. Redeemable preferred stocks are stated at cost except for those with an NAIC designation of four through six are stated at the lower of cost or fair value. Dividend income is recognized when dividends are declared.

Investments in common stocks are carried at fair value, which is based on NAIC Securities Valuation Office ("SVO") prices. For common stocks without SVO prices, fair value is estimated using independent pricing services or internally developed pricing models.

Investments in certain funds are measured at fair value using net asset value ("NAV") as a practical expedient. These investments do not have a readily determinable fair value and are measured at NAV as reported by the fund managers.

Investment in common stocks of the affiliated insurance subsidiaries are valued at audited statutory capital and surplus. The audited statutory capital and surplus of MNL Re, Solberg Re and Canal Re reflects the utilization of prescribed practices allowed by the state of Iowa for reinsurance transactions entered into by MNL Re, Solberg Re and Canal Re with the Company and North American. Refer to Note 9 for further discussion of the reinsurance transactions and prescribed practices for MNL Re, Solberg Re and Canal Re. Undistributed earnings or losses of the subsidiary are reflected as unrealized capital gains and losses directly in unassigned surplus.

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

Investments in common stock of affiliated subsidiaries NRMT, SRMT, and TRMT are valued at audited GAAP equity. Undistributed earnings or losses of the subsidiary are reflected as unrealized capital gains and losses directly in unassigned surplus.

Unrealized appreciation or depreciation on unaffiliated common stocks are reflected as unrealized capital gains and losses directly in unassigned surplus.

*Mortgage loans*

Mortgage loans consist principally of commercial mortgage loans and are carried at the adjusted unpaid balances. The mortgage portfolio invests primarily in larger metropolitan areas across the U.S. and is diversified by type of property. Property and casualty insurance is required on all properties covered by mortgage loans at least equal to the excess of the loan over the maximum loan which would be permitted by law on the land without the buildings. Interest income on non-performing loans is generally recognized on a cash basis.

*Policy loans*

Policy loans are carried at the unpaid principal balance to the extent it does not exceed the cash surrender value. Amounts in excess of cash surrender value are non-admitted.

*Cash, cash equivalents and short-term investments*

Cash is stated at cost and and cash equivalents and short-term investments acquired with less than one year to maturity are stated at amortized cost.

*Other invested assets*

Other invested assets are comprised of limited partnerships, limited liability companies, debt securities that do not qualify as bonds, residual equity interests, collateral loans, surplus notes and reverse mortgages. Limited partnerships and limited liability companies are valued in accordance with SSAP No. 48, Joint Ventures, Partnerships, and Limited Liability Companies and SSAP No. 97, Investments in Subsidiary, Controlled, and Affiliated Entities, a replacement of SSAP No. 88 that allow the Company to carry these interests based on the underlying tax or GAAP audited equity of the investee. Debt securities that do not qualify as bonds are carried at the lower of amortized cost or fair value under SSAP No. 21, residual equity interests are carried at the lower of amortized cost under the allowable earned yield or fair value under SSAP No. 43, surplus notes are carried at amortized cost under SSAP No. 21 and collateral loans are carried at amortized cost under SSAP No. 21, respectively. The reverse mortgages are first liens on the related residential properties located primarily in California and Florida. These reverse mortgages are valued in accordance with SSAP No. 39, Reverse Mortgages that allow the Company to carry these securities at remaining principal balances. Income on reverse mortgages is recognized using effective yield based on the contractual interest rate and anticipated repayment of the mortgage.

*Other-than-temporary impairment losses*

The Company reviews its investments to determine if declines in fair value are other-than-temporary. If the fair value of a fixed income security is less than its amortized cost basis or an equity security is less

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

than its original cost basis at the statements of admitted assets, liabilities, and capital and surplus date, the Company must assess whether the impairment is other-than-temporary.

The Company evaluates factors in its assessment of whether a decline in value is other-than-temporary. Some of the factors evaluated include the issuer's ability to pay the amounts due according to the contractual terms of the investment, the length of time and magnitude by which the fair value is less than amortized cost, adverse conditions specifically related to the security, changes to the rating of the security by a rating agency, changes in the quality of underlying credit enhancements and changes in the fair value of the security subsequent to the statements of admitted assets, liabilities, and capital and surplus date.

When an other-than-temporary impairment ("OTTI") has occurred, the amount of the impairment charged against earnings depends on whether the Company intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis. If the Company intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis, the entire impairment is recognized as a charge against earnings. If the Company does not intend to sell the security and it is not more likely than not it will be required to sell the security before recovery of its amortized cost basis, the impairment is bifurcated into an interest related loss and a non-interest related loss for asset-backed securities. The non-interest related loss is measured as the difference between the present value of cash flows expected to be collected from the asset-backed security's amortized cost. The amount of the non-interest related loss is recognized as a charge against earnings. The difference between the fair value of the impaired asset-backed security and the present value of cash flows expected to be collected is the interest related impairment. For stocks and issuer credit obligations the impairment is not bifurcated and is charged against earnings.

The Company uses a single best estimate of cash flows approach and uses the effective yield prior to the date of impairment to calculate the present value of cash flows. The Company's assumptions for asset-backed securities includes collateral pledged, scheduled interest payments, default levels, delinquency rates and the level of nonperforming assets for the remainder of the investments' expected term. The Company's assumptions for corporate and other fixed maturity securities include scheduled interest payments and an estimated recovery value, generally based on a percentage return of the current market value.

After an other-than-temporary write-down, the new cost basis is the prior amortized cost less the non-interest related loss. The adjusted cost basis is generally not adjusted for subsequent recoveries in fair value. However, if the Company can reasonably estimate future cash flows after a write-down and the expected cash flows indicate some or all of the non-interest related loss will be recovered, the discount or reduced premium recorded is amortized over the remaining life of the security. Amortization in this instance is computed using the prospective method and is determined based on the current estimate of the amount and timing of future cash flows.

For common and preferred stocks, OTTI has occurred when the Company determines that it does not have the ability or intent to hold the security until a recovery of the original cost or the Company determines that the security will not recover to original cost within a reasonable amount of time. The Company determines what constitutes a reasonable amount of time on a security by security basis by considering all available evidence including the length of time and magnitude by which the fair value of the security is less than original cost.

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

*Investment income*

Investment income is recorded when earned and includes interest and dividends received and accrued, amortization of purchased premium and accretion of discounts on securities and options, certain proceeds from derivatives and cash distributions from limited partnerships to the extent of undistributed accumulated earnings attributable to that investee. Investment expenses are reported as a reduction in investment income.

*Net realized investment gains (losses)*

Realized capital gains and losses are determined on the basis of specific identification and are reported net of related federal taxes and IMR.

*Net unrealized investment gains (losses)*

Unrealized capital gains and losses on bonds, preferred stocks, unaffiliated common stocks and residual equity interests, undistributed earnings or losses on affiliated common stocks, derivatives that do not qualify for hedge accounting, equity earnings of limited partnerships, and debt securities that do not qualify as bonds are reported as a component of surplus net of related income taxes.

See Note 3 for further discussion of the Company's investments and investment income.

**Derivatives and derivative instruments**

Derivative instruments consist of options, futures, interest rate swaps, and foreign currency forwards. Futures are reported at the cash balances held in counterparty variation margin accounts, which equals fair value. Options, interest rate swaps and foreign currency forwards are reported at fair value, with the exception of call and put options which are carried in accordance with IAC 191-97 as discussed in the prescribed practice footnote. The Company does not sell or settle its options prior to maturity.

The Company primarily uses derivative instruments to manage its fixed indexed and policy obligation interest guarantees and interest rate risks applicable to its investments. To mitigate these risks, the Company enters into interest rate swaps, futures contracts and equity indexed call and put options. To qualify for hedge accounting, the Company is required to formally document the hedging relationship at the inception of each derivative transaction. This documentation includes the specific derivative instrument, risk management objective, hedging strategy, identification of the hedged item, specific risk being hedged and how effectiveness will be assessed. To be considered an effective hedge, the derivative must be highly effective in offsetting the variability of the cash flows or the changes in fair value of the hedged item. Effectiveness is evaluated on a retrospective and prospective basis. The Company has no derivatives that are accounted for under hedge accounting. The Company also uses foreign currency forwards to protect itself against currency fluctuations on financial instruments denominated in foreign currencies.

The agreements between the Company and its derivatives counterparties require the posting of collateral when the fair value of the derivative instruments exceeds the cost of the instruments. Collateral posted by counterparties is reported in the statements of admitted assets, liabilities, and capital and surplus as a component of cash, cash equivalents, and short-term investments with a corresponding liability reported

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

as a component of repurchase agreements, FHLB advances and collateral on derivative instruments. Collateral posted by the Company is reported in the statements of admitted assets, liabilities, and capital and surplus as a component of other invested assets.

Cash flows associated with option and future derivative instruments, including related gains and losses, are reported in the statement of cash flows within net investment income. Net realized gains and losses from foreign currency forward derivative instruments are deferred in IMR, in accordance with SSAP No. 86.

See Note 4 for further discussion of the Company's derivatives and derivative instruments.

**Accrued investment income**

Accrued investment income consists of amounts due on invested assets. It excludes amounts the Company does not expect to receive or is 90 days past due. The aggregate deferred interest was $29,329 and $27,739 at December 31, 2025 and 2024, respectively. The cumulative amounts of paid-in-kind ("PIK") interest included in the current principal balance was $212,588 and $168,487 at December 31, 2025 and 2024, respectively. At December 31, 2025 and 2024, the gross, nonadmitted, and admitted interest income due and accrued was as follows:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Gross | $588577 | $523659 |
| Nonadmitted |  |  |
| Admitted | 588577 | 523659 |

---

**Interest maintenance reserve**

During 2023, the Statutory Accounting Principles Working Group ("SAPWG") adopted INT 23-01, allowing admittance of net negative IMR subject to certain exclusions and restrictions. The Company elected to apply this guidance beginning September 30, 2023. The general account had net negative (disallowed) IMR of $369,653 and $288,314 as of December 31, 2025 and 2024, respectively. Non-insulated separate accounts had net negative (disallowed) IMR of $13,172 and $10,973 as of December 31, 2025 and 2024. $338,620 and $253,524 of negative IMR was admitted in the general account at December 31, 2025 and 2024, respectively. $14,854 and $12,671 of negative IMR was admitted in the non-insulated separate account at December 31, 2025 and 2024, respectively. Adjusted capital and surplus was $4,063,223 and $4,565,927 at September 30, 2025 and 2024, respectively. The admitted IMR is 8.7% and 5.8% of adjusted capital and surplus at September 30, 2025 and 2024, respectively. Admitted IMR is reported in other surplus funds on the statements of admitted assets, liabilities and capital and surplus.

The Company has $17,861 and $7,799 in unamortized losses in IMR from derivatives that were reported at fair value prior to the termination of the derivative at December 31, 2025 and 2024, respectively.

Fixed income investments generating IMR losses comply with the reporting entity's documented investment or liability management policies, without deviation. IMR losses for fixed income related derivatives, although in accordance with prudent and documented risk management procedures in accordance with the Company's derivative and use plans, are not admitted. Asset sales that generated admitted negative IMR were not compelled by liquidity pressure.

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

**Future policy benefits and policy and contract claims** 

Life, annuity, and accident and health benefit reserves are developed by actuarial methods and are determined based on published tables using statutorily specified interest rates and valuation methods that are intended to provide, in the aggregate, reserves that are greater than or equal to the minimum or guaranteed policy cash values or the amounts required by the Iowa Insurance Division.

The liability for future policy benefits provides amounts adequate to discharge estimated future obligations on policies in force. Reserves for life policies issued through 2019 are computed principally by the Net Level Reserve Method and the Commissioners' Reserve Valuation Method using interest rates ranging from 2.50% to 6.00% and mortality assumptions (primarily Commissioners' Standard Ordinary mortality tables 1941, 1958, 1980, 2001, 2017) as prescribed by regulatory authorities. Starting in 2020, reserves for life policy issues are calculated as the greatest of the stochastic, deterministic and net premium reserve as defined in VM-20. The stochastic and deterministic reserves are principles based reserves using prudent estimate assumptions for interest, mortality and other assumptions. The net premium reserve is calculated using rates of interest from 3.00% to 4.50% and 2017 Commissioners Standard Ordinary mortality.

The NAIC adopted revisions to Actuarial Guideline XXXVIII ("AG38"), effective December 31, 2012. AG38 8D applies to policies issued July 1, 2005 to December 31, 2012 containing secondary guarantees with multiple sets of charges. AG38 8D requires that for this business a company needs to calculate the reserve as it had as of December 31, 2011 ("2011 method"), as well as calculate the deterministic reserve as prescribed under the Valuation Manual ("VM method") adopted by the NAIC on August 17, 2012, with prescribed changes to have projected asset yields and discount rates, and hold the greater of the two. The Company has calculated its gross and net of reinsurance reserves under both methods described above and holds the greater of the two reserves calculated on both a gross and net basis. The impact of performing the VM method calculations resulted in a gross reserve of $68,800 and a net reserve of $60,336 over what would have been calculated if only using the 2011 method as of December 31, 2025. The impact of performing the VM method calculations resulted in a gross reserve of $95,546 and a net reserve of $83,097 over what would have been calculated if only using the 2011 method as of December 31, 2024.

Reserves for deferred annuities are computed on the basis of interest rates ranging from 2.50% to 8.75% and the reserves for immediate annuities range from 1.00% to 11.25%.

The liability for policy and contract claims includes provisions for reported claims and estimates for claims incurred but not reported, based on the terms of the related policies and contracts and on prior experience. Claim liabilities are based on estimates and are subject to future changes in claim severity and frequency. Estimates are periodically reviewed and adjustments to such liabilities are reflected in current operations.

**Reinsurance**

For annuity coinsurance and life insurance mortality reinsurance arrangements, reinsurance premiums, claims and claim adjustment expenses are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. The Company remains contingently liable for the liabilities ceded in the event the reinsurers are unable to meet their

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

obligations under the reinsurance agreements. To limit the possibility of such losses, the Company evaluates the financial condition of its reinsurers and monitors its concentration of credit risk. The Company generally reinsures with companies rated "A" or better by A.M. Best. The Company monitors these ratings on an on-going basis as a reinsurer may be downgraded after an agreement has been entered.

**Premiums and related costs**

Premiums are recognized as revenue over the premium-paying period. Annuity considerations are recognized as revenue when received. Commissions and other costs applicable to the acquisition of policies are charged to operations as incurred.

**Repurchase agreements**

As part of its investment strategy, the Company enters into repurchase agreements to increase the Company's investment return. The Company accounts for these transactions as secured borrowings, where the amount borrowed is tied to the fair value of the underlying collateral securities. Repurchase agreements involve a sale of securities and an agreement to repurchase the same securities at a later date at an agreed-upon price. These agreements are a bilateral trade agreement.

A majority of the Company's repurchase agreement arrangements are for contractual terms of greater than one year. As a result, the par value and fair value of the securities sold under agreement to repurchase can change during the term of the repurchase agreement due to amortization, pay downs and changes in fair values. In situations where the underlying collateral subject to repurchase has a fair value greater or less than the contractual requirements under the repurchase agreement, the Company or counterparties are required to post additional collateral. Generally, the amount advanced by the counterparty cannot be less than 95% of the fair value of the underlying collateral sold under the agreement to repurchase.

**Income taxes** 

Under SSAP No. 101, income taxes incurred are charged or credited to net income based upon amounts estimated to be payable or recoverable for the current year. The Company recognizes DTAs and deferred tax liabilities ("DTLs") for the expected future tax effects attributable to temporary differences between financial statement and tax return bases of assets and liabilities, based on enacted rates and other provisions of the tax laws. All changes in DTAs and DTLs are reported directly in surplus, including the effect of a change in tax laws or rates in the period in which such change is enacted. DTAs are reduced by a valuation allowance if it is more likely than not that all or some portion of the DTAs will not be realized. Adjusted DTAs, after valuation allowance, are further subjected to an admissibility test. Admitted adjusted DTAs are limited to (1) the amount of federal income taxes paid in prior year that can be recovered through loss carrybacks for existing temporary differences that reverse during a timeframe corresponding with IRS tax loss carryback provisions, which currently allow only capital loss carrybacks, plus (2) the lesser of the remaining gross deferred income taxes expected to be realized within three years of the statements of admitted assets, liabilities and capital and surplus date or 15% of adjusted capital and surplus, plus (3) the amount of remaining gross DTAs that can be offset against existing DTLs. The remaining DTAs in excess of the above are non-admitted. The Company files a consolidated federal income tax return with its subsidiaries, MNL Re, Solberg Re and Canal Re.

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

If applicable, the Company's liability for income taxes would include a liability for uncertain tax positions, interest and penalties which relate to tax years still subject to review by the IRS or other taxing jurisdictions.

The Company made an accounting policy election to disregard corporate alternative minimum tax ("CAMT") status when evaluating DTAs under the regular corporate tax system associated with the Inflation Reduction Act of 2022.

See Note 13 for the Company's SSAP No. 101 calculation.

**Variable life and annuity products**

A portion of the separate accounts held by the Company are funds on which investment income and gains or losses accrue directly to certain policyholders. The assets of these accounts are legally separated and are not subject to the claims that may arise out of any other business of the Company. The Company reports these separate account assets at fair value; the underlying investment risks are assumed by the policyholders. The fair value of the variable separate accounts assets are based on market quoted net asset values of the underlying mutual funds. The Company records the related liabilities at amounts equal to the fair value of the underlying assets. The Company reflects these assets and liabilities in the separate account assets and liabilities lines in the statements of admitted assets, liabilities and capital and surplus. The Company records the fees earned for administrative and contract holder services performed for the separate accounts in other income of the statements of operations.

**Separate accounts guaranteed by the general account**

The Company has three separate accounts guaranteed by the general account including BOLI, PRT and RILA. The Company assumes the underlying risk for the performance of the assets in these separate accounts. As a result of prior approval from the Commissioner of Insurance of the state of Iowa and in accordance SSAP No. 56, certain assets held in these separate accounts are carried at the same basis they would be if they were held by the general account. The Company reflects these assets and liabilities in the separate account assets and liabilities lines in the statements of admitted assets, liabilities and capital and surplus.

**Change in accounting principles**

The SAPWG's new bond definition and related guidance was effective January 1, 2025. The new guidance includes a principle's based definition as to what is considered a bond and reported on the statements of admitted assets, liabilities, and capital and surplus, provides new measurement guidance for investments that do not meet the definition of a bond, and requires new categorization for bonds. Debt securities that do not meet the definition of a bond are now reported as other invested assets on the statements of admitted assets, liabilities, and capital and surplus, and are carried at the lower of amortized cost or fair value. In addition, the definition of and accounting for securities that contain characteristics of both debt and equity was clarified.

As a result of the adoption of the new guidance, the Company identified debt securities with an aggregate book adjusted carrying value of $665,733 that do not qualify as bonds and were therefore reclassified and reported as other invested assets on the statements of admitted assets, liabilities, and capital and surplus. Securities with an aggregate book adjusted carrying value of $396,664 were reclassified and resulted in a

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

change in measurement basis under the lower of amortized cost or fair value approach. The Company recognized an unrealized loss on these securities of $68,667, in change in net unrealized capital gains (losses) as of January 1, 2025.

See Note 3 for the new bond categorizations effective January 1, 2025.

The Company also adopted the new accounting for residual tranches or interests as of January 1, 2025. This guidance allows the Company to carry residual interests at the lower of amortized cost under the allowance earned yield method or fair value, or apply a cost recovery method. The Company elected to carry residual interests at the lower of amortized cost under the allowable earned yield or fair value. As a result of the adoption of this guidance, the Company recognized a gain of $5,134, in net realized capital gains (losses) in the statements of operations, on the population of residual interests previously accounted for under the equity method. The new guidance is applicable to residual interests previously accounted for under SSAP No. 43 on a prospective basis with no transition impact.

**Correction of errors**

During 2025, the Company identified and corrected a book value input error arising from an investment accounting system conversion that understated bonds by $12,853 at December 31, 2024 and understated net investment income for the year ended December 31, 2024 by $12,853. In accordance with SSAP No. 3, Accounting Changes and Corrections of Errors, surplus has been increased by $12,853 as of the beginning of 2025. The error is not considered material to the 2024 statutory financial statements.

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

**Reconciliation to the statutory annual statement**

The Company's statements of admitted assets, liabilities and capital and surplus included in its statutory financial statements do not agree to the amounts reported in the Company's 2025 and 2024 statutory annual statements. In 2024, the Company corrected a misstatement related to the allowance for mortgage loan losses as well as OTTI on mortgage loans in the statutory financial statements, but was reported in the Company's 2025 statutory annual statement. There are no remaining differences in the Company's statutory assets, liabilities and capital and surplus as of December 31, 2025.

The following reconciles the aforementioned items between the 2025 statutory financial statements and the 2025 statutory annual statement:

---

| | | | |
|:---|:---|:---|:---|
| | **As Filed in Statutory Annual Statement** | **Adjustments** | **As Filed in Statutory Financial Statements** |
| **STATEMENT OF OPERATIONS** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal income tax expense | $71331 | $8317 | $79648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized capital losses | (114019) | 37874 | (76145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | $282900 | $29557 | $312457 |
| **STATEMENT OF CHANGES IN CAPITAL AND SURPLUS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unassigned surplus |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income | $282900 | $29557 | 312457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in nonadmitted assets | 10143 | 1742 | 11885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized capital gains (losses) net of tax<sup>1</sup> | 19040 | 13587 | 32627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in deferred income tax | 26862 | 364 | 27226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in asset valuation reserve | (52612) | (36222) | (88834) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total capital and surplus | $5139913 | $— | $5139913 |
| <sup>1</sup> Excludes the change in unrealized capital loss reflected as a change in accounting principle in the statutory financial statements totaling $68,667. | <sup>1</sup> Excludes the change in unrealized capital loss reflected as a change in accounting principle in the statutory financial statements totaling $68,667. | <sup>1</sup> Excludes the change in unrealized capital loss reflected as a change in accounting principle in the statutory financial statements totaling $68,667. | <sup>1</sup> Excludes the change in unrealized capital loss reflected as a change in accounting principle in the statutory financial statements totaling $68,667. |

---

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

The following reconciles the aforementioned items between the 2024 statutory financial statements and the 2024 statutory annual statement:

---

| | | | |
|:---|:---|:---|:---|
| | **As Filed in Statutory Annual Statement** | **Adjustments** | **As Filed in Statutory Financial Statements** |
| **STATEMENT OF ASSETS, LIABILITIES AND <br> CAPITAL AND SURPLUS** | | | |
| **ADMITTED ASSETS** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | $3893862 | $(55074) | $3838788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current federal income tax receivable | 323780 | 8318 | 332098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net deferred tax asset | 347893 | 1506 | 349399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total admitted assets | $82713376 | $(45250) | $82668126 |
| **LIABILITIES AND CAPITAL AND SURPLUS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset valuation reserve | $894782 | $(36222) | $858560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | $77710982 | $(36222) | $77674760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unassigned surplus |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income | $726516 | $(29557) | 696959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in nonadmitted assets | 52798 | (1742) | 51056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized capital gains (losses) net of tax | 43034 | (13587) | 29447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in deferred income tax | (54829) | (364) | (55193) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in asset valuation reserve | (160247) | 36222 | (124025) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total capital and surplus | $5002394 | $(9028) | $4993366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and capital and surplus | $82713376 | $(45250) | $82668126 |
| **STATEMENT OF OPERATIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal income tax expense | $51048 | $(8317) | $42731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized capital losses | (16329) | (37874) | (54203) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | $726516 | $(29557) | $696959 |

---

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

**2. FAIR VALUE OF FINANCIAL INSTRUMENTS**

The carrying value and estimated fair value of the Company's financial instruments are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Type of Financial Instrument** | **Estimated Fair Value** | **Carrying Value** | **(Level 1)** | **(Level 2)** | **(Level 3)** | **Net Asset Value (NAV)** | **Not Practicable (Carrying Value)** |
| Financial assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Bonds - ICO | $32518649 | $36180295 | $— | $31069694 | $1448955 | $— | $— |
| &nbsp;&nbsp;Bonds - ABS | 21037841 | 21712355 |  | 15181648 | 5856193 |  |  |
| &nbsp;&nbsp;Preferred stocks | 608904 | 665185 |  | 606832 | 2072 |  |  |
| &nbsp;&nbsp;Common stocks - other | 469720 | 469720 | 173206 | 148276 | 79 | 148159 |  |
| &nbsp;&nbsp;Mortgage loans | 3847990 | 3910917 |  |  | 3847990 |  |  |
| &nbsp;&nbsp;Policy loans | 665143 | 665143 |  | 665143 |  |  |  |
| &nbsp;&nbsp;Cash, cash equivalents and <br> short-term investments | 1419040 | 1419028 | 782906 | 625637 | 10497 |  |  |
| &nbsp;&nbsp;Derivative instruments | 2508711 | 898227 | 6217 | 2502494 |  |  |  |
| &nbsp;&nbsp;Other invested assets | 1587873 | 1653468 |  | 780556 | 807317 |  | 714 |
| &nbsp;&nbsp;Separate accounts | 9505859 | 9774789 | 3611672 | 5692998 | 201189 |  |  |
| Financial liabilities: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Liabilities for deposit-type contracts | $3151672 | $3141529 | $— | $— | $3151672 | $— | $— |
| &nbsp;&nbsp;Repurchase agreements, <br> FHLB advances and <br> collateral on derivative <br> instruments | 8228139 | 8212655 | 615657 | 7612482 |  |  |  |
| &nbsp;&nbsp;Derivative instruments | 1137221 | 342288 |  | 1137221 |  |  |  |

---

The Company values $148,159 of common stocks using Net Asset Value ("NAV") as a practical expedient. This amount represents an investment in a closed-end secondaries fund. The fund is subject to an early repurchase fee of 2% for any shares held less than one year and redemptions are executed through a quarterly tender offer process capped at 5% of fund NAV.

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Type of Financial Instrument** | **Estimated Fair Value** | **Carrying Value** | **(Level 1)** | **(Level 2)** | **(Level 3)** | **Not Practicable (Carrying Value)** |
| Financial assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;Bonds | $49470980 | $55595820 | $— | $43293436 | $6177544 | $— |
| &nbsp;&nbsp;Preferred stocks | 729415 | 781852 |  | 724973 | 4442 |  |
| &nbsp;&nbsp;Common stocks - other | 264517 | 264517 | 116121 | 148276 | 120 |  |
| &nbsp;&nbsp;Mortgage loans | 3700257 | 3838788 |  | 3700257 |  |  |
| &nbsp;&nbsp;Policy loans | 596140 | 596140 |  | 596140 |  |  |
| &nbsp;&nbsp;Cash, cash equivalents and <br> short-term investments | 2718925 | 2719145 | 576018 | 2102871 | 40036 |  |
| &nbsp;&nbsp;Derivative instruments | 1761890 | 749024 | 10472 | 1751418 |  |  |
| &nbsp;&nbsp;Other invested assets | 1216224 | 1326917 |  | 612273 | 603951 | 6187 |
| &nbsp;&nbsp;Separate accounts | 7182508 | 7566444 | 3281818 | 3758184 | 142506 |  |
| Financial liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;Liabilities for deposit-type <br> contracts | $1371478 | $1360258 | $— | $— | $1371478 | $— |
| &nbsp;&nbsp;Repurchase agreements, <br> FHLB advances and <br> collateral on derivative <br> instruments | 8072591 | 8128899 | 411551 | 7661040 |  |  |
| &nbsp;&nbsp;Derivative instruments | 778337 | 264836 |  | 778337 |  |  |

---

Included in various investment related line items in the statements of admitted assets, liabilities and capital and surplus are certain financial instruments carried at fair value. Other financial instruments are periodically measured at fair value, such as when impaired, or for certain bonds and preferred stocks when carried at the lower of cost or fair value.

The Company has certain financial instruments for which it is not practicable to estimate fair value. These instruments are Build America Bond tax credits that have been stripped from the principal portion of the bond. The tax credits are nontransferable. Therefore, there is no active market for the tax credits and the fair value is not readily estimable.

**Fair value measurements**

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

The Company determines the fair value of its investments, in the absence of observable market prices, using the valuation methodologies described below applied on a consistent basis. For some investments,

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

market activity may be minimal or nonexistent and management's determination of fair value is then based on the best information available in the circumstances and may incorporate management's own assumptions, which involves a significant degree of judgment.

Investments for which market prices are not observable are generally private investments, securities valued using non-binding broker quotes, or securities with very little trading activity. Fair values of private investments are determined by reference to public market or private transactions or valuations for comparable companies or assets in the relevant asset class when such amounts are available. If these are not available, a discounted cash flow analysis using interest spreads adjusted for the maturity/average life differences may be used. Spread adjustments are intended to reflect an illiquidity premium and take into account a variety of factors including but not limited to senior unsecured versus secured, par amount outstanding, number of holders, maturity, average life, composition of lending group, debt rating, credit default spreads, default rates and credit spreads applicable to the security sector. These valuation methodologies involve a significant degree of judgment.

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

Level 1 – Quoted prices are available in active markets that the Company has the ability to access for identical financial instruments as of the reporting date. The types of financial instruments included in Level 1 are listed equities, mutual funds, money market funds, non-interest bearing cash, exchange traded futures and separate account assets. As required by the fair value measurements guidance, the Company does not adjust the quoted price for these financial instruments, even in situations where it holds a large position and a sale could reasonably impact the quoted price.

Level 2 – Fair values are based on quoted prices for similar assets or liabilities in active and inactive markets. Inactive markets involve few transactions for similar assets or liabilities and the prices are not current or price quotations vary substantially over time or among market makers, which would include some broker quotes. Level 2 inputs also include corroborated market data such as interest rate spreads, yield curves, volatilities, prepayment speeds, credit risks and default rates. Financial instruments that are generally included in this category include corporate bonds, asset-backed securities, short-term investments, less liquid and restricted equity securities and over-the-counter derivatives.

Level 3 – Pricing inputs are unobservable for the financial instrument and include situations where there is little, if any, market activity for the financial instrument. These inputs may reflect the Company's estimates of the assumptions that market participants would use in valuing the financial instruments. Financial instruments that are included in this category generally include private corporate securities and collateralized debt obligations.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, a financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. From time to time there may be movements between levels as inputs become more or less observable, which may depend on several factors including the activity of the market for the specific security, the activity of the market for similar securities, the level of risk spreads and the source of the information from which the Company obtains the information.

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

The Company relies on third party pricing services and independent broker quotes to value bonds and equity securities. The third party pricing services use discounted cash flow models or the market approach to value the securities when the securities are not traded on an exchange. The following characteristics are considered in the valuation process: benchmark yields, reported trades, issuer spreads, bids, offers, benchmark and comparable securities, estimated cash flows and prepayment speeds.

The Company performs both quantitative and qualitative analysis of the prices. The review includes initial and ongoing review of the third party pricing methodologies, back testing of recent trades, and review of pricing trends and statistics.

The following tables summarize the valuation of the Company's financial instruments carried at fair value as presented in the statements of admitted assets, liabilities and capital and surplus, by the fair value hierarchy levels defined in the fair value measurements guidance. Methods and assumptions used to determine the fair values are described in Note 1.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Net Asset Value** | **Total** |
| Financial assets (carried at fair value): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds - ICO | $— | $— | $3325 | $— | $3325 |
| &nbsp;&nbsp;&nbsp;Bonds - ABS |  |  | 1779 |  | 1779 |
| &nbsp;&nbsp;&nbsp;Preferred stocks |  | 450884 | 2072 |  | 452956 |
| &nbsp;&nbsp;&nbsp;Common stocks - other | 173206 | 148276 | 79 | 148159 | 469720 |
| &nbsp;&nbsp;&nbsp;Derivative instruments - futures | 6217 |  |  |  | 6217 |
| &nbsp;&nbsp;&nbsp;Other invested assets |  | 75773 | 324020 |  | 399793 |
| &nbsp;&nbsp;&nbsp;Separate account assets (a) | 3479003 | 308465 |  |  | 3787468 |
| Financial liabilities (carried at fair value): |  |  |  |  |  |
| Derivative instruments - foreign exchange <br> forwards | $— | $199 | $— | $— | $199 |
| &nbsp;&nbsp;&nbsp;Separate account liabilities (a) |  | 23444 |  |  | 23444 |

---

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Level 1** | **Level 2** | **Level 3** | **Net Asset Value** | **Total** |
| Financial assets (carried at fair value): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds | $— | $1126 | $1486 | $— | $2612 |
| &nbsp;&nbsp;&nbsp;Preferred stocks |  | 515049 | 4442 |  | 519491 |
| &nbsp;&nbsp;&nbsp;Common stocks - other | 116121 | 148276 | 120 |  | 264517 |
| &nbsp;&nbsp;&nbsp;Derivative instruments - foreign exchange <br> forwards |  | 2187 |  |  | 2187 |
| &nbsp;&nbsp;&nbsp;Derivative instruments - futures | 10472 |  |  |  | 10472 |
| &nbsp;&nbsp;&nbsp;Other invested assets |  | 4473 | 9183 |  | 13656 |
| &nbsp;&nbsp;&nbsp;Separate account assets (a) | 3184060 |  |  |  | 3184060 |
| Financial liabilities (carried at fair value): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Derivative instruments - interest rate floors <br> and swaps | $— | $3291 | $— | $— | $3291 |
| &nbsp;&nbsp;&nbsp;Derivative instruments - foreign exchange <br> forwards |  | 1 |  |  | 1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>Fair values and changes in fair values of separate account assets generally accrue directly to policyholders and are not included in the Company's revenues, benefits, expenses or surplus. The Level 1 amounts shown in the previous tables include the assets for the variable life insurance and variable annuity separate accounts. The Level 2 financial assets and liabilities include preferred stocks, options and written options carried at fair value in the separate accounts guaranteed by the general account.

Included in bonds are those that have been impaired at the reporting date or NAIC 6 and are carried at fair value. SVO valuations are used for some bonds when available. SVO valuations are based upon publicly available prices for identical or similar assets or on valuation models or matrices using observable inputs. Bonds not valued using SVO valuations are those that have been impaired but not designated as in default by the SVO. Fair values for such securities may be determined utilizing unobservable inputs.

The changes in financial instruments measured at fair value, excluding accrued interest income, for which Level 3 inputs were used to determine fair value are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Beginning Balance** | **Transfers into<br>Level 3** | **Transfers out of<br> Level 3** | **Total gains and (losses) in Surplus** | **Purchases** | **Sales** | **Settlements** | **Ending Balance** |
| **Financial assets (carried at fair value):** | | | | | | | | |
| Bonds - ICO | $1486 | $2691 | $— | $(852) | $— | $— | $— | $3325 |
| Bonds - ABS |  | 1779 |  |  |  |  |  | 1779 |
| Preferred stocks | 4442 |  |  | (2370) |  |  |  | 2072 |
| Common stocks - other | 120 |  |  | (41) |  |  |  | 79 |
| Other invested assets | 9183 | 324020 | (8863) |  |  | (320) |  | 324020 |
| &nbsp;&nbsp;Total assets | $15231 | $328490 | $(8863) | $(3263) | $— | $(320) | $— | $331275 |

---

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Beginning Balance** | **Transfers into <br>Level 3** | **Transfers out of Level 3** | **Total gains and (losses) in Surplus** | **Purchases** | **Sales** | **Settlements** | **Ending Balance** |
| **Financial assets (carried at fair value):** | | | | | | | | |
| Bonds - industrial &<br> miscellaneous | $2567 | $— | $— | $567 | $— | $(1648) | $— | $1486 |
| Preferred stocks | 8000 |  |  |  | 4442 | (8000) |  | 4442 |
| Common stocks - other | 3820 |  |  | 81 | 26 | (3807) |  | 120 |
| Other invested assets |  | 6479 |  | (5262) | 7966 |  |  | 9183 |
| &nbsp;&nbsp;Total assets | $14387 | $6479 | $— | $(4614) | $12434 | $(13455) | $— | $15231 |

---

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

**3. INVESTMENTS AND INVESTMENT INCOME**

**Bond and stock investments**

The admitted value, gross unrealized gains, gross unrealized losses and estimated fair value of investments in bonds and preferred stocks are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Admitted Value** | **Gross Unrealized Gains** | **Gross Unrealized Losses** | **Estimated Fair Value** |
| &nbsp;&nbsp;**Bonds - ICO** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government obligations | $2752570 | $27164 | $59383 | $2720351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other U.S. government obligations | 2284017 | 3225 | 410055 | 1877187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. sovereign jurisdiction | 1628012 | 6847 | 324077 | 1310782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal, general obligations | 868448 | 24301 | 104681 | 788068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal, special revenue | 3056779 | 41674 | 558334 | 2540119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Project finance, operating entities | 2278577 | 20935 | 200426 | 2099086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate, unaffiliated | 21482998 | 220145 | 2187212 | 19515931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Single entity backed obligations | 1107332 | 1057 | 143050 | 965339 |
| &nbsp;&nbsp;&nbsp;&nbsp;SEC registered business development corps | 403948 | 4599 | 9565 | 398982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank loans, issued | 8408 | 147 |  | 8555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank loans, acquired | 221578 | 1300 | 16346 | 206532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other issuer credit obligations | 87628 | 89 |  | 87717 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Bonds - ICO** | 36180295 | 351483 | 4013129 | 32518649 |
| &nbsp;&nbsp;**Bonds - ABS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency Residential mortgage-backed securities, guaranteed | 205489 | 5084 | 18874 | 191699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency Commercial mortgage-backed securities, guaranteed | 72473 | 4346 | 4742 | 72077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency Residential mortgage-backed securities, <br> non-guaranteed | 2728357 | 24325 | 284437 | 2468245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency Commercial mortgage-backed securities, <br> non-guaranteed | 3221087 | 3578 | 289000 | 2935665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency residential mortgage-backed securities | 1875548 | 25103 | 83254 | 1817397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency commercial mortgage-backed securities | 700647 | 4903 | 14223 | 691327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateralized bond / debt / loan obligations | 4955285 | 30331 | 62446 | 4923170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial asset-backed securities, self liquidating | 1382931 | 8716 | 30963 | 1360684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity backed securities | 744328 | 3632 | 10885 | 737075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial asset-backed securities, not self liquidating | 820262 | 76760 | 16 | 897006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-financial asset-backed securities, practical expedient | 108010 | 273 | 1619 | 106664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease-backed securities | 1039620 | 24385 | 32778 | 1031227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-financial asset-backed securities, full analysis | 3858318 | 62299 | 115012 | 3805605 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Bonds - ABS** | $21712355 | $273735 | $948249 | $21037841 |
| **Total bonds** | $57892650 | $625218 | $4961378 | $53556490 |
| **Preferred stocks** | $665185 | $334 | $56615 | $608904 |

---

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Admitted Value** | **Gross Unrealized Gains** | **Gross Unrealized Losses** | **Estimated Fair Value** |
| **Bonds** | | | | |
| &nbsp;&nbsp;U.S. governments | $2154086 | $7590 | $408397 | $1753279 |
| &nbsp;&nbsp;All other governments | 1632036 | 2559 | 405403 | 1229192 |
| &nbsp;&nbsp;U.S. states, territories and possessions, etc. <br> guaranteed | 1682556 | 15797 | 244657 | 1453696 |
| &nbsp;&nbsp;U.S. political subdivisions of states, territories, <br> and possessions, guaranteed | 5783 |  | 478 | 5305 |
| &nbsp;&nbsp;U.S. special revenue & special assessment <br> obligations, non-guaranteed | 9180268 | 69430 | 1310771 | 7938927 |
| &nbsp;&nbsp;Industrial and miscellaneous | 40216472 | 272709 | 4103798 | 36385383 |
| &nbsp;&nbsp;Bank loans | 724619 | 4424 | 23845 | 705198 |
| **Total bonds** | $55595820 | $372509 | $6497349 | $49470980 |
| **Preferred stocks** | $781852 | $516 | $52953 | $729415 |

---

The cost, gross unrealized gains, gross unrealized losses, and admitted value of common stocks - subsidiaries and common stocks - other are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Cost** | **Gross Unrealized Gains** | **Gross Unrealized Losses** | **Admitted Value** |
| Subsidiaries | $3124322 | $151278 | $17400 | $3258200 |
| Other | 475741 | 465 | 6486 | 469720 |
| Total | $3600063 | $151743 | $23886 | $3727920 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Cost** | **Gross Unrealized Gains** | **Gross Unrealized Losses** | **Admitted Value** |
| Subsidiaries | $1940322 | $151192 | $3721 | $2087793 |
| Other | 270540 | 140 | 6163 | 264517 |
| Total | $2210862 | $151332 | $9884 | $2352310 |

---

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Bonds - ICO** | **Bonds - ICO** | **Bonds - ABS** | **Bonds - ABS** |
| | **Admitted Value** | **Estimated Fair Value** | **Admitted Value** | **Estimated Fair Value** |
| Due in one year or less | $392440 | $395961 | $35951 | $36259 |
| Due after one year through five years | 4192825 | 4197884 | 623358 | 616040 |
| Due after five years through ten years | 6179579 | 6090679 | 1481834 | 1445498 |
| Due after ten years through twenty years | 10626326 | 9180296 | 1360591 | 1291413 |
| Due after twenty years | 14290280 | 12166930 | 1780810 | 1705687 |
| Securities not due at a single maturity date (primarily mortgage-backed securities) | 498845 | 486899 | 16429811 | 15942944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Bonds | $36180295 | $32518649 | $21712355 | $21037841 |

---

As of December 31, 2025, the Company had 8 bonds rated 5GI with a book adjusted carrying value of $3,537 and fair value of $3,475. As of December 31, 2024, the Company had 8 bonds rated 5GI with a book adjusted carrying value of $7,245 and fair value of $6,021. There were no preferred stocks rated 5GI as of December 31, 2025 or December 31, 2024.

**Gross unrealized losses**

The Company's gross unrealized losses and estimated fair value on its bonds and preferred stocks, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Less than 12 months** | **Less than 12 months** | **12 months or more** | **12 months or more** | **Total** | **Total** |
| | **Fair Value** | **Unrealized Losses** | **Fair Value** | **Unrealized Losses** | **Fair Value** | **Unrealized Losses** |
| **Bonds - ICO** | | | | | | |
| &nbsp;&nbsp;&nbsp;U.S. government obligations | $263366 | $1392 | $205163 | $57991 | $468529 | $59383 |
| &nbsp;&nbsp;&nbsp;Other U.S. government <br> obligations | 30131 | 717 | 1737469 | 409338 | 1767600 | 410055 |
| &nbsp;&nbsp;&nbsp;Non-U.S. sovereign <br> jurisdiction | 28572 | 384 | 1115425 | 323693 | 1143997 | 324077 |
| &nbsp;&nbsp;&nbsp;Municipal, general obligations | 6450 | 119 | 514683 | 104562 | 521133 | 104681 |
| &nbsp;&nbsp;&nbsp;Municipal, special revenue | 29247 | 637 | 2027026 | 557697 | 2056273 | 558334 |
| &nbsp;&nbsp;&nbsp;Project finance, operating <br> entities | 46917 | 2819 | 1460695 | 197607 | 1507612 | 200426 |
| &nbsp;&nbsp;&nbsp;Corporate, unaffiliated | 2203801 | 78169 | 10576111 | 2109043 | 12779912 | 2187212 |
| &nbsp;&nbsp;&nbsp;Single entity backed <br> obligations | 49363 | 740 | 876644 | 142310 | 926007 | 143050 |

---

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Less than 12 months** | **Less than 12 months** | **12 months or more** | **12 months or more** | **Total** | **Total** |
| | **Fair Value** | **Unrealized Losses** | **Fair Value** | **Unrealized Losses** | **Fair Value** | **Unrealized Losses** |
| &nbsp;&nbsp;&nbsp;SEC registered business <br> development corps | 8153 | 87 | 112385 | 9478 | 120538 | 9565 |
| &nbsp;&nbsp;&nbsp;Bank loans, acquired | 92021 | 15249 | 31592 | 1097 | 123613 | 16346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Bonds - ICO | 2758021 | 100313 | 18657193 | 3912816 | 21415214 | 4013129 |
| **Bonds - ABS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agency Residential mortgage-<br> backed securities, <br> guaranteed | 5614 | 117 | 98185 | 18757 | 103799 | 18874 |
| &nbsp;&nbsp;&nbsp;Agency Commercial mortgage-<br> backed securities, <br> guaranteed | 783 |  | 24487 | 4742 | 25270 | 4742 |
| &nbsp;&nbsp;&nbsp;Agency Residential mortgage-<br> backed securities, <br> non-guaranteed | 54254 | 2265 | 1388968 | 282172 | 1443222 | 284437 |
| &nbsp;&nbsp;&nbsp;Agency Commercial mortgage-<br> backed securities, <br> non-guaranteed | 60528 | 2188 | 2763259 | 286812 | 2823787 | 289000 |
| &nbsp;&nbsp;&nbsp;Non-Agency residential <br> mortgage-backed <br> securities | 139507 | 542 | 444950 | 82712 | 584457 | 83254 |
| &nbsp;&nbsp;&nbsp;Non-Agency commercial <br> mortgage-backed <br> securities | 99121 | 873 | 180245 | 13350 | 279366 | 14223 |
| &nbsp;&nbsp;&nbsp;Collateralized bond / debt / <br> loan obligations | 808590 | 2927 | 1423134 | 59519 | 2231724 | 62446 |
| &nbsp;&nbsp;&nbsp;Other financial asset-backed <br> securities, self liquidating | 200846 | 1727 | 454931 | 29236 | 655777 | 30963 |
| &nbsp;&nbsp;&nbsp;Equity backed securities | 26703 | 75 | 218052 | 10810 | 244755 | 10885 |
| &nbsp;&nbsp;&nbsp;Other financial asset-backed <br> securities, not self <br> liquidating | 8052 | 16 |  |  | 8052 | 16 |
| &nbsp;&nbsp;&nbsp;Non-financial asset-backed <br> securities, practical<br> expedient | 51736 | 291 | 46791 | 1328 | 98527 | 1619 |
| &nbsp;&nbsp;&nbsp;Lease-backed securities | 130002 | 1127 | 527680 | 31651 | 657682 | 32778 |
| &nbsp;&nbsp;&nbsp;Non-financial asset-backed <br> securities, full analysis | 457063 | 3344 | 1435987 | 111668 | 1893050 | 115012 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total Bonds - ABS** | 2042799 | 15492 | 9006669 | 932757 | 11049468 | 948249 |
| **Total bonds** | 4800820 | 115805 | 27663862 | 4845573 | 32464682 | 4961378 |
| Preferred stocks - redeemable | 448403 | 102 | 125085 | 56513 | 573488 | 56615 |
| &nbsp;&nbsp; **Total bonds and preferred <br>&nbsp;&nbsp;&nbsp;&nbsp; stocks** | 5249223 | 115907 | 27788947 | 4902086 | 33038170 | 5017993 |

---

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Less than 12 months** | **Less than 12 months** | **12 months or more** | **12 months or more** | **Total** | **Total** |
| | **Fair Value** | **Unrealized Losses** | **Fair Value** | **Unrealized Losses** | **Fair Value** | **Unrealized Losses** |
| **Bonds** | | | | | | |
| &nbsp;&nbsp;U.S. governments | $195343 | $5839 | $1418153 | $402558 | $1613496 | $408397 |
| &nbsp;&nbsp;All other governments | 552925 | 227523 | 632792 | 177880 | 1185717 | 405403 |
| &nbsp;&nbsp;U.S. states, territories <br> and possessions, etc. <br> guaranteed | 294699 | 46825 | 776082 | 197832 | 1070781 | 244657 |
| &nbsp;&nbsp;U.S. political subdivisions <br> of states, territories and <br> possessions, guaranteed | 2255 | 15 | 3050 | 463 | 5305 | 478 |
| &nbsp;&nbsp;U.S. special revenue & <br> special assessment <br> obligations, <br> non-guaranteed | 1149432 | 57276 | 5880950 | 1253495 | 7030382 | 1310771 |
| &nbsp;&nbsp;Industrial and <br> miscellaneous | 8796673 | 805600 | 16901638 | 3298198 | 25698311 | 4103798 |
| &nbsp;&nbsp;Bank loans | 192869 | 2674 | 68020 | 21171 | 260889 | 23845 |
| **Total bonds** | 11184196 | 1145752 | 25680685 | 5351597 | 36864881 | 6497349 |
| Preferred stocks - redeemable | 80007 | 19778 | 89023 | 33175 | 169030 | 52953 |
| **Total bonds and <br> preferred stocks** | $11264203 | $1165530 | $25769708 | $5384772 | $37033911 | $6550302 |

---

At December 31, 2025, the Company held 5,785 positions in bonds and preferred stocks. The table above includes 3,645 positions of 1,887 issuers as of December 31, 2025. As of December 31, 2025, 96% of the unrealized losses on bonds were securities rated investment grade. Investment grade securities are defined as those securities rated 1 or 2 by the SVO. Preferred stocks in the above tables consist primarily of redeemable preferred stocks. At December 31, 2025, bonds and preferred stocks in an unrealized loss position had fair value equal to 87% of amortized cost.

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

**Other-than-temporary impairments**

As a result of the Company's review of OTTI of investment securities, OTTI recognized on asset-backed securities is summarized in the following table during the year ended December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CUSIP** | **Book/Adjusted Carrying Value Amortized Cost Before Current Period OTTI** | **Recognized OTTI** | **Amortized Cost After OTTI** | **Fair Value at time of OTTI** | **Date of Financial Statement Where Reported** |
| 12667GAY9 | $671 | $524 | $147 | $148 | 3/31/2025 |
| 83546DAQ1 | 43663 | 62 | 43601 | 37574 | 3/31/2025 |
| 927149AA2 | 5389 | 15 | 5374 | 4072 | 3/31/2025 |
| BAN0VUVS6 | 223 | 121 | 102 | 87 | 3/31/2025 |
| 00216AAC1 | 6710 | 380 | 6330 | 6526 | 6/30/2025 |
| 04682AAC8 | 10520 | 392 | 10128 | 10297 | 6/30/2025 |
| 04682AAL8 | 4556 | 158 | 4398 | 4475 | 6/30/2025 |
| 38375BC34 | 85 | 9 | 76 | 45 | 6/30/2025 |
| 456606AF9 | 72 | 2 | 70 | 68 | 6/30/2025 |
| 61748JAE7 | 926 | 45 | 881 | 874 | 6/30/2025 |
| 83546DAQ1 | 43503 | 2285 | 41218 | 38189 | 6/30/2025 |
| 927149AA2 | 5374 | 74 | 5300 | 4079 | 6/30/2025 |
| 09261WAN4 | 8440 | 4999 | 3441 | 2496 | 9/30/2025 |
| 12530MAC9 | 3438 | 280 | 3158 | 1019 | 9/30/2025 |
| 12530MAG0 | 1254 | 770 | 484 | 2451 | 9/30/2025 |
| 12530MAG0 | 1018 | 205 | 813 | 803 | 12/31/2025 |
| 05532VBB2 | 46 | 14 | 32 | 33 | 12/31/2025 |
|  |  | $10335 |  |  |  |

---

Impairments of $930 were recognized during the year due to intent to sell. Additionally, impairments of $9,405 were recognized during the year as it was more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis.

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

**Net investment income and net realized capital gains (losses)**

The major categories of net investment income reflected in the statements of operations are summarized as follows for the years ended December 31:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| Bonds | $2705046 | $2565667 | $2534053 |
| Preferred stocks | 37050 | 50285 | 78691 |
| Common stocks - subsidiaries | 135006 | 70471 | 3663 |
| Common stocks - other | 15143 | 14374 | 11040 |
| Mortgage loans | 226650 | 195547 | 176173 |
| Real estate | 6525 | 6525 | 6525 |
| Policy loans | 30454 | 27990 | 29270 |
| Cash, cash equivalents and short-term investments | 98998 | 112177 | 79043 |
| Derivative instruments | 224491 | 509269 | (255426) |
| Other invested assets | 288566 | 309600 | 166654 |
| Other investment income | 4391 | 3020 | 5344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total gross investment income | 3772320 | 3864925 | 2835030 |
| Less: Investment expenses | 509536 | 551995 | 494065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $3262784 | $3312930 | $2340965 |

---

Investment expenses consist primarily of investment advisory fees, interest expense on repurchase agreements, interest expense on FHLB advances, interest on surplus notes, interest related to derivative collateral liabilities and other expenses related to the administration of investments.

The Company recognized $1,314, $2,002, and $61 of net investment income for the years ended December 31, 2025, 2024, and 2023, respectively related to prepayment penalties or acceleration fees on bonds in the general account that were called. The total number of called bonds in the general account were 145, 130, and 1 for the years ended December 31, 2025, 2024, and 2023, respectively.

The Company recognized $28, $26, and $0 of net investment income for the years ended December 31, 2025, 2024, and 2023, respectively related to prepayment penalties or acceleration fees on bonds in the separate account that were called. The total number of called bonds in the separate account were 54, 39, and 0 for the years ended December 31, 2025, 2024, and 2023, respectively.

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

The major categories of net realized capital gains (losses) reflected in the statements of operations are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| Bonds | $(210680) | $(369609) | $(222049) |
| Preferred stocks | 1581 | (13921) | (240506) |
| Common stocks - other | (130) | 7326 | (25172) |
| Mortgage loans | (27799) | (59614) | (12541) |
| Short-term investments | 33 | 2 |  |
| Derivative instruments | (5599) | (320) | (18165) |
| Other invested assets | (12025) | 59393 | 4572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized capital losses | (254619) | (376743) | (513861) |
| Income tax effects | 45026 | 88014 | 122649 |
| Amounts transferred to IMR (net of federal income taxes <br>&nbsp;&nbsp;&nbsp;&nbsp;of $(35473), $(62342) and $(29010)) | 133448 | 234526 | 109132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized capital losses | $(76145) | $(54203) | $(282080) |

---

Proceeds from the sale of investments in bonds and the gross gains and losses realized on these sales (excluding OTTI losses, maturities, calls, exchanges and prepayments) were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| Proceeds from sales | $4244921 | $3049940 | $5304764 |
| Gross realized gains | 35310 | 29216 | 63968 |
| Gross realized losses | (213830) | (339770) | (293228) |

---

The gross realized gains (losses) on the bonds represent the difference between the proceeds from the sale of the bonds and the basis of the bonds, which is primarily amortized cost.

**Mortgage loans**

The following table summarizes the Company's mortgage loans by property type:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
| | **Carrying Value** | **% of Total** | **Carrying Value** | **% of Total** |
| Office | $1194270 | 31% | $1306831 | 35% |
| Industrial | 752864 | 19% | 631790 | 16% |
| Hotel | 752266 | 19% | 817738 | 21% |
| Retail | 653375 | 17% | 704116 | 18% |
| Multi-family | 395778 | 10% | 251736 | 7% |
| Other | 148809 | 4% | 112500 | 3% |
| Medical | 13555 | 0% | 14077 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $3910917 | 100% | $3838788 | 100% |

---

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

Mortgage loans by United States geographic locations are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
| | **Carrying Value** | **% of Total** | **Carrying Value** | **% of Total** |
| Pacific | $1383367 | 35% | $1294869 | 34% |
| South Atlantic | 849611 | 22% | 775644 | 20% |
| Middle Atlantic | 717135 | 18% | 795274 | 21% |
| Mountain | 630043 | 16% | 611456 | 16% |
| New England | 98405 | 3% | 109567 | 3% |
| East North Central | 94079 | 3% | 90346 | 2% |
| West South Central | 66537 | 2% | 62923 | 2% |
| East South Central | 52540 | 1% | 53242 | 1% |
| West North Central | 19200 | 0% | 45467 | 1% |
|  | $3910917 | 100% | $3838788 | 100% |

---

The Company's mortgage loans by origination year are as follows:

---

| | | |
|:---|:---|:---|
| | **Carrying Value** | **% of Total** |
| 2025 | $479820 | 12% |
| 2024 | 825909 | 21% |
| 2023 | 298046 | 8% |
| 2022 | 915236 | 23% |
| 2021 and prior | 1391906 | 36% |
|  | $3910917 | 100% |

---

The Company has no outstanding commitments on mortgage loans at December 31, 2025.

Any loan delinquent on contractual payments over 90 days past due is considered non-performing. At December 31, 2025, there were three non-performing commercial mortgage loans, with carrying values of $98,635, net of the allowance, that were over 90 days past due on contractual payments. At December 31, 2024, there were five non-performing commercial loans with carrying values of $34,325, net of the allowance, that were over 90 days past due on contractual payments.

Mortgage loan equivalent ratings are based on the expected loss of the security rather than the probability of defaults. Ratings are assessed by looking at the financial condition of the borrower to make required payments, including the value of the underlying collateral, the market in which the collateral is operating and the level of associated debt.

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

Information regarding the Company's credit quality indicators for its recorded investment in mortgage loans, net of valuation allowances is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Carrying Value** | **% of Total** | **Carrying Value** | **% of Total** |
| Risk category: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CM1 | $1486817 | 38% | 1607453 | 42% |
| &nbsp;&nbsp;&nbsp;&nbsp;CM2 | 2024583 | 52% | 1664122 | 43% |
| &nbsp;&nbsp;&nbsp;&nbsp;CM3 | 313570 | 8% | 513688 | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;CM4 | 5373 | 0% | 19200 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;In or near default | 80574 | 2% | 34325 | 1% |
| Total mortgage loans | $3910917 | 100% | $3838788 | 100% |

---

The Company acquired 24 new commercial mortgage loans in 2025 with interest rates ranging from 5.78% to 8.29%.

Information regarding the Company's loan to value ratio for its recorded investment in mortgage loans, net of valuation allowances is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Carrying<br>Value** | **% of Total** | **Carrying<br>Value** | **% of Total** |
| Less than 50% | $1205883 | 31% | $1489237 | 39% |
| 50% to 60% | 1537949 | 39% | 1441022 | 37% |
| 61% to 70% | 1029217 | 26% | 725001 | 19% |
| 71% to 80% | 28771 | 1% | 183528 | 5% |
| 81% to 90% |  | 0% |  | 0% |
| 91% to 100% |  | 0% |  | 0% |
| Over 100% | 109097 | 3% |  | 0% |
| Total mortgage loans | $3910917 | 100% | $3838788 | 100% |

---

The loan-to-value ratio is determined using the most recent appraised value. Appraisals are ordered at origination, and updated when and if there is an indication of a possible significant collateral decline or there are loan modifications or refinance requests. A loan-to-value ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral.

The Company reviews its mortgage loans for impairment on an on-going basis. It considers such factors as delinquency of payments, decreases in the value of underlying properties, the financial condition of the mortgagor and the impact of general economic conditions in the geographic areas of the properties collateralizing the mortgages. Once the determination is made that a mortgage loan is impaired, the primary consideration used to determine the amount of the impairment is the fair market value of the underlying property. The Company assumes it would receive the proceeds from the sale of the underlying property less sale expenses. The Company maintains a general allowance for mortgage loan losses. The allowance is determined through an analysis of specific loans that are believed to have a higher risk of credit impairment. The Company held an allowance of $37,300 and $35,150 at December 31, 2025 and 2024, respectively. Below is a rollforward of the allowance for mortgage loan losses for 2025 and 2024.

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Balance at beginning of period | $35150 | $12207 |
| &nbsp;&nbsp;Additions charged to operations | 2150 | 22943 |
| Balance at end of period | $37300 | $35150 |

---

Three mortgage loans were impaired during the year ended December 31, 2025 through a direct write down of the carrying amount of the loan in the amount of $24,639. Five mortgage loans were impaired during the year ended December 31, 2024 through a direct write down of the carrying amount of the loan in the amount of $37,874. The impairments were recognized in net realized capital losses in the statements of operations.

The recorded investment and unpaid principal balance of the impaired mortgage loans are $32,791 and $66,486, respectively, as of December 31, 2025. The average recorded investment in impaired loans was $33,558 and $39,948 for the years ended December 31, 2025 and 2024, respectively.

The total recorded investment in restructured loans was $32,791 and $30,389 as of December 31, 2025 and 2024, respectively. Realized losses related to these loans were $27,592 and $37,031 for the years ended December 31, 2025 and 2024, respectively. There were $66,486 and $0 of contractual commitments to extend credit to debtors owing receivables whose terms have been modified in troubled debt restructurings as of December 31, 2025 and 2024, respectively. The Company does not accrue interest income on impaired mortgage loans. Net investment income reflects interest income on impaired mortgage loans only after the payment is received.

The Company did not take ownership of real estate in satisfaction of any mortgage loans during 2025 and 2024. Real estate acquired through foreclosure is a component of real estate in the statements of admitted assets, liabilities, and capital and surplus.

The Company held unaffiliated collateral loans of $170,540 and $277,842 as of December 31, 2025 and 2024, respectively, secured by interests in limited partnerships that have underlying real estate.

**Credit risk concentration**

The Company generally strives to maintain a diversified invested assets portfolio. Credit risk concentrations to any single issuer or groups of issuers with similar credit profiles are closely monitored. Other than investments in U.S. government or U.S. government agencies, the Company has no significant concentration of credit risk.

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

**Restricted assets**

The following assets are subject to applicable restrictions under each of the following areas:

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|<br>**Restricted Asset Category** | **Total Admitted Restricted** | **Gross Restricted to Total Assets** | **Admitted Restricted to Total Admitted Assets** |
| Subject to repurchase agreements | $5893476 | 7% | 7% |
| FHLB capital stock | 148276 | 0% | 0% |
| On deposit with states | 3183 | 0% | 0% |
| Pledged as collateral to FHLB | 3072795 | 3% | 3% |
| Pledged as collateral not captured in other <br>&nbsp;&nbsp;&nbsp;&nbsp;categories | 598788 | 1% | 1% |
| Assets held under modco reinsurance <br>&nbsp;&nbsp;&nbsp;&nbsp;agreements | 308094 | 0% | 0% |
| Assets held under funds withheld <br>&nbsp;&nbsp;&nbsp;&nbsp;reinsurance agreements | 17990955 | 20% | 20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total restricted assets | $28015567 | 32% | 32% |

---

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|<br>**Restricted Asset Category** | **Total Admitted Restricted** | **Gross Restricted to Total Assets** | **Admitted Restricted to Total Admitted Assets** |
| Subject to repurchase agreements | $6000372 | 7% | 7% |
| FHLB capital stock | 148276 | 0% | 0% |
| On deposit with states | 4427 | 0% | 0% |
| Pledged as collateral to FHLB | 3072795 | 4% | 4% |
| Pledged as collateral not captured in other categories | 602935 | 1% | 1% |
| Assets held under modco reinsurance <br>&nbsp;&nbsp;&nbsp;&nbsp;agreements | 466303 | 1% | 1% |
| Assets held under funds withheld <br>&nbsp;&nbsp;&nbsp;&nbsp;reinsurance agreements | 15525185 | 19% | 19% |
| Total restricted assets | $25820293 | 32% | 32% |

---

As of December 31, 2025, the Company has bonds totaling $25,329 that are held under modco and funds withheld reinsurance agreements that are either directly related to the reinsurers or the underlying collateral of such bonds represent investments in or direct credit exposure to the reinsurers.

**Other**

*FHLB*

The Company is a member of FHLB of Des Moines. In order to maintain its membership and borrow funds, the Company is required to purchase FHLB equity securities. As of December 31, 2025 and 2024,

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

the Company owns common stock totaling $148,276 which is carried at cost. Resale of these securities is restricted only to FHLB. As a member of FHLB, the Company can borrow money provided that FHLB's collateral and stock ownership requirements are met. The maximum amount a member can borrow is equal to thirty percent of the Company's asset balance as of the prior quarter end subject to availability of acceptable collateral. The interest rate and repayment terms differ depending on the type of advance and the term selected. At December 31, 2025 and 2024, the Company had outstanding advances of $3,072,795 from FHLB (see Note 7).

*Deposits with regulatory authorities*

At December 31, 2025 and 2024, securities (primarily bonds) with admitted carrying values of $3,183 and $4,427 respectively, were on deposit with regulatory authorities as required by law.

**4. DERIVATIVES AND DERIVATIVE INSTRUMENTS**

The following table presents the notional amounts, estimated fair value and carrying value of derivatives:

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Notional Amount** | **Estimated Fair Value** | **Carrying Value** |
| **Assets** | | | |
| Derivatives |  |  |  |
| &nbsp;&nbsp;Call options | $29573830 | $2502494 | $892010 |
| &nbsp;&nbsp;Futures | (60999) | 6217 | 6217 |
|  |  | $2508711 | $898227 |
| **Liabilities** |  |  |  |
| Derivatives |  |  |  |
| &nbsp;&nbsp;Foreign exchange forwards | $78775 | $199 | $199 |
| &nbsp;&nbsp;Written options | 13894973 | 1137022 | 342089 |
|  |  | $1137221 | $342288 |

---

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Notional Amount** | **Estimated Fair Value** | **Carrying Value** |
| **Assets** | | | |
| Derivatives |  |  |  |
| &nbsp;&nbsp;Call options | $27009301 | $1749231 | $736365 |
| &nbsp;&nbsp;Futures | 32053 | 10472 | 10472 |
| &nbsp;&nbsp;Foreign exchange forwards | 77828 | 2187 | 2187 |
|  |  | $1761890 | $749024 |
| **Liabilities** |  |  |  |
| Derivatives |  |  |  |
| &nbsp;&nbsp;Interest rate swaps | $400000 | $3291 | $3291 |
| &nbsp;&nbsp;Foreign exchange forwards | 246 | 1 | 1 |
| &nbsp;&nbsp;Written options | 11059926 | 775045 | 261544 |
|  |  | $778337 | $264836 |

---

The following table presents the impact of derivatives on net investment income and change in unrealized capital gains (losses):

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Gain (loss) recognized in net investment income: |  |  |  |
| &nbsp;&nbsp;Options | $230126 | $526485 | $(253237) |
| &nbsp;&nbsp;Futures | (2657) | (9839) | (860) |
| &nbsp;&nbsp;Interest rate swaps | (2978) | (7377) | (1143) |
| &nbsp;&nbsp;Interest rate floors |  |  | (186) |
|  | $224491 | $509269 | $(255426) |
| Gain (loss) recognized in net unrealized gains (loss): |  |  |  |
| &nbsp;&nbsp;Interest rate swaps | $3291 | $2502 | $(3273) |
| &nbsp;&nbsp;Interest rate floors |  |  | 186 |
| &nbsp;&nbsp;Foreign exchange derivatives | (2385) | 3947 | (1918) |
|  | $906 | $6449 | $(5005) |

---

The Company accounts for its financial options, futures, interest rate swaps, and other derivatives in accordance with SSAP 86, Accounting for Derivative Instruments and Hedging, Income Generation, and Replication (Synthetic Asset) Transactions, except for those options accounted for in accordance with IAC 191-97, as discussed in Note 1. Following is a discussion of the various derivatives used by the Company.

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

**Options and futures**

The Company has indexed annuity and indexed universal life products that provide for a guaranteed base return and a higher potential return tied to several major equity market indices. In order to fund these benefits the Company purchases index options that compensate the Company for any appreciation over the strike price and offsets the corresponding increase in the policyholder obligation. The Company also enters futures contracts to compensate it for increases in the same indices. The Company classifies these options and futures as derivative instruments.

In accordance with IAC 191-97, the Company carries financial options at amortized cost and amortizes the cost of the index options against investment income over the term of the option. When the options mature, any value received by the Company is reflected as investment income.

The futures contracts have no initial cost and are marked to market daily. That daily mark-to-market is settled through the Company's variation margin accounts maintained with the counterparty. The Company reports the change in the futures variation margin accounts as investment income.

The hedged annuity liabilities are reported in the statutory statements of admitted assets, liabilities and capital and surplus as a component of liabilities for future policy benefits in accordance with IAC 191-97 and credited indexed returns are reflected in the reserve as realized based on actual index performance. The hedged life liabilities are reported in the statutory statements of admitted assets, liabilities and capital and surplus as a component of liabilities for future policy benefits equal to the implied fair value appreciation of the index options until the policy anniversary date. At the anniversary date, the annuity and life policyholder account values are revalued with amounts credited to the policyholders recognized as a component of increase in aggregate reserves.

**Other derivative instruments**

The Company has entered into interest rate swap agreements to help manage its overall exposure to interest rate changes. These other derivative instruments do not hedge specific assets or liabilities and as such are not accounted for under hedge accounting. In accordance with SSAP 86, these swaps are reported at fair value in the statements of admitted assets, liabilities and capital and surplus and changes in the fair value are reported as a change in unassigned surplus. The Company recognizes income (expense) on interest rate swaps through investment income. This income is received or paid on reset/settlement date and is accrued until the next reset date. As of December 31, 2025, the Company has no outstanding swap agreements.

The Company has entered into foreign currency forwards to protect itself against currency fluctuations on foreign currency denominated financial instruments. These forwards are reported at fair value in the statutory statements of admitted assets, liabilities, and capital and surplus and changes in fair value are reported as a component of change in unassigned surplus.

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

The following relates to interest rate swaps. The interest rates are measured against SOFR:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Interest rate swaps: |  |  |
| &nbsp;&nbsp;Fixed rates | N/A | 0.72% to 3.23% |
| &nbsp;&nbsp;Variable rates | N/A | 4.96% |

---

**Collateral on derivatives**

As a result of market value changes, certain financial institutions involved in the interest rate swap agreements and financial options deposit cash with the Company to collateralize these obligations. The cash collateral and the amount that the Company was permitted to repledge were $605,214 and $411,551 at December 31, 2025 and 2024, respectively. The obligation to repay the collateral is reflected in repurchase agreements, FHLB advances and collateral on derivatives in the statements of admitted assets, liabilities and capital and surplus.

The Company generally limits its selection of counterparties that are obligated under its non-exchange traded derivative contracts to those with investment grade ratings. As of December 31, 2025, no counterparty had more than 4% exposure to the fair value of the Company's derivative contracts. Entering into such agreements from financial institutions with long-standing performance records minimizes the credit risk. The amounts of such exposure are essentially the net replacement cost or fair value for such agreements with each counterparty, as well as any interest due the Company from the last interest payment period less any collateral posted by the financial institution.

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

**5. OFFSETTING OF ASSETS AND LIABILITIES**

Certain of the Company's derivative instruments are subject to enforceable master netting arrangements that provide for the net settlement of all derivative contracts between the Company and counterparty in the event of default or upon the occurrence of certain termination events. Collateral support agreements are also in place requiring the Company or the counterparty to pledge collateral in the event minimum thresholds have been reached, typically related to the fair value of the outstanding derivatives. Additionally, certain of the Company's repurchase agreements provide for net settlement on termination of the agreement.

The Company reports derivative instruments and repurchase agreements on a gross basis within the statements of admitted assets, liabilities, and capital and surplus.

The tables below present the Company's gross and net derivative instruments and gross and net repurchase agreements by asset and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Gross Amounts Presented in the Balance Sheet** | **Collateral- Financial Instruments and/or Cash** | **Net Amount** |
| **Offsetting of financial assets:** | | | |
| Derivatives | $898227 | $605214 | $293013 |
| Total financial assets | $898227 | $605214 | $293013 |
| **Offsetting of financial liabilities:** |  |  |  |
| Derivatives | $342288 | $— | $342288 |
| Repurchase agreements | 4524203 | 4524203 |  |
| Total financial liabilities | $4866491 | $4524203 | $342288 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Gross Amounts Presented in the Balance Sheet** | **Collateral- Financial Instruments and/or Cash** | **Net Amount** |
| **Offsetting of financial assets:** | | | |
| Derivatives | $749024 | $411551 | $337473 |
| Total financial assets | $749024 | $411551 | $337473 |
| **Offsetting of financial liabilities:** |  |  |  |
| Derivatives | $264836 | $— | $264836 |
| Repurchase agreements | 4644553 | 4644553 |  |
| Total financial liabilities | $4909389 | $4644553 | $264836 |

---

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

**6. REAL ESTATE AND EQUIPMENT**

The Company purchases and capitalizes various classes of assets in the regular course of its insurance operations. These assets are amortized using the straight-line and accelerated declining balance methodologies over a specified period of years that varies with the class of asset that ranges from 3 years to 39 years. The depreciation expense recorded in 2025, 2024 and 2023 was $32,082, $31,244 and $25,927, respectively. Following is a summary of the capitalized assets (including the Company's office buildings and real estate acquired in satisfaction of mortgage loans) and the related accumulated depreciation for the major classes of assets:

---

| | | | |
|:---|:---|:---|:---|
| | **Range of Useful Lives** | **2025** | **2024** |
| Land | N/A | $10936 | $10936 |
| Land improvements | 15 years | 1099 | 1099 |
| Buildings and improvements | 39 years | 102112 | 101003 |
| Leasehold improvements | 10 years | 2115 | 2115 |
| Furniture and fixtures | 7 years | 6171 | 6211 |
| Computer equipment and software | 3 years | 289578 | 307051 |
| Other | 5 years | 38 | 38 |
|  |  | 412049 | 428453 |
| Accumulated depreciation |  | (291764) | (281621) |
| Nonadmitted |  | (21762) | (45940) |
| Net admitted value |  | $98523 | $100892 |

---

The net admitted value of these assets is reflected in the following lines in the Company's statements of admitted assets, liabilities and capital and surplus:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Real estate | $94448 | $95966 |
| Other admitted assets | 4075 | 4926 |

---

At December 31, 2025 and 2024, real estate consists of $94,448 and $95,966, respectively, for the Company's offices.

**7. FHLB ADVANCES**

The Company is a member of FHLB of Des Moines. In accordance with the FHLB membership agreement, the Company can be required to purchase FHLB common stock in order to borrow funds. These borrowings are reported as FHLB advances in the statements of admitted assets, liabilities and capital and surplus. The Company did not purchase or sell any common stock in 2025 or 2024. In addition, the Company has posted mortgage loans and agency MBS/CMO fixed income securities with fair values in excess of the amount of the borrowings as collateral.

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

The amount of FHLB stock held is as follows at December 31:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Membership stock - class A | $10000 | $10000 |
| Activity stock | 138276 | 138276 |
| Total | $148276 | $148276 |

---

The Class A Membership Stock is not eligible for redemption.

At December 31, 2025 and 2024, the Company had outstanding advances of $3,072,795. It is not part of the Company's strategy to utilize these funds for operations, and any funds obtained from the FHLB of Des Moines for use in general operations would be accounted for consistent with SSAP No. 15 as borrowed money. The purpose of the advances is to complement the Company's repurchase agreement program. The advances are reported as a component of repurchase agreements, FHLB advances and collateral on derivatives in the statements of admitted assets, liabilities and capital and surplus. The borrowings outstanding at December 31, 2025 is as follows:

---

| | | |
|:---|:---|:---|
| **Maturity Date Year** | **Advance** | **Interest Rate Range** |
| 2026 | $1149380 | 0.88% - 4.49% |
| 2027 | 455000 | 3.56% - 4.39% |
| 2028 | 455460 | 3.73% - 4.44% |
| 2029 | 677500 | 3.80% - 4.46% |
| 2030 | 335455 | 3.91% - 4.22% |
|  | $3072795 |  |

---

Interest expense incurred during 2025, 2024 and 2023 was $94,551, $81,560 and $61,853, respectively, and is reported as a component of net investment income in the statements of operations. The Company has determined the actual maximum borrowing capacity as $3,797,155. The Company calculated this amount in accordance with limitations in the FHLB capital plan (e.g., current FHLB capital stock, limitations in the FHLB capital plan, current and potential acquisitions of FHLB capital stock, etc.). The Company has unused long-term lines of credit through the FHLB program of $724,360 and $639,142 at December 31, 2025 and 2024, respectively.

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

The amount of collateral pledged to the FHLB is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Amount pledged as of reporting date** | **Fair Value** | **Carrying Value** | **Aggregate total borrowing** |
| 2025 | $4435617 | $4903230 | $3072795 |
| 2024 | $4548429 | $5222590 | $3072795 |
| **Maximum amount pledged during reporting period** | **Fair Value** | **Carrying Value** | **Amount borrowed at time of maximum collateral** |
| 2025 | $4810145 | $5413718 | $3072795 |
| 2024 | $4659507 | $5437458 | $3072795 |

---

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

**8. REPURCHASE AGREEMENTS**

The following tables summarize the repurchase agreements accounted for as a secured borrowing for the Company:

*Type of Repo Trades Used*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2025** |
| | **First<br>Quarter** | **Second<br>Quarter** | **Third<br>Quarter** | **Fourth<br>Quarter** |
| Bilateral (YES/NO) | YES | YES | YES | YES |
| Tri-party (YES/NO) | YES | YES | YES | YES |

---

*Original (Flow) & Residual Maturity*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2025** |
| | **First<br>Quarter** | **Second<br>Quarter** | **Third<br>Quarter** | **Fourth<br>Quarter** |
| Maximum amount |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open - no maturity | $— | $30000 | $15000 | $2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overnight |  | 545000 | 230000 | 160000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 days to 1 week |  | 545000 | 230000 | 160000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; >1 week to 1 month |  | 895000 | 230000 | 243000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; >1 month to 3 months | 650000 | 895000 | 295000 | 284000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; >3 months to 1 year | 1619000 | 1114000 | 932000 | 1250800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; >1 year | 3224553 | 3389203 | 3581903 | 3468403 |
| Ending balance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open - no maturity | $— | $15000 | $— | $2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; >1 week to 1 month |  |  | 160000 | 60000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; >1 month to 3 months | 650000 | 230000 | 135000 | 284000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; >3 months to 1 year | 1114000 | 932000 | 850400 | 1105800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; >1 year | 2880553 | 3389203 | 3405803 | 3072403 |

---

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

*Securities Sold Under Repo - Secured Borrowing*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2025** |
| | **First<br>Quarter** | **Second Quarter** | **Third Quarter** | **Fourth Quarter** |
| Maximum amount |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Book adjusted carrying value<br>&nbsp;&nbsp;&nbsp;&nbsp;("BACV") | XXX | XXX | XXX | $6041475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonadmitted - subset of BACV | XXX | XXX | XXX | XXX |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value | $5352756 | $5352756 | $5352756 | $5352756 |
| Ending Balance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BACV | XXX | XXX | XXX | $5893476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonadmitted - subset of BACV | XXX | XXX | XXX | XXX |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value | $5321849 | $5165122 | $5130416 | $5220508 |

---

*Securities Sold Under Repo - Secured Borrowing by NAIC Designation*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **NONE** | **NAIC 1** | **NAIC 2** | **NAIC 3** |
| Bonds ICO – BACV | $— | $1486240 | $1426834 | $— |
| Bonds ICO – FV |  | 1212707 | 1249033 |  |
| Bonds ABS – BACV |  | 2980402 |  |  |
| Bonds ABS – FV |  | 2758768 |  |  |
| Total assets – BACV | $— | $4466642 | $1426834 | $— |
| Total assets – FV | $— | $3971475 | $1249033 | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **NAIC 4** | **NAIC 5** | **NAIC 6** | **Non-Admitted** |
| Bonds ICO – BACV | $— | $— | $— | $— |
| Bonds ICO – FV |  |  |  |  |
| Bonds ABS – BACV |  |  |  |  |
| Bonds ABS – FV |  |  |  |  |
| Total assets – BACV | $— | $— | $— | $— |
| Total assets – FV | $— | $— | $— | $— |

---

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

*Collateral Received - Secured Borrowing*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2025** |
| | **First Quarter** | **Second Quarter** | **Third Quarter** | **Fourth Quarter** |
| Maximum Amount |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | $5493553 | $7413203 | $5513903 | $5568203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities (FV) |  |  |  |  |
| Ending Balance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | $4644553 | $4566203 | $4551203 | $4524203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities (FV) |  |  |  |  |

---

*Cash and Non-Cash Collateral Received - Secured Borrowing by NAIC Designation*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **NONE** | **NAIC 1** | **NAIC 2** | **NAIC 3** |
| Ending balance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | $4524203 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total collateral assets – FV | $4524203 | $— | $— | $— |
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **NAIC 4** | **NAIC 5** | **NAIC 6** | **Does Not<br>Qualify As<br>Admitted** |
| Ending balance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total collateral assets – FV | $— | $— | $— | $— |

---

*Allocation of Aggregate Collateral by Remaining Contractual Maturity*

---

| | |
|:---|:---|
| | **As of December 31, 2025** |
| | **Fair Value** |
| Overnight and continuous | $2000 |
| 30 days or less | 60000 |
| 31 to 90 days | 284000 |
| > 90 days | 4178203 |

---

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

*Allocation of Aggregate Collateral Reinvested by Remaining Contractual Maturity*

---

| | | |
|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Amortized Cost** | **Fair Value** |
| 1 to 2 years | $3010 | $2974 |
| 2 to 3 years | 10374 | 10335 |
| > 3 years | 4915320 | 4510894 |

---

*Liability to Return Collateral - Secured Borrowing* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2025** |
| | **First Quarter** | **Second Quarter** | **Third Quarter** | **Fourth Quarter** |
| Maximum amount |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash (collateral - all) | $5493553 | $7413203 | $5513903 | $5568203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities collateral (FV) |  |  |  |  |
| Ending balance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash (collateral - all) | $4644553 | $4566203 | $4551203 | $4524203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities collateral (FV) |  |  |  |  |

---

In addition to the securities summarized in the maturity distribution above, the Company holds short-term investments representing the balance of the repurchase agreement liabilities. The Master Repurchase Agreements with the various counterparties do not require the Company to invest the proceeds in securities with maturities matching the maturities of the repurchase agreement liabilities. As previously stated, a majority of the Company's repurchase agreements are for terms of greater than one year. The Company has sufficient cash flows from operations and investment maturities, pay downs and calls to meet the repurchase obligations under the outstanding agreements. In addition, the Company has the ability to sell securities to meet future repayment obligations under the agreements. As of December 31, 2025 and 2024, repurchase collateral posted by counterparties totaled $10,345 and $0, respectively.

**9. REINSURANCE**

The Company is primarily involved in the cession and, to a lesser degree, assumption of life and annuity reinsurance with other companies. Reinsurance premiums and claims ceded and assumed for the years ended December 31 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| | **Ceded** | **Assumed** | **Ceded** | **Assumed** | **Ceded** | **Assumed** |
| Premiums written | $7086698 | $2132 | $3127927 | $846 | $2034325 | $857 |
| Claims incurred | 548123 | 9486 | 444408 | 13079 | 470866 | 8767 |
| Reserve changes | 5686628 | (32789) | 2234964 | (47830) | 800289 | (85762) |

---

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

Premiums and benefits incurred are stated net of the amounts of premiums and claims assumed and ceded. Policy benefit reserves and policy claims and benefits payable are reported net of the related reinsurance receivables. These receivables are recognized in a manner consistent with the liabilities related to the underlying reinsured contracts.

The Company is a party to a reinsurance agreement with North American. In this indemnity agreement, the Company assumes 80% of all policies issued by North American between January 1, 2014 and December 31, 2021 on specific annuity plans. The Company retrocedes 100% of this business to a third party reinsurer through a modified coinsurance agreement. There were no premiums assumed under this agreement for each of the years ended December 31, 2025, 2024 and 2023. Assumed reserves of $83,941 and $116,634 associated with this agreement are reported as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities and capital and surplus as of December 31, 2025 and 2024, respectively.

The Company is a party to a modified coinsurance agreement with a third-party reinsurer. This indemnity agreement covers 80% of all policies issued by the Company between January 1, 2014 and December 31, 2021 on specific annuity plans along with 100% of the business the Company assumes from North American in the coinsurance agreement discussed in the previous paragraph. In this agreement, the Company retains, on behalf of the reinsurer, assets equal to the statutory liabilities associated with the reinsured policies. The Company recognized $308,008 and $458,585 at December 31, 2025 and 2024, respectively, of modified coinsurance reserves under this agreement in the statements of admitted assets, liabilities, and capital and surplus.

The Company is party to a reinsurance agreement providing for the coinsurance of 30% for certain policies that were acquired from an acquisition in 2002. The reinsurer assumes 30% of the net premiums and benefits related to this block of business and reimburses the Company for various expenses related to this business through the expense allowances provided for in the agreement. Premiums ceded under this agreement of $6,554, $6,438 and $8,257 are reported as a component of life insurance and annuity premiums and other considerations in the statement of operations for the years ended December 31, 2025, 2024 and 2023, respectively. Reserve credits of $224,536 and $233,329 associated with this agreement are reported as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities, and capital and surplus as of December 31, 2025 and 2024, respectively. In addition, reserve credits of $5,227 and $4,832 associated with this agreement are reported as a component of policy and contract claims in the statements of admitted assets, liabilities, and capital and surplus as of December 31, 2025 and 2024, respectively.

The Company is a party to two funds withheld coinsurance agreements with a third-party reinsurer. These are indemnity agreements that cover 50% of substantially all policies of specific annuity plans issued from January 1, 2002 through March 31, 2005, 60% of substantially all policies of specific annuity plans issued from April 1, 2005 through February 29, 2008 and 50% of substantially all policies of specific annuity plans issued from March 1, 2008 through November 30, 2013. In these agreements, the Company agrees to withhold, on behalf of the assuming company, assets equal to the statutory reserve associated with these policies. Premiums ceded under this agreement of $6,015, $7,153 and $9,424 are reported as a component of life insurance and annuity premiums and other considerations in the statements of operations for the years ended December 31, 2025, 2024 and 2023, respectively. Reserve credits of $1,508,670 and $1,776,715 associated with this agreement are reported as a component of liabilities for

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

future policy benefits in the statements of admitted assets, liabilities, and capital and surplus as of December 31, 2025 and 2024, respectively. In addition, a funds withheld liability of $1,531,360 and $1,800,944 is reflected as a component of funds held under coinsurance in the statements of admitted assets, liabilities and capital and surplus as of December 31, 2025 and 2024, respectively. In addition, reserve credits of $14,838 and $17,149 associated with this agreement are reported as a component of policy and contract claims in the statements of admitted assets, liabilities, and capital and surplus as of December 31, 2025 and 2024, respectively.

The Company is a party to a coinsurance agreement with a third-party reinsurer. This indemnity agreement covers 100% of all policies issued from January 1, 2008 through September 30, 2009 of specific annuity plans. Reserve credits of $39,530 and $46,220, associated with this agreement are reported as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities, and capital and surplus as of December 31, 2025 and 2024, respectively. In addition, reserve credits of $1,031 and $1,353 associated with this agreement are reported as a component of policy and contract claims in the statements of admitted assets, liabilities, and capital and surplus as of December 31, 2025 and 2024, respectively.

The Company is party to a coinsurance and yearly renewable term agreement with a third-party reinsurer that was effective on January 1, 2016. In 2024, the agreement was amended to only include yearly renewable term. The Company ceded policies issued during 2016 for specific annuity plans. Premiums ceded under this agreement of $23,721, $26,841 and $28,214 are reported as a component of life insurance and annuity premiums and other considerations in the statements of operations for the years ended December 31, 2025, 2024 and 2023, respectively. Reserve credits of $125,035 and $121,083 associated with this agreement are reported as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities and capital and surplus as of December 31, 2025 and 2024, respectively. In addition, a funds withheld liability of $79,391 and $54,487 is reflected as a component of funds held under coinsurance in the statements of admitted assets, liabilities and capital and surplus as of December 31, 2025 and 2024, respectively.

On December 31, 2010, the Company entered into a funds withheld coinsurance agreement with MNL Re, an affiliated limited purpose subsidiary life insurance company. The agreement has subsequently been amended to extend the term and increase the life insurance policies covered under the agreement. The Company ceded a defined block of permanent life insurance products to MNL Re. Premiums ceded under this agreement of $51,529, $52,306 and $54,032 are reported as a component of life insurance and annuity premiums and other considerations in the statements of operations for the years ended December 31, 2025, 2024 and 2023, respectively. The Company recognized reserve credits of $1,301,956 and $1,221,753 under this agreement on December 31, 2025 and 2024, respectively, which are reflected as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities and capital and surplus. The Company recognized $959,304 and $902,328 at December 31, 2025 and 2024, respectively, of funds held under coinsurance under this agreement which is reported as funds held under coinsurance in the statements of admitted assets, liabilities and capital and surplus. The reserve credit was supported by a contingent note guarantee ("LLC Note") with a balance of $303,747 and $284,375 as of December 31, 2025 and 2024, respectively. The LLC Note held by MNL Re, which functions in a manner similar to a standby letter of credit and which Midland National is a beneficiary, is an admitted asset under Iowa prescribed practice and the surplus generated by this prescribed practice has been retained in the carrying value of MNL Re.

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

On December 31, 2011, the Company entered into a funds withheld coinsurance agreement with Solberg Re, an affiliated limited purpose subsidiary life insurance company. The agreement has subsequently been amended to extend the term and increase the life insurance policies covered under the agreement. The Company ceded a defined block of term life insurance to Solberg Re. Premiums ceded under this agreement of $33,348, $37,011 and $41,581 are reported as a component of life insurance and annuity premiums and other considerations in the statements of operations for the years ended December 31, 2025, 2024 and 2023, respectively. The Company received experience refunds related to this agreement of $7,580, $1,859 and $5,925 during the years ended December 31, 2025, 2024 and 2023, respectively. The Company recognized reserve credits of $436,725 and $476,708 under this agreement on December 31, 2025 and 2024, respectively, which are reflected as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities and capital and surplus. The Company recognized $180,008 and $194,511 at December 31, 2025 and 2024, respectively, of funds held under coinsurance under this agreement which is reported as funds held under coinsurance in the statements of admitted assets, liabilities and capital and surplus. The reserve credit was supported by an LLC Note with a balance of $256,717 and $282,196 as of December 31, 2025 and 2024, respectively. The LLC Note held by Solberg Re, which functions in a manner similar to a standby letter of credit and which Midland National is a beneficiary, is an admitted asset under Iowa prescribed practice and the surplus generated by this prescribed practice has been retained in the carrying value of Solberg Re.

On September 30, 2019, the Company entered into a funds withheld coinsurance agreement with Canal Re, an affiliated limited purpose subsidiary life insurance company. The Company ceded a defined block of term life insurance products to Canal Re. Premiums ceded under this agreement of $41,445, $44,310 and $47,277 are reported as a component of life insurance and annuity premiums and other considerations in the statements of operations for the years ended December 31, 2025, 2024 and 2023, respectively. The Company received experience refunds related to this agreement of $37,220, $13,592 and $20,594 during the years ended December 31, 2025, 2024 and 2023, respectively. The Company recognized reserve credit of $490,963 and $467,492 under this agreement as of December 31, 2025 and 2024, respectively, which is reflected as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities and capital and surplus. The Company recognized $170,802 and $181,459 at December 31, 2025 and 2024, respectively, of funds held under coinsurance under this agreement which is reported as funds held under coinsurance in the statements of admitted assets, liabilities and capital and surplus. The reserve credit was supported by an LLC Note with a balance of $320,161 and $286,032 as of December 31, 2025 and 2024, respectively. The LLC Note held by Canal Re, which functions in a manner similar to a standby letter of credit and which Midland National is a beneficiary, is an admitted asset under Iowa prescribed practice and the surplus generated by this prescribed practice has been retained in the carrying value of Canal Re.

On December 31, 2020, the Company entered into a funds withheld coinsurance agreement with a third party reinsurer. The Company has ceded a defined block of permanent life insurance products to the third party reinsurer. Premiums ceded under this agreement of $55,822, $62,990 and $68,633 are reported as a component of life insurance and annuity premiums and other considerations in the statements of operations for the years ended December 31, 2025, 2024 and 2023, respectively. A reserve credit of $1,182,890 and $1,077,952 associated with this agreement is reported as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities and capital and surplus as of December 31, 2025 and 2024, respectively. The Company recognized $851,005 and $780,066 at December 31, 2025 and 2024, respectively, of funds held under coinsurance under this agreement as a

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

component of funds held under coinsurance in the statements of admitted assets, liabilities and capital and surplus.

On October 31, 2021, the Company entered into a funds withheld coinsurance agreement with SFG Bermuda, an affiliated company domiciled in Bermuda, under which the Company ceded 100% of certain fixed index annuity policies issued prior to October 1, 2021. The Company also cedes 80% of certain new fixed index annuity policies including attached riders issued on or after October 1, 2021. During 2022 the Company ceded 80% of certain multi-year guaranteed fixed annuity policies with issued dates of July 1, 2022 through December 31, 2022 to SFG Bermuda. Effective October 1, 2023, for new policies issued on or after October 1, 2023, the 80% quota share is structured as a combination of funds withheld and coinsurance. Premiums ceded under this agreement of $1,720,759, $2,047,929 and $1,573,412 are reported as a component of life insurance and annuity premiums and other considerations in the statements of operations for the years ended December 31, 2025, 2024 and 2023, respectively. A reserve credit of $11,054,960 and $10,135,211 associated with this agreement is reported as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities and capital and surplus as of December 31, 2025 and 2024, respectively. The Company recognized $10,552,870 and $9,853,948 at December 31, 2025 and 2024, respectively, of funds held under coinsurance under this agreement as a component of funds held under coinsurance in the statements of admitted assets, liabilities and capital and surplus. The treaty also involved the coinsurance of IMR generated by the assets in the funds withheld portfolio. An IMR credit associated with this treaty of $250,531 and $297,721 is reported as a component of interest maintenance reserves in the statements of admitted assets, liabilities, and capital and surplus as of December 31, 2025 and 2024, respectively. In addition, reserve credits of $31,114 and $21,748 associated with this agreement are reported as a component of policy and contract claims in the statements of admitted assets, liabilities, and capital and surplus as of December 31, 2025 and 2024, respectively.

On September 5, 2024, the Company entered into a coinsurance agreement with a third-party reinsurer. The Company has ceded 80% of certain multi-year guaranteed fixed annuity policies issued on or after September 5, 2024 to the third party reinsurer. Premiums ceded under this agreement of $1,709,270 and $628,454 are reported as a component of life insurance and annuity premiums and other considerations in the statements of operations for the years ended December 31, 2025 and 2024, respectively. A reserve credit of $2,359,535 and $619,028 associated with this agreement is reported as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities, and capital and surplus as of December 31, 2025 and 2024, respectively.

On July 1, 2025, the Company entered into a funds withheld coinsurance agreement with a third-party reinsurer. The Company has ceded a defined block of term life insurance products to the third party reinsurer. Premiums ceded under this agreement of $192,129 are reported as a component of life insurance and annuity premiums and other considerations in the statements of operations for the year ended December 31, 2025. An initial ceding commission of $64,556 is reported as a component of commissions and expense allowances on reinsurance ceded in the statements of operations for the year ended December 31, 2025. A reserve credit of $185,437 associated with this agreement is reported as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities, and capital and surplus as of December 31, 2025. The Company recognized $106,086 at December 31, 2025 of funds held under coinsurance under this agreement as a component of funds held under coinsurance in the statements of admitted assets, liabilities and capital and surplus. The Company recorded an initial

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

gain, net of tax, directly to surplus in the amount of $50,999, which will be released to income over a period of time.

On October 1, 2025, the Company entered into a funds withheld coinsurance agreement with a third-party reinsurer. The Company has ceded a defined block of BOLI products to the third- party reinsurer. Premiums ceded under this agreement of $2,963,629 are reported as a component of life insurance and annuity premiums and other considerations in the statements of operations for the year ended December 31, 2025. A reserve credit of $2,982,890 associated with this agreement is reported as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities, and capital and surplus as of December 31, 2025. The Company recognized $2,696,372 at December 31, 2025 of funds held under coinsurance under this agreement as a component of funds held under coinsurance in the statements of admitted assets, liabilities and capital and surplus. The Company recorded an initial gain, net of tax, directly to surplus in the amount of $224,152, which will be released to income over a period of time.

On March 6, 2019, the Insurance Commissioner of the Delaware Department of Insurance entered into a Rehabilitation and Injunction Order with Scottish Re (U.S.) Inc. ("SRUS"). On May 3, 2023, the Receiver notified the court that it has concluded that SRUS should be liquidated. The Motion for the Entry of a Liquidation and Injunction Order was filed with the court on July 14, 2023. The Order resulted in the cancellation of all reinsurance treaties as of September 30, 2023.

During 2023, due to the cancellation of the reinsurance treaty, the Company wrote off $4,145 in reserve credits, net of previous impairments for reinsurance agreements it had with SRUS. The Company has no remaining reserve credits for future claims related to reinsurance agreements with SRUS. The Company has receivables of $11,045 from SRUS for claims prior to treaty cancellation, net of impairments. Total impairments of $2,275 have been recognized on the receivables, of which $1,315 was recognized in 2023. No amounts are disputed by SRUS or its Receiver. The entire net receivable is admitted. The timing of collection is uncertain given liquidation is in progress.

The estimated amount of the aggregate reduction in surplus (for agreements other than those under which the reinsurer may unilaterally cancel for reasons other than the nonpayment of premiums or other similar credits) for nonperformance or termination of all reinsurance agreements, by either party, is $889,511 as of December 31, 2025.

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

**10. FUTURE POLICY BENEFITS AND POLICY PREMIUMS DUE, DEFERRED OR UNCOLLECTED**

**Reserves for life contracts and deposit-type contracts**

The Company waives deduction of deferred fractional premiums upon death of the insured. For policies without flexible premiums the Company returns any portion of the final premium beyond the policy month of death. Reserves include the excess of the surrender value over the reserve as otherwise computed. Additional premiums plus the regular gross premium for the true age are charged for substandard lives. Mean reserves are determined by computing the regular mean reserve for the plan at the true age and holding, in addition, one-half (50%) of the extra premium charge for the year for fixed premium plans and one-half of the extra risk charge for the month for flexible premium plans.

At December 31, 2025 and 2024, the Company had $10,619,183 and $10,990,124, respectively, of insurance in force for which the gross premiums are less than the net premiums according to the standard of valuation set by the state of Iowa. At December 31, 2025 and 2024, reserves to cover the above insurance totaled $289,834 and $287,645, respectively, before reinsurance ceded.

The Company fully adopted valuation manual standard 20 ("VM-20") as of January 1, 2020. The VM-20 reserving methodology is a principles based approach required for life insurance policies which uses prudent estimate assumptions. At December 31, 2025 and 2024, the Company held VM-20 reserves for the applicable life insurance policies in the amount of $1,913,259 and $4,805,999, respectively. These reserves were reflected in the liabilities for future policy benefits in the statements of admitted assets, liabilities and capital and surplus.

The Company adopted valuation manual standard 21 ("VM-21") as of January 1, 2020. The VM-21 reserving methodology is a principles based approach required for variable annuity policies which uses prudent estimate assumptions for interest and other assumptions. The Company elected to record the full impact in 2020 rather than electing to grade in the change in valuation basis. At December 31, 2025 and 2024, the Company held VM-21 reserves for the applicable life insurance policies in the amount of $3,888,651 and $3,005,097, respectively. These reserves were reflected in the liabilities for future policy benefits in the statements of admitted assets, liabilities and capital and surplus.

**Analysis of annuity actuarial reserves and deposit liabilities by withdrawal characteristics**

A portion of the Company's liabilities for future policy benefits relate to liabilities established on a variety of products that are not subject to significant mortality and morbidity risk; however, there may be certain restrictions placed upon the amount of funds that can be withdrawn without penalty. The amount of reserves on these products, by withdrawal characteristics and the related percentage of the total, are summarized as follows at December 31:

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

*Individual Annuities*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2025** | **2025** |
| | **General Account** | **Separate Account with Guarantees** | **Separate Account Nonguaranteed** | **Total** | **Percent** |
| Subject to discretionary withdrawal |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With market value adjustment | $30810972 | $1167156 | $— | $31978128 | 73% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender charge of <br>&nbsp;&nbsp;&nbsp;&nbsp;5% or more | 19847 |  |  | 19847 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value  |  |  | 2599597 | 2599597 | 6% |
| Total with market value adjustment | 30830819 | 1167156 | 2599597 | 34597572 | 79% |
| At book value without adjustment (minimal or no <br>&nbsp;&nbsp;&nbsp;&nbsp; charge or adjustment) | 9009655 |  |  | 9009655 | 20% |
| Not subject to discretionary withdrawal | 266030 |  |  | 266030 | 1% |
| Total | 40106504 | 1167156 | 2599597 | 43873257 | 100% |
| Reinsurance ceded | 14114678 |  |  | 14114678 |  |
| Total (gross - ceded) | $25991826 | $1167156 | $2599597 | $29758579 |  |
| Amount included in book value less surrender charges above that will move to book value without adjustment for the first time within the year after the statement date: | $8520 |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2024** | **2024** | **2024** | **2024** | **2024** |
| | **General Account** | **Separate Account with Guarantees** | **Separate Account Nonguaranteed** | **Total** | **Percent** |
| Subject to discretionary withdrawal |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With market value adjustment | $28422095 | $— | $— | $28422095 | 71% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender charge of <br>&nbsp;&nbsp;&nbsp;&nbsp;5% or more | 59392 |  |  | 59392 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  |  | 2381235 | 2381235 | 6% |
| Total with market value adjustment | 28481487 |  | 2381235 | 30862722 | 77% |
| At book value without adjustment (minimal or no <br>&nbsp;&nbsp;&nbsp;&nbsp; charge or adjustment) | 8517293 |  |  | 8517293 | 21% |
| Not subject to discretionary withdrawal | 262022 | 457664 |  | 719686 | 2% |
| Total | 37260802 | 457664 | 2381235 | 40099701 | 100% |
| Reinsurance ceded | 11594813 |  |  | 11594813 |  |
| Total (gross - ceded) | $25665989 | $457664 | $2381235 | $28504888 |  |
| Amount included in book value less surrender charges above that will move to book value without adjustment for the first time within the year after the statement date: | $12952 |  |  |  |  |

---

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

*Group Annuities*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2025** | **2025** |
| | **General Account** | **Separate Account with Guarantees** | **Separate Account Nonguaranteed** | **Total** | **Percent** |
| Subject to discretionary withdrawal |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With market value adjustment | $809423 | $— | $— | $809423 | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender charge of <br>&nbsp;&nbsp;&nbsp;&nbsp;5% or more | 1312 |  |  | 1312 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value  |  |  |  |  | —% |
| Total with market value adjustment | 810735 |  |  | 810735 | 11% |
| At book value without adjustment (minimal or no <br>&nbsp;&nbsp;&nbsp;&nbsp; charge or adjustment) | 2255964 |  |  | 2255964 | 32% |
| Not subject to discretionary withdrawal | 2955548 | 1146153 |  | 4101701 | 57% |
| Total (gross: direct + assumed) | 6022247 | 1146153 |  | 7168400 | 100% |
| Reinsurance ceded | 1007689 |  |  | 1007689 |  |
| Total (gross - ceded) | $5014558 | $1146153 | $— | $6160711 |  |
| Amount included in book value less surrender charges above that will move to book value without adjustment for the first time within the year after the statement date: | $— |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2024** | **2024** | **2024** | **2024** | **2024** |
| | **General Account** | **Separate Account with Guarantees** | **Separate Account Nonguaranteed** | **Total** | **Percent** |
| Subject to discretionary withdrawal |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With market value adjustment | $1089095 | $— | $— | $1089095 | 19% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender charge of <br>&nbsp;&nbsp;&nbsp;&nbsp;5% or more | 1841 |  |  | 1841 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value  |  |  |  |  | —% |
| Total with market value adjustment | 1090936 |  |  | 1090936 | 19% |
| At book value without adjustment (minimal or no <br>&nbsp;&nbsp;&nbsp;&nbsp; charge or adjustment) | 2421204 |  |  | 2421204 | 41% |
| Not subject to discretionary withdrawal | 1925913 | 412640 |  | 2338553 | 40% |
| Total (gross: direct + assumed) | 5438053 | 412640 |  | 5850693 | 100% |
| Reinsurance ceded | 1140535 |  |  | 1140535 |  |
| Total (gross - ceded) | $4297518 | $412640 | $— | $4710158 |  |
| Amount included in book value less surrender charges above that will move to book value without adjustment for the first time within the year after the statement date: | $— |  |  |  |  |

---

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

*Deposit-type Contracts*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2025** | **2025** |
| | **General Account** | **Separate Account with Guarantees** | **Separate Account Nonguaranteed** | **Total** | **Percent** |
| Subject to discretionary withdrawal |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With market value adjustment | $— | $— | $— | $— | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender charge of <br>&nbsp;&nbsp;&nbsp;&nbsp;5% or more |  |  |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value  |  |  |  |  | —% |
| Total with market value adjustment |  |  |  |  | —% |
| At book value without adjustment (minimal or no <br>&nbsp;&nbsp;&nbsp;&nbsp; charge or adjustment) | 144812 |  |  | 144812 | 5% |
| Not subject to discretionary withdrawal | 2996825 | 1367 |  | 2998192 | 95% |
| Total (gross: direct + assumed | 3141637 | 1367 |  | 3143004 | 100% |
| Reinsurance ceded | 108 |  |  | 108 |  |
| Total (gross - ceded) | $3141529 | $1367 | $— | $3142896 |  |
| Amount included in book value less surrender charges above that will move to book value without adjustment for the first time within the year after the statement date: | $— |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2024** | **2024** | **2024** | **2024** | **2024** |
| | **General Account** | **Separate Account with Guarantees** | **Separate Account Nonguaranteed** | **Total** | **Percent** |
| Subject to discretionary withdrawal |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With market value adjustment | $575 | $— | $— | $575 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender charge of <br>&nbsp;&nbsp;&nbsp;&nbsp;5% or more |  |  |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  |  |  |  | —% |
| Total with market value adjustment | 575 |  |  | 575 | —% |
| At book value without adjustment (minimal or no <br>&nbsp;&nbsp;&nbsp;&nbsp; charge or adjustment) | 127619 |  |  | 127619 | 9% |
| Not subject to discretionary withdrawal | 1232169 | 709 |  | 1232878 | 91% |
| Total (gross: direct + assumed | 1360363 | 709 |  | 1361072 | 100% |
| Reinsurance ceded | 104 |  |  | 104 |  |
| Total (gross - ceded) | $1360259 | $709 | $— | $1360968 |  |
| Amount included in book value less surrender charges above that will move to book value without adjustment for the first time within the year after the statement date: | $— |  |  |  |  |

---

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

**Analysis of life actuarial reserves by withdrawal characteristics**

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** |
| | **General Account** | **General Account** | **General Account** |
| | **Account Value** | **Cash Value** | **Reserve** |
| Subject to discretionary withdrawal, surrender <br>&nbsp;&nbsp;&nbsp;&nbsp;values, or policy loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal life | $8607698 | $8589547 | $8521995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal life with secondary guarantees | 360755 | 341468 | 2353229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indexed universal life | 5109075 | 4662789 | 4670591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indexed universal life with secondary guarantees | 809626 | 631020 | 1267292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other permanent cash value life insurance | 211610 | 211610 | 352160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable universal life | 113644 | 113070 | 117539 |
| Not subject to discretionary withdrawal or no cash <br>&nbsp;&nbsp;&nbsp;&nbsp;values: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term policies without cash value |  |  | 1393863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accidental death benefits |  |  | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Disability - active lives |  |  | 5907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Disability - disabled lives |  |  | 37269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous reserves |  |  | 315652 |
| Total | 15212408 | 14549504 | 19036054 |
| Reinsurance ceded | 3662940 | 3553498 | 6963035 |
| Total net of reinsurance ceded | $11549468 | $10996006 | $12073019 |
|  | **2025** | **2025** | **2025** |
|  | **Separate Account with Guarantees** | **Separate Account with Guarantees** | **Separate Account with Guarantees** |
|  | **Account Value** | **Cash Value** | **Reserve** |
| Subject to discretionary withdrawal, surrender <br>&nbsp;&nbsp;&nbsp;&nbsp;values, or policy loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal life | $3011389 | $3011389 | $3010578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal life with secondary guarantees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Indexed universal life |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Indexed universal life with secondary guarantees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other permanent cash value life insurance |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable universal life |  |  |  |
| Not subject to discretionary withdrawal or no cash <br>&nbsp;&nbsp;&nbsp;&nbsp;values: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term policies without cash value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accidental death benefits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Disability - active lives |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Disability - disabled lives |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous reserves |  |  |  |
| Total | 3011389 | 3011389 | 3010578 |
| Reinsurance ceded |  |  |  |
| Total net of reinsurance ceded | $3011389 | $3011389 | $3010578 |

---

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** |
| | **Separate Account Non-guaranteed** | **Separate Account Non-guaranteed** | **Separate Account Non-guaranteed** |
| | **Account Value** | **Cash Value** | **Reserve** |
| Subject to discretionary withdrawal, surrender <br>&nbsp;&nbsp;&nbsp;&nbsp;values, or policy loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal life | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal life with secondary guarantees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Indexed universal life |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Indexed universal life with secondary guarantees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other permanent cash value life insurance |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable universal life | 856363 | 850868 | 851566 |
| Not subject to discretionary withdrawal or no cash <br>&nbsp;&nbsp;&nbsp;&nbsp;values: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term policies without cash value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accidental death benefits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Disability - active lives |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Disability - disabled lives |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous reserves |  |  |  |
| Total | 856363 | 850868 | 851566 |
| Reinsurance ceded |  |  |  |
| Total net of reinsurance ceded | $856363 | $850868 | $851566 |
|  | **2024** | **2024** | **2024** |
|  | **General Account** | **General Account** | **General Account** |
|  | **Account Value** | **Cash Value** | **Reserve** |
| Subject to discretionary withdrawal, surrender <br>&nbsp;&nbsp;&nbsp;&nbsp;values, or policy loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal life | $8932190 | $8908200 | $8848541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal life with secondary guarantees | 402739 | 346539 | 2251096 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indexed universal life | 4899632 | 4436783 | 4446849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indexed universal life with secondary guarantees | 733136 | 558463 | 1138841 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other permanent cash value life insurance | 202348 | 202348 | 335768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable universal life | 107044 | 106424 | 110448 |
| Not subject to discretionary withdrawal or no cash <br>&nbsp;&nbsp;&nbsp;&nbsp;values: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term policies without cash value |  |  | 1416000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accidental death benefits |  |  | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp;Disability - active lives |  |  | 6383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Disability - disabled lives |  |  | 41007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous reserves |  |  | 322582 |
| Total | 15277089 | 14558757 | 18918116 |
| Reinsurance ceded | 673513 | 549750 | 3663405 |
| Total net of reinsurance ceded | $14603576 | $14009007 | $15254711 |

---

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

---

| | | | |
|:---|:---|:---|:---|
| | **2024** | **2024** | **2024** |
| | **Separate Account with Guarantees** | **Separate Account with Guarantees** | **Separate Account with Guarantees** |
| | **Account Value** | **Cash Value** | **Reserve** |
| Subject to discretionary withdrawal, surrender <br>&nbsp;&nbsp;&nbsp;&nbsp;values, or policy loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal life | $3012066 | $3012066 | $3011286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal life with secondary guarantees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Indexed universal life |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Indexed universal life with secondary guarantees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other permanent cash value life insurance |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable universal life |  |  |  |
| Not subject to discretionary withdrawal or no cash <br>&nbsp;&nbsp;&nbsp;&nbsp;values: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term policies without cash value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accidental death benefits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Disability - active lives |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Disability - disabled lives |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous reserves |  |  |  |
| Total | 3012066 | 3012066 | 3011286 |
| Reinsurance ceded |  |  |  |
| Total net of reinsurance ceded | $3012066 | $3012066 | $3011286 |
|  | **2024** | **2024** | **2024** |
|  | **Separate Account Non-guaranteed** | **Separate Account Non-guaranteed** | **Separate Account Non-guaranteed** |
|  | **Account Value** | **Cash Value** | **Reserve** |
| Subject to discretionary withdrawal, surrender <br>&nbsp;&nbsp;&nbsp;&nbsp;values, or policy loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal life | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal life with secondary guarantees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Indexed universal life |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Indexed universal life with secondary guarantees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other permanent cash value life insurance |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable universal life | 777183 | 770241 | 771739 |
| Not subject to discretionary withdrawal or no cash <br>&nbsp;&nbsp;&nbsp;&nbsp;values: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term policies without cash value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accidental death benefits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Disability - active lives |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Disability - disabled lives |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous reserves |  |  |  |
| Total | 777183 | 770241 | 771739 |
| Reinsurance ceded |  |  |  |
| Total net of reinsurance ceded | $777183 | $770241 | $771739 |

---

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

**Policy premium due, deferred and uncollected**

Gross premiums are amounts charged to the policyholder and recognized as income when due from policyholders under the terms of the insurance contract. Net premiums are the amount calculated on the basis of the interest and mortality table used to calculate the policy reserves. The difference between gross premium and net premium is referred to as loading and generally includes allowances for acquisition costs and other expenses, but also includes the differences in mortality and interest assumptions utilized for statutory reserving purposes.

Due, deferred and uncollected life insurance premiums (net of reinsurance ceded) are summarized as follows at December 31:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
| | **Gross** | **Net of Loading** | **Gross** | **Net of Loading** |
| Ordinary - new business | $5342 | $180 | $7230 | $424 |
| Ordinary - renewal | 59399 | 129317 | 85881 | 175594 |
|  | $64741 | $129497 | $93111 | $176018 |

---

**11. SEPARATE ACCOUNTS**

The Company has separate accounts for its variable life and annuity business, a portion of its PRT business, RILA business, and a portion of its BOLI business. Information regarding the separate accounts of the Company is as follows:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Reserves at December 31 for accounts with assets at: |  |  |
| &nbsp;&nbsp;Market value | $3451163 | $3152975 |
| &nbsp;&nbsp;Amortized cost | 5323887 | 3881590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total reserves | $8775050 | $7034565 |
| By withdrawal characteristics: |  |  |
| &nbsp;&nbsp;With market value adjustment | $1167156 | $— |
| &nbsp;&nbsp;At fair value | 3451163 |  |
| &nbsp;&nbsp;At book value without adjustment and with current surrender<br>&nbsp;&nbsp;&nbsp;&nbsp;charge less than 5% | 3010578 | 6164261 |
| &nbsp;&nbsp;Not subject to discretionary withdrawal | 1146153 | 870304 |
| Total reserves | $8775050 | $7034565 |

---

Following is a summary reconciliation of amounts reported as transfers to and from separate accounts in the summary of operations of the Company's NAIC separate account annual statements with the amounts reported as net transfers to separate accounts in the accompanying statements of operations for the years ended December 31:

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| Reconciliations of net transfers to (from) separate accounts |  |  |  |
| &nbsp;&nbsp;Transfers of premiums to separate accounts | $2416010 | $1296406 | $456725 |
| &nbsp;&nbsp;Transfers from separate accounts | (1334529) | (1025415) | (444453) |
| Net transfers to the separate accounts as reported in the <br>&nbsp;&nbsp;&nbsp;&nbsp;statements of operations | $1081481 | $270991 | $12272 |

---

The Company has variable annuities with guaranteed benefits including guaranteed death benefits and guaranteed living benefits, and RILA with guaranteed benefits including return of premium and guaranteed living benefits. The total maximum guarantee provided to the separate account associated with guaranteed death benefits of $21,481, $29,134, $31,842, $125,286 and $47,870 as of December 31, 2025, 2024, 2023, 2022 and 2021, respectively. The risk charges remitted to the general account associated with these guarantees was $873, $787, $756, $800 and $868 for 2025, 2024, 2023, 2022 and 2021, respectively. Separate account guarantees paid by the general account of the Company was $1,275, $948, $4,111, $5,551 and $2,483 for 2025, 2024, 2023, 2022 and 2021, respectively.

**12. CAPITAL AND SURPLUS AND DIVIDEND RESTRICTIONS**

The Company has 2,549,439 common stock shares authorized, issued and outstanding. The Company has no preferred stock outstanding. Without prior approval of its domiciliary commissioner, dividends to shareholders is limited by the laws of the Company's state of incorporation, Iowa, to $513,991 in 2026, an amount that is based on restrictions relating to the 2025 net gain from operations and statutory surplus. Within these limitations, there are no restrictions placed on the portion of Company profits that may be paid as ordinary dividends to its stockholder. The unassigned surplus of $2,667,817 is unrestricted and held for the benefit of the Company's stockholder.

During 2025, the Company paid ordinary cash dividends in the amounts of $150,000 on March 31, $60,000 on June 30 and $150,000 on September 30 to its parent, SFG. The Company distributed an investment and accrued interest of $23,021 to SFG during the year ended December 31, 2025.

On October 25, 2013, the Company issued a surplus note to SFG for $142,000. This note is reported as a component of capital and surplus in the statements of admitted assets, liabilities and capital and surplus. The surplus note bears annual interest at 7.5% payable in semi-annual installments. The maturity date of the note is October 31, 2043. Payment of principal and interest on this note is subject to approval by the Iowa Insurance Division. The Company incurred interest expense of $10,650 in 2025, 2024 and 2023. The Company has recognized life-to-date interest of $127,450.

On December 30, 2014, the Company issued a surplus note to SFG for $200,000. This note is reported as a component of capital and surplus in the statements of admitted assets, liabilities and capital and surplus. The surplus note bears annual interest at 7.0% payable in semi-annual installments. The maturity date of the note is December 30, 2044. Payment of principal and interest on this note is subject to approval by the Iowa Insurance Division. The Company incurred interest expense of $14,000 in 2025, 2024 and 2023. The Company has recognized life-to-date interest of $154,000.

On June 30, 2017, the Company issued a surplus note to SFG for $295,000. This note is reported as a component of capital and surplus in the statements of admitted assets, liabilities and capital and surplus.

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

The surplus note bears annual interest at 6.0% payable in semi-annual installments. The maturity date of the note is June 30, 2047. Payment of principal and interest on this note is subject to approval by the Iowa Insurance Division. The Company incurred interest expense of $17,700 in 2025, 2024, and 2023. The Company has recognized life-to-date interest of $148,147.

On December 30, 2017, the Company issued a surplus note to SFG for $200,000. This note is reported as a component of capital and surplus in the statements of admitted assets, liabilities and capital and surplus. The surplus note bears an annual interest rate at 6.0% payable in semi-annual installments. The maturity date of the note is December 30, 2047. Payment of principal and interest on this note is subject to approval by the Iowa Insurance Division. The Company incurred interest expense of $12,000 in 2025, 2024, and 2023. The Company has recognized life-to-date interest of $96,000.

On December 30, 2020, the Company issued a surplus note to SFG for $200,000. This note is reported as a component of capital and surplus in the statements of admitted assets, liabilities and capital and surplus. The surplus note bears an annual interest rate at 6.5% payable in semi-annual installments. The maturity date of the note is December 30, 2050. Payment of principal and interest on this note is subject to approval by the Iowa Insurance Division. The Company incurred interest expense of $13,000 in 2025, 2024 and 2023, respectively. The Company has recognized life-to-date interest of $62,863.

On May 4, 2022, the Company issued a surplus note to SFG for $200,000. This note is reported as a component of capital and surplus in the statements of admitted assets, liabilities and capital and surplus. The surplus note bears an annual interest rate at 6.1% payable in semi-annual installments. The maturity date of the note is March 31, 2052. Payment of principal and interest on this note is subject to approval by the Iowa Insurance Division. The Company incurred interest expense of $12,200 in 2025, 2024 and 2023, respectively. The Company has recognized life-to-date interest of $41,580.

**13. INCOME TAXES**

The components of the net deferred tax asset recognized by the Company at December 31 are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **Change** | **Change** | **Change** |
| | **Ordinary** | **Capital** | **Total** | **Ordinary** | **Capital** | **Total** | **Ordinary** | **Capital** | **Total** |
| Gross deferred tax<br>&nbsp;&nbsp;&nbsp;&nbsp;asset | $569452 | $116682 | $686134 | $613648 | $96141 | $709789 | $(44196) | $20541 | $(23655) |
| Statutory valuation <br>&nbsp;&nbsp;&nbsp;&nbsp;allowance |  |  |  |  |  |  |  |  |  |
| Adjusted gross <br>&nbsp;&nbsp;&nbsp;&nbsp;deferred tax <br>&nbsp;&nbsp;&nbsp;&nbsp;assets | 569452 | 116682 | 686134 | 613648 | 96141 | 709789 | (44196) | 20541 | (23655) |
| Deferred tax assets <br>&nbsp;&nbsp;&nbsp;&nbsp;nonadmitted | 195618 |  | 195618 | 175990 |  | 175990 | 19628 |  | 19628 |
| Subtotal net <br>&nbsp;&nbsp;&nbsp;&nbsp;admitted <br>&nbsp;&nbsp;&nbsp;&nbsp;deferred tax asset | 373834 | 116682 | 490516 | 437658 | 96141 | 533799 | (63824) | 20541 | (43283) |
| Deferred tax <br>&nbsp;&nbsp;&nbsp;&nbsp;liabilities | 84806 | 61283 | 146089 | 108517 | 75883 | 184400 | (23711) | (14600) | (38311) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net admitted <br>&nbsp;&nbsp;&nbsp;&nbsp;deferred tax <br>&nbsp;&nbsp;&nbsp;&nbsp;assets | $289028 | $55399 | $344427 | $329141 | $20258 | $349399 | $(40113) | $35141 | $(4972) |

---

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **Change** | **Change** | **Change** |
| | **Ordinary** | **Capital** | **Total** | **Ordinary** | **Capital** | **Total** | **Ordinary** | **Capital** | **Total** |
| Admission Calculation |  |  |  |  |  |  |  |  |  |
| Components SSAP No. 101: |  |  |  |  |  |  |  |  |  |
| (a) Federal income taxes paid in prior years recoverable through loss carrybacks | $— | $— | $— | $— | $— | $— | $— | $— | $— |
| (b) Adjusted gross deferred tax assets expected to be realized after application of the threshold limitation | 281950 | 62477 | $344427 | 298620 | 50779 | $349399 | (16670) | 11698 | $(4972) |
| &nbsp;&nbsp;&nbsp;Adjusted gross deferred be realized following the balance sheet date  | 281950 | 62477 | $344427 | 298620 | 50779 | 349399 | (16670) | 11698 | (4972) |
| &nbsp;&nbsp;&nbsp;Adjusted gross deferred tax assets allowed per limitation threshold | XXX | XXX | 718709 | XXX | XXX | 695855 | XXX | XXX | 22854 |
| (c) Adjusted gross deferred tax assets offset by gross deferred tax liabilities | 91884 | 54205 | $146089 | 139038 | 45362 | 184400 | (47154) | 8843 | $(38311) |
| Deferred tax assets admitted as the result of application of SSAP No. 101 (a)+(b)+(c) | $373834 | $116682 | $490516 | $437658 | $96141 | $533799 | $(63824) | $20541 | $(43283) |

---

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;Ratio percentage used to determine recovery period and <br> threshold limitation amount | 760% | 760% |
| &nbsp;&nbsp;&nbsp;Amount of adjusted capital and surplus used to determine <br> recovery period and threshold limitation | $4791393 | $4639034 |

---

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

The impact of tax planning strategies at December 31 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** | **Change** | **Change** |
| | **(1)**<br>**Ordinary** | **(2)**<br>**Capital** | **(3)**<br>**Ordinary** | **(4)**<br>**Capital** | **(5)**<br>**(Col 1-3) Ordinary** | **(6)**<br>**(Col 2-4) Capital** |
| **Impact of tax-planning strategies** |  |  |  |  |  |  |
| (a)Determination of adjusted gross deferred tax assets and net admitted deferred tax assets, by tax character as a percentage |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Adjusted gross DTAs amount from note 9A1(c) | $569452 | $116682 | $613648 | $96141 | $(44196) | $20541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Percentage of adjusted gross DTAs by tax character attributable to the impact of tax planning strategies | 1.9% | 8.1% | 5.8% | 2.9% | (3.9)% | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Net admitted adjusted gross DTAs amount from note 9A1(e) | $373834 | $116682 | $437658 | $96141 | $(63824) | $20541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Percentage of net admitted adjusted gross DTAs by tax character admitted because of the impact of tax planning strategies | 3.7% | 16.1% | 11.8% | 5.8% | (8.1)% | 10.3% |

---

The Company's tax-planning strategies do not include the use of reinsurance.

There are no DTLs that have not been recognized.

Current income taxes incurred consist of the following major components for the years ended December 31:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| Current Income Tax: |  |  |  |
| &nbsp;&nbsp; Federal income tax on operations | $134405 | $167912 | $184622 |
| &nbsp;&nbsp; Federal income tax benefit on net capital losses | (45026) | (88014) | (122649) |
| &nbsp;&nbsp; Other | (54757) | (125181) | (154806) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal and foreign income taxes incurred | $34622 | $(45283) | $(92833) |

---

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

The components of DTAs and DTLs are as follows as of December 31:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **Change** |
| Deferred Tax Assets: |  |  |  |
| &nbsp;&nbsp;Ordinary |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policyholder reserves | $235060 | $272455 | $(37395) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 3055 | 2784 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred acquisition costs | 264520 | 265370 | (850) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed assets | 4298 | 9343 | (5045) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation and benefits accrual | 2587 | 2795 | (208) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension accrual | 36443 | 33647 | 2796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables - nonadmitted | 36 | 8 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax credit carry-forward | 773 | 2274 | (1501) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (including items <5% of total ordinary tax <br>&nbsp;&nbsp;&nbsp;&nbsp;assets) | 22680 | 24972 | (2292) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 569452 | 613648 | (44196) |
| &nbsp;&nbsp;Nonadmitted | 195618 | 175990 | 19628 |
| &nbsp;&nbsp; Admitted ordinary deferred tax assets | 373834 | 437658 | (63824) |
| &nbsp;&nbsp;Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 62477 | 90570 | (28093) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net capital loss carry-forward | 54205 | 5571 | 48634 |
| &nbsp;&nbsp;Admitted capital deferred tax assets | 116682 | 96141 | 20541 |
| &nbsp;&nbsp; Admitted deferred tax assets | $490516 | $533799 | $(43283) |
| &nbsp;&nbsp;Deferred Tax Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | $47638 | $47640 | $(2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed assets | 5285 | 5969 | (684) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred and uncollected premium | 27194 | 36964 | (9770) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policyholder reserves |  | 12603 | (12603) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other (including items <5% of total ordinary tax liabilities) | 4689 | 5341 | (652) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 84806 | 108517 | (23711) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 61283 | 75883 | (14600) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities | 146089 | 184400 | (38311) |
| &nbsp;&nbsp;Net deferred tax assets | $344427 | $349399 | $(4972) |

---

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

The provision for income taxes incurred is different from that which would be obtained by applying the statutory federal income tax rate to income before income taxes. The significant items causing this difference for the year ended December 31, 2025, are as follows:

---

| | | |
|:---|:---|:---|
| | **Tax Effect** | **Effective Tax Rate** |
| Provision computed at statutory rate | $44864 | 21.0% |
| IMR amortization | 3612 | 1.7% |
| Tax exempt income | (44095) | -20.6% |
| Tax credits | (24279) | -11.4% |
| Nondeductible expenses | 811 | 0.4% |
| Change in nonadmitted assets | 5829 | 2.7% |
| FIT interest | 2089 | 1.0% |
| PY permanent differences | (7088) | -3.3% |
| Interest accrual on expected IRS refunds | (9948) | -4.7% |
| IMR elimination | 6869 | 3.2% |
| Reinsurance surplus adjustments | 44112 | 20.6% |
| Change in CY deferred only | 200 | 0.1% |
| Partnership basis true-up | (28462) | -13.3% |
| Miscellaneous surplus adjustment | 2699 | 1.3% |
| RILA unrealized | 8663 | 4.1% |
| Other | 1520 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total statutory income taxes | $7396 | 3.5% |
| Federal and foreign income tax incurred | $34622 | 16.2% |
| Change in net deferred income taxes | (27226) | (12.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total statutory income taxes | $7396 | 3.5% |

---

At December 31, 2025, the Company had no operating loss carryforwards and has not made any deposits under Section 6603 of the Internal Revenue Code. The Company did have a $773 foreign tax credit carryforward. The income taxes incurred in the current and prior years that will be available for recoupment in the event of a future capital loss are $0 in 2025, 2024 and 2023.

On August 16, 2022, the U.S. enacted the Inflation Reduction Act of 2022 ("the Act"). The Act contained various tax-related provisions, including the establishment of a new 15 percent CAMT on adjusted financial statement income for certain large corporations effective for tax years beginning on or after January 1, 2023. The Company has determined it is an applicable corporation subject to CAMT for 2023 and future years. In 2025, the IRS issued interim guidance that was adopted by the Company, and additional guidance is expected during 2026. The Company did not record a liability for 2024 or 2025.

On July 4, 2025, the United States enacted Public Law 119-21, commonly referred to as the "One Big Beautiful Bill Act". The provisions of Public Law 119-21 did not have a material impact to the

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

Company's consolidated financial statements for the year ended December 31, 2025 and, based on current guidance, the Company does not expect to record any material impacts in the future.

The Company is under IRS examination for the years 2020-2024. Years prior to 2020 are closed. At this time, there have been no proposed adjustments and the Company does not anticipate any adjustments that will have a material effect on the financial statements.

**14. EMPLOYEE BENEFIT PLANS**

The Company provides certain postretirement health care and life insurance benefits for eligible active employees through health and welfare benefit plans. Substantially all employees working for the Company are eligible for those benefits at retirement. The type and amount of benefit varies based on the plan in effect for a particular employee group.

As of December 31, 2025, the Company anticipates contributing the following amounts to its health care plan:

---

| | |
|:---|:---|
| 2026 | $517 |
| 2027 | 454 |
| 2028 | 421 |
| 2029 | 395 |
| 2030 | 348 |
| Thereafter | 725 |

---

The following table summarizes the assets, benefit obligations and other information related to these plans as of December 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **Underfunded** | **Underfunded** | **Underfunded** |
|<br>**Change in Postretirement Benefits** | **2025** | **2024** | **2023** |
| Benefit obligation at beginning of year | $2692 | $1023 | $25915 |
| &nbsp;&nbsp; Service cost | 13 | 12 | 1048 |
| &nbsp;&nbsp; Interest cost | 108 | 98 | 1174 |
| &nbsp;&nbsp; Contribution by plan participants |  | 413 | 376 |
| &nbsp;&nbsp; Actuarial gain (loss) | 198 | 861 | (651) |
| &nbsp;&nbsp; Benefits paid | (494) | (1608) | (1478) |
| &nbsp;&nbsp; Plan amendments |  | 1893 | (25361) |
| Benefit obligation at end of year | $2517 | $2692 | $1023 |

---

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

---

| | | |
|:---|:---|:---|
| | **Postretirement Benefits** | **Postretirement Benefits** |
|<br>**Change in plan assets** | **2025** | **2024** |
| Fair value of plan assets at beginning of year | $— | $— |
| &nbsp;&nbsp; Actual return on plan assets |  |  |
| &nbsp;&nbsp; Foreign currency exchange rate changes |  |  |
| &nbsp;&nbsp; Reporting entity contribution |  | 1195 |
| &nbsp;&nbsp; Admin participants' contributions | 494 | 413 |
| &nbsp;&nbsp; Benefits paid | (494) | (1608) |
| &nbsp;&nbsp; Business combinations, divestitures and settlements |  |  |
| Fair value of plan assets at end of year | $— | $— |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Postretirement Benefits** | **Postretirement Benefits** | **Postretirement Benefits** |
|<br>**Components of net periodic benefit costs** | **2025** | **2024** | **2023** |
| Service cost | $13 | $12 | $1048 |
| Interest cost | 108 | 98 | 1174 |
| Gains and losses | (474) | (559) | (493) |
| Prior service cost or credits | (2454) | (2454) | (96) |
| Total net periodic benefit cost | $(2807) | $(2903) | $1633 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Amounts in unassigned funds (surplus) recognized as components of net periodic benefit cost** | **Postretirement Benefits** | **Postretirement Benefits** | **Postretirement Benefits** |
| **Amounts in unassigned funds (surplus) recognized as components of net periodic benefit cost** | **2025** | **2024** | **2023** |
| Net prior service cost or credit arising during the period | $— | $1893 | $(25361) |
| Net prior service cost or credit recognized | 2454 | 2454 | 96 |
| Net gain and loss arising during the period | 198 | 861 | (651) |
| Net gain and loss recognized | 474 | 559 | 493 |
| Items not yet recognized as a component of net periodic <br>&nbsp;&nbsp;&nbsp;&nbsp;cost - current year | $3126 | $5767 | $(25423) |

---

---

| | | |
|:---|:---|:---|
| **Amounts in unassigned funds (surplus) that have not yet been recognized as components of net periodic benefit cost** | **Postretirement Benefits** | **Postretirement Benefits** |
| **Amounts in unassigned funds (surplus) that have not yet been recognized as components of net periodic benefit cost** | **2025** | **2024** |
| Net prior service cost or credit | $(2454) | $(2454) |
| Net recognized gains and losses | (407) | (464) |

---

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

---

| | | |
|:---|:---|:---|
| **Weighted-average assumptions used to determine net periodic benefit cost as of December 31** | **Postretirement Benefits** | **Postretirement Benefits** |
| **Weighted-average assumptions used to determine net periodic benefit cost as of December 31** | **2025** | **2024** |
| &nbsp;&nbsp;Weighted-average discount rate | 4.97% | 4.54% |
| &nbsp;&nbsp;Expected long-term rate of return on plan assets | n/a | n/a |
| &nbsp;&nbsp;Rate of compensation increase | n/a | n/a |
| **Weighted-average assumptions used to determine projected benefit obligation as of December 31** | **Postretirement Benefits** | **Postretirement Benefits** |
| **Weighted-average assumptions used to determine projected benefit obligation as of December 31** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average discount rate | 4.21% | 4.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rate of compensation increase | n/a | n/a |

---

The Company participates in an Employee Stock Ownership Plan ("ESOP") sponsored by SEI covering eligible employees of SFG. SFG pays and recognizes as an expense the current year allocation to its employees pursuant to the terms of a service agreement with SEI. SEI is responsible for funding employee distributions from the SEI ESOP to participants as they occur.

Compensation expense is recognized as shares to participants are committed to be released.

The expense for 2025, 2024 and 2023 was $48,615, $34,319 and $43,268, respectively.

**15. OTHER RELATED PARTY TRANSACTIONS**

The Company pays fees to SEI under management contracts that cover certain investment, accounting, employee benefit and management services. The Company was charged $67,028, $53,911 and $61,772 in 2025, 2024 and 2023 , respectively, related to these contracts.

In 2021, the Company issued guaranteed investment contracts ("GICs") to SEI for $200,000. In 2022, $101,000 of the contracts were surrendered. In 2024, the remaining contracts were surrendered with no account value outstanding as of December 31, 2024. Interest incurred on these contracts was $0, $768 and $3,612 in 2025, 2024 and 2023, respectively.

The Company pays investment fees to SFGAM, an affiliate registered investment advisor. During 2025, 2024 and 2023, the Company incurred $65,378, $30,099, and $20,597, respectively, for these investment management services. The fee is calculated based on the average fair value of invested assets under management multiplied by a contractual rate.

The Company borrowed $125,000 from SFG on March 28, 2024 and repaid the entire balance and related interest during 2024. The Company loaned $247,475 and $166,000 to SFG in 2025 and 2024, respectively, and the entire balances and related interest were repaid by December 31, 2025 and 2024, respectively.

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

On April 26, 2023, June 28, 2023 and May 15, 2025, the Company established NRMT, SRMT, and TRMT (collectively, the "Trusts"), respectively, for the purpose of purchasing and managing residential mortgage loans. These entities are considered subsidiary controlled affiliation investments ("SCA") per SSAP No. 97 8b(iii). The following table summarizes the balance sheet value and the NAIC filing response information as of December 31, 2025 and 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **% of SCA Ownership** | **Gross Amount** | **Admitted Amount** | **% of SCA Ownership** | **Gross Amount** | **Admitted Amount** |
| **Balance Sheet Value** | | | | | | |
| *SSAP No. 97 8b(iii) Entities* |  |  |  |  |  |  |
| New Roots M Trust | 100.0% | $1750275 | $1750275 | 100.0% | $1112950 | $1112950 |
| Stone Roots M Trust | 100.0% | 828651 | 828651 | 100.0% | 649179 | 649179 |
| Ton Roots M Trust | 100.0% | 356981 | 356981 | 100.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  | $2935907 | $2935907 |  | $1762129 | $1762129 |
|  | **Type of Filing**<sup>1</sup> | **Date of Filing** | **NAIC Valuation Amount** | **NAIC Response Received** | **Resubmission Required** | **Code**<sup>2</sup> |
| **NAIC Filing Response** |  |  |  |  |  |  |
| *SSAP No. 97 8b(iii) Entities* |  |  |  |  |  |  |
| New Roots M Trust | S2 | 5/22/2025 | $1112951 | YES | NO | M |
| Stone Roots M Trust | S2 | 5/22/2025 | 649179 | YES | NO | M |
| Ton Roots M Trust | S1 | 10/29/2025 |  | YES | NO | I |
|  |  |  | $1762130 |  |  |  |
| <sup>1</sup> S1 - Sub-1, S2 - Sub-2 |  |  |  |  |  |  |
| <sup>2</sup> I - Immaterial, M - Material |  |  |  |  |  |  |

---

No portion of the carrying values of the Trusts was nonadmitted.

The Company provided certain investment, accounting, policy administration and management services to North American. The Company received reimbursements of $221,884, $213,400 and $181,206 in 2025, 2024 and 2023, respectively, for the costs incurred to render such services.

The Company provides certain insurance and noninsurance services to MNL Re. The Company received reimbursements of $100 in each of 2025, 2024, and 2023 for the costs incurred to render such services.

The Company provides certain insurance and noninsurance services to Solberg Re. The Company received reimbursements of $100 in each of 2025, 2024, and 2023 for the costs incurred to render such services.

The Company provides certain insurance and noninsurance services to Canal Re. The Company received reimbursements of $100 in each of 2025, 2024, and 2023, respectively, for the costs incurred to render such services.

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

The Company provided certain accounting and management services to SIG for which it was reimbursed $11,693, $9,455 and $8,399 in 2025, 2024 and 2023, respectively, for costs incurred to render such services.

The Company provided certain accounting and management services to SFN for which it was reimbursed $24,217, $26,731 and $22,075 in 2025, 2024 and 2023, respectively, for costs incurred to render such services.

The Company provides certain accounting and management services to Beacon. The Company received reimbursements of $1,210, $585, and $1,353 in 2025, 2024 and 2023, respectively, for the costs incurred to render such services.

The Company provides certain accounting and management services to Lantern. The Company received reimbursements of $1,069 in 2025 and $0 in both 2024 and 2023, respectively, for the costs incurred to render such services.

The Company provides certain accounting and management services to NorthRock. The Company received reimbursements of $293 in 2025, and $0 in both 2024 and 2023, respectively, for the costs incurred to render such services.

The Company provides certain accounting, payroll administration and management services to SFGAM. The Company received reimbursements of $2,026, $1,261, and $979 in 2025, 2024 and 2023, respectively, for the costs incurred to render such services.

The Company provides certain insurance and noninsurance services to SFG Bermuda. The Company received reimbursements of $2,938, $2,829, and $2,343 in 2025, 2024 and 2023, respectively, for the costs incurred to render such services.

The Company issued surplus notes payable to SFG. The borrowings were $1,237,000 as of December 31, 2025 and 2024. The Company paid interest to SFG in the amount of $79,550 in 2025, 2024, and 2023, respectively. See Note 12 for further discussion of these surplus notes.

The Company is party to coinsurance agreements with North American, MNL Re, Solberg Re, Canal Re, and SFG Bermuda. See Note 9 for further discussion of these transactions.

The Company is also party to stop loss reinsurance agreements with North American.

------

**MIDLAND NATIONAL LIFE INSURANCE COMPANY**<br>**(a wholly owned subsidiary of Sammons Financial Group, Inc.)**<br>**NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS**<br>**FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023**<br>**(Dollars in Thousands)**<br>

**16. COMMITMENTS AND CONTINGENCIES**

**Limited partnership and reverse mortgage commitments**

At December 31, 2025 and 2024, the Company had outstanding capital commitments to limited partnerships of $676,272 and $745,807, respectively. At December 31, 2025 and 2024, the Company had outstanding capital commitments on reverse mortgages of $8,018 and $7,388, respectively.

**Lease commitments**

The Company leases certain equipment and office space. Rental expense on operating leases of $1,341, $1,348 and $1,224 were incurred in 2025, 2024 and 2023, respectively. The approximate future minimum lease payments under these non-cancelable leases at December 31, 2025 are as follows:

---

| | |
|:---|:---|
| 2026 | $427 |
| 2027 | 447 |
| 2028 | 449 |
| 2029 | 452 |
| 2030 | 454 |
| Thereafter | 2058 |

---

**Other contingencies**

Under insurance guaranty fund laws, in most states insurance companies doing business therein can be assessed up to prescribed limits for policyholder losses incurred by insolvent companies. The Company does not believe such assessments will be materially different from amounts already provided for in the financial statements. Most of these laws do provide, however, that an assessment may be excused or deferred if it would threaten an insurer's own financial strength.

The Company has, in the normal course of business, claims and lawsuits filed against it. In some cases the damages sought are substantially in excess of contractual policy benefits. The Company believes these claims and lawsuits, either individually or in the aggregate, will not materially affect the Company's financial position or results of operations.

**17. SUBSEQUENT EVENTS**

The Company evaluated subsequent events through April 17, 2026, the date the financial statements were available to be issued. There were no subsequent event transactions that required disclosure in the financial statements.

------

**Midland National Life Insurance Company**

**Separate Account C**

**Financial Statements**

**December 31, 2025 and 2024**

------

**Midland National Life Insurance Company**

**Separate Account C**

**Index**

Page(s)

**Report of Independent Registered Public Accounting Firm**&nbsp;&nbsp;&nbsp;&nbsp;1-9

**Financial Statements**

Statements of Net Assets&nbsp;&nbsp;&nbsp;&nbsp;10–17

Statements of Operations&nbsp;&nbsp;&nbsp;&nbsp;18–25

Statements of Changes in Net Assets&nbsp;&nbsp;&nbsp;&nbsp;26-41

Notes to Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;42–112

------

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors of Midland National Life Insurance Company and the Policyowners of Midland National Life Insurance Company Separate Account C

***Opinions on the Financial Statements***

We have audited the accompanying statements of net assets of each of the subaccounts of Midland National Life Insurance Company Separate Account C indicated in the table below as of December 31, 2025, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below (other than subaccounts referenced as (2), (5), (6) and (8) which only include a statement of changes in net assets), including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the subaccounts of Midland National Life Insurance Company Separate Account C (other than subaccounts referenced as (2), (5) - (9) and (11)) 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 - Government Money Market Portfolio (1) | Janus Henderson Series - Forty Portfolio (3) |
| Fidelity Variable Insurance Products - High Income Portfolio (1) | PIMCO Variable Insurance Trust - Total Return Portfolio (1) |
| Fidelity Variable Insurance Products –<br>Equity-Income Portfolio (1) | PIMCO Variable Insurance Trust - Low<br>Duration Portfolio (1) |
| Fidelity Variable Insurance Products - Growth Portfolio (1) | PIMCO Variable Insurance Trust - High Yield Portfolio (1) |
| Fidelity Variable Insurance Products - Overseas Portfolio (1) | PIMCO Variable Insurance Trust - Real Return Portfolio (1) |
| Fidelity Variable Insurance Products - Mid<br>Cap Portfolio (1) | PIMCO Variable Insurance Trust - All Asset<br>Portfolio (1) |
| Fidelity Variable Insurance Products - Asset Manager 50% Portfolio (1) | PIMCO Variable Insurance Trust - Global Managed Asset Allocation Portfolio (1) |
| Fidelity Variable Insurance Products - Investment Grade Bond Portfolio (1) | PIMCO Variable Insurance Trust - Short-Term Portfolio (1) |
| Fidelity Variable Insurance Products – Index<br>500 Portfolio (1) | PIMCO Variable Insurance Trust - Emerging<br>Markets Bond Portfolio (1) |
| Fidelity Variable Insurance Products - Contrafund Portfolio (1) | PIMCO Variable Insurance Trust - Global Bond Opportunities Portfolio (1) |
| Fidelity Variable Insurance Products - Asset Manager 70% Portfolio (1) | PIMCO Variable Insurance Trust -<br>Commodity Real Return Strategy Portfolio (1) |
| Fidelity Variable Insurance Products - Balanced Portfolio (1) | PIMCO Variable Insurance Trust - International Bond (USD-Hedged) Portfolio (1) |

---

------

---

| | |
|:---|:---|
| Fidelity Variable Insurance Products - Growth & Income Portfolio (1) | PIMCO Variable Insurance Trust - Dynamic Bond Adv Portfolio (1) |
| Fidelity Variable Insurance Products - Growth Opportunities Portfolio (1) | PIMCO Variable Insurance Trust - Income Advisor Portfolio (1) |
| Fidelity Variable Insurance Products - Value<br>Strategies Portfolio (1) | PIMCO Variable Insurance Trust -<br>StocksPLUS Global Portfolio (3) |
| Fidelity Variable Insurance Products - Strategic Income Portfolio (1) | PIMCO Variable Insurance Trust - Global Diversified Allocation Advisor Portfolio (4) |
| Fidelity Variable Insurance Products - Emerging Markets Portfolio (1) | Goldman Sachs Variable Insurance Trust - Small Cap Equity Insights Fund (1) |
| Fidelity Variable Insurance Products - Real<br>Estate Portfolio (1) | Goldman Sachs Variable Insurance Trust -<br>Large Cap Value Fund (1) |
| Fidelity Variable Insurance Products - Funds Manager 50% Portfolio (1) | Goldman Sachs Variable Insurance Trust - Mid Cap Value Fund (1) |
| Fidelity Variable Insurance Products - Funds Manager 70% Portfolio (1) | Neuberger Berman Advisors Management Trust - Mid-Cap Growth Portfolio (1) |
| Fidelity Variable Insurance Products - Funds Manager 85% Portfolio (1) | Neuberger Berman Advisors Management Trust - AMT Mid Cap Intrinsic Value Portfolio (1) |
| Fidelity Variable Insurance Products - Government Money Market Portfolio Service<br>Class 2 (1) | BNY Mellon Variable Investment Fund - Appreciation Portfolio (1) |
| Fidelity Variable Insurance Products - International Capital Appreciation Portfolio<br>(1) | BNY Mellon Variable Investment Fund - Sustainable U.S. Equity Portfolio (1) |
| Fidelity Variable Insurance Products - Energy Portfolio (1) | Morgan Stanley Variable Institutional Funds<br>- Emerging Markets Debt Portfolio (1) |
| Lincoln VIP American Century - Balanced Fund (1) | Morgan Stanley Variable Institutional Funds<br>- Emerging Markets Equity Portfolio (1) |
| Lincoln VIP American Century - Capital<br>Appreciation Fund (1) | Morgan Stanley Variable Institutional Funds<br>- Discovery Portfolio (1) |
| Lincoln VIP American Century -<br>International Fund (1) | Morgan Stanley Variable Institutional Funds<br>- U.S. Real Estate Portfolio (5) |
| Lincoln VIP American Century - Value Fund (1) | Northern Lights Variable Trust - Power Dividend Index Fund (1) |
| Lincoln VIP American Century - Disciplined<br>Core Value Fund (1) | AB Variable Products Series - Dynamic Asset<br>Allocation Portfolio (1) |
| Lincoln VIP American Century - Inflation Protection Fund (1) | AB Variable Products Series - Small Cap Growth Portfolio (1) |
| Lincoln VIP American Century - Large Company Value Fund (1) | AB Variable Products Series - Discovery Value Portfolio (1) |
| Lincoln VIP American Century - Mid Cap<br>Value Fund (1) | BlackRock Variable Series Fund, Inc. - Basic<br>Value Fund (1) |
| Lincoln VIP American Century - Ultra Fund (1) | BlackRock Variable Series Fund, Inc. - Capital Appreciation Fund (1) |
| MFS Variable Insurance Trust - Research Series (1) | BlackRock Variable Series Fund, Inc. - Equity Dividend Fund (1) |
| MFS Variable Insurance Trust - Growth<br>Series (1) | BlackRock Variable Series Fund, Inc. -<br>Global Allocation Fund (1) |

---

------

---

| | |
|:---|:---|
| MFS Variable Insurance Trust - Investors Trust Series (1) | BlackRock Variable Series Fund, Inc. - Advantage Large Cap Core Fund (1) |
| MFS Variable Insurance Trust - New Discovery Series (1) | BlackRock Variable Series Fund, Inc. - Large Cap Focus Growth Fund (1) |
| MFS Variable Insurance Trust - Corporate<br>Bond Portfolio (1) | BlackRock Variable Series Fund, Inc. -<br>60/40 Target Allocation ETF Fund (1) |
| MFS Variable Insurance Trust - Emerging Markets Equity Portfolio (1) | BlackRock Variable Series Fund, Inc. - Total Return Fund (1) |
| MFS Variable Insurance Trust - Technology<br>Portfolio (1) | BlackRock Variable Series Fund, Inc. - S&P<br>500 Fund (1) |
| MFS Variable Insurance Trust - Global Tactical Allocation Portfolio (1) | Columbia Variable Portfolio - Contrarian Core 2 Portfolio (1) |
| MFS Variable Insurance Trust - International Intrinsic Value Portfolio (1) | Columbia Variable Portfolio - Dividend Opportunity Portfolio (1) |
| MFS Variable Insurance Trust - Utilities<br>Series Portfolio (1) | Columbia Variable Portfolio - Emerging<br>Markets Bond Portfolio (1) |
| MFS Variable Insurance Trust - Blended Research Core Equity Portfolio (1) | Columbia Variable Portfolio - High Yield Portfolio (1) |
| MFS Variable Insurance Trust - Global Real Estate Portfolio (1) | Columbia Variable Portfolio - Select Large-Cap Value Portfolio (1) |
| Lord Abbett Series Fund, Inc. - Growth &<br>Income Portfolio (1) | Columbia Variable Portfolio - Seligman<br>Global Tech Portfolio (1) |
| Lord Abbett Series Fund, Inc. - Mid-Cap Stock Portfolio (1) | Columbia Variable Portfolio - US Government Mortgage Portfolio (1) |
| Lord Abbett Series Fund, Inc. - Bond-Debenture Portfolio (1) | Columbia Variable Portfolio - Strategic Income Portfolio (1) |
| Lord Abbett Series Fund, Inc. - Fundamental<br>Equity Portfolio (1) | Columbia Variable Portfolio - Emerging<br>Markets Portfolio (1) |
| Lord Abbett Series Fund, Inc. - Developing Growth Portfolio (1) | Columbia Variable Portfolio - Select Mid Cap Value Portfolio (1) |
| Lord Abbett Series Fund, Inc. - Short Duration Income Portfolio (1) | Columbia Variable Portfolio - Small Cap Value Portfolio (1) |
| Alger Fund - LargeCap Growth Portfolio (1) | DWS Variable Insurance Portfolios - Equity<br>500 Index Portfolio (1) |
| Alger Fund - MidCap Growth Portfolio (1) | DWS Variable Insurance Portfolios - Small Cap Index Portfolio (1) |
| Alger Fund - Capital Appreciation Portfolio (1) | DWS Variable Insurance Portfolios - Alternative Asset Allocation Portfolio (1) |
| Alger Fund - SmallCap Growth Portfolio (1) | DWS Variable Insurance Portfolios - Global<br>Small Cap Portfolio (6) |
| Alger Fund - Capital Appreciation Portfolio Class S (1) | DWS Variable Insurance Portfolios - Small Mid Cap Value Portfolio (1) |
| Calvert Variable Series, Inc. - Mid Cap Growth Portfolio (1) | DWS Variable Insurance Portfolios - CROCI US Portfolio (6) |
| Calvert Variable Series, Inc. - SRI Balanced<br>Portfolio (1) | DWS Variable Insurance Portfolios - High<br>Income Portfolio (6) |
| Calvert Variable Trust, Inc. - S&P 500 Index Portfolio (1) | Eaton Vance Variable Trust - Floating Rate Income Portfolio (1) |

---

------

---

| | |
|:---|:---|
| Invesco Variable Insurance Funds -<br>Technology Fund (1) | Franklin Templeton Variable Insurance<br>Products Trust - Mutual Shares Fund (1) |
| Invesco Variable Insurance Funds - Diversified Dividend Fund (1) | Franklin Templeton Variable Insurance Products Trust - Income Fund (1) |
| Invesco Variable Insurance Funds - Health Care Fund (1) | Franklin Templeton Variable Insurance Products Trust - Global Bond Fund (1) |
| Invesco Variable Insurance Funds - Global<br>Real Estate Fund (1) | Franklin Templeton Variable Insurance<br>Products Trust - Foreign Fund (1) |
| Invesco Variable Insurance Funds - International Equity Fund (1) | Franklin Templeton Variable Insurance Products Trust - Developing Markets Fund (1) |
| Invesco Variable Insurance Funds - Main Street Mid Cap Fund (1) | Franklin Templeton Variable Insurance Products Trust - Mutual Global Discovery Fund (1) |
| Invesco Variable Insurance Funds - Discovery Mid Cap Growth Fund (1) | Franklin Templeton Variable Insurance Products Trust - Rising Dividends Fund (1) |
| Invesco Variable Insurance Funds - Global<br>Fund (1) | Franklin Templeton Variable Insurance<br>Products Trust - DynaTech 2 Fund (1) |
| Invesco Variable Insurance Funds - Main<br>Street Fund (1) | Franklin Templeton Variable Insurance<br>Products Trust - Global Real Estate Fund (1) |
| Invesco Variable Insurance Funds - Main Street Small Cap Fund (1) | Franklin Templeton Variable Insurance Products Trust - VolSmart Allocation Fund (7) |
| Invesco Variable Insurance Funds - Balanced-Risk Allocation Fund (1) | Nomura Variable Insurance Portfolio - Asset Strategy Portfolio (1) |
| Invesco Variable Insurance Funds - Core<br>Plus Bond Fund (1) | Nomura Variable Insurance Portfolio -<br>Balanced Portfolio (1) |
| Invesco Variable Insurance Funds - Equity and Income Fund (1) | Nomura Variable Insurance Portfolio - Global Equity Portfolio (8) |
| Invesco Variable Insurance Funds - Small Cap Equity Fund (1) | Nomura Variable Insurance Portfolio - Energy Portfolio (1) |
| Invesco Variable Insurance Funds - Equally<br>Weighted S&P 500 Fund (1) | Nomura Variable Insurance Portfolio -<br>Natural Resources Portfolio (1) |
| Invesco Variable Insurance Funds - Growth and Income Fund (1) | Nomura Variable Insurance Portfolio - Growth Portfolio (1) |
| Invesco Variable Insurance Funds - American Value Fund (1) | Nomura Variable Insurance Portfolio - High Income Portfolio (1) |
| Invesco Variable Insurance Funds -<br>International Growth II Fund (1) | Nomura Variable Insurance Portfolio -<br>International Core Equity Portfolio (1) |
| Lincoln Financial Variable Insurance Portfolios - Core Bond Portfolio (1) | Nomura Variable Insurance Portfolio - Global Growth Portfolio (1) |
| Lincoln Financial Variable Insurance Portfolios - Small Cap Core Portfolio (1) | Nomura Variable Insurance Portfolio - Mid Cap Growth Portfolio (1) |
| Rydex Variable Trust - Nova Fund (1) | Nomura Variable Insurance Portfolio -<br>Science and Technology Portfolio (1) |
| Rydex Variable Trust - NASDAQ-100 Fund (1) | Nomura Variable Insurance Portfolio - Small Cap Growth Portfolio (1) |
| Rydex Variable Trust - U.S. Government Money Market Fund (1) | Nomura Variable Insurance Portfolio - SMID Cap Core Portfolio (1) |
| Rydex Variable Trust - Inverse S&P 500<br>Strategy Fund (1) | Nomura Variable Insurance Portfolio - Total<br>Return Portfolio (1) |

---

------

---

| | |
|:---|:---|
| Rydex Variable Trust - Inverse NASDAQ-100 Strategy Fund (1) | Nomura Variable Insurance Portfolio - International Portfolio (8) |
| Rydex Variable Trust - Inverse Government Long Bond Strategy Fund (1) | Nomura Variable Insurance Portfolio - Opportunity Portfolio (1) |
| Rydex Variable Trust - Government Long<br>Bond 1.2x Strategy (1) | Lazard Retirement Series, Inc. -<br>International Equity Portfolio (1) |
| Rydex Variable Trust - NASDAQ-100 2x Strategy Fund (1) | Lazard Retirement Series, Inc. - Global Dynamic Multi Asset Portfolio (1) |
| Rydex Variable Trust - Inverse Dow 2x Strategy Fund (1) | Legg Mason Partners Variable Equity Trust - Western Asset Variable Global High Yield<br>Bond Portfolio (1) |
| Rydex Variable Insurance Funds -<br>Biotechnology Fund (1) | Legg Mason Partners Variable Equity Trust -<br>ClearBridge Variable Mid Cap Portfolio (1) |
| Rydex Variable Insurance Funds - S&P 500 Pure Growth Fund (1) | Legg Mason Partners Variable Equity Trust - ClearBridge Variable Dividend Strategy<br>Portfolio (1) |
| Rydex Variable Insurance Funds - S&P MidCap 400 Pure Growth Fund (1) | Legg Mason Partners Variable Equity Trust -<br>ClearBridge Variable Small Cap Growth Portfolio (1) |
| Guggenheim Variable Insurance Funds - Long Short Equity Fund (2) | Legg Mason Partners Variable Equity Trust - ClearBridge Variable Growth Portfolio (1) |
| Guggenheim Variable Insurance Funds - Multi-Hedge Strategies Fund (1) | Legg Mason Partners Variable Equity Trust - Western Asset Variable Core Bond Plus<br>Portfolio (1) |
| Guggenheim Variable Insurance Funds - Global Managed Futures Strategy Fund (1) | Legg Mason Partners Variable Equity Trust - ClearBridge Variable Large Cap Growth Portfolio (1) |
| New Age Alpha - Small Cap Value Fund (1) | Victory Pioneer Variable Contracts Trust - Fund Portfolio (1) |
| ProFunds VP - Profund Access VP High<br>Yield Fund (1) | Victory Pioneer Variable Contracts Trust -<br>Bond Portfolio (1) |
| ProFunds VP - Asia 30 (1) | Victory Pioneer Variable Contracts Trust - Strategic Income Portfolio (1) |
| ProFunds VP - Banks (1) | Victory Pioneer Variable Contracts Trust -<br>Equity Income Portfolio (1) |
| ProFunds VP - Materials (1) | Victory Pioneer Variable Contracts Trust -<br>High Yield Portfolio (1) |
| ProFunds VP - Bear (1) | Prudential Series Funds - Natural Resources Portfolio (9) |
| ProFunds VP - Biotechnology (1) | Prudential Series Funds - Mid-Cap Growth Portfolio (9) |
| ProFunds VP - Bull (1) | Prudential Series Funds - PGIM Jennison Blend Portfolio (1) |
| ProFunds VP - Consumer Staples (1) | Prudential Series Funds - PGIM Jennison Growth II Portfolio (10) |
| ProFunds VP - Consumer Discretionary (1) | Royce Capital Fund - Micro-Cap Portfolio (1) |
| ProFunds VP - Dow 30 (1) | Royce Capital Fund - Small Cap Portfolio (1) |
| ProFunds VP - Emerging Markets (1) | Alps Fund - Alerian Energy Infrastructure Portfolio (1) |

---

------

---

| | |
|:---|:---|
| ProFunds VP - Europe 30 (1) | Alps Fund - Global Opportunity Portfolio (1) |
| ProFunds VP - Falling U.S. Dollar (1) | American Funds IS - Asset Allocation Fund<br>(1) |
| ProFunds VP - Financials (1) | American Funds IS - Washington Mutual Investors Fund (1) |
| ProFunds VP - Health Care (1) | American Funds IS - Ultra-Short Bond Fund<br>(1) |
| ProFunds VP - Industrials (1) | American Funds IS - Capital Income Builder Fund (1) |
| ProFunds VP - International (1) | American Funds IS - Global Growth Fund (1) |
| ProFunds VP - Internet (1) | American Funds IS - Capital World Growth<br>and Income Fund (1) |
| ProFunds VP - Japan (1) | American Funds IS - Global Small Capitalization Fund (1) |
| ProFunds VP - Large-Cap Growth (1) | American Funds IS - Growth Fund (1) |
| ProFunds VP - Large-Cap Value (1) | American Funds IS - Growth-Income Fund<br>(1) |
| ProFunds VP - Mid-Cap (1) | American Funds IS - International Fund (1) |
| ProFunds VP - Mid-Cap Growth (1) | American Funds IS - International Growth and Income Fund (1) |
| ProFunds VP - Mid-Cap Value (1) | American Funds IS - New World Fund (1) |
| ProFunds VP - Government Money Market (1) | American Funds IS - U.S. Government Securities Fund (1) |
| ProFunds VP - Energy (1) | American Funds IS - Global Balanced Fund (1) |
| ProFunds VP - NASDAQ-100 (1) | American Funds IS - The Bond Fd of<br>America Fund (1) |
| ProFunds VP - Pharmaceuticals (1) | T. Rowe Price - Blue Chip Growth Portfolio (1) |
| ProFunds VP - Precious Metals (1) | T. Rowe Price - Health Sciences Portfolio (1) |
| ProFunds VP - Real Estate (1) | T. Rowe Price - Equity Income Portfolio (1) |
| ProFunds VP - Rising Rates Opportunity (1) | T. Rowe Price - Mid-Cap Growth Portfolio (1) |
| ProFunds VP - Semiconductor (1) | John Hancock Variable Insurance Trust - Financial Industries Portfolio (1) |
| ProFunds VP - Short Dow 30 (1) | John Hancock Variable Insurance Trust -<br>Fundamental All Cap Core Portfolio (1) |
| ProFunds VP - Short Emerging Markets (1) | John Hancock Variable Insurance Trust - Select Bond Portfolio (1) |
| ProFunds VP - Short International (1) | John Hancock Variable Insurance Trust -<br>Strategic Income Opportunities Portfolio (1) |
| ProFunds VP - Short Mid-Cap (1) | Federated Hermes - High Income Bond Portfolio (1) |
| ProFunds VP - Short NASDAQ-100 (1) | Federated Hermes - Kaufmann Portfolio (1) |
| ProFunds VP - Short Small-Cap (1) | Federated Hermes - Managed Volatility<br>Portfolio (1) |
| ProFunds VP - Small-Cap (1) | Principal Variable Contracts - Blue Chip Fund (11) |
| ProFunds VP - Small-Cap Growth (1) | Principal Variable Contracts - Equity Income<br>Fund (11) |

---

------

---

| | |
|:---|:---|
| ProFunds VP - Small-Cap Value (1) | Principal Variable Contracts - Diversified Balance Fund (11) |
| ProFunds VP - Technology (1) | Principal Variable Contracts - Diversified Growth Fund (11) |
| ProFunds VP - Communication Services (1) | Principal Variable Contracts - Diversified<br>Income Fund (11) |
| ProFunds VP - U.S. Government Plus (1) | Principal Variable Contracts - Blue Chip PVC 2 Fund (12) |
| ProFunds VP - UltraBull (1) | Principal Variable Contracts - Equity Income 2 Fund (12) |
| ProFunds VP - UltraMid-Cap (1) | Principal Variable Contracts - Diversified<br>Balance 2 Fund (12) |
| ProFunds VP - UltraNASDAQ-100 (1) | Principal Variable Contracts - Diversified Growth 2 Fund (12) |
| ProFunds VP - UltraShort Dow 30 (1) | Principal Variable Contracts - Diversified Income 2 Fund (12) |
| ProFunds VP - UltraShort NASDAQ-100 (1) | Putnam Variable Trust - Core Equity Fund<br>(3) |
| ProFunds VP - UltraSmall-Cap (1) | Putnam Variable Trust - Emerging Markets Equity Fund (3) |
| ProFunds VP - Utilities (1) | Putnam Variable Trust - Focused International Equity Fund (3) |
| VanEck Worldwide Insurance Trust - Global<br>Resources Fund (1) | Putnam Variable Trust - George Putnam<br>Balanced Fund (3) |
| VanEck Worldwide Insurance Trust - Emerging Markets Fund (1) | Putnam Variable Trust - Global Asset Allocation Fund (3) |
| VanEck Worldwide Insurance Trust - Emerging Markets Bond Fund (1) | Putnam Variable Trust - Global Health Care Fund (3) |
| Janus Henderson Series - Global Technology<br>and Innovation Portfolio (1) | Putnam Variable Trust - High Yield Fund (3) |
| Janus Henderson Series - Overseas Portfolio (1) | Putnam Variable Trust - International Equity Fund (3) |
| Janus Henderson Series - Research Portfolio (1) | Putnam Variable Trust - International Value Fund (3) |
| Janus Henderson Series - Enterprise<br>Services Portfolio (1) | Putnam Variable Trust - Large Cap Growth<br>Fund (3) |
| Janus Henderson Series - Global Research Portfolio (1) | Putnam Variable Trust - Large Cap Value Fund (3) |
| Janus Henderson Series - Mid Cap Value<br>Portfolio (1) | Putnam Variable Trust - Research Fund (3) |
| Janus Henderson Series - Balanced Portfolio (1) | Putnam Variable Trust - Small Cap Growth Fund (3) |
| Janus Henderson Series - Flexible Bond Portfolio (1) | Putnam Variable Trust - Small Cap Value Fund (3) |

---

------

&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.

&nbsp;&nbsp;&nbsp;&nbsp;(2)Statement of changes in net assets for the period January 1, 2024 to August 16, 2024 (date of liquidation).

&nbsp;&nbsp;&nbsp;&nbsp;(3)Statement of operations and changes in net assets for the year ended December 31, 2025 and statement of changes in net assets for the period August 1, 2024 (commencement of operations) through December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(4)Statement of operations and statement of changes in net assets for the period May 1, 2025 (commencement of operations) through December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(5)Statement of changes in net assets for the period January 1, 2024 to December 4, 2024 (date of liquidation).

&nbsp;&nbsp;&nbsp;&nbsp;(6)Statement of changes in net assets for the period January 1, 2024 to June 17, 2024 (date of liquidation).

&nbsp;&nbsp;&nbsp;&nbsp;(7)Statement of operations and changes in net assets for the period January 1, 2025 to October 17, 2025 (date of liquidation) and statement of changes in net assets for the year ended December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(8)Statement of changes in net assets for the period January 1, 2024 to April 26, 2024 (date of merger).

&nbsp;&nbsp;&nbsp;&nbsp;(9)Statement of operations and changes in net assets for the period January 1, 2025 to April 11, 2025 (date of merger) and statement of changes in net assets for the year ended December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(10)Statement of operations and statement of changes in net assets for the period April 11, 2025 (commencement of operations) through December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(11)Statement of operations and changes in net assets for the period January 1, 2025 to May 1, 2025 (date of merger) and statement of changes in net assets for the year ended December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(12)Statement of operations and statement of changes in net assets for the period May 1, 2025 (commencement of operations) through December 31, 2025.

***Basis for Opinions***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 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 C since 1993.

------

**Midland National Life Insurance Company**

**Separate Account C**

**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 |  |  |  |
| Government Money Market Portfolio | 6398224 | $6398224 | $6398224 |
| High Income Portfolio | 720021 | 3426712 | 3335836 |
| Equity-Income Portfolio | 217370 | 5182894 | 6248360 |
| Growth Portfolio | 104974 | 9494290 | 10165380 |
| Overseas Portfolio | 163519 | 4106476 | 4442300 |
| Mid Cap Portfolio | 550774 | 20074026 | 19466280 |
| Asset Manager 50% Portfolio | 43932 | 662352 | 758834 |
| Investment Grade Bond Portfolio | 756453 | 8464575 | 8321249 |
| Index 500 Portfolio | 34003 | 11130360 | 22215340 |
| Contrafund Portfolio | 1249353 | 65130262 | 71436640 |
| Asset Manager 70% Portfolio | 31792 | 633162 | 817167 |
| Balanced Portfolio | 162633 | 3396922 | 4192578 |
| Growth & Income Portfolio | 62070 | 1579058 | 2040222 |
| Growth Opportunities Portfolio | 628710 | 37970427 | 60678003 |
| Value Strategies Portfolio | 209473 | 3392768 | 3387169 |
| Strategic Income Portfolio | 1698025 | 18537151 | 18797134 |
| Emerging Markets Portfolio | 581662 | 7646067 | 9219336 |
| Real Estate Portfolio | 720538 | 12935127 | 12551780 |
| Funds Manager 50% Portfolio | 482154 | 5671292 | 6427111 |
| Funds Manager 70% Portfolio | 432746 | 5606373 | 6499841 |
| Funds Manager 85% Portfolio | 155123 | 1966493 | 2401309 |
| Government Money Market Portfolio Service Class 2 | 110891238 | 110891238 | 110891238 |
| International Capital Appreciation Portfolio | 299921 | 6426406 | 7872919 |
| Energy Portfolio | 55926 | 1443125 | 1515583 |
| Lincoln VIP American Century |  |  |  |
| Balanced Fund | 553897 | 4335330 | 5007989 |
| Capital Appreciation Fund | 199485 | 3165787 | 2982943 |
| International Fund | 183825 | 2012539 | 2248804 |
| Value Fund | 5238638 | 63791046 | 67770904 |
| Disciplined Core Value Fund | 579762 | 4768971 | 5609326 |
| Inflation Protection Fund | 616988 | 5964897 | 5575103 |
| Large Company Value Fund | 30423 | 558153 | 621959 |
| Mid Cap Value Fund | 1609401 | 33254108 | 31214323 |
| Ultra Fund | 389520 | 9938622 | 11671193 |
| MFS Variable Insurance Trust |  |  |  |
| Research Series | 9804 | 324165 | 297285 |
| Growth Series | 29459 | 1899915 | 1946099 |
| Investors Trust Series | 12243 | 368868 | 318208 |
| New Discovery Series | 556768 | 5853837 | 6902623 |
| Corporate Bond Portfolio | 473620 | 4468557 | 4489922 |
| Emerging Markets Equity Portfolio | 329542 | 4593570 | 5707668 |
| Technology Portfolio | 427682 | 13622669 | 16234826 |
| Global Tactical Allocation Portfolio | 74781 | 1048100 | 1060401 |
| International Intrinsic Value Portfolio | 446205 | 13983865 | 16130326 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Statements of Net Assets**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| Assets: |  |  |  |
| Investments in portfolio shares, at fair value (Note 1): | **Shares** | **Cost** | **Net Assets** |
| Utilities Series Portfolio | 433209 | 14637743 | 15950759 |
| Blended Research Core Equity Portfolio | 99878 | 5652083 | 5962717 |
| Global Real Estate Portfolio | 50600 | 799999 | 787335 |
| Lord Abbett Series Fund, Inc. |  |  |  |
| Growth & Income Portfolio | 36422 | 1344320 | 1528265 |
| Mid-Cap Stock Portfolio | 49658 | 1307852 | 1293591 |
| Bond-Debenture Portfolio | 2224107 | 25090523 | 23597775 |
| Fundamental Equity Portfolio | 104590 | 1881202 | 1985119 |
| Developing Growth Portfolio | 106093 | 3552324 | 3546678 |
| Short Duration Income Portfolio | 1286208 | 17144470 | 17055129 |
| Alger Fund |  |  |  |
| LargeCap Growth Portfolio | 50979 | 3656406 | 5259524 |
| MidCap Growth Portfolio | 147804 | 2843322 | 3520687 |
| Capital Appreciation Portfolio | 38470 | 3540985 | 4956855 |
| SmallCap Growth Portfolio | 29059 | 664340 | 541650 |
| Capital Appreciation Portfolio Class S | 440176 | 36473589 | 48872791 |
| Calvert Variable Series, Inc. |  |  |  |
| Mid Cap Growth Portfolio | 86161 | 2273507 | 2280680 |
| SRI Balanced Portfolio | 2907788 | 7287486 | 8170884 |
| Calvert Variable Trust, Inc. |  |  |  |
| S&P 500 Index Portfolio | 6027 | 1044343 | 1289132 |
| Invesco Variable Insurance Funds |  |  |  |
| Technology Fund | 44696 | 863597 | 1148251 |
| Diversified Dividend Fund | 152338 | 3915931 | 4103842 |
| Health Care Fund | 25384 | 721792 | 758730 |
| Global Real Estate Fund | 3061 | 44614 | 42244 |
| International Equity Fund | 5636 | 188694 | 199440 |
| Main Street Mid Cap Fund | 16017 | 153683 | 168181 |
| Discovery Mid Cap Growth Fund | 92746 | 5370787 | 5881024 |
| Global Fund | 207016 | 7150160 | 7514687 |
| Main Street Fund | 490676 | 8950943 | 10525003 |
| Main Street Small Cap Fund | 346683 | 9194344 | 9606581 |
| Balanced-Risk Allocation Fund | 81497 | 706350 | 684578 |
| Core Plus Bond Fund | 893982 | 5116694 | 5158274 |
| Equity and Income Fund | 299151 | 5073509 | 5424308 |
| Small Cap Equity Fund | 341011 | 5625999 | 6080232 |
| Equally Weighted S&P 500 Fund | 434127 | 11569053 | 11895067 |
| Growth and Income Fund | 21326 | 406072 | 455106 |
| American Value Fund | 5711 | 86711 | 101433 |
| International Growth II Fund | 10669648 | 22468686 | 22086172 |
| Lincoln Financial Variable Insurance Portfolios |  |  |  |
| Core Bond Portfolio | 108451 | 1167965 | 1079739 |
| Small Cap Core Portfolio | 86524 | 1737041 | 1898858 |
| Rydex Variable Trust |  |  |  |
| Nova Fund | 2920 | 349539 | 751454 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Statements of Net Assets**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| Assets: |  |  |  |
| Investments in portfolio shares, at fair value (Note 1): | **Shares** | **Cost** | **Net Assets** |
| NASDAQ-100 Fund | 12453 | 757671 | 1204616 |
| U.S. Government Money Market Fund | 140649 | 140650 | 140649 |
| Inverse S&P 500 Strategy Fund | 180 | 30918 | 16497 |
| Inverse NASDAQ-100 Strategy Fund | 139 | 22347 | 14462 |
| Inverse Government Long Bond Strategy Fund | 21 | 1942 | 2250 |
| Government Long Bond 1.2x Strategy | 345 | 130685 | 61690 |
| NASDAQ-100 2x Strategy Fund |  |  |  |
| Inverse Dow 2x Strategy Fund |  |  |  |
| Rydex Variable Insurance Funds |  |  |  |
| Biotechnology Fund | 28073 | 2520112 | 2601548 |
| S&P 500 Pure Growth Fund | 72768 | 3430672 | 4060437 |
| S&P MidCap 400 Pure Growth Fund | 24440 | 820243 | 946567 |
| Guggenheim Variable Insurance Funds |  |  |  |
| Multi-Hedge Strategies Fund | 32837 | 845272 | 771006 |
| Global Managed Futures Strategy Fund | 19324 | 323498 | 325037 |
| New Age Alpha |  |  |  |
| Small Cap Value Fund | 109517 | 4472297 | 4014893 |
| ProFunds VP |  |  |  |
| Profund Access VP High Yield Fund | 896 | 23506 | 23172 |
| Asia 30 | 1376 | 76553 | 63997 |
| Banks | 2343 | 63443 | 83539 |
| Materials | 276 | 20276 | 21615 |
| Bear | 175 | 2780 | 1592 |
| Biotechnology | 5011 | 253259 | 249203 |
| Bull | 6797 | 382842 | 435274 |
| Consumer Staples | 1325 | 49547 | 37356 |
| Consumer Discretionary | 1253 | 84853 | 90480 |
| Dow 30 | 8654 | 182780 | 195330 |
| Emerging Markets | 1743 | 50470 | 70388 |
| Europe 30 | 1097 | 28361 | 34384 |
| Falling U.S. Dollar | 2162 | 32418 | 32683 |
| Financials | 592 | 29765 | 34937 |
| Health Care | 1692 | 111693 | 107291 |
| Industrials | 1784 | 159496 | 181127 |
| International | 475 | 10509 | 11842 |
| Internet | 7573 | 149377 | 218619 |
| Japan | 754 | 42148 | 52785 |
| Large-Cap Growth | 10562 | 612196 | 786365 |
| Large-Cap Value | 7615 | 348591 | 361384 |
| Mid-Cap | 4619 | 83457 | 83881 |
| Mid-Cap Growth | 5115 | 202327 | 195546 |
| Mid-Cap Value | 1822 | 76071 | 77678 |
| Government Money Market | 1811912 | 1811912 | 1811912 |
| Energy | 4811 | 182113 | 176815 |
| NASDAQ-100 | 4528 | 251830 | 314752 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Statements of Net Assets**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| Assets: |  |  |  |
| Investments in portfolio shares, at fair value (Note 1): | **Shares** | **Cost** | **Net Assets** |
| Pharmaceuticals | 1481 | 51569 | 60515 |
| Precious Metals | 10342 | 399207 | 663851 |
| Real Estate | 891 | 47420 | 41340 |
| Rising Rates Opportunity | 7 | 220 | 187 |
| Semiconductor | 11677 | 516075 | 465198 |
| Short Dow 30 | 662 | 11909 | 11399 |
| Short Emerging Markets |  |  |  |
| Short International | 647 | 13656 | 12574 |
| Short Mid-Cap | 1943 | 12010 | 11330 |
| Short NASDAQ-100 |  |  |  |
| Short Small-Cap | 80 | 1725 | 1354 |
| Small-Cap | 2248 | 78389 | 91295 |
| Small-Cap Growth | 3821 | 117617 | 112063 |
| Small-Cap Value | 1652 | 74218 | 74138 |
| Technology | 3675 | 257964 | 277497 |
| Communication Services | 236 | 12939 | 14440 |
| U.S. Government Plus | 5017 | 95882 | 52826 |
| UltraBull | 32689 | 1058166 | 1487347 |
| UltraMid-Cap | 9993 | 352302 | 415506 |
| UltraNASDAQ-100 | 20654 | 666214 | 1053170 |
| UltraShort Dow 30 |  |  |  |
| UltraShort NASDAQ-100 | 1 | 52 | 10 |
| UltraSmall-Cap | 8491 | 131158 | 143845 |
| Utilities | 736 | 32444 | 36954 |
| VanEck Worldwide Insurance Trust |  |  |  |
| Global Resources Fund | 159003 | 3991835 | 5199433 |
| Emerging Markets Fund | 44534 | 446167 | 526834 |
| Emerging Markets Bond Fund | 42790 | 331318 | 350023 |
| Janus Henderson Series |  |  |  |
| Global Technology and Innovation Portfolio | 1203863 | 20479554 | 28820491 |
| Overseas Portfolio | 31548 | 1306223 | 1672674 |
| Research Portfolio | 1544 | 63290 | 94573 |
| Enterprise Services Portfolio | 495755 | 34763896 | 36363651 |
| Global Research Portfolio | 68986 | 4613666 | 5271898 |
| Mid Cap Value Portfolio | 292793 | 4799699 | 4913060 |
| Balanced Portfolio | 1552414 | 77644402 | 92337571 |
| Flexible Bond Portfolio | 463095 | 5570597 | 5158874 |
| Forty Portfolio | 19734 | 984982 | 1023598 |
| PIMCO Variable Insurance Trust |  |  |  |
| Total Return Portfolio | 3785260 | 37161187 | 35770704 |
| Low Duration Portfolio | 2434333 | 23918372 | 23807776 |
| High Yield Portfolio | 2031560 | 14697110 | 15053864 |
| Real Return Portfolio | 1517774 | 19198726 | 18228456 |
| All Asset Portfolio | 281184 | 2859092 | 2744364 |
| Global Managed Asset Allocation Portfolio | 108889 | 1203540 | 1277265 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Statements of Net Assets**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| Assets: |  |  |  |
| Investments in portfolio shares, at fair value (Note 1): | **Shares** | **Cost** | **Net Assets** |
| Short-Term Portfolio | 3060617 | 31198103 | 31616173 |
| Emerging Markets Bond Portfolio | 128036 | 1477954 | 1462172 |
| Global Bond Opportunities Portfolio | 8778 | 96886 | 87434 |
| Commodity Real Return Strategy Portfolio | 777500 | 4510800 | 4991548 |
| International Bond (USD-Hedged) Portfolio | 221217 | 2175549 | 2221017 |
| Dynamic Bond Adv Portfolio | 230242 | 2040691 | 2058366 |
| Income Advisor Portfolio | 3041804 | 31003841 | 31482675 |
| StocksPLUS Global Portfolio | 208717 | 1624167 | 1863839 |
| Global Diversified Allocation Advisor Portfolio | 738 | 4814 | 5104 |
| Goldman Sachs Variable Insurance Trust |  |  |  |
| Small Cap Equity Insights Fund | 104134 | 1359228 | 1487039 |
| Large Cap Value Fund | 33411 | 298730 | 273304 |
| Mid Cap Value Fund | 166008 | 2732263 | 2704266 |
| Neuberger Berman Advisors Management Trust |  |  |  |
| Mid-Cap Growth Portfolio | 18933 | 502589 | 454765 |
| AMT Mid Cap Intrinsic Value Portfolio | 8016 | 127553 | 131540 |
| BNY Mellon Variable Investment Fund |  |  |  |
| Appreciation Portfolio | 7510 | 245144 | 245741 |
| Sustainable U.S. Equity Portfolio | 374 | 16620 | 21372 |
| Morgan Stanley Variable Institutional Funds |  |  |  |
| Emerging Markets Debt Portfolio | 2562 | 14983 | 13682 |
| Emerging Markets Equity Portfolio | 6937 | 91459 | 121322 |
| Discovery Portfolio | 7880 | 41322 | 50665 |
| Northern Lights Variable Trust |  |  |  |
| Power Dividend Index Fund | 12892 | 183141 | 236951 |
| AB Variable Products Series |  |  |  |
| Dynamic Asset Allocation Portfolio | 246465 | 2621311 | 2669218 |
| Small Cap Growth Portfolio | 2416 | 28443 | 23818 |
| Discovery Value Portfolio | 371465 | 6365330 | 6051157 |
| BlackRock Variable Series Fund, Inc. |  |  |  |
| Basic Value Fund | 299755 | 3926551 | 4100650 |
| Capital Appreciation Fund | 54473 | 416968 | 375319 |
| Equity Dividend Fund | 2415124 | 26785212 | 27677322 |
| Global Allocation Fund | 887566 | 12565849 | 11840135 |
| Advantage Large Cap Core Fund | 16951 | 380025 | 450384 |
| Large Cap Focus Growth Fund | 804963 | 16226346 | 16815683 |
| 60/40 Target Allocation ETF Fund | 607595 | 8386525 | 8937728 |
| Total Return Fund | 198742 | 2220331 | 2009279 |
| S&P 500 Fund | 56122 | 1508614 | 2134300 |
| Columbia Variable Portfolio |  |  |  |
| Contrarian Core 2 Portfolio | 291499 | 12985826 | 17903896 |
| Dividend Opportunity Portfolio | 173595 | 6623617 | 8752672 |
| Emerging Markets Bond Portfolio | 347109 | 2965466 | 2946953 |
| High Yield Portfolio | 1290352 | 7758548 | 8013086 |
| Select Large-Cap Value Portfolio | 278203 | 10930885 | 15006243 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Statements of Net Assets**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| Assets: |  |  |  |
| Investments in portfolio shares, at fair value (Note 1): | **Shares** | **Cost** | **Net Assets** |
| Seligman Global Tech Portfolio | 780858 | 20492149 | 26525738 |
| US Government Mortgage Portfolio | 122477 | 1095207 | 1142715 |
| Strategic Income Portfolio | 587680 | 2126267 | 2197924 |
| Emerging Markets Portfolio | 39929 | 491940 | 524267 |
| Select Mid Cap Value Portfolio | 46899 | 1899627 | 2140449 |
| Small Cap Value Portfolio | 241696 | 3000891 | 3006694 |
| DWS Variable Insurance Portfolios |  |  |  |
| Equity 500 Index Portfolio | 2514149 | 69468917 | 81860689 |
| Small Cap Index Portfolio | 561931 | 7438582 | 8451446 |
| Alternative Asset Allocation Portfolio | 62947 | 844441 | 862377 |
| Small Mid Cap Value Portfolio | 191330 | 2322960 | 2701574 |
| Eaton Vance Variable Trust |  |  |  |
| Floating Rate Income Portfolio | 2101376 | 17999855 | 17588514 |
| Franklin Templeton Variable Insurance Products Trust |  |  |  |
| Mutual Shares Fund | 225686 | 3452565 | 3633552 |
| Income Fund | 1735161 | 24816633 | 26305048 |
| Global Bond Fund | 1268701 | 16987860 | 16708791 |
| Foreign Fund | 1929890 | 25569107 | 31302824 |
| Developing Markets Fund | 250501 | 2370309 | 3026047 |
| Mutual Global Discovery Fund | 211229 | 3641958 | 4026022 |
| Rising Dividends Fund | 1014229 | 27747895 | 28438989 |
| DynaTech 2 Fund | 1778244 | 9413881 | 11700847 |
| Global Real Estate Fund | 14153 | 180363 | 184834 |
| Nomura Variable Insurance Portfolio |  |  |  |
| Asset Strategy Portfolio | 221465 | 2086471 | 2214649 |
| Balanced Portfolio | 816213 | 4508672 | 5329868 |
| Energy Portfolio | 166200 | 738216 | 860917 |
| Natural Resources Portfolio | 80082 | 334351 | 490903 |
| Growth Portfolio | 280490 | 2524488 | 2675871 |
| High Income Portfolio | 2505508 | 7729379 | 7341139 |
| International Core Equity Portfolio | 291068 | 4555150 | 5653780 |
| Global Growth Portfolio | 390419 | 1320717 | 1499208 |
| Mid Cap Growth Portfolio | 741159 | 7015205 | 5721750 |
| Science and Technology Portfolio | 490920 | 12240488 | 16033431 |
| Small Cap Growth Portfolio | 419468 | 2726849 | 3125035 |
| SMID Cap Core Portfolio | 519053 | 6157954 | 7027979 |
| Total Return Portfolio | 6978 | 81174 | 96719 |
| Opportunity Portfolio | 280145 | 4247424 | 5504847 |
| Lazard Retirement Series, Inc. |  |  |  |
| International Equity Portfolio | 132742 | 1408428 | 1555741 |
| Global Dynamic Multi Asset Portfolio | 36910 | 488376 | 534820 |
| Legg Mason Partners Variable Equity Trust |  |  |  |
| Western Asset Variable Global High Yield Bond Portfolio | 283849 | 1795492 | 1842180 |
| ClearBridge Variable Mid Cap Portfolio | 635829 | 14783188 | 14948343 |
| ClearBridge Variable Dividend Strategy Portfolio | 1581786 | 34514233 | 32300076 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Statements of Net Assets**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| Assets: |  |  |  |
| Investments in portfolio shares, at fair value (Note 1): | **Shares** | **Cost** | **Net Assets** |
| ClearBridge Variable Small Cap Growth Portfolio | 328483 | 8162854 | 8445297 |
| ClearBridge Variable Growth Portfolio | 56476 | 988493 | 747746 |
| Western Asset Variable Core Bond Plus Portfolio | 11863341 | 62557087 | 55283171 |
| ClearBridge Variable Large Cap Growth Portfolio | 613566 | 24006678 | 28843721 |
| Victory Pioneer Variable Contracts Trust |  |  |  |
| Fund Portfolio | 184905 | 3308464 | 3683313 |
| Bond Portfolio | 4620726 | 47045325 | 45283114 |
| Strategic Income Portfolio | 934727 | 8855146 | 8758389 |
| Equity Income Portfolio | 804883 | 11093584 | 9956398 |
| High Yield Portfolio | 59316 | 520801 | 507748 |
| Prudential Series Funds |  |  |  |
| PGIM Jennison Blend Portfolio | 8222 | 816468 | 1149897 |
| PGIM Jennison Growth II Portfolio | 514 | 77173 | 101498 |
| Royce Capital Fund |  |  |  |
| Micro-Cap Portfolio | 22333 | 188623 | 204344 |
| Small Cap Portfolio | 877534 | 7829854 | 8073315 |
| Alps Fund |  |  |  |
| Alerian Energy Infrastructure Portfolio | 551980 | 7251093 | 6938394 |
| Global Opportunity Portfolio | 171577 | 2167970 | 2124118 |
| American Funds IS |  |  |  |
| Asset Allocation Fund | 3342040 | 83164638 | 89466402 |
| Washington Mutual Investors Fund | 4147212 | 60557700 | 72783572 |
| Ultra-Short Bond Fund | 1331464 | 14791939 | 14592850 |
| Capital Income Builder Fund | 1669210 | 20015569 | 24136780 |
| Global Growth Fund | 960681 | 32513163 | 36073553 |
| Capital World Growth and Income Fund | 1303783 | 18251975 | 23272532 |
| Global Small Capitalization Fund | 335107 | 5944618 | 6356978 |
| Growth Fund | 741957 | 76366884 | 99711595 |
| Growth-Income Fund | 1530106 | 89259690 | 99104960 |
| International Fund | 472036 | 8030083 | 10304541 |
| International Growth and Income Fund | 802070 | 8105155 | 10322645 |
| New World Fund | 1125794 | 29939824 | 35698915 |
| U.S. Government Securities Fund | 1021949 | 10036566 | 9953783 |
| Global Balanced Fund | 101797 | 1319165 | 1431260 |
| The Bond Fd of America Fund | 880238 | 8297113 | 8195014 |
| T. Rowe Price |  |  |  |
| Blue Chip Growth Portfolio | 1430647 | 68303056 | 86868868 |
| Health Sciences Portfolio | 480203 | 24629663 | 25945390 |
| Equity Income Portfolio | 86659 | 2529219 | 2483649 |
| Mid-Cap Growth Portfolio | 156329 | 4160809 | 3703437 |
| John Hancock Variable Insurance Trust |  |  |  |
| Financial Industries Portfolio | 428587 | 5820389 | 6308796 |
| Fundamental All Cap Core Portfolio | 5162 | 168522 | 156094 |
| Select Bond Portfolio | 37071 | 460318 | 441886 |
| Strategic Income Opportunities Portfolio | 141087 | 1811127 | 1773462 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Statements of Net Assets**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| Assets: |  |  |  |
| Investments in portfolio shares, at fair value (Note 1): | **Shares** | **Cost** | **Net Assets** |
| Federated Hermes |  |  |  |
| High Income Bond Portfolio | 276117 | 1542227 | 1587675 |
| Kaufmann Portfolio | 291847 | 4664088 | 5060624 |
| Managed Volatility Portfolio | 42639 | 419427 | 453251 |
| Principal Variable Contracts |  |  |  |
| Blue Chip PVC 2 Fund | 145177 | 2196964 | 2350409 |
| Equity Income 2 Fund | 16305 | 485547 | 508891 |
| Diversified Balance 2 Fund | 165862 | 2441259 | 2380118 |
| Diversified Growth 2 Fund | 60700 | 1092600 | 1041614 |
| Diversified Income 2 Fund | 11145 | 144835 | 146551 |
| Putnam Variable Trust |  |  |  |
| Core Equity Fund | 35997 | 759003 | 849534 |
| Emerging Markets Equity Fund | 4104 | 98158 | 105068 |
| Focused International Equity Fund | 420 | 7756 | 8022 |
| George Putnam Balanced Fund | 52243 | 803065 | 887604 |
| Global Asset Allocation Fund | 9249 | 168506 | 183875 |
| Global Health Care Fund | 14851 | 224625 | 249648 |
| High Yield Fund | 28760 | 161130 | 165083 |
| International Equity Fund | 32640 | 602480 | 646589 |
| International Value Fund | 208572 | 2909758 | 3307958 |
| Large Cap Growth Fund | 87267 | 1409759 | 1534159 |
| Large Cap Value Fund | 350696 | 11509946 | 12516338 |
| Research Fund | 1870 | 85572 | 88543 |
| Small Cap Growth Fund | 57799 | 1237127 | 1245564 |
| Small Cap Value Fund | 20192 | 210128 | 218275 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Statements of Operations**

**Year Ended December 31, 2025**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Dividend**<br>**Income (a)** |<br>**Capital Gains**<br>**Distributions (b)** | **Total**<br>**Investment**<br>**Income**<br>**(c)=(a+b)** | **Administrative**<br>**Expense and**<br>**Mortality and**<br>**Expense Risk (d)** |<br>**Contract**<br>**Maintenance**<br>**Charge (e)** |<br>**Total**<br>**Expenses**<br>**(f)=(d+e)** |<br>**Net Investment**<br>**Income (Loss)**<br>**(g)=(c-f)** |<br>**Net Realized**<br>**Gain (Loss) on**<br>**Investments (h)** | **Change in Net**<br>**Unrealized Appreciation**<br>**(Depreciation) on**<br>**Investments (i)** | **Realized and Change**<br>**in Unrealized Gains**<br> **(Losses) on Investments**<br>**(j)=(h+i)** | **Net Increase (Decrease)**<br>**in Net Assets**<br>**Resulting from Operations**<br>**(k)=(g+j)** |
| Fidelity Variable Insurance Products |  |  |  |  |  |  |  |  |  |  |  |
| Government Money Market Portfolio | $274603 | $— | $274603 | $79266 | $2074 | $81340 | $193263 | $— | $— | $— | $193263 |
| High Income Portfolio | 216728 |  | 216728 | 44578 | 492 | 45070 | 171658 | (56111) | 185643 | 129532 | 301190 |
| Equity-Income Portfolio | 101794 | 341259 | 443053 | 82364 | 1766 | 84130 | 358923 | 221926 | 404903 | 626829 | 985752 |
| Growth Portfolio | 24068 | 1261832 | 1285900 | 134238 | 3224 | 137462 | 1148438 | 238035 | (177016) | 61019 | 1209457 |
| Overseas Portfolio | 61613 | 393783 | 455396 | 60385 | 1317 | 61702 | 393694 | 187523 | 182002 | 369525 | 763219 |
| Mid Cap Portfolio | 48185 | 2188458 | 2236643 | 236747 | 1541 | 238288 | 1998355 | (276220) | 110150 | (166070) | 1832285 |
| Asset Manager 50% Portfolio | 17881 | 38200 | 56081 | 11657 | 266 | 11923 | 44158 | 14330 | 33804 | 48134 | 92292 |
| Investment Grade Bond Portfolio | 259535 |  | 259535 | 91941 | 853 | 92794 | 166741 | 26828 | 180380 | 207208 | 373949 |
| Index 500 Portfolio | 215647 | 120277 | 335924 | 298845 | 4433 | 303278 | 32646 | 3039216 | 361930 | 3401146 | 3433792 |
| Contrafund Portfolio | 10310 | 10950250 | 10960560 | 823827 | 4711 | 828538 | 10132022 | 3023753 | (1531487) | 1492266 | 11624288 |
| Asset Manager 70% Portfolio | 14017 | 25261 | 39278 | 11107 | 277 | 11384 | 27894 | 14858 | 74430 | 89288 | 117182 |
| Balanced Portfolio | 64960 | 210337 | 275297 | 51361 | 702 | 52063 | 223234 | 79321 | 193246 | 272567 | 495801 |
| Growth & Income Portfolio | 28146 | 181230 | 209376 | 27996 | 544 | 28540 | 180836 | 106044 | 66320 | 172364 | 353200 |
| Growth Opportunities Portfolio |  | 760648 | 760648 | 698752 | 2591 | 701343 | 59305 | 3838869 | 6542712 | 10381581 | 10440886 |
| Value Strategies Portfolio | 25885 | 123343 | 149228 | 35711 | 256 | 35967 | 113261 | 34693 | 23092 | 57785 | 171046 |
| Strategic Income Portfolio | 640142 |  | 640142 | 217483 | 731 | 218214 | 421928 | (90966) | 848439 | 757473 | 1179401 |
| Emerging Markets Portfolio | 108521 | 59401 | 167922 | 80825 | 121 | 80946 | 86976 | (93738) | 2024835 | 1931097 | 2018073 |
| Real Estate Portfolio | 242890 | 5682 | 248572 | 172628 | 956 | 173584 | 74988 | 6555 | 145291 | 151846 | 226834 |
| Funds Manager 50% Portfolio | 155030 |  | 155030 | 76815 | 392 | 77207 | 77823 | (127723) | 771835 | 644112 | 721935 |
| Funds Manager 70% Portfolio | 105720 | 48924 | 154644 | 70082 | 260 | 70342 | 84302 | 3376 | 722037 | 725413 | 809715 |
| Funds Manager 85% Portfolio | 28900 | 42733 | 71633 | 28371 | 197 | 28568 | 43065 | 95478 | 216711 | 312189 | 355254 |
| Government Money Market Portfolio Service Class 2 | 3923706 |  | 3923706 | 1254230 | 2327 | 1256557 | 2667149 | 2 |  | 2 | 2667151 |
| International Capital Appreciation Portfolio | 57214 | 31551 | 88765 | 84974 | 276 | 85250 | 3515 | 277247 | 697884 | 975131 | 978646 |
| Energy Portfolio | 26676 |  | 26676 | 15359 | 17 | 15376 | 11300 | (20799) | 122727 | 101928 | 113228 |
| Lincoln VIP American Century |  |  |  |  |  |  |  |  |  |  |  |
| Balanced Fund | 79503 |  | 79503 | 64563 | 294 | 64857 | 14646 | 117251 | 268481 | 385732 | 400378 |
| Capital Appreciation Fund |  | 417839 | 417839 | 35137 | 603 | 35740 | 382099 | 116987 | (362585) | (245598) | 136501 |
| International Fund | 24478 |  | 24478 | 32412 | 777 | 33189 | (8711) | 50338 | 257473 | 307811 | 299100 |
| Value Fund | 965011 | 5225963 | 6190974 | 887474 | 4991 | 892465 | 5298509 | 3411665 | 596512 | 4008177 | 9306686 |
| Disciplined Core Value Fund | 74898 |  | 74898 | 75154 | 317 | 75471 | (573) | (99500) | 782229 | 682729 | 682156 |
| Inflation Protection Fund | 405899 |  | 405899 | 74022 | 700 | 74722 | 331177 | (88427) | 44931 | (43496) | 287681 |
| Large Company Value Fund | 7534 | 36750 | 44284 | 11723 | 176 | 11899 | 32385 | 3380 | 23149 | 26529 | 58914 |
| Mid Cap Value Fund | 503225 | 2565976 | 3069201 | 413258 | 1679 | 414937 | 2654264 | 290810 | (638361) | (347551) | 2306713 |
| Ultra Fund |  | 1031949 | 1031949 | 160324 | 899 | 161223 | 870726 | 1017077 | (655916) | 361161 | 1231887 |
| MFS Variable Insurance Trust |  |  |  |  |  |  |  |  |  |  |  |
| Research Series | 2247 | 71486 | 73733 | 4374 | 232 | 4606 | 69127 | (5749) | (32959) | (38708) | 30419 |
| Growth Series |  | 349762 | 349762 | 27408 | 607 | 28015 | 321747 | 41345 | (167232) | (125887) | 195860 |
| Investors Trust Series | 3965 | 124145 | 128110 | 4177 | 66 | 4243 | 123867 | 2510 | (92228) | (89718) | 34149 |
| New Discovery Series |  |  |  | 88654 | 645 | 89299 | (89299) | (304084) | 1108645 | 804561 | 715262 |
| Corporate Bond Portfolio | 209392 |  | 209392 | 58062 | 128 | 58190 | 151202 | (209656) | 321360 | 111704 | 262906 |
| Emerging Markets Equity Portfolio | 100528 | 38445 | 138973 | 66827 | 210 | 67037 | 71936 | 2174 | 1383253 | 1385427 | 1457363 |
| Technology Portfolio |  | 2046131 | 2046131 | 184057 | 480 | 184537 | 1861594 | 1110578 | (963290) | 147288 | 2008882 |
| Global Tactical Allocation Portfolio | 60082 | 52061 | 112143 | 12697 | 34 | 12731 | 99412 | (6194) | 36042 | 29848 | 129260 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Statements of Operations**

**Year Ended December 31, 2025**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Dividend**<br>**Income (a)** |<br>**Capital Gains**<br>**Distributions (b)** | **Total**<br>**Investment**<br>**Income**<br>**(c)=(a+b)** | **Administrative**<br>**Expense and**<br>**Mortality and**<br>**Expense Risk (d)** |<br>**Contract**<br>**Maintenance**<br>**Charge (e)** |<br>**Total**<br>**Expenses**<br>**(f)=(d+e)** |<br>**Net Investment**<br>**Income (Loss)**<br>**(g)=(c-f)** |<br>**Net Realized**<br>**Gain (Loss) on**<br>**Investments (h)** | **Change in Net**<br>**Unrealized Appreciation**<br>**(Depreciation) on**<br>**Investments (i)** | **Realized and Change**<br>**in Unrealized Gains**<br> **(Losses) on Investments**<br>**(j)=(h+i)** | **Net Increase (Decrease)**<br>**in Net Assets**<br>**Resulting from Operations**<br>**(k)=(g+j)** |
| International Intrinsic Value Portfolio | 204752 | 875697 | 1080449 | 192769 | 372 | 193141 | 887308 | 715713 | 2463243 | 3178956 | 4066264 |
| Utilities Series Portfolio | 413019 | 205974 | 618993 | 190044 | 543 | 190587 | 428406 | (109888) | 1523151 | 1413263 | 1841669 |
| Blended Research Core Equity Portfolio | 45811 | 1084370 | 1130181 | 77297 | 183 | 77480 | 1052701 | 136737 | (367175) | (230438) | 822263 |
| Global Real Estate Portfolio | 9550 |  | 9550 | 10740 | 56 | 10796 | (1246) | (16224) | 33734 | 17510 | 16264 |
| Lord Abbett Series Fund, Inc. |  |  |  |  |  |  |  |  |  |  |  |
| Growth & Income Portfolio | 8237 | 153588 | 161825 | 18613 | 554 | 19167 | 142658 | 25854 | 46248 | 72102 | 214760 |
| Mid-Cap Stock Portfolio | 4163 | 102038 | 106201 | 17396 | 562 | 17958 | 88243 | (1029) | (20122) | (21151) | 67092 |
| Bond-Debenture Portfolio | 1377278 |  | 1377278 | 301128 | 975 | 302103 | 1075175 | (848579) | 1334733 | 486154 | 1561329 |
| Fundamental Equity Portfolio | 8076 | 185917 | 193993 | 24385 | 58 | 24443 | 169550 | 18012 | 38804 | 56816 | 226366 |
| Developing Growth Portfolio | 6396 |  | 6396 | 45147 | 130 | 45277 | (38881) | (518612) | 968453 | 449841 | 410960 |
| Short Duration Income Portfolio | 737230 |  | 737230 | 201895 | 586 | 202481 | 534749 | (122360) | 283260 | 160900 | 695649 |
| Alger Fund |  |  |  |  |  |  |  |  |  |  |  |
| LargeCap Growth Portfolio |  | 571682 | 571682 | 66542 | 1276 | 67818 | 503864 | 337642 | 472015 | 809657 | 1313521 |
| MidCap Growth Portfolio |  |  |  | 48156 | 936 | 49092 | (49092) | (144996) | 698792 | 553796 | 504704 |
| Capital Appreciation Portfolio |  | 785668 | 785668 | 60690 | 881 | 61571 | 724097 | 320157 | 283451 | 603608 | 1327705 |
| SmallCap Growth Portfolio |  | 6292 | 6292 | 6824 | 133 | 6957 | (665) | (9182) | 33027 | 23845 | 23180 |
| Capital Appreciation Portfolio Class S |  | 8764839 | 8764839 | 575775 | 2465 | 578240 | 8186599 | 2864159 | 1137660 | 4001819 | 12188418 |
| Calvert Variable Series, Inc. |  |  |  |  |  |  |  |  |  |  |  |
| Mid Cap Growth Portfolio | 9011 | 143996 | 153007 | 30439 | 108 | 30547 | 122460 | (135752) | 18020 | (117732) | 4728 |
| SRI Balanced Portfolio | 127392 | 417878 | 545270 | 97480 | 250 | 97730 | 447540 | 244812 | 82966 | 327778 | 775318 |
| Calvert Variable Trust, Inc. |  |  |  |  |  |  |  |  |  |  |  |
| S&P 500 Index Portfolio | 15415 | 129200 | 144615 | 17315 | 136 | 17451 | 127164 | 121648 | (29195) | 92453 | 219617 |
| Invesco Variable Insurance Funds |  |  |  |  |  |  |  |  |  |  |  |
| Technology Fund |  | 132961 | 132961 | 15674 | 221 | 15895 | 117066 | 111628 | (5576) | 106052 | 223118 |
| Diversified Dividend Fund | 51849 | 283520 | 335369 | 46305 | 189 | 46494 | 288875 | 50856 | 159847 | 210703 | 499578 |
| Health Care Fund |  | 29574 | 29574 | 10195 | 190 | 10385 | 19189 | (12928) | 93773 | 80845 | 100034 |
| Global Real Estate Fund | 1073 |  | 1073 | 1638 | 35 | 1673 | (600) | (2248) | 6098 | 3850 | 3250 |
| International Equity Fund | 2287 | 12481 | 14768 | 5358 | 47 | 5405 | 9363 | 2422 | 12174 | 14596 | 23959 |
| Main Street Mid Cap Fund | 172 | 16477 | 16649 | 4455 | 60 | 4515 | 12134 | 1569 | (4117) | (2548) | 9586 |
| Discovery Mid Cap Growth Fund |  | 552308 | 552308 | 75225 | 192 | 75417 | 476891 | (198560) | (54258) | (252818) | 224073 |
| Global Fund |  | 1404737 | 1404737 | 92937 | 160 | 93097 | 1311640 | (219515) | (169023) | (388538) | 923102 |
| Main Street Fund | 31374 | 629531 | 660905 | 126983 | 191 | 127174 | 533731 | (59753) | 870340 | 810587 | 1344318 |
| Main Street Small Cap Fund | 21436 | 953133 | 974569 | 118196 | 215 | 118411 | 856158 | 437234 | (581201) | (143967) | 712191 |
| Balanced-Risk Allocation Fund | 38090 |  | 38090 | 6560 | 19 | 6579 | 31511 | (4506) | 9968 | 5462 | 36973 |
| Core Plus Bond Fund | 194633 |  | 194633 | 57879 | 148 | 58027 | 136606 | (5435) | 117779 | 112344 | 248950 |
| Equity and Income Fund | 95269 | 270318 | 365587 | 65625 | 384 | 66009 | 299578 | 57116 | 169783 | 226899 | 526477 |
| Small Cap Equity Fund |  | 281280 | 281280 | 70964 | 236 | 71200 | 210080 | 172882 | (19015) | 153867 | 363947 |
| Equally Weighted S&P 500 Fund | 157558 | 910975 | 1068533 | 127359 | 168 | 127527 | 941006 | 203990 | (106170) | 97820 | 1038826 |
| Growth and Income Fund | 5088 | 33122 | 38210 | 11919 | 71 | 11990 | 26220 | 1583 | 22888 | 24471 | 50691 |
| American Value Fund | 204 | 14690 | 14894 | 2288 | 46 | 2334 | 12560 | 418 | 1343 | 1761 | 14321 |
| International Growth II Fund | 13031 | 1935554 | 1948585 | 275643 | 985 | 276628 | 1671957 | (1872967) | 3092955 | 1219988 | 2891945 |
| Lincoln Financial Variable Insurance Portfolios |  |  |  |  |  |  |  |  |  |  |  |
| Core Bond Portfolio | 38101 |  | 38101 | 15152 | 332 | 15484 | 22617 | (31687) | 75285 | 43598 | 66215 |
| Small Cap Core Portfolio | 11360 | 149499 | 160859 | 25186 | 498 | 25684 | 135175 | (21109) | 45182 | 24073 | 159248 |
| Rydex Variable Trust |  |  |  |  |  |  |  |  |  |  |  |
| Nova Fund |  |  |  | 12793 | 100 | 12893 | (12893) | 42449 | 100984 | 143433 | 130540 |
| NASDAQ-100 Fund | 365 | 66288 | 66653 | 20530 | 146 | 20676 | 45977 | 69275 | 73059 | 142334 | 188311 |
| U.S. Government Money Market Fund | 3754 |  | 3754 | 1983 | 3 | 1986 | 1768 |  | 1 | 1 | 1769 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Statements of Operations**

**Year Ended December 31, 2025**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Dividend**<br>**Income (a)** |<br>**Capital Gains**<br>**Distributions (b)** | **Total**<br>**Investment**<br>**Income**<br>**(c)=(a+b)** | **Administrative**<br>**Expense and**<br>**Mortality and**<br>**Expense Risk (d)** |<br>**Contract**<br>**Maintenance**<br>**Charge (e)** |<br>**Total**<br>**Expenses**<br>**(f)=(d+e)** |<br>**Net Investment**<br>**Income (Loss)**<br>**(g)=(c-f)** |<br>**Net Realized**<br>**Gain (Loss) on**<br>**Investments (h)** | **Change in Net**<br>**Unrealized Appreciation**<br>**(Depreciation) on**<br>**Investments (i)** | **Realized and Change**<br>**in Unrealized Gains**<br> **(Losses) on Investments**<br>**(j)=(h+i)** | **Net Increase (Decrease)**<br>**in Net Assets**<br>**Resulting from Operations**<br>**(k)=(g+j)** |
| Inverse S&P 500 Strategy Fund | 1383 |  | 1383 | 211 | 23 | 234 | 1149 | (3367) | 218 | (3149) | (2000) |
| Inverse NASDAQ-100 Strategy Fund | 661 |  | 661 | 259 | 42 | 301 | 360 | (7709) | 3958 | (3751) | (3391) |
| Inverse Government Long Bond Strategy Fund | 149 |  | 149 | 22 | 7 | 29 | 120 | 43 | (152) | (109) | 11 |
| Government Long Bond 1.2x Strategy | 2004 |  | 2004 | 651 | 27 | 678 | 1326 | (1925) | 931 | (994) | 332 |
| NASDAQ-100 2x Strategy Fund |  |  |  |  |  |  |  |  |  |  |  |
| Inverse Dow 2x Strategy Fund |  |  |  |  |  |  |  |  |  |  |  |
| Rydex Variable Insurance Funds |  |  |  |  |  |  |  |  |  |  |  |
| Biotechnology Fund |  | 113504 | 113504 | 30884 | 176 | 31060 | 82444 | (188660) | 711740 | 523080 | 605524 |
| S&P 500 Pure Growth Fund |  | 465318 | 465318 | 53730 | 181 | 53911 | 411407 | 140150 | (169412) | (29262) | 382145 |
| S&P MidCap 400 Pure Growth Fund |  | 56383 | 56383 | 12146 | 12 | 12158 | 44225 | (27676) | 42779 | 15103 | 59328 |
| Guggenheim Variable Insurance Funds |  |  |  |  |  |  |  |  |  |  |  |
| Multi-Hedge Strategies Fund | 19786 |  | 19786 | 10750 | 102 | 10852 | 8934 | (30389) | 18735 | (11654) | (2720) |
| Global Managed Futures Strategy Fund | 4646 |  | 4646 | 3721 | 19 | 3740 | 906 | (11383) | 15843 | 4460 | 5366 |
| New Age Alpha |  |  |  |  |  |  |  |  |  |  |  |
| Small Cap Value Fund | 41061 | 768387 | 809448 | 51019 | 171 | 51190 | 758258 | (72437) | (616007) | (688444) | 69814 |
| ProFunds VP |  |  |  |  |  |  |  |  |  |  |  |
| Profund Access VP High Yield Fund | 594 |  | 594 | 589 | 27 | 616 | (22) | (115) | 1007 | 892 | 870 |
| Asia 30 | 2957 |  | 2957 | 1564 | 7 | 1571 | 1386 | (2677) | 12961 | 10284 | 11670 |
| Banks | 1024 |  | 1024 | 2154 | 17 | 2171 | (1147) | 4972 | 2649 | 7621 | 6474 |
| Materials | 50 | 2989 | 3039 | 869 | 20 | 889 | 2150 | 1718 | (1347) | 371 | 2521 |
| Bear | 144 |  | 144 | 128 | 1 | 129 | 15 | (2119) | 1146 | (973) | (958) |
| Biotechnology |  | 16166 | 16166 | 4623 | 70 | 4693 | 11473 | (17824) | 68332 | 50508 | 61981 |
| Bull | 1661 | 21223 | 22884 | 9143 | 152 | 9295 | 13589 | 15881 | 23243 | 39124 | 52713 |
| Consumer Staples | 379 | 4169 | 4548 | 1029 | 14 | 1043 | 3505 | (10007) | 5615 | (4392) | (887) |
| Consumer Discretionary |  | 5712 | 5712 | 1848 | 28 | 1876 | 3836 | 322 | (1938) | (1616) | 2220 |
| Dow 30 | 7617 | 15175 | 22792 | 4727 | 108 | 4835 | 17957 | 7176 | (5212) | 1964 | 19921 |
| Emerging Markets | 798 |  | 798 | 1782 | 18 | 1800 | (1002) | 5607 | 13627 | 19234 | 18232 |
| Europe 30 | 746 | 1049 | 1795 | 648 | 4 | 652 | 1143 | 2174 | 4245 | 6419 | 7562 |
| Falling U.S. Dollar | 267 |  | 267 | 481 |  | 481 | (214) | 527 | 1427 | 1954 | 1740 |
| Financials | 3 | 525 | 528 | 777 | 24 | 801 | (273) | 474 | 2464 | 2938 | 2665 |
| Health Care | 4 | 11067 | 11071 | 2423 | 26 | 2449 | 8622 | (4809) | 5232 | 423 | 9045 |
| Industrials |  | 3911 | 3911 | 3376 | 32 | 3408 | 503 | 2912 | 16732 | 19644 | 20147 |
| International | 318 |  | 318 | 261 |  | 261 | 57 | 1597 | 852 | 2449 | 2506 |
| Internet |  | 1806 | 1806 | 6213 | 34 | 6247 | (4441) | 9556 | 5913 | 15469 | 11028 |
| Japan | 2169 | 8082 | 10251 | 957 | 14 | 971 | 9280 | 1873 | 1038 | 2911 | 12191 |
| Large-Cap Growth |  | 73789 | 73789 | 17608 | 112 | 17720 | 56069 | 33453 | 45910 | 79363 | 135432 |
| Large-Cap Value | 2512 | 47886 | 50398 | 8533 | 73 | 8606 | 41792 | 8729 | (16724) | (7995) | 33797 |
| Mid-Cap | 3253 |  | 3253 | 2263 | 39 | 2302 | 951 | (650) | 1213 | 563 | 1514 |
| Mid-Cap Growth |  | 17951 | 17951 | 5112 | 10 | 5122 | 12829 | (3140) | (4487) | (7627) | 5202 |
| Mid-Cap Value | 219 | 6275 | 6494 | 1921 | 28 | 1949 | 4545 | 21 | (2027) | (2006) | 2539 |
| Government Money Market | 65027 |  | 65027 | 47451 | 1223 | 48674 | 16353 |  |  |  | 16353 |
| Energy | 4609 | 25721 | 30330 | 5611 | 72 | 5683 | 24647 | 1111 | (19992) | (18881) | 5766 |
| NASDAQ-100 | 1163 | 20322 | 21485 | 7840 | 170 | 8010 | 13475 | 8085 | 19550 | 27635 | 41110 |
| Pharmaceuticals | 113 |  | 113 | 921 | 6 | 927 | (814) | (343) | 14219 | 13876 | 13062 |
| Precious Metals | 10047 |  | 10047 | 14313 | 221 | 14534 | (4487) | 149845 | 285526 | 435371 | 430884 |
| Real Estate | 838 |  | 838 | 1484 | 25 | 1509 | (671) | (3076) | 3073 | (3) | (674) |
| Rising Rates Opportunity | 8 | 14 | 22 | 10 | 14 | 24 | (2) | (448) | 429 | (19) | (21) |
| Semiconductor |  | 190802 | 190802 | 11591 | 90 | 11681 | 179121 | (8751) | (41529) | (50280) | 128841 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Statements of Operations**

**Year Ended December 31, 2025**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Dividend**<br>**Income (a)** |<br>**Capital Gains**<br>**Distributions (b)** | **Total**<br>**Investment**<br>**Income**<br>**(c)=(a+b)** | **Administrative**<br>**Expense and**<br>**Mortality and**<br>**Expense Risk (d)** |<br>**Contract**<br>**Maintenance**<br>**Charge (e)** |<br>**Total**<br>**Expenses**<br>**(f)=(d+e)** |<br>**Net Investment**<br>**Income (Loss)**<br>**(g)=(c-f)** |<br>**Net Realized**<br>**Gain (Loss) on**<br>**Investments (h)** | **Change in Net**<br>**Unrealized Appreciation**<br>**(Depreciation) on**<br>**Investments (i)** | **Realized and Change**<br>**in Unrealized Gains**<br> **(Losses) on Investments**<br>**(j)=(h+i)** | **Net Increase (Decrease)**<br>**in Net Assets**<br>**Resulting from Operations**<br>**(k)=(g+j)** |
| Short Dow 30 | 30 |  | 30 | 54 |  | 54 | (24) | (96) | (517) | (613) | (637) |
| Short Emerging Markets |  |  |  |  |  |  |  |  |  |  |  |
| Short International | 37 |  | 37 | 124 | 1 | 125 | (88) | (398) | (1268) | (1666) | (1754) |
| Short Mid-Cap | 29 |  | 29 | 54 |  | 54 | (25) | (27) | (688) | (715) | (740) |
| Short NASDAQ-100 |  |  |  |  |  |  |  |  |  |  |  |
| Short Small-Cap | 55 |  | 55 | 38 | 1 | 39 | 16 | (10) | (197) | (207) | (191) |
| Small-Cap | 920 |  | 920 | 2345 | 37 | 2382 | (1462) | (3662) | 11817 | 8155 | 6693 |
| Small-Cap Growth |  | 9047 | 9047 | 3120 | 24 | 3144 | 5903 | 118 | (4485) | (4367) | 1536 |
| Small-Cap Value | 263 | 3366 | 3629 | 1981 | 48 | 2029 | 1600 | (1244) | 467 | (777) | 823 |
| Technology |  | 56374 | 56374 | 6284 | 119 | 6403 | 49971 | 8442 | (10984) | (2542) | 47429 |
| Communication Services |  |  |  | 140 |  | 140 | (140) | 66 | 1389 | 1455 | 1315 |
| U.S. Government Plus | 1744 |  | 1744 | 1133 | 8 | 1141 | 603 | (5443) | 4466 | (977) | (374) |
| UltraBull | 9723 | 175687 | 185410 | 28818 | 129 | 28947 | 156463 | 21010 | 85979 | 106989 | 263452 |
| UltraMid-Cap | 4414 |  | 4414 | 11311 | 32 | 11343 | (6929) | (6381) | 11001 | 4620 | (2309) |
| UltraNASDAQ-100 | 1853 | 81386 | 83239 | 23597 | 170 | 23767 | 59472 | 92902 | 37992 | 130894 | 190366 |
| UltraShort Dow 30 |  |  |  | 2 | 30 | 32 | (32) | (80) | 65 | (15) | (47) |
| UltraShort NASDAQ-100 |  |  |  |  | 30 | 30 | (30) | (73) | 73 |  | (30) |
| UltraSmall-Cap | 1339 |  | 1339 | 3381 | 12 | 3393 | (2054) | 838 | 13396 | 14234 | 12180 |
| Utilities | 507 | 16 | 523 | 987 | 25 | 1012 | (489) | 1410 | 4027 | 5437 | 4948 |
| VanEck Worldwide Insurance Trust |  |  |  |  |  |  |  |  |  |  |  |
| Global Resources Fund | 121328 |  | 121328 | 64829 | 1002 | 65831 | 55497 | 141815 | 1263656 | 1405471 | 1460968 |
| Emerging Markets Fund | 4908 |  | 4908 | 8182 | 146 | 8328 | (3420) | (72116) | 245238 | 173122 | 169702 |
| Emerging Markets Bond Fund | 19413 |  | 19413 | 4785 | 117 | 4902 | 14511 | 860 | 38494 | 39354 | 53865 |
| Janus Henderson Series |  |  |  |  |  |  |  |  |  |  |  |
| Global Technology and Innovation Portfolio |  | 2267867 | 2267867 | 313839 | 816 | 314655 | 1953212 | 1723085 | 1654332 | 3377417 | 5330629 |
| Overseas Portfolio | 19752 |  | 19752 | 18759 | 70 | 18829 | 923 | 54459 | 296215 | 350674 | 351597 |
| Research Portfolio |  | 7140 | 7140 | 1153 | 13 | 1166 | 5974 | 3115 | 4710 | 7825 | 13799 |
| Enterprise Services Portfolio | 17306 | 3083875 | 3101181 | 463856 | 1502 | 465358 | 2635823 | (176538) | (278396) | (454934) | 2180889 |
| Global Research Portfolio | 19070 | 393661 | 412731 | 57552 | 165 | 57717 | 355014 | 158988 | 260343 | 419331 | 774345 |
| Mid Cap Value Portfolio | 32738 | 487966 | 520704 | 62640 | 218 | 62858 | 457846 | (10349) | (211789) | (222138) | 235708 |
| Balanced Portfolio | 1472844 | 2627589 | 4100433 | 1104959 | 2884 | 1107843 | 2992590 | 3076585 | 4665366 | 7741951 | 10734541 |
| Flexible Bond Portfolio | 250476 |  | 250476 | 74468 | 236 | 74704 | 175772 | (481825) | 648588 | 166763 | 342535 |
| Forty Portfolio | 2 | 91199 | 91201 | 8810 | 2 | 8812 | 82389 | 6055 | 34062 | 40117 | 122506 |
| PIMCO Variable Insurance Trust |  |  |  |  |  |  |  |  |  |  |  |
| Total Return Portfolio | 1339207 |  | 1339207 | 440262 | 3893 | 444155 | 895052 | (1160379) | 2624043 | 1463664 | 2358716 |
| Low Duration Portfolio | 944452 |  | 944452 | 319699 | 1721 | 321420 | 623032 | (272859) | 629381 | 356522 | 979554 |
| High Yield Portfolio | 902213 |  | 902213 | 191703 | 1244 | 192947 | 709266 | (58659) | 351307 | 292648 | 1001914 |
| Real Return Portfolio | 593502 |  | 593502 | 241068 | 1581 | 242649 | 350853 | (420026) | 1218166 | 798140 | 1148993 |
| All Asset Portfolio | 120307 |  | 120307 | 34797 | 331 | 35128 | 85179 | (85071) | 318537 | 233466 | 318645 |
| Global Managed Asset Allocation Portfolio | 50946 |  | 50946 | 15717 | 19 | 15736 | 35210 | (8160) | 193336 | 185176 | 220386 |
| Short-Term Portfolio | 1513338 |  | 1513338 | 448775 | 2754 | 451529 | 1061809 | 210482 | (179738) | 30744 | 1092553 |
| Emerging Markets Bond Portfolio | 93492 |  | 93492 | 17502 | 39 | 17541 | 75951 | (66368) | 161186 | 94818 | 170769 |
| Global Bond Opportunities Portfolio | 3714 |  | 3714 | 1134 |  | 1134 | 2580 | (380) | 6578 | 6198 | 8778 |
| Commodity Real Return Strategy Portfolio | 141628 |  | 141628 | 66701 | 417 | 67118 | 74510 | (512808) | 1281576 | 768768 | 843278 |
| International Bond (USD-Hedged) Portfolio | 70931 |  | 70931 | 27038 | 75 | 27113 | 43818 | (31027) | 38505 | 7478 | 51296 |
| Dynamic Bond Adv Portfolio | 104208 |  | 104208 | 24703 | 142 | 24845 | 79363 | 11526 | 31886 | 43412 | 122775 |
| Income Advisor Portfolio | 1480666 |  | 1480666 | 385125 | 1055 | 386180 | 1094486 | (358233) | 1679031 | 1320798 | 2415284 |
| StocksPLUS Global Portfolio | 54217 |  | 54217 | 14942 | 13 | 14955 | 39262 | 19002 | 239690 | 258692 | 297954 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Statements of Operations**

**Year Ended December 31, 2025**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Dividend**<br>**Income (a)** |<br>**Capital Gains**<br>**Distributions (b)** | **Total**<br>**Investment**<br>**Income**<br>**(c)=(a+b)** | **Administrative**<br>**Expense and**<br>**Mortality and**<br>**Expense Risk (d)** |<br>**Contract**<br>**Maintenance**<br>**Charge (e)** |<br>**Total**<br>**Expenses**<br>**(f)=(d+e)** |<br>**Net Investment**<br>**Income (Loss)**<br>**(g)=(c-f)** |<br>**Net Realized**<br>**Gain (Loss) on**<br>**Investments (h)** | **Change in Net**<br>**Unrealized Appreciation**<br>**(Depreciation) on**<br>**Investments (i)** | **Realized and Change**<br>**in Unrealized Gains**<br> **(Losses) on Investments**<br>**(j)=(h+i)** | **Net Increase (Decrease)**<br>**in Net Assets**<br>**Resulting from Operations**<br>**(k)=(g+j)** |
| Global Diversified Allocation Advisor Portfolio | 128 |  | 128 | 38 |  | 38 | 90 | 1 | 290 | 291 | 381 |
| Goldman Sachs Variable Insurance Trust |  |  |  |  |  |  |  |  |  |  |  |
| Small Cap Equity Insights Fund | 10174 | 115784 | 125958 | 20716 | 232 | 20948 | 105010 | 19500 | 64899 | 84399 | 189409 |
| Large Cap Value Fund | 2913 | 36229 | 39142 | 3718 | 41 | 3759 | 35383 | (510) | (12651) | (13161) | 22222 |
| Mid Cap Value Fund | 31675 | 287179 | 318854 | 35109 | 734 | 35843 | 283011 | 19856 | (92750) | (72894) | 210117 |
| Neuberger Berman Advisors Management Trust |  |  |  |  |  |  |  |  |  |  |  |
| Mid-Cap Growth Portfolio |  | 75684 | 75684 | 7838 | 94 | 7932 | 67752 | 5637 | (51487) | (45850) | 21902 |
| AMT Mid Cap Intrinsic Value Portfolio | 562 | 13191 | 13753 | 1811 | 44 | 1855 | 11898 | (1912) | 1766 | (146) | 11752 |
| BNY Mellon Variable Investment Fund |  |  |  |  |  |  |  |  |  |  |  |
| Appreciation Portfolio | 344 | 32559 | 32903 | 5671 | 105 | 5776 | 27127 | (4272) | (7588) | (11860) | 15267 |
| Sustainable U.S. Equity Portfolio | 15 | 2103 | 2118 | 458 | 8 | 466 | 1652 | 905 | 559 | 1464 | 3116 |
| Morgan Stanley Variable Institutional Funds |  |  |  |  |  |  |  |  |  |  |  |
| Emerging Markets Debt Portfolio | 1928 |  | 1928 | 365 | 17 | 382 | 1546 | (594) | 554 | (40) | 1506 |
| Emerging Markets Equity Portfolio | 385 | 3652 | 4037 | 2316 | 32 | 2348 | 1689 | 727 | 26341 | 27068 | 28757 |
| Discovery Portfolio | 208 |  | 208 | 1275 | 3 | 1278 | (1070) | (6919) | 12864 | 5945 | 4875 |
| Northern Lights Variable Trust |  |  |  |  |  |  |  |  |  |  |  |
| Power Dividend Index Fund | 3982 |  | 3982 | 4369 | 20 | 4389 | (407) | 75671 | (15150) | 60521 | 60114 |
| AB Variable Products Series |  |  |  |  |  |  |  |  |  |  |  |
| Dynamic Asset Allocation Portfolio | 41374 |  | 41374 | 34302 | 57 | 34359 | 7015 | (67341) | 348990 | 281649 | 288664 |
| Small Cap Growth Portfolio |  |  |  | 296 |  | 296 | (296) | (609) | 1600 | 991 | 695 |
| Discovery Value Portfolio | 35464 | 669172 | 704636 | 79037 | 201 | 79238 | 625398 | (34830) | (530379) | (565209) | 60189 |
| BlackRock Variable Series Fund, Inc. |  |  |  |  |  |  |  |  |  |  |  |
| Basic Value Fund | 70771 | 488019 | 558790 | 49056 | 118 | 49174 | 509616 | 35022 | 249134 | 284156 | 793772 |
| Capital Appreciation Fund |  | 44281 | 44281 | 4551 | 9 | 4560 | 39721 | (38058) | 25193 | (12865) | 26856 |
| Equity Dividend Fund | 510682 | 2303909 | 2814591 | 319426 | 967 | 320393 | 2494198 | (121752) | 2148879 | 2027127 | 4521325 |
| Global Allocation Fund | 467829 | 1145493 | 1613322 | 147361 | 545 | 147906 | 1465416 | (195911) | 617725 | 421814 | 1887230 |
| Advantage Large Cap Core Fund | 998 | 48965 | 49963 | 5741 | 37 | 5778 | 44185 | 11992 | 17128 | 29120 | 73305 |
| Large Cap Focus Growth Fund |  | 2748668 | 2748668 | 211439 | 420 | 211859 | 2536809 | 1216503 | (2141832) | (925329) | 1611480 |
| 60/40 Target Allocation ETF Fund | 188384 | 329244 | 517628 | 108479 | 327 | 108806 | 408822 | 67369 | 631284 | 698653 | 1107475 |
| Total Return Fund | 76736 | 2080 | 78816 | 23874 |  | 23874 | 54942 | (46382) | 104683 | 58301 | 113243 |
| S&P 500 Fund | 18764 | 120713 | 139477 | 26164 |  | 26164 | 113313 | 99509 | 108134 | 207643 | 320956 |
| Columbia Variable Portfolio |  |  |  |  |  |  |  |  |  |  |  |
| Contrarian Core 2 Portfolio |  |  |  | 212452 | 469 | 212921 | (212921) | 1535467 | 1287015 | 2822482 | 2609561 |
| Dividend Opportunity Portfolio |  |  |  | 106436 | 215 | 106651 | (106651) | 632069 | 622127 | 1254196 | 1147545 |
| Emerging Markets Bond Portfolio | 154370 |  | 154370 | 39961 | 328 | 40289 | 114081 | (220276) | 434120 | 213844 | 327925 |
| High Yield Portfolio | 394852 |  | 394852 | 98525 | 407 | 98932 | 295920 | 32842 | 165128 | 197970 | 493890 |
| Select Large-Cap Value Portfolio |  |  |  | 166190 | 358 | 166548 | (166548) | 727605 | 2563024 | 3290629 | 3124081 |
| Seligman Global Tech Portfolio |  | 2351047 | 2351047 | 273402 | 762 | 274164 | 2076883 | 2116146 | 2434899 | 4551045 | 6627928 |
| US Government Mortgage Portfolio | 24612 |  | 24612 | 15472 | 27 | 15499 | 9113 | (53745) | 125260 | 71515 | 80628 |
| Strategic Income Portfolio | 91281 |  | 91281 | 25637 | 50 | 25687 | 65594 | (24695) | 74465 | 49770 | 115364 |
| Emerging Markets Portfolio | 289 |  | 289 | 5848 | 4 | 5852 | (5563) | (36970) | 160445 | 123475 | 117912 |
| Select Mid Cap Value Portfolio |  |  |  | 23223 | 34 | 23257 | (23257) | 42098 | 207930 | 250028 | 226771 |
| Small Cap Value Portfolio | 20071 | 345598 | 365669 | 24495 | 60 | 24555 | 341114 | (13268) | (10010) | (23278) | 317836 |
| DWS Variable Insurance Portfolios |  |  |  |  |  |  |  |  |  |  |  |
| Equity 500 Index Portfolio | 499291 | 5840412 | 6339703 | 891261 | 1904 | 893165 | 5446538 | 1935456 | 2944523 | 4879979 | 10326517 |
| Small Cap Index Portfolio | 79553 | 439306 | 518859 | 100907 | 238 | 101145 | 417714 | (350168) | 837387 | 487219 | 904933 |
| Alternative Asset Allocation Portfolio | 36042 |  | 36042 | 11703 | 35 | 11738 | 24304 | 604 | 49485 | 50089 | 74393 |
| Small Mid Cap Value Portfolio | 16796 | 330839 | 347635 | 36580 | 174 | 36754 | 310881 | 238896 | (120552) | 118344 | 429225 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Statements of Operations**

**Year Ended December 31, 2025**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Dividend**<br>**Income (a)** |<br>**Capital Gains**<br>**Distributions (b)** | **Total**<br>**Investment**<br>**Income**<br>**(c)=(a+b)** | **Administrative**<br>**Expense and**<br>**Mortality and**<br>**Expense Risk (d)** |<br>**Contract**<br>**Maintenance**<br>**Charge (e)** |<br>**Total**<br>**Expenses**<br>**(f)=(d+e)** |<br>**Net Investment**<br>**Income (Loss)**<br>**(g)=(c-f)** |<br>**Net Realized**<br>**Gain (Loss) on**<br>**Investments (h)** | **Change in Net**<br>**Unrealized Appreciation**<br>**(Depreciation) on**<br>**Investments (i)** | **Realized and Change**<br>**in Unrealized Gains**<br> **(Losses) on Investments**<br>**(j)=(h+i)** | **Net Increase (Decrease)**<br>**in Net Assets**<br>**Resulting from Operations**<br>**(k)=(g+j)** |
| Eaton Vance Variable Trust |  |  |  |  |  |  |  |  |  |  |  |
| Floating Rate Income Portfolio | 1358913 |  | 1358913 | 259875 | 1304 | 261179 | 1097734 | (286760) | (295447) | (582207) | 515527 |
| Franklin Templeton Variable Insurance Products Trust |  |  |  |  |  |  |  |  |  |  |  |
| Mutual Shares Fund | 76501 | 376922 | 453423 | 49724 | 254 | 49978 | 403445 | 5990 | (52791) | (46801) | 356644 |
| Income Fund | 1243917 | 261466 | 1505383 | 325359 | 1158 | 326517 | 1178866 | (495740) | 1932968 | 1437228 | 2616094 |
| Global Bond Fund |  |  |  | 222838 | 1368 | 224206 | (224206) | (1130114) | 3698889 | 2568775 | 2344569 |
| Foreign Fund | 746149 | 2083410 | 2829559 | 405878 | 2250 | 408128 | 2421431 | 877312 | 4467584 | 5344896 | 7766327 |
| Developing Markets Fund | 13403 | 41828 | 55231 | 32215 | 194 | 32409 | 22822 | 67868 | 810790 | 878658 | 901480 |
| Mutual Global Discovery Fund | 72307 | 400802 | 473109 | 50931 | 165 | 51096 | 422013 | 191247 | 155872 | 347119 | 769132 |
| Rising Dividends Fund | 236706 | 2835839 | 3072545 | 375379 | 1009 | 376388 | 2696157 | 115732 | 31282 | 147014 | 2843171 |
| DynaTech 2 Fund |  |  |  | 113576 | 458 | 114034 | (114034) | 696543 | 875471 | 1572014 | 1457980 |
| Global Real Estate Fund | 2551 |  | 2551 | 2020 | 5 | 2025 | 526 | 1076 | 7714 | 8790 | 9316 |
| VolSmart Allocation Fund | 2219 | 16109 | 18328 | 1246 |  | 1246 | 17082 | 32299 | (5731) | 26568 | 43650 |
| Nomura Variable Insurance Portfolio |  |  |  |  |  |  |  |  |  |  |  |
| Asset Strategy Portfolio | 27011 | 145027 | 172038 | 28900 | 190 | 29090 | 142948 | 39964 | 126363 | 166327 | 309275 |
| Balanced Portfolio | 71774 | 217267 | 289041 | 74275 | 434 | 74709 | 214332 | (231595) | 575567 | 343972 | 558304 |
| Energy Portfolio | 9656 |  | 9656 | 10944 | 55 | 10999 | (1343) | 78404 | 9190 | 87594 | 86251 |
| Natural Resources Portfolio |  |  |  | 6168 | 9 | 6177 | (6177) | 54305 | 101500 | 155805 | 149628 |
| Growth Portfolio |  | 488806 | 488806 | 35976 | 103 | 36079 | 452727 | (104333) | (161213) | (265546) | 187181 |
| High Income Portfolio | 520181 | 2902 | 523083 | 100439 | 636 | 101075 | 422008 | (185929) | 193879 | 7950 | 429958 |
| International Core Equity Portfolio | 33591 | 297613 | 331204 | 76081 | 291 | 76372 | 254832 | 326933 | 651822 | 978755 | 1233587 |
| Global Growth Portfolio | 3050 | 163769 | 166819 | 19921 | 68 | 19989 | 146830 | 30415 | 57802 | 88217 | 235047 |
| Mid Cap Growth Portfolio |  | 1400017 | 1400017 | 79349 | 188 | 79537 | 1320480 | (1107757) | (194068) | (1301825) | 18655 |
| Science and Technology Portfolio |  | 2178529 | 2178529 | 187370 | 434 | 187804 | 1990725 | (307062) | 2503624 | 2196562 | 4187287 |
| Small Cap Growth Portfolio |  |  |  | 41505 | 193 | 41698 | (41698) | (506139) | 905850 | 399711 | 358013 |
| SMID Cap Core Portfolio | 10522 | 308398 | 318920 | 90800 | 378 | 91178 | 227742 | 87909 | 155340 | 243249 | 470991 |
| Total Return Portfolio | 2510 | 5045 | 7555 | 1249 | 14 | 1263 | 6292 | 404 | 3335 | 3739 | 10031 |
| Opportunity Portfolio | 31474 | 207245 | 238719 | 75962 | 466 | 76428 | 162291 | 475206 | (243503) | 231703 | 393994 |
| Lazard Retirement Series, Inc. |  |  |  |  |  |  |  |  |  |  |  |
| International Equity Portfolio | 58397 | 106682 | 165079 | 29007 | 132 | 29139 | 135940 | 363506 | 138892 | 502398 | 638338 |
| Global Dynamic Multi Asset Portfolio | 5042 | 12744 | 17786 | 6307 | 46 | 6353 | 11433 | 30631 | 28925 | 59556 | 70989 |
| Legg Mason Partners Variable Equity Trust |  |  |  |  |  |  |  |  |  |  |  |
| Western Asset Variable Global High Yield Bond Portfolio | 114236 | 803 | 115039 | 24084 | 177 | 24261 | 90778 | 5759 | 61314 | 67073 | 157851 |
| ClearBridge Variable Mid Cap Portfolio | 1540 | 1015014 | 1016554 | 194383 | 468 | 194851 | 821703 | (263012) | (123383) | (386395) | 435308 |
| ClearBridge Variable Dividend Strategy Portfolio | 606677 | 4335213 | 4941890 | 421887 | 1195 | 423082 | 4518808 | (629742) | (490078) | (1119820) | 3398988 |
| ClearBridge Variable Small Cap Growth Portfolio |  | 659251 | 659251 | 114250 | 316 | 114566 | 544685 | (19741) | 124723 | 104982 | 649667 |
| ClearBridge Variable Growth Portfolio |  | 120895 | 120895 | 10003 | 8 | 10011 | 110884 | (232808) | 204496 | (28312) | 82572 |
| Western Asset Variable Core Bond Plus Portfolio | 2379936 |  | 2379936 | 748650 | 3429 | 752079 | 1627857 | (3443371) | 5462446 | 2019075 | 3646932 |
| ClearBridge Variable Large Cap Growth Portfolio |  | 1997319 | 1997319 | 372216 | 1501 | 373717 | 1623602 | 1636301 | (1226382) | 409919 | 2033521 |
| Victory Pioneer Variable Contracts Trust |  |  |  |  |  |  |  |  |  |  |  |
| Fund Portfolio | 7201 | 425346 | 432547 | 40929 | 74 | 41003 | 391544 | 298452 | (57793) | 240659 | 632203 |
| Bond Portfolio | 1905020 |  | 1905020 | 573275 | 2727 | 576002 | 1329018 | (1016988) | 2931573 | 1914585 | 3243603 |
| Strategic Income Portfolio | 400813 |  | 400813 | 119541 | 599 | 120140 | 280673 | (207597) | 749277 | 541680 | 822353 |
| Equity Income Portfolio | 200902 | 1487351 | 1688253 | 131430 | 449 | 131879 | 1556374 | (551244) | (50510) | (601754) | 954620 |
| High Yield Portfolio | 29625 |  | 29625 | 6891 | 55 | 6946 | 22679 | (7675) | 17203 | 9528 | 32207 |
| Prudential Series Funds |  |  |  |  |  |  |  |  |  |  |  |
| Natural Resources Portfolio |  |  |  | 1987 | 4 | 1991 | (1991) | 57445 | (90460) | (33015) | (35006) |
| Mid-Cap Growth Portfolio |  |  |  | 504 | 3 | 507 | (507) | 18597 | (58692) | (40095) | (40602) |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Statements of Operations**

**Year Ended December 31, 2025**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Dividend**<br>**Income (a)** |<br>**Capital Gains**<br>**Distributions (b)** | **Total**<br>**Investment**<br>**Income**<br>**(c)=(a+b)** | **Administrative**<br>**Expense and**<br>**Mortality and**<br>**Expense Risk (d)** |<br>**Contract**<br>**Maintenance**<br>**Charge (e)** |<br>**Total**<br>**Expenses**<br>**(f)=(d+e)** |<br>**Net Investment**<br>**Income (Loss)**<br>**(g)=(c-f)** |<br>**Net Realized**<br>**Gain (Loss) on**<br>**Investments (h)** | **Change in Net**<br>**Unrealized Appreciation**<br>**(Depreciation) on**<br>**Investments (i)** | **Realized and Change**<br>**in Unrealized Gains**<br> **(Losses) on Investments**<br>**(j)=(h+i)** | **Net Increase (Decrease)**<br>**in Net Assets**<br>**Resulting from Operations**<br>**(k)=(g+j)** |
| PGIM Jennison Blend Portfolio |  |  |  | 13084 | 44 | 13128 | (13128) | 37641 | 203156 | 240797 | 227669 |
| PGIM Jennison Growth II Portfolio |  |  |  | 1135 | 7 | 1142 | (1142) | 10539 | 24325 | 34864 | 33722 |
| Royce Capital Fund |  |  |  |  |  |  |  |  |  |  |  |
| Micro-Cap Portfolio |  | 30423 | 30423 | 2624 | 9 | 2633 | 27790 | (20052) | 14824 | (5228) | 22562 |
| Small Cap Portfolio | 137740 | 550555 | 688295 | 97329 | 450 | 97779 | 590516 | 464536 | (474033) | (9497) | 581019 |
| Alps Fund |  |  |  |  |  |  |  |  |  |  |  |
| Alerian Energy Infrastructure Portfolio | 322843 | 824042 | 1146885 | 91327 | 170 | 91497 | 1055388 | 844392 | (1666489) | (822097) | 233291 |
| Global Opportunity Portfolio | 134515 | 31909 | 166424 | 25675 | 24 | 25699 | 140725 | (20424) | (120772) | (141196) | (471) |
| American Funds IS |  |  |  |  |  |  |  |  |  |  |  |
| Asset Allocation Fund | 1553728 | 6165708 | 7719436 | 1118523 | 2557 | 1121080 | 6598356 | 1828717 | 3128110 | 4956827 | 11555183 |
| Washington Mutual Investors Fund | 855492 | 4468667 | 5324159 | 840758 | 1448 | 842206 | 4481953 | 1467143 | 3611822 | 5078965 | 9560918 |
| Ultra-Short Bond Fund | 581141 |  | 581141 | 200170 | 855 | 201025 | 380116 | 59141 | (100161) | (41020) | 339096 |
| Capital Income Builder Fund | 643606 |  | 643606 | 311097 | 489 | 311586 | 332020 | 1812927 | 1968612 | 3781539 | 4113559 |
| Global Growth Fund | 406975 | 4123959 | 4530934 | 422024 | 740 | 422764 | 4108170 | (761948) | 2736901 | 1974953 | 6083123 |
| Capital World Growth and Income Fund | 266594 | 744179 | 1010773 | 261554 | 341 | 261895 | 748878 | (13215) | 3493621 | 3480406 | 4229284 |
| Global Small Capitalization Fund | 11988 | 131300 | 143288 | 77669 | 88 | 77757 | 65531 | (579171) | 1253266 | 674095 | 739626 |
| Growth Fund | 112946 | 7069383 | 7182329 | 1141206 | 1942 | 1143148 | 6039181 | 1995843 | 7194063 | 9189906 | 15229087 |
| Growth-Income Fund | 671071 | 14794087 | 15465158 | 1148865 | 1967 | 1150832 | 14314326 | 1572632 | (2356134) | (783502) | 13530824 |
| International Fund | 111175 |  | 111175 | 122308 | 163 | 122471 | (11296) | (190981) | 2326291 | 2135310 | 2124014 |
| International Growth and Income Fund | 218341 |  | 218341 | 114715 | 285 | 115000 | 103341 | 63572 | 2372429 | 2436001 | 2539342 |
| New World Fund | 303056 | 1418412 | 1721468 | 431324 | 1658 | 432982 | 1288486 | 1624883 | 5110697 | 6735580 | 8024066 |
| U.S. Government Securities Fund | 398735 |  | 398735 | 116947 | 547 | 117494 | 281241 | (69287) | 347114 | 277827 | 559068 |
| Global Balanced Fund | 16328 | 45213 | 61541 | 14266 | 24 | 14290 | 47251 | 9162 | 110638 | 119800 | 167051 |
| The Bond Fd of America Fund | 305436 |  | 305436 | 76921 | 183 | 77104 | 228332 | (4475) | 81066 | 76591 | 304923 |
| T. Rowe Price |  |  |  |  |  |  |  |  |  |  |  |
| Blue Chip Growth Portfolio |  | 7713710 | 7713710 | 1037880 | 2952 | 1040832 | 6672878 | 5700489 | 635312 | 6335801 | 13008679 |
| Health Sciences Portfolio |  | 949564 | 949564 | 350144 | 932 | 351076 | 598488 | (2396525) | 5395840 | 2999315 | 3597803 |
| Equity Income Portfolio | 28901 | 234557 | 263458 | 22063 | 59 | 22122 | 241336 | 12764 | 28945 | 41709 | 283045 |
| Mid-Cap Growth Portfolio |  | 508411 | 508411 | 34540 | 77 | 34617 | 473794 | (35922) | (332441) | (368363) | 105431 |
| John Hancock Variable Insurance Trust |  |  |  |  |  |  |  |  |  |  |  |
| Financial Industries Portfolio | 62727 | 295145 | 357872 | 55278 | 191 | 55469 | 302403 | 261931 | (29212) | 232719 | 535122 |
| Fundamental All Cap Core Portfolio | 316 | 16852 | 17168 | 2356 | 6 | 2362 | 14806 | (14746) | (8282) | (23028) | (8222) |
| Select Bond Portfolio | 16520 |  | 16520 | 4933 | 15 | 4948 | 11572 | (1934) | 12507 | 10573 | 22145 |
| Strategic Income Opportunities Portfolio | 134895 |  | 134895 | 20423 | 27 | 20450 | 114445 | (6267) | (15931) | (22198) | 92247 |
| Federated Hermes |  |  |  |  |  |  |  |  |  |  |  |
| High Income Bond Portfolio | 82188 |  | 82188 | 17691 | 55 | 17746 | 64442 | 4069 | 17922 | 21991 | 86433 |
| Kaufmann Portfolio |  | 560236 | 560236 | 63955 | 234 | 64189 | 496047 | 129850 | (169756) | (39906) | 456141 |
| Managed Volatility Portfolio | 9334 | 6196 | 15530 | 4689 | 22 | 4711 | 10819 | (2108) | 13396 | 11288 | 22107 |
| Principal Variable Contracts |  |  |  |  |  |  |  |  |  |  |  |
| Blue Chip Fund |  |  |  | 7864 | 6 | 7870 | (7870) | 41391 | (248522) | (207131) | (215001) |
| Equity Income Fund |  |  |  | 1735 | 12 | 1747 | (1747) | 32533 | (43595) | (11062) | (12809) |
| Diversified Balance Fund |  |  |  | 10363 | 25 | 10388 | (10388) | 41654 | (53761) | (12107) | (22495) |
| Diversified Growth Fund |  |  |  | 4720 | 5 | 4725 | (4725) | (23548) | 887 | (22661) | (27386) |
| Diversified Income Fund |  |  |  | 569 | 2 | 571 | (571) | (2635) | 3782 | 1147 | 576 |
| Blue Chip PVC 2 Fund |  |  |  | 19644 | 4 | 19648 | (19648) | 9760 | 153445 | 163205 | 143557 |
| Equity Income 2 Fund | 8143 | 48363 | 56506 | 3647 | 26 | 3673 | 52833 | 2123 | 23344 | 25467 | 78300 |
| Diversified Balance 2 Fund | 67559 | 278354 | 345913 | 21215 | 52 | 21267 | 324646 | (1459) | (61141) | (62600) | 262046 |
| Diversified Growth 2 Fund | 27478 | 162815 | 190293 | 8794 | 14 | 8808 | 181485 | (349) | (50986) | (51335) | 130150 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Statements of Operations**

**Year Ended December 31, 2025**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Dividend**<br>**Income (a)** |<br>**Capital Gains**<br>**Distributions (b)** | **Total**<br>**Investment**<br>**Income**<br>**(c)=(a+b)** | **Administrative**<br>**Expense and**<br>**Mortality and**<br>**Expense Risk (d)** |<br>**Contract**<br>**Maintenance**<br>**Charge (e)** |<br>**Total**<br>**Expenses**<br>**(f)=(d+e)** |<br>**Net Investment**<br>**Income (Loss)**<br>**(g)=(c-f)** |<br>**Net Realized**<br>**Gain (Loss) on**<br>**Investments (h)** | **Change in Net**<br>**Unrealized Appreciation**<br>**(Depreciation) on**<br>**Investments (i)** | **Realized and Change**<br>**in Unrealized Gains**<br> **(Losses) on Investments**<br>**(j)=(h+i)** | **Net Increase (Decrease)**<br>**in Net Assets**<br>**Resulting from Operations**<br>**(k)=(g+j)** |
| Diversified Income 2 Fund | 4209 | 7230 | 11439 | 1143 | 8 | 1151 | 10288 | 28 | 1716 | 1744 | 12032 |
| Putnam Variable Trust |  |  |  |  |  |  |  |  |  |  |  |
| Core Equity Fund | 2683 | 56229 | 58912 | 8966 | 45 | 9011 | 49901 | (21216) | 89441 | 68225 | 118126 |
| Emerging Markets Equity Fund | 188 |  | 188 | 527 | 11 | 538 | (350) | 2839 | 6911 | 9750 | 9400 |
| Focused International Equity Fund |  |  |  | 45 |  | 45 | (45) | 1775 | 266 | 2041 | 1996 |
| George Putnam Balanced Fund | 29388 | 76358 | 105746 | 13131 | 11 | 13142 | 92604 | (173316) | 84494 | (88822) | 3782 |
| Global Asset Allocation Fund |  |  |  | 1227 |  | 1227 | (1227) | 80 | 15369 | 15449 | 14222 |
| Global Health Care Fund |  | 6207 | 6207 | 3376 | 18 | 3394 | 2813 | (16255) | 27705 | 11450 | 14263 |
| High Yield Fund | 1003 |  | 1003 | 649 | 1 | 650 | 353 | (1022) | 3953 | 2931 | 3284 |
| International Equity Fund |  | 28 | 28 | 2627 | 2 | 2629 | (2601) | 3537 | 44109 | 47646 | 45045 |
| International Value Fund | 14372 | 10077 | 24449 | 23686 | 49 | 23735 | 714 | 50678 | 422282 | 472960 | 473674 |
| Large Cap Growth Fund |  | 43014 | 43014 | 11281 | 25 | 11306 | 31708 | 12226 | 116854 | 129080 | 160788 |
| Large Cap Value Fund | 62069 | 296909 | 358978 | 83552 | 162 | 83714 | 275264 | 2486 | 1065273 | 1067759 | 1343023 |
| Research Fund | 427 | 4570 | 4997 | 631 |  | 631 | 4366 | 9725 | 2972 | 12697 | 17063 |
| Small Cap Growth Fund | 1340 | 23281 | 24621 | 7340 | 20 | 7360 | 17261 | (592) | 14039 | 13447 | 30708 |
| Small Cap Value Fund | 505 | 6916 | 7421 | 2107 | 9 | 2116 | 5305 | 2229 | 9999 | 12228 | 17533 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Statements of Changes in Net Assets**

**Year Ended December 31, 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>**Surrenders (e)** |<br>**Transfers of**<br>**Death Benefits (f)** |<br>**Transfers**<br>**of Other**<br>**Terminations (g)** |<br>**Interfund and Net**<br>**Transfers (to) from**<br>**General Account (h)** | **Net Increase (Decrease)**<br>**in Net Assets from**<br>**Capital Share Transactions**<br>**(i)=(c+d+e+f+g+h)** | **Total Increase**<br>**(Decrease) in**<br>**Net Assets**<br>**(j)=(b+i)** | **Net Assets**<br>**End of**<br>**Year**<br>**(k)=(a+j)** |
| Fidelity Variable Insurance Products |  |  |  |  |  |  |  |  |  |  |  |
| Government Money Market Portfolio | $7668025 | $193263 | $21662 | $(471) | $(647471) | $(36435) | $(230031) | $(570318) | $(1463064) | $(1269801) | $6398224 |
| High Income Portfolio | 3662317 | 301190 | 28394 | 46 | (465923) | (82918) | (114313) | 7043 | (627671) | (326481) | 3335836 |
| Equity-Income Portfolio | 6260513 | 985752 | 18138 | (49) | (681288) | (150995) | (175823) | (7888) | (997905) | (12153) | 6248360 |
| Growth Portfolio | 9804094 | 1209457 | 28640 | 2053 | (402261) | (72773) | (244640) | (159190) | (848171) | 361286 | 10165380 |
| Overseas Portfolio | 4329761 | 763219 | 34014 | (21) | (470488) | (83327) | (133938) | 3080 | (650680) | 112539 | 4442300 |
| Mid Cap Portfolio | 18682252 | 1832285 | 1571133 | 1608 | (1017041) | (509650) | (722960) | (371347) | (1048257) | 784028 | 19466280 |
| Asset Manager 50% Portfolio | 800057 | 92292 | 112 | (255) | (71452) | (3110) | (58766) | (44) | (133515) | (41223) | 758834 |
| Investment Grade Bond Portfolio | 5835643 | 373949 | 2191490 | (4899) | (509228) | (4537) | (169742) | 608573 | 2111657 | 2485606 | 8321249 |
| Index 500 Portfolio | 23250064 | 3433792 | 60897 | (2410) | (3555408) | (105016) | (490019) | (376560) | (4468516) | (1034724) | 22215340 |
| Contrafund Portfolio | 58344133 | 11624288 | 9543483 | 1694 | (3948355) | (1395376) | (2055507) | (677720) | 1468219 | 13092507 | 71436640 |
| Asset Manager 70% Portfolio | 724205 | 117182 | 23747 | (2243) | (15143) | (12028) | (18248) | (305) | (24220) | 92962 | 817167 |
| Balanced Portfolio | 4052388 | 495801 | 7174 | (475) | (322635) | (11950) | (35309) | 7584 | (355611) | 140190 | 4192578 |
| Growth & Income Portfolio | 1869004 | 353200 | 29215 | (2089) | (215458) | (49853) | (45349) | 101552 | (181982) | 171218 | 2040222 |
| Growth Opportunities Portfolio | 51772320 | 10440886 | 6350965 |  | (3284706) | (1880352) | (2120592) | (600518) | (1535203) | 8905683 | 60678003 |
| Value Strategies Portfolio | 2854342 | 171046 | 239823 | (384) | (311059) | (122884) | (76305) | 632590 | 361781 | 532827 | 3387169 |
| Strategic Income Portfolio | 15578150 | 1179401 | 2864040 |  | (852592) | (757551) | (288778) | 1074464 | 2039583 | 3218984 | 18797134 |
| Emerging Markets Portfolio | 4627407 | 2018073 | 430235 |  | (284969) | (225477) | (130724) | 2784791 | 2573856 | 4591929 | 9219336 |
| Real Estate Portfolio | 14186906 | 226834 | 360892 |  | (1114991) | (553483) | (419163) | (135215) | (1861960) | (1635126) | 12551780 |
| Funds Manager 50% Portfolio | 5414910 | 721935 | 1279896 |  | (193703) | (560139) | (121781) | (114007) | 290266 | 1012201 | 6427111 |
| Funds Manager 70% Portfolio | 4955417 | 809715 | 828744 |  | (218734) | (57078) | (74540) | 256317 | 734709 | 1544424 | 6499841 |
| Funds Manager 85% Portfolio | 2366297 | 355254 | 231994 |  | (67282) | (402014) | (40229) | (42711) | (320242) | 35012 | 2401309 |
| Government Money Market Portfolio Service Class 2 | 96854678 | 2667151 | 709781779 |  | (13361868) | (6196377) | (15120245) | (663733879) | 11369410 | 14036561 | 110891239 |
| International Capital Appreciation Portfolio | 5776536 | 978646 | 1530475 |  | (255496) | (54766) | (214506) | 112030 | 1117737 | 2096383 | 7872919 |
| Energy Portfolio | 760713 | 113228 | 439718 |  | (7175) | (58626) | (38585) | 306310 | 641642 | 754870 | 1515583 |
| Lincoln VIP American Century |  |  |  |  |  |  |  |  |  |  |  |
| Balanced Fund | 5429743 | 400378 | 362402 | (29) | (233453) | (215655) | (235768) | (499629) | (822132) | (421754) | 5007989 |
| Capital Appreciation Fund | 2099774 | 136501 | 174587 |  | (336566) | (5322) | (40079) | 954048 | 746668 | 883169 | 2982943 |
| International Fund | 2217407 | 299100 | 6290 | 154 | (458013) | (9268) | (58550) | 251684 | (267703) | 31397 | 2248804 |
| Value Fund | 72039933 | 9306686 | 590390 | 131 | (4793425) | (4628023) | (2337787) | (2407001) | (13575715) | (4269029) | 67770904 |
| Disciplined Core Value Fund | 5488611 | 682156 | 496435 | (1) | (408846) | (336340) | (152508) | (160181) | (561441) | 120715 | 5609326 |
| Inflation Protection Fund | 6092868 | 287681 | 95711 | 693 | (321841) | (221775) | (207381) | (150853) | (805446) | (517765) | 5575103 |
| Large Company Value Fund | 802753 | 58914 | 14172 |  | (191368) | (6104) | (19391) | (37017) | (239708) | (180794) | 621959 |
| Mid Cap Value Fund | 33399619 | 2306713 | 766990 |  | (1977162) | (1740528) | (954971) | (586338) | (4492009) | (2185296) | 31214323 |
| Ultra Fund | 12576796 | 1231887 | 695822 |  | (964959) | (321452) | (374787) | (1172114) | (2137490) | (905603) | 11671193 |
| MFS Variable Insurance Trust |  |  |  |  |  |  |  |  |  |  |  |
| Research Series | 338275 | 30419 | 69 |  | (27302) |  | (5549) | (38627) | (71409) | (40990) | 297285 |
| Growth Series | 1951071 | 195860 | 4962 | (56) | (181436) | (4561) | (19491) | (250) | (200832) | (4972) | 1946099 |
| Investors Trust Series | 300365 | 34149 | 269 |  | (12170) |  | (5036) | 631 | (16306) | 17843 | 318208 |
| New Discovery Series | 6963470 | 715262 | 409086 |  | (306891) | (16154) | (236423) | (625727) | (776109) | (60847) | 6902623 |
| Corporate Bond Portfolio | 4668115 | 262906 | 262227 |  | (216107) | (274503) | (151599) | (61117) | (441099) | (178193) | 4489922 |
| Emerging Markets Equity Portfolio | 5027270 | 1457363 | 604818 |  | (601604) | (329182) | (139080) | (311917) | (776965) | 680398 | 5707668 |
| Technology Portfolio | 14247575 | 2008882 | 3605434 |  | (900476) | (242185) | (327421) | (2156983) | (21631) | 1987251 | 16234826 |
| Global Tactical Allocation Portfolio | 942223 | 129260 | 61994 |  | (55349) | (8667) | (45731) | 36671 | (11082) | 118178 | 1060401 |
| International Intrinsic Value Portfolio | 13578210 | 4066264 | 1622553 |  | (1542568) | (833015) | (460745) | (300373) | (1514148) | 2552116 | 16130326 |
| Utilities Series Portfolio | 13518372 | 1841669 | 1912647 |  | (1064498) | (384058) | (614964) | 741591 | 590718 | 2432387 | 15950759 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Statements of Changes in Net Assets**

**Year Ended December 31, 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>**Surrenders (e)** |<br>**Transfers of**<br>**Death Benefits (f)** |<br>**Transfers**<br>**of Other**<br>**Terminations (g)** |<br>**Interfund and Net**<br>**Transfers (to) from**<br>**General Account (h)** | **Net Increase (Decrease)**<br>**in Net Assets from**<br>**Capital Share Transactions**<br>**(i)=(c+d+e+f+g+h)** | **Total Increase**<br>**(Decrease) in**<br>**Net Assets**<br>**(j)=(b+i)** | **Net Assets**<br>**End of**<br>**Year**<br>**(k)=(a+j)** |
| Blended Research Core Equity Portfolio | 6446488 | 822263 | 261099 |  | (211592) | (329455) | (101180) | (924906) | (1306034) | (483771) | 5962717 |
| Global Real Estate Portfolio | 887152 | 16264 | 8232 |  | (57896) |  | (60014) | (6403) | (116081) | (99817) | 787335 |
| Lord Abbett Series Fund, Inc. |  |  |  |  |  |  |  |  |  |  |  |
| Growth & Income Portfolio | 1477049 | 214760 | 3987 |  | (84758) | (24134) | (61824) | 3185 | (163544) | 51216 | 1528265 |
| Mid-Cap Stock Portfolio | 1410132 | 67092 | 6680 | 40 | (143560) | (15316) | (54875) | 23398 | (183633) | (116541) | 1293591 |
| Bond-Debenture Portfolio | 23566218 | 1561329 | 1484600 |  | (1077141) | (1251374) | (806940) | 121083 | (1529772) | 31557 | 23597775 |
| Fundamental Equity Portfolio | 2037168 | 226366 | 10642 |  | (112385) | (121268) | (75347) | 19943 | (278415) | (52049) | 1985119 |
| Developing Growth Portfolio | 3812869 | 410960 | 27604 |  | (182493) | (303834) | (106637) | (111791) | (677151) | (266191) | 3546678 |
| Short Duration Income Portfolio | 15388616 | 695649 | 2910698 |  | (895875) | (716169) | (550800) | 223010 | 970864 | 1666513 | 17055129 |
| Alger Fund |  |  |  |  |  |  |  |  |  |  |  |
| LargeCap Growth Portfolio | 4823835 | 1313521 | 16364 | 2247 | (422742) | (56295) | (109253) | (308153) | (877832) | 435689 | 5259524 |
| MidCap Growth Portfolio | 3571120 | 504704 | 13695 | 116 | (374583) | (19636) | (94155) | (80574) | (555137) | (50433) | 3520687 |
| Capital Appreciation Portfolio | 3934345 | 1327705 | 35447 |  | (453883) | (3675) | (59275) | 176191 | (305195) | 1022510 | 4956855 |
| SmallCap Growth Portfolio | 546566 | 23180 | 3425 |  | (22181) |  | (11590) | 2250 | (28096) | (4916) | 541650 |
| Capital Appreciation Portfolio Class S | 43426046 | 12188418 | 2269894 |  | (3491812) | (2767833) | (1737250) | (1014672) | (6741673) | 5446745 | 48872791 |
| Calvert Variable Series, Inc. |  |  |  |  |  |  |  |  |  |  |  |
| Mid Cap Growth Portfolio | 2318628 | 4728 | 193272 |  | (108146) | (145605) | (35010) | 52813 | (42676) | (37948) | 2280680 |
| SRI Balanced Portfolio | 8270060 | 775318 | 535547 |  | (59757) | (49471) | (203065) | (1097748) | (874494) | (99176) | 8170884 |
| Calvert Variable Trust, Inc. |  |  |  |  |  |  |  |  |  |  |  |
| S&P 500 Index Portfolio | 1475552 | 219617 | 12478 |  | (217832) | (36562) | (41536) | (122585) | (406037) | (186420) | 1289132 |
| Invesco Variable Insurance Funds |  |  |  |  |  |  |  |  |  |  |  |
| Technology Fund | 1037497 | 223118 | 3065 | 585 | (151808) | (18619) | (13831) | 68244 | (112364) | 110754 | 1148251 |
| Diversified Dividend Fund | 3380955 | 499578 | 616916 | 677 | (109662) | (18667) | (96809) | (169146) | 223309 | 722887 | 4103842 |
| Health Care Fund | 1110404 | 100034 | 3737 | (34) | (6311) |  | (9995) | (439105) | (451708) | (351674) | 758730 |
| Global Real Estate Fund | 61625 | 3250 | 5180 |  | (2248) | (18070) | (2332) | (5161) | (22631) | (19381) | 42244 |
| International Equity Fund | 193804 | 23959 | 1 |  | (10517) |  | (8008) | 201 | (18323) | 5636 | 199440 |
| Main Street Mid Cap Fund | 174337 | 9586 | 125 |  | (8131) |  | (7310) | (426) | (15742) | (6156) | 168181 |
| Discovery Mid Cap Growth Fund | 6069889 | 224073 | 568893 |  | (454231) | (294976) | (167226) | (65398) | (412938) | (188865) | 5881024 |
| Global Fund | 6728771 | 923102 | 516183 |  | (436762) | (242183) | (173192) | 198768 | (137186) | 785916 | 7514687 |
| Main Street Fund | 9980414 | 1344318 | 573053 |  | (702779) | (205447) | (286495) | (178061) | (799729) | 544589 | 10525003 |
| Main Street Small Cap Fund | 10049232 | 712191 | 1160863 |  | (1579108) | (377012) | (178024) | (181561) | (1154842) | (442651) | 9606581 |
| Balanced-Risk Allocation Fund | 487175 | 36973 | 173100 |  | (6938) | (79) | (5252) | (401) | 160430 | 197403 | 684578 |
| Core Plus Bond Fund | 4227300 | 248950 | 778297 |  | (216739) | (145272) | (147349) | 413087 | 682024 | 930974 | 5158274 |
| Equity and Income Fund | 4568665 | 526477 | 802051 |  | (221624) | (227543) | (108576) | 84858 | 329166 | 855643 | 5424308 |
| Small Cap Equity Fund | 5193646 | 363947 | 1148180 |  | (240704) | (393148) | (118032) | 126343 | 522639 | 886586 | 6080232 |
| Equally Weighted S&P 500 Fund | 7678566 | 1038826 | 3334255 |  | (292366) | (511797) | (311971) | 959554 | 3177675 | 4216501 | 11895067 |
| Growth and Income Fund | 440902 | 50691 |  |  | (11132) |  | (10838) | (14517) | (36487) | 14204 | 455106 |
| American Value Fund | 92126 | 14321 |  |  |  |  | (9275) | 4261 | (5014) | 9307 | 101433 |
| International Growth II Fund | 20895169 | 2891945 | 1434551 |  | (945396) | (1258446) | (669536) | (262115) | (1700942) | 1191003 | 22086172 |
| Lincoln Financial Variable Insurance Portfolios |  |  |  |  |  |  |  |  |  |  |  |
| Core Bond Portfolio | 1181936 | 66215 | 6260 | 370 | (155041) | (8976) | (41381) | 30356 | (168412) | (102197) | 1079739 |
| Small Cap Core Portfolio | 1948320 | 159248 | 13855 | (209) | (276307) | (7195) | (48831) | 109977 | (208710) | (49462) | 1898858 |
| Rydex Variable Trust |  |  |  |  |  |  |  |  |  |  |  |
| Nova Fund | 694533 | 130540 | 795 |  | (71107) |  | (15529) | 12222 | (73619) | 56921 | 751454 |
| NASDAQ-100 Fund | 1129300 | 188311 | 15060 | 715 | (153676) |  | (8350) | 33256 | (112995) | 75316 | 1204616 |
| U.S. Government Money Market Fund | 171941 | 1769 |  |  |  |  | (108064) | 75003 | (33061) | (31292) | 140649 |
| Inverse S&P 500 Strategy Fund | 16299 | (2000) | 12 |  | (458) |  | (78) | 2722 | 2198 | 198 | 16497 |
| Inverse NASDAQ-100 Strategy Fund | 23448 | (3391) | 60 |  | (4177) |  | (6) | (1472) | (5595) | (8986) | 14462 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Statements of Changes in Net Assets**

**Year Ended December 31, 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>**Surrenders (e)** |<br>**Transfers of**<br>**Death Benefits (f)** |<br>**Transfers**<br>**of Other**<br>**Terminations (g)** |<br>**Interfund and Net**<br>**Transfers (to) from**<br>**General Account (h)** | **Net Increase (Decrease)**<br>**in Net Assets from**<br>**Capital Share Transactions**<br>**(i)=(c+d+e+f+g+h)** | **Total Increase**<br>**(Decrease) in**<br>**Net Assets**<br>**(j)=(b+i)** | **Net Assets**<br>**End of**<br>**Year**<br>**(k)=(a+j)** |
| Inverse Government Long Bond Strategy Fund | 2188 | 11 |  |  |  |  | (33) | 84 | 51 | 62 | 2250 |
| Government Long Bond 1.2x Strategy | 61149 | 332 | 1 |  |  |  | (702) | 910 | 209 | 541 | 61690 |
| NASDAQ-100 2x Strategy Fund |  |  |  |  |  |  |  |  |  |  |  |
| Inverse Dow 2x Strategy Fund |  |  |  |  |  |  |  |  |  |  |  |
| Rydex Variable Insurance Funds |  |  |  |  |  |  |  |  |  |  |  |
| Biotechnology Fund | 2524798 | 605524 | 2924 |  | (88656) | (33122) | (164245) | (245675) | (528774) | 76750 | 2601548 |
| S&P 500 Pure Growth Fund | 4348921 | 382145 | 57178 |  | (285375) | (36717) | (193583) | (212132) | (670629) | (288484) | 4060437 |
| S&P MidCap 400 Pure Growth Fund | 1036607 | 59328 | 100 |  | (51169) | (4871) | (37577) | (55851) | (149368) | (90040) | 946567 |
| Guggenheim Variable Insurance Funds |  |  |  |  |  |  |  |  |  |  |  |
| Multi-Hedge Strategies Fund | 922836 | (2720) | 22944 |  | (72076) | (112339) | (19959) | 32320 | (149110) | (151830) | 771006 |
| Global Managed Futures Strategy Fund | 326185 | 5366 | 8418 |  | (30245) | (27681) | (19225) | 62219 | (6514) | (1148) | 325037 |
| New Age Alpha |  |  |  |  |  |  |  |  |  |  |  |
| Small Cap Value Fund | 4223520 | 69814 | 93983 |  | (101772) | (115873) | (196525) | 41746 | (278441) | (208627) | 4014893 |
| ProFunds VP |  |  |  |  |  |  |  |  |  |  |  |
| Profund Access VP High Yield Fund | 24851 | 870 | 1 |  |  |  | (1628) | (922) | (2549) | (1679) | 23172 |
| Asia 30 | 55356 | 11670 | 205 |  | (416) |  | (1425) | (1393) | (3029) | 8641 | 63997 |
| Banks | 107838 | 6474 | 101 |  |  |  | (2136) | (28738) | (30773) | (24299) | 83539 |
| Materials | 50022 | 2521 | 98 |  | (990) |  | (2458) | (27578) | (30928) | (28407) | 21615 |
| Bear | 4994 | (958) |  |  | (2847) |  | (19) | 422 | (2444) | (3402) | 1592 |
| Biotechnology | 188350 | 61981 | 121 |  | (1677) |  | (5019) | 5447 | (1128) | 60853 | 249203 |
| Bull | 449783 | 52713 | 913 |  | (10888) | (5788) | (50546) | (913) | (67222) | (14509) | 435274 |
| Consumer Staples | 61701 | (887) | 124 |  | (20223) |  | (1177) | (2182) | (23458) | (24345) | 37356 |
| Consumer Discretionary | 94341 | 2220 | 6 |  | (2262) |  | (2914) | (911) | (6081) | (3861) | 90480 |
| Dow 30 | 230970 | 19921 | 779 |  | (121) |  | (14464) | (41755) | (55561) | (35640) | 195330 |
| Emerging Markets | 62123 | 18232 | 1 |  | (4692) |  | (5275) | (1) | (9967) | 8265 | 70388 |
| Europe 30 | 29937 | 7562 |  |  |  |  | (3253) | 138 | (3115) | 4447 | 34384 |
| Falling U.S. Dollar | 18271 | 1740 |  |  |  |  | (77) | 12749 | 12672 | 14412 | 32683 |
| Financials | 26520 | 2665 | 100 |  | (257) |  | (2489) | 8398 | 5752 | 8417 | 34937 |
| Health Care | 114538 | 9045 | 1 |  | (197) |  | (4691) | (11405) | (16292) | (7247) | 107291 |
| Industrials | 147295 | 20147 |  |  | (1473) |  | (4349) | 19507 | 13685 | 33832 | 181127 |
| International | 11037 | 2506 | 2 |  |  |  | (1704) | 1 | (1701) | 805 | 11842 |
| Internet | 242767 | 11028 | 4833 |  | (18751) |  | (3346) | (17912) | (35176) | (24148) | 218619 |
| Japan | 47546 | 12191 |  |  |  |  | (1307) | (5645) | (6952) | 5239 | 52785 |
| Large-Cap Growth | 808561 | 135432 | 240 |  | (5438) | (108790) | (40892) | (2748) | (157628) | (22196) | 786365 |
| Large-Cap Value | 402746 | 33797 | 123 |  | (2928) | (62412) | (18693) | 8751 | (75159) | (41362) | 361384 |
| Mid-Cap | 85266 | 1514 | 1 |  | (101) |  | (2799) |  | (2899) | (1385) | 83881 |
| Mid-Cap Growth | 197034 | 5202 | 1 |  | (153) | (941) | (5760) | 163 | (6690) | (1488) | 195546 |
| Mid-Cap Value | 87529 | 2539 | 201 |  | (1526) |  | (3488) | (7577) | (12390) | (9851) | 77678 |
| Government Money Market | 2264154 | 16353 | 3517 |  | (138015) | (130083) | (161775) | (42239) | (468595) | (452242) | 1811912 |
| Energy | 214064 | 5766 | 15588 |  | (21364) |  | (6515) | (30724) | (43015) | (37249) | 176815 |
| NASDAQ-100 | 288754 | 41110 | 1 |  | (1893) |  | (18401) | 5181 | (15112) | 25998 | 314752 |
| Pharmaceuticals | 47542 | 13062 | 125 |  |  |  | (738) | 524 | (89) | 12973 | 60515 |
| Precious Metals | 302533 | 430884 | 10960 |  | (45416) | (237) | (14540) | (20333) | (69566) | 361318 | 663851 |
| Real Estate | 58425 | (674) | 16069 |  | (2148) |  | (997) | (29335) | (16411) | (17085) | 41340 |
| Rising Rates Opportunity | 1758 | (21) |  |  | (1550) |  |  |  | (1550) | (1571) | 187 |
| Semiconductor | 331224 | 128841 | 125 |  | (20006) |  | (11977) | 36991 | 5133 | 133974 | 465198 |
| Short Dow 30 | 1244 | (637) |  |  |  |  |  | 10792 | 10792 | 10155 | 11399 |
| Short Emerging Markets |  |  |  |  |  |  |  |  |  |  |  |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Statements of Changes in Net Assets**

**Year Ended December 31, 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>**Surrenders (e)** |<br>**Transfers of**<br>**Death Benefits (f)** |<br>**Transfers**<br>**of Other**<br>**Terminations (g)** |<br>**Interfund and Net**<br>**Transfers (to) from**<br>**General Account (h)** | **Net Increase (Decrease)**<br>**in Net Assets from**<br>**Capital Share Transactions**<br>**(i)=(c+d+e+f+g+h)** | **Total Increase**<br>**(Decrease) in**<br>**Net Assets**<br>**(j)=(b+i)** | **Net Assets**<br>**End of**<br>**Year**<br>**(k)=(a+j)** |
| Short International | 4906 | (1754) |  |  |  |  | (25) | 9447 | 9422 | 7668 | 12574 |
| Short Mid-Cap | 1206 | (740) |  |  |  |  |  | 10864 | 10864 | 10124 | 11330 |
| Short NASDAQ-100 |  |  |  |  |  |  |  |  |  |  |  |
| Short Small-Cap | 1568 | (191) |  |  |  |  | (22) | (1) | (23) | (214) | 1354 |
| Small-Cap | 94039 | 6693 | 203 |  | (98) |  | (7420) | (2122) | (9437) | (2744) | 91295 |
| Small-Cap Growth | 134178 | 1536 |  |  | (19743) | (983) | (3248) | 323 | (23651) | (22115) | 112063 |
| Small-Cap Value | 87583 | 823 | 205 |  |  | (8382) | (5822) | (269) | (14268) | (13445) | 74138 |
| Technology | 263202 | 47429 | 203 |  | (2923) |  | (16155) | (14259) | (33134) | 14295 | 277497 |
| Communication Services | 385 | 1315 |  |  |  |  | (523) | 13263 | 12740 | 14055 | 14440 |
| U.S. Government Plus | 60671 | (374) | 404 |  | (3869) |  | (3075) | (931) | (7471) | (7845) | 52826 |
| UltraBull | 1228441 | 263452 | 849 |  | (17932) | (5811) | (15636) | 33984 | (4546) | 258906 | 1487347 |
| UltraMid-Cap | 421447 | (2309) | 4703 |  | (19399) |  | (7147) | 18211 | (3632) | (5941) | 415506 |
| UltraNASDAQ-100 | 750268 | 190366 | 482 |  | (12198) |  | (31321) | 155573 | 112536 | 302902 | 1053170 |
| UltraShort Dow 30 | 103 | (47) | 2 |  | (59) |  |  | 1 | (56) | (103) |  |
| UltraShort NASDAQ-100 | 40 | (30) |  |  |  |  |  |  |  | (30) | 10 |
| UltraSmall-Cap | 135815 | 12180 | 482 |  | (10541) |  | (1013) | 6922 | (4150) | 8030 | 143845 |
| Utilities | 44476 | 4948 |  |  | (4219) |  | (9407) | 1156 | (12470) | (7522) | 36954 |
| VanEck Worldwide Insurance Trust |  |  |  |  |  |  |  |  |  |  |  |
| Global Resources Fund | 4370761 | 1460968 | 180110 | 139 | (505250) | (84923) | (102633) | (119739) | (632296) | 828672 | 5199433 |
| Emerging Markets Fund | 679694 | 169702 | 3526 | (896) | (283867) | (11213) | (23851) | (6261) | (322562) | (152860) | 526834 |
| Emerging Markets Bond Fund | 291939 | 53865 | 1144 |  | (12356) | (64) | (4540) | 20035 | 4219 | 58084 | 350023 |
| Janus Henderson Series |  |  |  |  |  |  |  |  |  |  |  |
| Global Technology and Innovation Portfolio | 20937132 | 5330629 | 3684319 |  | (884480) | (593551) | (719691) | 1066133 | 2552730 | 7883359 | 28820491 |
| Overseas Portfolio | 1173757 | 351597 | 305019 |  | (80250) | (6803) | (26970) | (43676) | 147320 | 498917 | 1672674 |
| Research Portfolio | 85613 | 13799 |  |  |  |  | (930) | (3909) | (4839) | 8960 | 94573 |
| Enterprise Services Portfolio | 36676016 | 2180889 | 3066809 |  | (2613125) | (1511220) | (1395551) | (40167) | (2493254) | (312365) | 36363651 |
| Global Research Portfolio | 3545756 | 774345 | 945342 |  | (255600) | (36852) | (150600) | 449507 | 951797 | 1726142 | 5271898 |
| Mid Cap Value Portfolio | 5087655 | 235708 | 310286 |  | (166823) | (300236) | (141567) | (111963) | (410303) | (174595) | 4913060 |
| Balanced Portfolio | 80357073 | 10734541 | 13502017 |  | (4912300) | (3662065) | (3430096) | (251599) | 1245957 | 11980498 | 92337571 |
| Flexible Bond Portfolio | 6649030 | 342535 | 2640 |  | (1414105) | (241825) | (238427) | 59026 | (1832691) | (1490156) | 5158874 |
| Forty Portfolio | 397106 | 122506 | 328769 |  | (85363) |  | (8703) | 269283 | 503986 | 626492 | 1023598 |
| PIMCO Variable Insurance Trust |  |  |  |  |  |  |  |  |  |  |  |
| Total Return Portfolio | 30768952 | 2358716 | 5407138 | 1580 | (2004243) | (1421975) | (1348009) | 2008545 | 2643036 | 5001752 | 35770704 |
| Low Duration Portfolio | 25578761 | 979554 | 1980688 |  | (2325001) | (1395392) | (1012083) | 1249 | (2750539) | (1770985) | 23807776 |
| High Yield Portfolio | 14313222 | 1001914 | 1370371 | 323 | (817550) | (148915) | (590684) | (74817) | (261272) | 740642 | 15053864 |
| Real Return Portfolio | 19142980 | 1148993 | 1194846 |  | (1461398) | (1370078) | (697629) | 270742 | (2063517) | (914524) | 18228456 |
| All Asset Portfolio | 2688983 | 318645 | 34530 |  | (75940) | (169500) | (126185) | 73831 | (263264) | 55381 | 2744364 |
| Global Managed Asset Allocation Portfolio | 1078829 | 220386 | 33336 |  | (6695) | (302) | (21981) | (26308) | (21950) | 198436 | 1277265 |
| Short-Term Portfolio | 37397299 | 1092553 | 916448 |  | (3838036) | (2372424) | (2140114) | 560447 | (6873679) | (5781126) | 31616173 |
| Emerging Markets Bond Portfolio | 1469733 | 170769 | 144716 |  | (207423) | (24021) | (72920) | (18682) | (178330) | (7561) | 1462172 |
| Global Bond Opportunities Portfolio | 78876 | 8778 |  |  |  |  |  | (220) | (220) | 8558 | 87434 |
| Commodity Real Return Strategy Portfolio | 5187357 | 843278 | 249919 |  | (597847) | (344356) | (122401) | (224402) | (1039087) | (195809) | 4991548 |
| International Bond (USD-Hedged) Portfolio | 2108550 | 51296 | 153617 |  | (70207) | (118579) | (34009) | 130349 | 61171 | 112467 | 2221017 |
| Dynamic Bond Adv Portfolio | 1830695 | 122775 | 263960 |  | (22455) | (240499) | (41848) | 145738 | 104896 | 227671 | 2058366 |
| Income Advisor Portfolio | 29280745 | 2415284 | 2968505 |  | (1088259) | (2338204) | (1117876) | 1362480 | (213354) | 2201930 | 31482675 |
| StocksPLUS Global Portfolio | 740 | 297954 | 36864 |  |  |  | (10955) | 1539236 | 1565145 | 1863099 | 1863839 |
| Global Diversified Allocation Advisor Portfolio |  | 381 | 4723 |  |  |  |  |  | 4723 | 5104 | 5104 |
| Goldman Sachs Variable Insurance Trust |  |  |  |  |  |  |  |  |  |  |  |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Statements of Changes in Net Assets**

**Year Ended December 31, 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>**Surrenders (e)** |<br>**Transfers of**<br>**Death Benefits (f)** |<br>**Transfers**<br>**of Other**<br>**Terminations (g)** |<br>**Interfund and Net**<br>**Transfers (to) from**<br>**General Account (h)** | **Net Increase (Decrease)**<br>**in Net Assets from**<br>**Capital Share Transactions**<br>**(i)=(c+d+e+f+g+h)** | **Total Increase**<br>**(Decrease) in**<br>**Net Assets**<br>**(j)=(b+i)** | **Net Assets**<br>**End of**<br>**Year**<br>**(k)=(a+j)** |
| Small Cap Equity Insights Fund | 1431293 | 189409 | 7583 | 743 | (70017) | (761) | (99061) | 27850 | (133663) | 55746 | 1487039 |
| Large Cap Value Fund | 228105 | 22222 | 1546 |  | (7635) | (6322) | (6475) | 41863 | 22977 | 45199 | 273304 |
| Mid Cap Value Fund | 2767369 | 210117 | 20739 | (66) | (267373) | (24897) | (81994) | 80371 | (273220) | (63103) | 2704266 |
| Neuberger Berman Advisors Management Trust |  |  |  |  |  |  |  |  |  |  |  |
| Mid-Cap Growth Portfolio | 494209 | 21902 | 777 |  | (53514) |  | (13713) | 5104 | (61346) | (39444) | 454765 |
| AMT Mid Cap Intrinsic Value Portfolio | 125567 | 11752 | 2121 |  | (1274) | (5696) | (3042) | 2112 | (5779) | 5973 | 131540 |
| BNY Mellon Variable Investment Fund |  |  |  |  |  |  |  |  |  |  |  |
| Appreciation Portfolio | 235100 | 15267 | 240 |  | (25275) |  | (14496) | 34905 | (4626) | 10641 | 245741 |
| Sustainable U.S. Equity Portfolio | 24892 | 3116 | 124 |  |  |  | (1830) | (4930) | (6636) | (3520) | 21372 |
| Morgan Stanley Variable Institutional Funds |  |  |  |  |  |  |  |  |  |  |  |
| Emerging Markets Debt Portfolio | 13760 | 1506 |  |  |  |  | (1525) | (59) | (1584) | (78) | 13682 |
| Emerging Markets Equity Portfolio | 99503 | 28757 |  |  | (1105) | (409) | (4911) | (513) | (6938) | 21819 | 121322 |
| Discovery Portfolio | 48611 | 4875 |  |  |  |  | (2928) | 107 | (2821) | 2054 | 50665 |
| Northern Lights Variable Trust |  |  |  |  |  |  |  |  |  |  |  |
| Power Dividend Index Fund | 514236 | 60114 |  |  | (251957) | (43445) | (34848) | (7149) | (337399) | (277285) | 236951 |
| AB Variable Products Series |  |  |  |  |  |  |  |  |  |  |  |
| Dynamic Asset Allocation Portfolio | 2585234 | 288664 | 15999 |  | (34435) | (62832) | (116332) | (7080) | (204680) | 83984 | 2669218 |
| Small Cap Growth Portfolio | 22399 | 695 |  |  |  |  |  | 724 | 724 | 1419 | 23818 |
| Discovery Value Portfolio | 6270118 | 60189 | 243191 |  | (131951) | (131856) | (179803) | (78731) | (279150) | (218961) | 6051157 |
| BlackRock Variable Series Fund, Inc. |  |  |  |  |  |  |  |  |  |  |  |
| Basic Value Fund | 3852549 | 793772 | 181984 |  | (431019) | (109774) | (80986) | (105876) | (545671) | 248101 | 4100650 |
| Capital Appreciation Fund | 411798 | 26856 | 750 |  |  | (42334) | (3085) | (18666) | (63335) | (36479) | 375319 |
| Equity Dividend Fund | 22309398 | 4521325 | 4285682 |  | (1488522) | (929231) | (921661) | (99669) | 846599 | 5367924 | 27677322 |
| Global Allocation Fund | 11135943 | 1887230 | 951935 |  | (853737) | (1101586) | (213765) | 34115 | (1183038) | 704192 | 11840135 |
| Advantage Large Cap Core Fund | 452487 | 73305 | 7532 |  | (37438) | (22234) | (12616) | (10652) | (75408) | (2103) | 450384 |
| Large Cap Focus Growth Fund | 15903264 | 1611480 | 2220066 |  | (559312) | (975288) | (410687) | (973840) | (699061) | 912419 | 16815683 |
| 60/40 Target Allocation ETF Fund | 9736578 | 1107475 | 1073322 |  | (324838) | (1507640) | (298181) | (848988) | (1906325) | (798850) | 8937728 |
| Total Return Fund | 1892705 | 113243 |  |  | (46521) |  | (44631) | 94483 | 3331 | 116574 | 2009279 |
| S&P 500 Fund | 2019542 | 320956 |  |  | (43795) |  | (115071) | (47332) | (206198) | 114758 | 2134300 |
| Columbia Variable Portfolio |  |  |  |  |  |  |  |  |  |  |  |
| Contrarian Core 2 Portfolio | 15200937 | 2609561 | 2558489 |  | (681850) | (578767) | (433757) | (770717) | 93398 | 2702959 | 17903896 |
| Dividend Opportunity Portfolio | 8414398 | 1147545 | 738723 |  | (535190) | (795122) | (371373) | 153691 | (809271) | 338274 | 8752672 |
| Emerging Markets Bond Portfolio | 3410479 | 327925 | 152475 |  | (220398) | (465518) | (142493) | (115517) | (791451) | (463526) | 2946953 |
| High Yield Portfolio | 6794040 | 493890 | 1808677 |  | (473056) | (299422) | (299471) | (11572) | 725156 | 1219046 | 8013086 |
| Select Large-Cap Value Portfolio | 12403332 | 3124081 | 811956 |  | (362937) | (161496) | (503963) | (304730) | (521170) | 2602911 | 15006243 |
| Seligman Global Tech Portfolio | 19508966 | 6627928 | 4269720 |  | (1212322) | (546999) | (2760251) | 638696 | 388844 | 7016772 | 26525738 |
| US Government Mortgage Portfolio | 968118 | 80628 | 129733 |  | (28653) | (74247) | (31434) | 98570 | 93969 | 174597 | 1142715 |
| Strategic Income Portfolio | 1997250 | 115364 | 187423 |  | (24649) | (207434) | (37358) | 167328 | 85310 | 200674 | 2197924 |
| Emerging Markets Portfolio | 419115 | 117912 | 34791 |  |  | (440) | (6369) | (40742) | (12760) | 105152 | 524267 |
| Select Mid Cap Value Portfolio | 1449812 | 226771 | 656735 |  | (32495) | (58979) | (113470) | 12075 | 463866 | 690637 | 2140449 |
| Small Cap Value Portfolio | 1337994 | 317836 | 961723 |  | (92659) | (67592) | (64485) | 613877 | 1350864 | 1668700 | 3006694 |
| DWS Variable Insurance Portfolios |  |  |  |  |  |  |  |  |  |  |  |
| Equity 500 Index Portfolio | 62931616 | 10326517 | 18433828 |  | (3402011) | (2554239) | (1798239) | (2076783) | 8602556 | 18929073 | 81860689 |
| Small Cap Index Portfolio | 7206981 | 904933 | 1032130 |  | (275615) | (212859) | (256720) | 52596 | 339532 | 1244465 | 8451446 |
| Alternative Asset Allocation Portfolio | 971354 | 74393 | 11715 |  | (30007) | (157144) | (15472) | 7538 | (183370) | (108977) | 862377 |
| Small Mid Cap Value Portfolio | 3173219 | 429225 | 10126 |  | (215911) | (342662) | (148007) | (204416) | (900870) | (471645) | 2701574 |
| Eaton Vance Variable Trust |  |  |  |  |  |  |  |  |  |  |  |
| Floating Rate Income Portfolio | 20578633 | 515527 | 662442 |  | (1366530) | (991563) | (1011954) | (798041) | (3505646) | (2990119) | 17588514 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Statements of Changes in Net Assets**

**Year Ended December 31, 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>**Surrenders (e)** |<br>**Transfers of**<br>**Death Benefits (f)** |<br>**Transfers**<br>**of Other**<br>**Terminations (g)** |<br>**Interfund and Net**<br>**Transfers (to) from**<br>**General Account (h)** | **Net Increase (Decrease)**<br>**in Net Assets from**<br>**Capital Share Transactions**<br>**(i)=(c+d+e+f+g+h)** | **Total Increase**<br>**(Decrease) in**<br>**Net Assets**<br>**(j)=(b+i)** | **Net Assets**<br>**End of**<br>**Year**<br>**(k)=(a+j)** |
| Franklin Templeton Variable Insurance Products Trust |  |  |  |  |  |  |  |  |  |  |  |
| Mutual Shares Fund | 3917605 | 356644 | 16006 |  | (263451) | (57431) | (118817) | (217004) | (640697) | (284053) | 3633552 |
| Income Fund | 25513852 | 2616094 | 2671604 |  | (1911388) | (2032400) | (1268154) | 715440 | (1824898) | 791196 | 26305048 |
| Global Bond Fund | 17474237 | 2344569 | 242930 |  | (1518736) | (1236149) | (649711) | 51651 | (3110015) | (765446) | 16708791 |
| Foreign Fund | 31033209 | 7766327 | 373693 |  | (2118647) | (2363605) | (1140011) | (2248142) | (7496712) | 269615 | 31302824 |
| Developing Markets Fund | 2128752 | 901480 | 169919 |  | (225151) | (87008) | (45074) | 183129 | (4185) | 897295 | 3026047 |
| Mutual Global Discovery Fund | 4053306 | 769132 | 7467 |  | (87498) | (494226) | (141351) | (80808) | (796416) | (27284) | 4026022 |
| Rising Dividends Fund | 28916077 | 2843171 | 1864588 |  | (2657891) | (1258076) | (768519) | (500361) | (3320259) | (477088) | 28438989 |
| DynaTech 2 Fund | 7383773 | 1457980 | 2952868 |  | (109713) | (212759) | (265729) | 494427 | 2859094 | 4317074 | 11700847 |
| Global Real Estate Fund | 48969 | 9316 | 113567 |  |  |  | (3265) | 16247 | 126549 | 135865 | 184834 |
| VolSmart Allocation Fund | 130429 | 43650 | 7237 |  | (5370) |  |  | (175946) | (174079) | (130429) |  |
| Nomura Variable Insurance Portfolio |  |  |  |  |  |  |  |  |  |  |  |
| Asset Strategy Portfolio | 2135225 | 309275 | 8710 |  | (37105) | (95408) | (91575) | (14473) | (229851) | 79424 | 2214649 |
| Balanced Portfolio | 5902217 | 558304 | 14722 |  | (606005) | (150557) | (387524) | (1289) | (1130653) | (572349) | 5329868 |
| Energy Portfolio | 973627 | 86251 | 3739 |  | (114032) | (31439) | (42647) | (14582) | (198961) | (112710) | 860917 |
| Natural Resources Portfolio | 519072 | 149628 | 160 |  | (17664) | (51660) | (46926) | (61707) | (177797) | (28169) | 490903 |
| Growth Portfolio | 3061839 | 187181 | 2595 |  | (160944) | (100752) | (103774) | (210274) | (573149) | (385968) | 2675871 |
| High Income Portfolio | 8280486 | 429958 | 29653 |  | (351579) | (453695) | (209602) | (384082) | (1369305) | (939347) | 7341139 |
| International Core Equity Portfolio | 5828671 | 1233587 | 25761 |  | (663310) | (257535) | (101774) | (411620) | (1408478) | (174891) | 5653780 |
| Global Growth Portfolio | 1593345 | 235047 | 1070 |  | (152357) | (139802) | (33546) | (4549) | (329184) | (94137) | 1499208 |
| Mid Cap Growth Portfolio | 6604197 | 18655 | 146232 |  | (334751) | (372556) | (157740) | (182287) | (901102) | (882447) | 5721750 |
| Science and Technology Portfolio | 14453638 | 4187287 | 143890 |  | (765958) | (657863) | (412444) | (915119) | (2607494) | 1579793 | 16033431 |
| Small Cap Growth Portfolio | 3443484 | 358013 | 17872 |  | (274736) | (218893) | (139172) | (61533) | (676462) | (318449) | 3125035 |
| SMID Cap Core Portfolio | 7884482 | 470991 | 58456 |  | (510380) | (591278) | (187018) | (97274) | (1327494) | (856503) | 7027979 |
| Total Return Portfolio | 93207 | 10031 |  |  | (7413) |  | (903) | 1797 | (6519) | 3512 | 96719 |
| Opportunity Portfolio | 6748694 | 393994 | 16356 |  | (603223) | (687537) | (166187) | (197250) | (1637841) | (1243847) | 5504847 |
| Lazard Retirement Series, Inc. |  |  |  |  |  |  |  |  |  |  |  |
| International Equity Portfolio | 1136676 | 638338 | 6276 |  | (96256) | (221983) | (61226) | 153916 | (219273) | 419065 | 1555741 |
| Global Dynamic Multi Asset Portfolio | 590496 | 70989 | 17089 |  | (31042) | (120530) | (10447) | 18265 | (126665) | (55676) | 534820 |
| Legg Mason Partners Variable Equity Trust |  |  |  |  |  |  |  |  |  |  |  |
| Western Asset Variable Global High Yield Bond Portfolio | 2006674 | 157851 | 7170 |  | (62148) | (162458) | (51730) | (53179) | (322345) | (164494) | 1842180 |
| ClearBridge Variable Mid Cap Portfolio | 15984737 | 435308 | 478703 |  | (701462) | (537789) | (509608) | (201546) | (1471702) | (1036394) | 14948343 |
| ClearBridge Variable Dividend Strategy Portfolio | 31591069 | 3398988 | 1505674 |  | (1017555) | (1133940) | (1473249) | (570911) | (2689981) | 709007 | 32300076 |
| ClearBridge Variable Small Cap Growth Portfolio | 9337486 | 649667 | 719877 |  | (1024532) | (247424) | (487423) | (502354) | (1541856) | (892189) | 8445297 |
| ClearBridge Variable Growth Portfolio | 833811 | 82572 | 50 |  | (42309) | (105972) | (14430) | (5976) | (168637) | (86065) | 747746 |
| Western Asset Variable Core Bond Plus Portfolio | 62319751 | 3646932 | 589985 |  | (3308839) | (3970453) | (2374805) | (1619400) | (10683512) | (7036580) | 55283171 |
| ClearBridge Variable Large Cap Growth Portfolio | 30051991 | 2033521 | 3024743 |  | (1464276) | (1964203) | (1078512) | (1759543) | (3241791) | (1208270) | 28843721 |
| Victory Pioneer Variable Contracts Trust |  |  |  |  |  |  |  |  |  |  |  |
| Fund Portfolio | 3429410 | 632203 | 759329 |  | (316086) | (99030) | (81687) | (640826) | (378300) | 253903 | 3683313 |
| Bond Portfolio | 44588310 | 3243603 | 4626772 |  | (2183358) | (2905310) | (2444548) | 357645 | (2548799) | 694804 | 45283114 |
| Strategic Income Portfolio | 9455829 | 822353 | 65277 |  | (793442) | (451387) | (334554) | (5687) | (1519793) | (697440) | 8758389 |
| Equity Income Portfolio | 10475067 | 954620 | 119164 |  | (986190) | (212548) | (316612) | (77103) | (1473289) | (518669) | 9956398 |
| High Yield Portfolio | 523596 | 32207 | 70 |  | (8028) | (40231) | (7824) | 7958 | (48055) | (15848) | 507748 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Statements of Changes in Net Assets**

**Year Ended December 31, 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>**Surrenders (e)** |<br>**Transfers of**<br>**Death Benefits (f)** |<br>**Transfers**<br>**of Other**<br>**Terminations (g)** |<br>**Interfund and Net**<br>**Transfers (to) from**<br>**General Account (h)** | **Net Increase (Decrease)**<br>**in Net Assets from**<br>**Capital Share Transactions**<br>**(i)=(c+d+e+f+g+h)** | **Total Increase**<br>**(Decrease) in**<br>**Net Assets**<br>**(j)=(b+i)** | **Net Assets**<br>**End of**<br>**Year**<br>**(k)=(a+j)** |
| Prudential Series Funds |  |  |  |  |  |  |  |  |  |  |  |
| Natural Resources Portfolio | 593833 | (35006) | 808 |  |  | (89927) | (4398) | (465310) | (558827) | (593833) |  |
| Mid-Cap Growth Portfolio | 147146 | (40602) | 20870 |  |  |  | (229) | (127185) | (106544) | (147146) |  |
| PGIM Jennison Blend Portfolio | 602014 | 227669 | 247 |  | (30235) | (38071) | (13796) | 402069 | 320214 | 547883 | 1149897 |
| PGIM Jennison Growth II Portfolio |  | 33722 |  |  | (390) |  | (32996) | 101162 | 67776 | 101498 | 101498 |
| Royce Capital Fund |  |  |  |  |  |  |  |  |  |  |  |
| Micro-Cap Portfolio | 223391 | 22562 | 80 |  | (21964) | (2988) | (1004) | (15733) | (41609) | (19047) | 204344 |
| Small Cap Portfolio | 8070115 | 581019 | 838362 |  | (423811) | (295426) | (251874) | (445070) | (577819) | 3200 | 8073315 |
| Alps Fund |  |  |  |  |  |  |  |  |  |  |  |
| Alerian Energy Infrastructure Portfolio | 7175337 | 233291 | 1400493 |  | (853802) | (259010) | (227154) | (530761) | (470234) | (236943) | 6938394 |
| Global Opportunity Portfolio | 1924650 | (471) | 295569 |  | (103794) | (27060) | (53511) | 88735 | 199939 | 199468 | 2124118 |
| American Funds IS |  |  |  |  |  |  |  |  |  |  |  |
| Asset Allocation Fund | 89527586 | 11555183 | 8809449 |  | (10130391) | (4746601) | (7485062) | 1936238 | (11616367) | (61184) | 89466402 |
| Washington Mutual Investors Fund | 61325063 | 9560918 | 8674755 |  | (2895409) | (2651600) | (1894334) | 664179 | 1897591 | 11458509 | 72783572 |
| Ultra-Short Bond Fund | 15565222 | 339096 | 456682 |  | (870788) | (643028) | (609507) | 355173 | (1311468) | (972372) | 14592850 |
| Capital Income Builder Fund | 22704593 | 4113559 | 1757787 |  | (1324968) | (3120523) | (1424149) | 1430481 | (2681372) | 1432187 | 24136780 |
| Global Growth Fund | 31173989 | 6083123 | 3160365 |  | (1428193) | (1295603) | (1008308) | (611820) | (1183559) | 4899564 | 36073553 |
| Capital World Growth and Income Fund | 18831496 | 4229284 | 2795666 |  | (982370) | (1035469) | (455555) | (110520) | 211752 | 4441036 | 23272532 |
| Global Small Capitalization Fund | 6093768 | 739626 | 538779 |  | (251876) | (692319) | (118981) | 47981 | (476416) | 263210 | 6356978 |
| Growth Fund | 81298365 | 15229087 | 12387821 |  | (3337787) | (4342703) | (2399606) | 876418 | 3184143 | 18413230 | 99711595 |
| Growth-Income Fund | 83732441 | 13530824 | 12745586 |  | (4016720) | (5073317) | (2909423) | 1095569 | 1841695 | 15372519 | 99104960 |
| International Fund | 8912948 | 2124014 | 466149 |  | (653565) | (513644) | (279211) | 247850 | (732421) | 1391593 | 10304541 |
| International Growth and Income Fund | 7787066 | 2539342 | 744016 |  | (359038) | (480044) | (209189) | 300492 | (3763) | 2535579 | 10322645 |
| New World Fund | 32349625 | 8024066 | 2911667 |  | (2006760) | (2326635) | (1174676) | (2078372) | (4674776) | 3349290 | 35698915 |
| U.S. Government Securities Fund | 9400204 | 559068 | 1368635 |  | (999636) | (341040) | (259364) | 225916 | (5489) | 553579 | 9953783 |
| Global Balanced Fund | 599247 | 167051 | 595931 |  | (6615) |  | (21434) | 97080 | 664962 | 832013 | 1431260 |
| The Bond Fd of America Fund | 4867660 | 304923 | 2583662 |  | (257239) | (174744) | (253841) | 1124593 | 3022431 | 3327354 | 8195014 |
| T. Rowe Price |  |  |  |  |  |  |  |  |  |  |  |
| Blue Chip Growth Portfolio | 80732260 | 13008679 | 7962395 |  | (4488968) | (3878970) | (3276467) | (3190061) | (6872071) | 6136608 | 86868868 |
| Health Sciences Portfolio | 31032365 | 3597803 | 2227075 |  | (1563446) | (1567100) | (804575) | (6976732) | (8684778) | (5086975) | 25945390 |
| Equity Income Portfolio | 951187 | 283045 | 1298806 |  | (67318) | (88994) | (17980) | 124903 | 1249417 | 1532462 | 2483649 |
| Mid-Cap Growth Portfolio | 1536468 | 105431 | 2294557 |  | (22881) | (79834) | (68650) | (61654) | 2061538 | 2166969 | 3703437 |
| John Hancock Variable Insurance Trust |  |  |  |  |  |  |  |  |  |  |  |
| Financial Industries Portfolio | 3124232 | 535122 | 173943 |  | (246038) | (78490) | (159490) | 2959517 | 2649442 | 3184564 | 6308796 |
| Fundamental All Cap Core Portfolio | 235046 | (8222) | 350 |  | (6985) |  | (49104) | (14991) | (70730) | (78952) | 156094 |
| Select Bond Portfolio | 361800 | 22145 | 59980 |  |  | (1037) | (4099) | 3097 | 57941 | 80086 | 441886 |
| Strategic Income Opportunities Portfolio | 1302030 | 92247 | 381612 |  | (29970) |  | (2479) | 30022 | 379185 | 471432 | 1773462 |
| Federated Hermes |  |  |  |  |  |  |  |  |  |  |  |
| High Income Bond Portfolio | 1438795 | 86433 | 345524 |  | (23167) | (90103) | (51569) | (118238) | 62447 | 148880 | 1587675 |
| Kaufmann Portfolio | 5159073 | 456141 | 66197 |  | (94716) | (209436) | (158398) | (158237) | (554590) | (98449) | 5060624 |
| Managed Volatility Portfolio | 361778 | 22107 | 65041 |  |  | (166) | (5872) | 10363 | 69366 | 91473 | 453251 |
| Principal Variable Contracts |  |  |  |  |  |  |  |  |  |  |  |
| Blue Chip Fund | 1605642 | (215001) | 575505 |  | (5514) | (14604) | (5659) | (1940369) | (1390641) | (1605642) |  |
| Equity Income Fund | 492354 | (12809) | 2402 |  | (6619) |  | (352) | (474976) | (479545) | (492354) |  |
| Diversified Balance Fund | 2429377 | (22495) | 3040 |  | (46995) |  | (14042) | (2348885) | (2406882) | (2429377) |  |
| Diversified Growth Fund | 1118515 | (27386) |  |  |  | (190204) | (1083) | (899842) | (1091129) | (1118515) |  |
| Diversified Income Fund | 163540 | 576 | 7 |  |  | (28854) |  | (135269) | (164116) | (163540) |  |
| Blue Chip PVC 2 Fund |  | 143557 | 89490 |  |  | (31423) | (26447) | 2175232 | 2206852 | 2350409 | 2350409 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Statements of Changes in Net Assets**

**Year Ended December 31, 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>**Surrenders (e)** |<br>**Transfers of**<br>**Death Benefits (f)** |<br>**Transfers**<br>**of Other**<br>**Terminations (g)** |<br>**Interfund and Net**<br>**Transfers (to) from**<br>**General Account (h)** | **Net Increase (Decrease)**<br>**in Net Assets from**<br>**Capital Share Transactions**<br>**(i)=(c+d+e+f+g+h)** | **Total Increase**<br>**(Decrease) in**<br>**Net Assets**<br>**(j)=(b+i)** | **Net Assets**<br>**End of**<br>**Year**<br>**(k)=(a+j)** |
| Equity Income 2 Fund |  | 78300 | 12104 |  |  |  | (5672) | 424159 | 430591 | 508891 | 508891 |
| Diversified Balance 2 Fund |  | 262046 | (1) |  |  | (56548) | (9813) | 2184434 | 2118072 | 2380118 | 2380118 |
| Diversified Growth 2 Fund |  | 130150 |  |  |  |  | (721) | 912185 | 911464 | 1041614 | 1041614 |
| Diversified Income 2 Fund |  | 12032 |  |  |  |  | (636) | 135155 | 134519 | 146551 | 146551 |
| Putnam Variable Trust |  |  |  |  |  |  |  |  |  |  |  |
| Core Equity Fund | 46356 | 118126 | 386484 |  | (85760) |  | (20414) | 404742 | 685052 | 803178 | 849534 |
| Emerging Markets Equity Fund |  | 9400 | 1608 |  | 28 |  | (1979) | 96011 | 95668 | 105068 | 105068 |
| Focused International Equity Fund |  | 1996 | 7763 |  |  |  |  | (1737) | 6026 | 8022 | 8022 |
| George Putnam Balanced Fund | 1735 | 3782 | 713321 |  | (61817) |  | (85012) | 315595 | 882087 | 885869 | 887604 |
| Global Asset Allocation Fund |  | 14222 | 169075 |  |  |  |  | 578 | 169653 | 183875 | 183875 |
| Global Health Care Fund | 27206 | 14263 | 103679 |  |  |  | (3855) | 108355 | 208179 | 222442 | 249648 |
| High Yield Fund |  | 3284 | 171140 |  |  |  | (1956) | (7385) | 161799 | 165083 | 165083 |
| International Equity Fund |  | 45045 | 197513 |  | (11827) |  | (219) | 416077 | 601544 | 646589 | 646589 |
| International Value Fund | 555496 | 473674 | 1593713 |  | (24522) | (39713) | (46565) | 795875 | 2278788 | 2752462 | 3307958 |
| Large Cap Growth Fund | 167313 | 160788 | 1231466 |  | (171938) |  | (33797) | 180327 | 1206058 | 1366846 | 1534159 |
| Large Cap Value Fund | 1951617 | 1343023 | 6675330 |  | (94404) | (131209) | (161479) | 2933460 | 9221698 | 10564721 | 12516338 |
| Research Fund |  | 17063 | 85731 |  | (86227) |  |  | 71976 | 71480 | 88543 | 88543 |
| Small Cap Growth Fund | 208386 | 30708 | 308595 |  | (5394) |  | (7832) | 711101 | 1006470 | 1037178 | 1245564 |
| Small Cap Value Fund | 52676 | 17533 | 99100 |  |  |  | (1602) | 50568 | 148066 | 165599 | 218275 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Statements of Changes in Net Assets**

**Year Ended December 31, 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>**Surrenders (e)** |<br>**Transfers of**<br>**Death Benefits (f)** |<br>**Transfers**<br>**of Other**<br>**Terminations (g)** |<br>**Interfund and Net**<br>**Transfers (to) from**<br>**General Account (h)** | **Net Increase (Decrease)**<br>**in Net Assets from**<br>**Capital Share Transactions**<br>**(i)=(c+d+e+f+g+h)** | **Total Increase**<br>**(Decrease) in**<br>**Net Assets**<br>**(j)=(b+i)** | **Net Assets**<br>**End of**<br>**Year**<br>**(k)=(a+j)** |
| Fidelity Variable Insurance Products |  |  |  |  |  |  |  |  |  |  |  |
| Government Money Market Portfolio | $8371840 | $300024 | $13860 | $3338 | $(566166) | $(383140) | $(213570) | $141839 | $(1003839) | $(703815) | $7668025 |
| High Income Portfolio | 3945999 | 274553 | 22276 | 11 | (386418) | (112957) | (79340) | (1807) | (558235) | (283682) | 3662317 |
| Equity-Income Portfolio | 6185295 | 842748 | 48275 | 1716 | (341707) | (166797) | (197272) | (111745) | (767530) | 75218 | 6260513 |
| Growth Portfolio | 8692355 | 2342762 | 57235 | (294) | (1185349) | (200966) | (231748) | 330099 | (1231023) | 1111739 | 9804094 |
| Overseas Portfolio | 5558646 | 221154 | 14943 | 2871 | (335623) | (207934) | (156858) | (767438) | (1450039) | (1228885) | 4329761 |
| Mid Cap Portfolio | 16736415 | 2636590 | 1550012 | (768) | (1295443) | (703810) | (516456) | 275712 | (690753) | 1945837 | 18682252 |
| Asset Manager 50% Portfolio | 790245 | 51212 | 235 | 180 | (37765) |  | (4912) | 862 | (41400) | 9812 | 800057 |
| Investment Grade Bond Portfolio | 5806652 | 435 | 938515 | 1970 | (318719) | (833280) | (158696) | 398766 | 28556 | 28991 | 5835643 |
| Index 500 Portfolio | 21699324 | 4727903 | 3691 | 4596 | (2029716) | (122012) | (503121) | (530601) | (3177163) | 1550740 | 23250064 |
| Contrafund Portfolio | 41188567 | 13175587 | 7647804 | (248) | (4004295) | (1847098) | (1998860) | 4182676 | 3979979 | 17155566 | 58344133 |
| Asset Manager 70% Portfolio | 877080 | 77401 | 26526 | 1235 | (37045) | (12806) | (206207) | (1979) | (230276) | (152875) | 724205 |
| Balanced Portfolio | 3323261 | 505143 | 29221 | (250) | (109462) | (122052) | (36720) | 463247 | 223984 | 729127 | 4052388 |
| Growth & Income Portfolio | 1679924 | 332549 | 12875 | 997 | (79515) | (20130) | (78684) | 20988 | (143469) | 189080 | 1869004 |
| Growth Opportunities Portfolio | 40676621 | 14520056 | 4699492 |  | (3087345) | (1086671) | (1128837) | (2820996) | (3424357) | 11095699 | 51772320 |
| Value Strategies Portfolio | 2609602 | 191063 | 229657 | (566) | (256272) | (67013) | (42268) | 190139 | 53677 | 244740 | 2854342 |
| Strategic Income Portfolio | 13738557 | 609215 | 2714277 |  | (1388247) | (785504) | (253742) | 943594 | 1230378 | 1839593 | 15578150 |
| Emerging Markets Portfolio | 5081295 | 387787 | 214634 |  | (195410) | (184797) | (61616) | (614486) | (841675) | (453888) | 4627407 |
| Real Estate Portfolio | 16155368 | 743408 | 261093 |  | (786653) | (876215) | (521089) | (789006) | (2711870) | (1968462) | 14186906 |
| Funds Manager 50% Portfolio | 7145857 | 458148 | 144475 |  | (1077032) | (627538) | (123063) | (505937) | (2189095) | (1730947) | 5414910 |
| Funds Manager 70% Portfolio | 5018927 | 458065 | 330906 |  | (143502) | (353877) | (90481) | (264621) | (521575) | (63510) | 4955417 |
| Funds Manager 85% Portfolio | 1713506 | 210398 | 767273 |  | (72573) | (98604) | (207009) | 53306 | 442393 | 652791 | 2366297 |
| Government Money Market Portfolio Service Class 2 | 60886111 | 3048185 | 405035176 |  | (17285686) | (3616080) | (6102859) | (345110169) | 32920382 | 35968567 | 96854678 |
| International Capital Appreciation Portfolio | 5284010 | 330030 | 574195 |  | (147272) | (218196) | (164286) | 118055 | 162496 | 492526 | 5776536 |
| Energy Portfolio | 3359 | (40469) | 404258 |  |  | (7174) | (31257) | 431996 | 797823 | 757354 | 760713 |
| Lincoln VIP American Century |  |  |  |  |  |  |  |  |  |  |  |
| Balanced Fund | 5152180 | 532690 | 467459 | (327) | (240950) | (223033) | (267894) | 9618 | (255127) | 277563 | 5429743 |
| Capital Appreciation Fund | 1866327 | 399797 | 235949 |  | (215664) | (14250) | (22143) | (150242) | (166350) | 233447 | 2099774 |
| International Fund | 2435497 | 31109 | 10305 | 30 | (209197) | (32415) | (69319) | 51397 | (249199) | (218090) | 2217407 |
| Value Fund | 76369729 | 5886269 | 3096321 | 1302 | (3386634) | (4745071) | (2108601) | (3073382) | (10216065) | (4329796) | 72039933 |
| Disciplined Core Value Fund | 5523255 | 610598 | 251785 | (12) | (332826) | (218859) | (137984) | (207346) | (645242) | (34644) | 5488611 |
| Inflation Protection Fund | 7908115 | (1708) | 105773 | 830 | (244278) | (469802) | (241239) | (964823) | (1813539) | (1815247) | 6092868 |
| Large Company Value Fund | 709993 | 59306 | 19388 |  | (38651) |  | (20518) | 73235 | 33454 | 92760 | 802753 |
| Mid Cap Value Fund | 35532883 | 2467220 | 790624 |  | (1271243) | (2112495) | (1099976) | (907394) | (4600484) | (2133264) | 33399619 |
| Ultra Fund | 10956265 | 2902748 | 945705 |  | (854104) | (461435) | (366310) | (546073) | (1282217) | 1620531 | 12576796 |
| MFS Variable Insurance Trust |  |  |  |  |  |  |  |  |  |  |  |
| Research Series | 355343 | 57957 | 176 |  | (90417) | (56405) | (5141) | 76762 | (75025) | (17068) | 338275 |
| Growth Series | 1542845 | 456022 | 4043 | (694) | (206881) | (1941) | (17294) | 174971 | (47796) | 408226 | 1951071 |
| Investors Trust Series | 275592 | 47681 | 264 |  | (3110) | (3436) | (15981) | (645) | (22908) | 24773 | 300365 |
| New Discovery Series | 6943912 | 283959 | 432926 |  | (269603) | (200986) | (223557) | (3181) | (264401) | 19558 | 6963470 |
| Corporate Bond Portfolio | 4815715 | 75697 | 110630 |  | (274798) | (214241) | (168476) | 323588 | (223297) | (147600) | 4668115 |
| Emerging Markets Equity Portfolio | 4674879 | 462273 | 387831 |  | (150880) | (177921) | (127197) | (41715) | (109882) | 352391 | 5027270 |
| Technology Portfolio | 8931034 | 3351091 | 2408553 |  | (445208) | (308630) | (261941) | 572676 | 1965450 | 5316541 | 14247575 |
| Global Tactical Allocation Portfolio | 931440 | 29380 | 34270 |  | (22874) | (44493) | (34923) | 49423 | (18597) | 10783 | 942223 |
| International Intrinsic Value Portfolio | 14421836 | 844929 | 473855 |  | (712104) | (344374) | (1019903) | (86029) | (1688555) | (843626) | 13578210 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Statements of Changes in Net Assets**

**Year Ended December 31, 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>**Surrenders (e)** |<br>**Transfers of**<br>**Death Benefits (f)** |<br>**Transfers**<br>**of Other**<br>**Terminations (g)** |<br>**Interfund and Net**<br>**Transfers (to) from**<br>**General Account (h)** | **Net Increase (Decrease)**<br>**in Net Assets from**<br>**Capital Share Transactions**<br>**(i)=(c+d+e+f+g+h)** | **Total Increase**<br>**(Decrease) in**<br>**Net Assets**<br>**(j)=(b+i)** | **Net Assets**<br>**End of**<br>**Year**<br>**(k)=(a+j)** |
| Utilities Series Portfolio | 12646204 | 1285060 | 1193424 |  | (548373) | (637186) | (384369) | (36388) | (412892) | 872168 | 13518372 |
| Blended Research Core Equity Portfolio | 5023472 | 1263178 | 631595 |  | (168259) | (75663) | (226394) | (1441) | 159838 | 1423016 | 6446488 |
| Global Real Estate Portfolio | 926239 | (32150) | 20676 |  | (1740) | (39991) | (43754) | 57872 | (6937) | (39087) | 887152 |
| Lord Abbett Series Fund, Inc. |  |  |  |  |  |  |  |  |  |  |  |
| Growth & Income Portfolio | 1289035 | 250536 | 7004 |  | (106022) |  | (59255) | 95751 | (62522) | 188014 | 1477049 |
| Mid-Cap Stock Portfolio | 1485304 | 201028 | 20374 | 10 | (264385) | (9486) | (51720) | 29007 | (276200) | (75172) | 1410132 |
| Bond-Debenture Portfolio | 24840890 | 1261546 | 1283350 |  | (1384461) | (1386489) | (902883) | (145735) | (2536218) | (1274672) | 23566218 |
| Fundamental Equity Portfolio | 2034514 | 306689 | 32670 |  | (222478) | (54400) | (75907) | 16080 | (304035) | 2654 | 2037168 |
| Developing Growth Portfolio | 3699711 | 718878 | 35392 |  | (210503) | (329848) | (91682) | (9079) | (605720) | 113158 | 3812869 |
| Short Duration Income Portfolio | 15715007 | 584375 | 1681142 |  | (578037) | (858232) | (539602) | (616037) | (910766) | (326391) | 15388616 |
| Alger Fund |  |  |  |  |  |  |  |  |  |  |  |
| LargeCap Growth Portfolio | 4725998 | 1675695 | 16150 | 2389 | (944412) | (36730) | (136465) | (478790) | (1577858) | 97837 | 4823835 |
| MidCap Growth Portfolio | 3577041 | 634147 | 29005 | 2118 | (357507) | (52818) | (139771) | (121095) | (640068) | (5921) | 3571120 |
| Capital Appreciation Portfolio | 3173207 | 1369640 | 9595 |  | (533879) | (46595) | (34630) | (2993) | (608502) | 761138 | 3934345 |
| SmallCap Growth Portfolio | 567214 | 35609 | 159 |  | (19259) | (27393) | (11329) | 1565 | (56257) | (20648) | 546566 |
| Capital Appreciation Portfolio Class S | 36877026 | 15331377 | 683343 |  | (2234344) | (3188185) | (1161683) | (2881488) | (8782357) | 6549020 | 43426046 |
| Calvert Variable Series, Inc. |  |  |  |  |  |  |  |  |  |  |  |
| Mid Cap Growth Portfolio | 2446653 | 205664 | 158548 |  | (239488) | (46134) | (72326) | (134289) | (333689) | (128025) | 2318628 |
| SRI Balanced Portfolio | 6230883 | 1111503 | 1761762 |  | (362000) | (311678) | (289359) | 128949 | 927674 | 2039177 | 8270060 |
| Calvert Variable Trust, Inc. |  |  |  |  |  |  |  |  |  |  |  |
| S&P 500 Index Portfolio | 1606799 | 333879 | 14123 |  | (109193) | (229455) | (36970) | (103631) | (465126) | (131247) | 1475552 |
| Invesco Variable Insurance Funds |  |  |  |  |  |  |  |  |  |  |  |
| Technology Fund | 1144620 | 330118 | 2262 | 645 | (374668) | (43201) | (30801) | 8522 | (437241) | (107123) | 1037497 |
| Diversified Dividend Fund | 2566874 | 305688 | 648977 | 27 | (55925) | (58945) | (62273) | 36532 | 508393 | 814081 | 3380955 |
| Health Care Fund | 790134 | (6847) | 18976 | (375) | (103596) | (25011) | (22932) | 460055 | 327117 | 320270 | 1110404 |
| Global Real Estate Fund | 80136 | (3933) | 2859 |  | (4830) |  | (2781) | (9826) | (14578) | (18511) | 61625 |
| International Equity Fund | 216868 | (4179) |  |  | (20102) |  | (9220) | 10437 | (18885) | (23064) | 193804 |
| Main Street Mid Cap Fund | 186845 | 24084 | 1101 |  | (28888) |  | (8443) | (362) | (36592) | (12508) | 174337 |
| Discovery Mid Cap Growth Fund | 5172491 | 1142177 | 649227 |  | (281315) | (118634) | (133968) | (360089) | (244779) | 897398 | 6069889 |
| Global Fund | 7140575 | 970680 | 378868 |  | (633157) | (461619) | (191598) | (474978) | (1382484) | (411804) | 6728771 |
| Main Street Fund | 8347830 | 1790840 | 205161 |  | (175155) | (623540) | (261023) | 696301 | (158256) | 1632584 | 9980414 |
| Main Street Small Cap Fund | 10309660 | 1156771 | 875883 |  | (362514) | (149890) | (1400209) | (380469) | (1417199) | (260428) | 10049232 |
| Balanced-Risk Allocation Fund | 424176 | 7977 | 74313 |  | (15287) | (7911) | (3375) | 7282 | 55022 | 62999 | 487175 |
| Core Plus Bond Fund | 4156950 | 46891 | 475739 |  | (141487) | (258137) | (110537) | 57881 | 23459 | 70350 | 4227300 |
| Equity and Income Fund | 5114419 | 496462 | 633146 |  | (901227) | (348561) | (113278) | (312296) | (1042216) | (545754) | 4568665 |
| Small Cap Equity Fund | 3456686 | 651974 | 702978 |  | (116553) | (207500) | (155265) | 861326 | 1084986 | 1736960 | 5193646 |
| Equally Weighted S&P 500 Fund | 5562260 | 724716 | 2249721 |  | (152911) | (256867) | (45117) | (403236) | 1391590 | 2116306 | 7678566 |
| Growth and Income Fund | 399455 | 50288 | 2 |  | (19158) |  | (12224) | 22539 | (8841) | 41447 | 440902 |
| American Value Fund | 107360 | 23933 |  |  | (25423) |  | (7450) | (6294) | (39167) | (15234) | 92126 |
| International Growth II Fund | 22501364 | (640224) | 2257695 |  | (973692) | (1369569) | (612937) | (267468) | (965971) | (1606195) | 20895169 |
| Lincoln Financial Variable Insurance Portfolios |  |  |  |  |  |  |  |  |  |  |  |
| Core Bond Portfolio | 1279895 | 3481 | 11558 | 326 | (82863) | (32372) | (40397) | 42308 | (101440) | (97959) | 1181936 |
| Small Cap Core Portfolio | 1947402 | 191425 | 12371 | 2198 | (111122) | (2958) | (70741) | (20255) | (190507) | 918 | 1948320 |
| Rydex Variable Trust |  |  |  |  |  |  |  |  |  |  |  |
| Nova Fund | 812771 | 214933 | 1383 |  | (165024) |  | (16784) | (152746) | (333171) | (118238) | 694533 |
| NASDAQ-100 Fund | 1789152 | 301925 | 2547 | 407 | (362349) | (37792) | (26330) | (538260) | (961777) | (659852) | 1129300 |
| U.S. Government Money Market Fund | 361607 | 6943 |  |  | (578) |  | (64980) | (131051) | (196609) | (189666) | 171941 |
| Inverse S&P 500 Strategy Fund | 17120 | (2508) | 2 |  | (177) | (339) | (107) | 2308 | 1687 | (821) | 16299 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Statements of Changes in Net Assets**

**Year Ended December 31, 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>**Surrenders (e)** |<br>**Transfers of**<br>**Death Benefits (f)** |<br>**Transfers**<br>**of Other**<br>**Terminations (g)** |<br>**Interfund and Net**<br>**Transfers (to) from**<br>**General Account (h)** | **Net Increase (Decrease)**<br>**in Net Assets from**<br>**Capital Share Transactions**<br>**(i)=(c+d+e+f+g+h)** | **Total Increase**<br>**(Decrease) in**<br>**Net Assets**<br>**(j)=(b+i)** | **Net Assets**<br>**End of**<br>**Year**<br>**(k)=(a+j)** |
| Inverse NASDAQ-100 Strategy Fund | 23070 | (4316) | 58 |  |  |  | (403) | 5039 | 4694 | 378 | 23448 |
| Inverse Government Long Bond Strategy Fund | 5385 | 530 | 7 |  |  | (1370) | (102) | (2262) | (3727) | (3197) | 2188 |
| Government Long Bond 1.2x Strategy | 88481 | (11233) | 7 |  |  | (4628) | (511) | (10967) | (16099) | (27332) | 61149 |
| NASDAQ-100 2x Strategy Fund |  |  |  |  |  |  |  |  |  |  |  |
| Inverse Dow 2x Strategy Fund |  |  |  |  |  |  |  |  |  |  |  |
| Rydex Variable Insurance Funds |  |  |  |  |  |  |  |  |  |  |  |
| Biotechnology Fund | 3017964 | (57977) | 6146 |  | (212932) | (145512) | (96583) | 13692 | (435189) | (493166) | 2524798 |
| S&P 500 Pure Growth Fund | 4599182 | 1034442 | 159747 |  | (588417) | (112436) | (148389) | (595208) | (1284703) | (250261) | 4348921 |
| S&P MidCap 400 Pure Growth Fund | 1171441 | 172801 | 282 |  | (96428) | (187388) | (17525) | (6576) | (307635) | (134834) | 1036607 |
| Guggenheim Variable Insurance Funds |  |  |  |  |  |  |  |  |  |  |  |
| Long Short Equity Fund | 964325 | 84571 | 357202 |  | (14552) | (85192) | (8609) | (1297745) | (1048896) | (964325) |  |
| Multi-Hedge Strategies Fund | 1143390 | (46589) | 9906 |  | (62363) | (144887) | (16602) | 39981 | (173965) | (220554) | 922836 |
| Global Managed Futures Strategy Fund | 388277 | (9099) | 3566 |  | (14314) | (37457) | (9067) | 4279 | (52993) | (62092) | 326185 |
| New Age Alpha |  |  |  |  |  |  |  |  |  |  |  |
| Small Cap Value Fund | 4839229 | 331518 | 93067 |  | (151163) | (201648) | (106193) | (581290) | (947227) | (615709) | 4223520 |
| ProFunds VP |  |  |  |  |  |  |  |  |  |  |  |
| Profund Access VP High Yield Fund | 30669 | 984 | 10 |  | (6781) | (452) | (1684) | 2105 | (6802) | (5818) | 24851 |
| Asia 30 | 52468 | 4785 | 195 |  | (1055) |  | (1720) | 683 | (1897) | 2888 | 55356 |
| Banks | 85401 | 17411 | 969 |  | (1587) |  | (2590) | 8234 | 5026 | 22437 | 107838 |
| Materials | 37853 | (1059) | 101 |  | (1188) |  | (2511) | 16826 | 13228 | 12169 | 50022 |
| Bear | 5520 | (939) | 2 |  |  |  | (23) | 434 | 413 | (526) | 4994 |
| Biotechnology | 222189 | (5562) | 151 |  | (12724) |  | (6361) | (9343) | (28277) | (33839) | 188350 |
| Bull | 545269 | 101613 |  |  | (61809) |  | (77749) | (57541) | (197099) | (95486) | 449783 |
| Consumer Staples | 67389 | 4930 | 156 |  | (5067) |  | (3309) | (2398) | (10618) | (5688) | 61701 |
| Consumer Discretionary | 99109 | 16225 |  |  | (6001) |  | (3873) | (11119) | (20993) | (4768) | 94341 |
| Dow 30 | 193713 | 24019 | 869 |  | (29790) |  | (17864) | 60023 | 13238 | 37257 | 230970 |
| Emerging Markets | 64656 | 3125 | 1 |  | (885) |  | (4772) | (2) | (5658) | (2533) | 62123 |
| Europe 30 | 36379 | 1023 | 1 |  | (4132) |  | (3144) | (190) | (7465) | (6442) | 29937 |
| Falling U.S. Dollar | 19808 | (1447) |  |  |  |  | (89) | (1) | (90) | (1537) | 18271 |
| Financials | 17826 | 6211 | 101 |  | (1340) |  | (3360) | 7082 | 2483 | 8694 | 26520 |
| Health Care | 254638 | 3023 | 10 |  | (19859) |  | (16065) | (107209) | (143123) | (140100) | 114538 |
| Industrials | 125307 | 16437 | 871 |  | (12346) |  | (4155) | 21181 | 5551 | 21988 | 147295 |
| International | 32395 | 1436 | 1 |  | (21156) |  | (1638) | (1) | (22794) | (21358) | 11037 |
| Internet | 202582 | 50663 | 5741 |  |  | (3944) | (5439) | (6836) | (10478) | 40185 | 242767 |
| Japan | 40244 | 7923 |  |  |  |  | (1337) | 716 | (621) | 7302 | 47546 |
| Large-Cap Growth | 792864 | 217255 | 1361 |  | (150888) |  | (30435) | (21596) | (201558) | 15697 | 808561 |
| Large-Cap Value | 544238 | 38970 | 158 |  | (42556) |  | (30339) | (107725) | (180462) | (141492) | 402746 |
| Mid-Cap | 90874 | 7248 | 3 |  | (9330) |  | (3575) | 46 | (12856) | (5608) | 85266 |
| Mid-Cap Growth | 267375 | 29045 | 162 |  | (88558) | (7) | (10738) | (245) | (99386) | (70341) | 197034 |
| Mid-Cap Value | 92446 | 5322 | 1199 |  | (9390) |  | (5526) | 3478 | (10239) | (4917) | 87529 |
| Government Money Market | 2419732 | 41048 | 164693 |  | (234193) | (45378) | (178155) | 96407 | (196626) | (155578) | 2264154 |
| Energy | 276332 | 5719 | 14216 |  | (4081) |  | (12232) | (65890) | (67987) | (62268) | 214064 |
| NASDAQ-100 | 249370 | 47651 |  |  | (503) |  | (19767) | 12003 | (8267) | 39384 | 288754 |
| Pharmaceuticals | 56420 | 988 | 153 |  | (9071) |  | (735) | (213) | (9866) | (8878) | 47542 |
| Precious Metals | 274828 | (892) | 59974 |  | (1719) | (7) | (14218) | (15433) | 28597 | 27705 | 302533 |
| Real Estate | 57222 | 206 | 2370 |  |  |  | (1375) | 2 | 997 | 1203 | 58425 |
| Rising Rates Opportunity | 14763 | 624 | 2 |  | (11808) |  | (1822) | (1) | (13629) | (13005) | 1758 |
| Semiconductor | 182312 | 99504 | 36734 |  | (5368) |  | (9638) | 27680 | 49408 | 148912 | 331224 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Statements of Changes in Net Assets**

**Year Ended December 31, 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>**Surrenders (e)** |<br>**Transfers of**<br>**Death Benefits (f)** |<br>**Transfers**<br>**of Other**<br>**Terminations (g)** |<br>**Interfund and Net**<br>**Transfers (to) from**<br>**General Account (h)** | **Net Increase (Decrease)**<br>**in Net Assets from**<br>**Capital Share Transactions**<br>**(i)=(c+d+e+f+g+h)** | **Total Increase**<br>**(Decrease) in**<br>**Net Assets**<br>**(j)=(b+i)** | **Net Assets**<br>**End of**<br>**Year**<br>**(k)=(a+j)** |
| Short Dow 30 | 1366 | (119) |  |  |  |  |  | (3) | (3) | (122) | 1244 |
| Short Emerging Markets |  |  |  |  |  |  |  |  |  |  |  |
| Short International | 4889 | 47 |  |  |  |  | (27) | (3) | (30) | 17 | 4906 |
| Short Mid-Cap | 1322 | (116) | 1 |  |  |  |  | (1) |  | (116) | 1206 |
| Short NASDAQ-100 |  |  |  |  |  |  |  |  |  |  |  |
| Short Small-Cap | 1750 | (154) |  |  |  |  | (28) |  | (28) | (182) | 1568 |
| Small-Cap | 143445 | 6524 | 201 |  | (50564) |  | (8217) | 2650 | (55930) | (49406) | 94039 |
| Small-Cap Growth | 143687 | 6813 |  |  | (8964) |  | (10741) | 3383 | (16322) | (9509) | 134178 |
| Small-Cap Value | 89421 | 2581 | 200 |  | (553) |  | (5844) | 1778 | (4419) | (1838) | 87583 |
| Technology | 213317 | 38436 | 5 |  | (15348) | (7932) | (17551) | 52275 | 11449 | 49885 | 263202 |
| Communication Services | 366 | 94 |  |  |  |  | (74) | (1) | (75) | 19 | 385 |
| U.S. Government Plus | 63949 | (8488) | 300 |  | (9275) |  | (2762) | 16947 | 5210 | (3278) | 60671 |
| UltraBull | 844963 | 341035 | 3376 |  | (9215) |  | (29661) | 77943 | 42443 | 383478 | 1228441 |
| UltraMid-Cap | 363859 | 51242 | 2486 |  |  |  | (6756) | 10616 | 6346 | 57588 | 421447 |
| UltraNASDAQ-100 | 595697 | 217257 | 4290 |  | (5290) |  | (50339) | (11347) | (62686) | 154571 | 750268 |
| UltraShort Dow 30 | 226 | (122) |  |  |  |  |  | (1) | (1) | (123) | 103 |
| UltraShort NASDAQ-100 | 95 | (54) |  |  |  |  |  | (1) | (1) | (55) | 40 |
| UltraSmall-Cap | 109708 | 10824 | 3046 |  | (3881) |  | (1802) | 17920 | 15283 | 26107 | 135815 |
| Utilities | 130571 | 19049 | 65 |  | (1752) | (64) | (10656) | (92737) | (105144) | (86095) | 44476 |
| VanEck Worldwide Insurance Trust |  |  |  |  |  |  |  |  |  |  |  |
| Global Resources Fund | 5514553 | (210024) | 54027 | 1442 | (295589) | (237269) | (113095) | (343284) | (933768) | (1143792) | 4370761 |
| Emerging Markets Fund | 732890 | (640) | 4083 | (1322) | (78985) | (1207) | (12312) | 37187 | (52556) | (53196) | 679694 |
| Emerging Markets Bond Fund | 393569 | 2611 | 217 |  | (37840) | (8235) | (4564) | (53819) | (104241) | (101630) | 291939 |
| Janus Henderson Series |  |  |  |  |  |  |  |  |  |  |  |
| Global Technology and Innovation Portfolio | 15827232 | 4758874 | 2632612 |  | (418543) | (1323315) | (586965) | 47237 | 351026 | 5109900 | 20937132 |
| Overseas Portfolio | 1473078 | 61576 | 189442 |  | (78185) | (319147) | (24014) | (128993) | (360897) | (299321) | 1173757 |
| Research Portfolio | 101725 | 30286 | 54 |  | (22119) | (17695) | (2329) | (4309) | (46398) | (16112) | 85613 |
| Enterprise Services Portfolio | 37284426 | 4929110 | 2107394 |  | (3008478) | (1783969) | (2017456) | (835011) | (5537520) | (608410) | 36676016 |
| Global Research Portfolio | 1552536 | 405671 | 378164 |  | (119462) | (28777) | (50353) | 1407977 | 1587549 | 1993220 | 3545756 |
| Mid Cap Value Portfolio | 4545243 | 516614 | 399623 |  | (324259) | (210601) | (113630) | 274665 | 25798 | 542412 | 5087655 |
| Balanced Portfolio | 78720780 | 10259602 | 5387402 |  | (8763259) | (2396436) | (3188288) | 337272 | (8623309) | 1636293 | 80357073 |
| Flexible Bond Portfolio | 7117312 | 32774 | 148726 |  | (154111) | (298735) | (211062) | 14126 | (501056) | (468282) | 6649030 |
| Forty Portfolio |  | 3589 | 396178 |  |  |  | (629) | (2032) | 393517 | 397106 | 397106 |
| PIMCO Variable Insurance Trust |  |  |  |  |  |  |  |  |  |  |  |
| Total Return Portfolio | 28859224 | 254979 | 3599265 | 2821 | (1678406) | (1308642) | (972487) | 2012198 | 1654749 | 1909728 | 30768952 |
| Low Duration Portfolio | 28079889 | 794623 | 2310554 |  | (1349054) | (2116949) | (1523748) | (616554) | (3295751) | (2501128) | 25578761 |
| High Yield Portfolio | 11383503 | 634549 | 1761705 | 389 | (513922) | (569123) | (506583) | 2122704 | 2295170 | 2929719 | 14313222 |
| Real Return Portfolio | 20588946 | 131436 | 826971 |  | (896080) | (1139313) | (635254) | 266274 | (1577402) | (1445966) | 19142980 |
| All Asset Portfolio | 2783311 | 55294 | 135476 |  | (109135) | (134398) | (133718) | 92153 | (149622) | (94328) | 2688983 |
| Global Managed Asset Allocation Portfolio | 1013616 | 92620 | 9988 |  | (25363) | (7807) | (7588) | 3363 | (27407) | 65213 | 1078829 |
| Short-Term Portfolio | 45099059 | 1832430 | 1636303 |  | (3248717) | (3048537) | (2076432) | (2796807) | (9534190) | (7701760) | 37397299 |
| Emerging Markets Bond Portfolio | 1544898 | 85669 | 19588 |  | (38922) | (173460) | (59557) | 91517 | (160834) | (75165) | 1469733 |
| Global Bond Opportunities Portfolio | 76974 | (1575) |  |  |  |  |  | 3477 | 3477 | 1902 | 78876 |
| Commodity Real Return Strategy Portfolio | 6445420 | 149402 | 78181 |  | (347144) | (423895) | (145674) | (568933) | (1407465) | (1258063) | 5187357 |
| International Bond (USD-Hedged) Portfolio | 2696013 | 93109 | 41920 |  | (93792) | (633257) | (125537) | 130094 | (680572) | (587463) | 2108550 |
| Dynamic Bond Adv Portfolio | 2005684 | 80141 | 33700 |  | (46271) | (40709) | (156260) | (45590) | (255130) | (174989) | 1830695 |
| Income Advisor Portfolio | 31631301 | 1185900 | 2456075 |  | (6663606) | (698118) | (1377900) | 2747093 | (3536456) | (2350556) | 29280745 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Statements of Changes in Net Assets**

**Year Ended December 31, 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>**Surrenders (e)** |<br>**Transfers of**<br>**Death Benefits (f)** |<br>**Transfers**<br>**of Other**<br>**Terminations (g)** |<br>**Interfund and Net**<br>**Transfers (to) from**<br>**General Account (h)** | **Net Increase (Decrease)**<br>**in Net Assets from**<br>**Capital Share Transactions**<br>**(i)=(c+d+e+f+g+h)** | **Total Increase**<br>**(Decrease) in**<br>**Net Assets**<br>**(j)=(b+i)** | **Net Assets**<br>**End of**<br>**Year**<br>**(k)=(a+j)** |
| StocksPLUS Global Portfolio |  | (11) |  |  |  |  |  | 751 | 751 | 740 | 740 |
| Goldman Sachs Variable Insurance Trust |  |  |  |  |  |  |  |  |  |  |  |
| Small Cap Equity Insights Fund | 1402481 | 247670 | 7694 | 427 | (203709) | (18305) | (70595) | 65630 | (218858) | 28812 | 1431293 |
| Large Cap Value Fund | 155791 | 34809 | 4644 |  | (43423) | (14687) | (8452) | 99423 | 37505 | 72314 | 228105 |
| Mid Cap Value Fund | 2827344 | 302521 | 13978 | 3250 | (117329) | (10298) | (119868) | (132229) | (362496) | (59975) | 2767369 |
| Neuberger Berman Advisors Management Trust |  |  |  |  |  |  |  |  |  |  |  |
| Mid-Cap Growth Portfolio | 495985 | 98014 | 1350 |  | (232386) | (13266) | (11597) | 156109 | (99790) | (1776) | 494209 |
| AMT Mid Cap Intrinsic Value Portfolio | 118652 | 9163 | 2302 |  | (3085) | (1777) | (2100) | 2412 | (2248) | 6915 | 125567 |
| BNY Mellon Variable Investment Fund |  |  |  |  |  |  |  |  |  |  |  |
| Appreciation Portfolio | 248194 | 25220 | 237 |  | (59692) |  | (18850) | 39991 | (38314) | (13094) | 235100 |
| Sustainable U.S. Equity Portfolio | 16103 | 3749 | 156 |  |  |  | (601) | 5485 | 5040 | 8789 | 24892 |
| Morgan Stanley Variable Institutional Funds |  |  |  |  |  |  |  |  |  |  |  |
| Emerging Markets Debt Portfolio | 18225 | 1122 | 184 |  | (4491) | (113) | (1215) | 48 | (5587) | (4465) | 13760 |
| Emerging Markets Equity Portfolio | 113354 | 6148 | 756 |  | (11335) | (2866) | (6772) | 218 | (19999) | (13851) | 99503 |
| Discovery Portfolio | 38118 | 13924 |  |  |  |  | (2334) | (1097) | (3431) | 10493 | 48611 |
| U.S. Real Estate Portfolio | 40180 | 3953 | 8 |  | (5731) |  | (2744) | (35666) | (44133) | (40180) |  |
| Northern Lights Variable Trust |  |  |  |  |  |  |  |  |  |  |  |
| Power Dividend Index Fund | 682293 | 65870 | 70 |  | (112232) | (99035) | (2111) | (20619) | (233927) | (168057) | 514236 |
| AB Variable Products Series |  |  |  |  |  |  |  |  |  |  |  |
| Dynamic Asset Allocation Portfolio | 2539338 | 225585 | 1654 |  | (901) | (28438) | (139545) | (12459) | (179689) | 45896 | 2585234 |
| Small Cap Growth Portfolio | 21398 | 3590 |  |  |  |  |  | (2589) | (2589) | 1001 | 22399 |
| Discovery Value Portfolio | 6909113 | 559170 | 543969 |  | (317328) | (211038) | (157942) | (1055826) | (1198165) | (638995) | 6270118 |
| BlackRock Variable Series Fund, Inc. |  |  |  |  |  |  |  |  |  |  |  |
| Basic Value Fund | 3752288 | 303130 | 280131 |  | (129315) | (184000) | (91704) | (77981) | (202869) | 100261 | 3852549 |
| Capital Appreciation Fund | 462038 | 114166 | 779 |  | (55815) | (80289) | (4105) | (24976) | (164406) | (50240) | 411798 |
| Equity Dividend Fund | 21770381 | 1688782 | 3925930 |  | (1431424) | (1219220) | (815957) | (1609094) | (1149765) | 539017 | 22309398 |
| Global Allocation Fund | 11864939 | 838506 | 701177 |  | (981587) | (637225) | (302660) | (347207) | (1567502) | (728996) | 11135943 |
| Advantage Large Cap Core Fund | 417983 | 93186 | 7055 |  |  |  | (28920) | (36817) | (58682) | 34504 | 452487 |
| Large Cap Focus Growth Fund | 13290839 | 3737029 | 1812056 |  | (638338) | (348621) | (321367) | (1628334) | (1124604) | 2612425 | 15903264 |
| 60/40 Target Allocation ETF Fund | 7326689 | 692995 | 2043052 |  | (241087) | (309562) | (112871) | 337362 | 1716894 | 2409889 | 9736578 |
| Total Return Fund | 1635480 | (878) | 14 |  |  |  | (37808) | 295897 | 258103 | 257225 | 1892705 |
| S&P 500 Fund | 1808621 | 392853 | 184 |  |  | (10435) | (38364) | (133317) | (181932) | 210921 | 2019542 |
| Columbia Variable Portfolio |  |  |  |  |  |  |  |  |  |  |  |
| Contrarian Core 2 Portfolio | 10969197 | 2474490 | 1729575 |  | (306836) | (346606) | (312964) | 994081 | 1757250 | 4231740 | 15200937 |
| Dividend Opportunity Portfolio | 8358698 | 1166036 | 823159 |  | (216167) | (326859) | (272598) | (1117871) | (1110336) | 55700 | 8414398 |
| Emerging Markets Bond Portfolio | 3888217 | 174181 | 46858 |  | (159363) | (345471) | (94897) | (99046) | (651919) | (477738) | 3410479 |
| High Yield Portfolio | 6479175 | 362924 | 972891 |  | (279175) | (154082) | (340853) | (246840) | (48059) | 314865 | 6794040 |
| Select Large-Cap Value Portfolio | 12796106 | 1459447 | 1239655 |  | (3129046) | (657092) | (584101) | 1278363 | (1852221) | (392774) | 12403332 |
| Seligman Global Tech Portfolio | 15762403 | 3999959 | 2171085 |  | (402125) | (598738) | (746375) | (677243) | (253396) | 3746563 | 19508966 |
| US Government Mortgage Portfolio | 817028 | 1403 | 201707 |  | (15311) |  | (53561) | 16852 | 149687 | 151090 | 968118 |
| Strategic Income Portfolio | 1758934 | 61839 | 129703 |  | (48972) | (7103) | (31024) | 133873 | 176477 | 238316 | 1997250 |
| Emerging Markets Portfolio | 348875 | 15767 | 12874 |  |  | (8058) | (2284) | 51941 | 54473 | 70240 | 419115 |
| Select Mid Cap Value Portfolio | 114935 | 29528 | 673827 |  | (11141) | (3001) | (31921) | 677585 | 1305349 | 1334877 | 1449812 |
| Small Cap Value Portfolio | 82965 | 62799 | 891730 |  | (45576) | (7189) | (19467) | 372732 | 1192230 | 1255029 | 1337994 |
| DWS Variable Insurance Portfolios |  |  |  |  |  |  |  |  |  |  |  |
| Equity 500 Index Portfolio | 48711506 | 11170402 | 9730427 |  | (1895632) | (4075075) | (1262578) | 552566 | 3049708 | 14220110 | 62931616 |
| Small Cap Index Portfolio | 7552361 | 685254 | 435744 |  | (497842) | (328751) | (151513) | (488272) | (1030634) | (345380) | 7206981 |
| Alternative Asset Allocation Portfolio | 1030313 | 38816 | 3882 |  | (28452) | (56729) | (12427) | (4049) | (97775) | (58959) | 971354 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Statements of Changes in Net Assets**

**Year Ended December 31, 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>**Surrenders (e)** |<br>**Transfers of**<br>**Death Benefits (f)** |<br>**Transfers**<br>**of Other**<br>**Terminations (g)** |<br>**Interfund and Net**<br>**Transfers (to) from**<br>**General Account (h)** | **Net Increase (Decrease)**<br>**in Net Assets from**<br>**Capital Share Transactions**<br>**(i)=(c+d+e+f+g+h)** | **Total Increase**<br>**(Decrease) in**<br>**Net Assets**<br>**(j)=(b+i)** | **Net Assets**<br>**End of**<br>**Year**<br>**(k)=(a+j)** |
| Global Small Cap Portfolio | 167751 | (2323) |  |  | (5547) |  | (73) | (159808) | (165428) | (167751) |  |
| Small Mid Cap Value Portfolio | 3856271 | 160981 | 17734 |  | (195875) | (338803) | (84532) | (242557) | (844033) | (683052) | 3173219 |
| CROCI US Portfolio | 176159 | 13618 |  |  |  | (31762) | (3347) | (154668) | (189777) | (176159) |  |
| High Income Portfolio | 555066 | 4151 | 32106 |  | (85980) | (7712) | (6841) | (490790) | (559217) | (555066) |  |
| Eaton Vance Variable Trust |  |  |  |  |  |  |  |  |  |  |  |
| Floating Rate Income Portfolio | 20633222 | 1312782 | 2911995 |  | (1344856) | (912678) | (1240131) | (781701) | (1367371) | (54589) | 20578633 |
| Franklin Templeton Variable Insurance Products Trust |  |  |  |  |  |  |  |  |  |  |  |
| Mutual Shares Fund | 4175178 | 391043 | 23374 |  | (197631) | (222403) | (147848) | (104108) | (648616) | (257573) | 3917605 |
| Income Fund | 24992559 | 1362888 | 4006262 |  | (1462618) | (1548280) | (1375322) | (461637) | (841595) | 521293 | 25513852 |
| Global Bond Fund | 21567883 | (2574994) | 419254 |  | (1021461) | (1114929) | (627736) | 826220 | (1518652) | (4093646) | 17474237 |
| Foreign Fund | 35725950 | (604239) | 1557090 |  | (1540906) | (2553568) | (1032270) | (518848) | (4088502) | (4692741) | 31033209 |
| Developing Markets Fund | 2388608 | 150576 | 9798 |  | (131386) | (177573) | (54052) | (57219) | (410432) | (259856) | 2128752 |
| Mutual Global Discovery Fund | 4540560 | 157175 | 21084 |  | (175373) | (384700) | (125544) | 20104 | (644429) | (487254) | 4053306 |
| Rising Dividends Fund | 27877839 | 2553370 | 2264931 |  | (1005897) | (1849682) | (715712) | (208772) | (1515132) | 1038238 | 28916077 |
| DynaTech 2 Fund | 4014041 | 1239045 | 1911411 |  | (98879) | (108108) | (176100) | 602363 | 2130687 | 3369732 | 7383773 |
| Global Real Estate Fund |  | (3068) | 9874 |  |  |  | (953) | 43116 | 52037 | 48969 | 48969 |
| VolSmart Allocation Fund | 77047 | 18740 | 79440 |  | (2924) | (70850) | (246) | 29222 | 34642 | 53382 | 130429 |
| Nomura Variable Insurance Portfolio |  |  |  |  |  |  |  |  |  |  |  |
| Asset Strategy Portfolio | 2239781 | 234261 | 6246 |  | (128819) | (73368) | (67898) | (74978) | (338817) | (104556) | 2135225 |
| Balanced Portfolio | 6050704 | 824488 | 23412 |  | (538573) | (155055) | (222647) | (80112) | (972975) | (148487) | 5902217 |
| Global Equity Portfolio | 985409 | 52559 | 362 |  |  | (5038) | (3665) | (1029627) | (1037968) | (985409) |  |
| Energy Portfolio | 1351364 | (77781) | 10941 |  | (154233) | (34561) | (26390) | (95713) | (299956) | (377737) | 973627 |
| Natural Resources Portfolio | 578408 | (5387) | 983 |  | (40263) | (24125) | (21105) | 30561 | (53949) | (59336) | 519072 |
| Growth Portfolio | 2787512 | 583138 | 26721 |  | (120948) | (31554) | (109346) | (73684) | (308811) | 274327 | 3061839 |
| High Income Portfolio | 9237969 | 423651 | 91478 |  | (558582) | (388485) | (342652) | (182893) | (1381134) | (957483) | 8280486 |
| International Core Equity Portfolio | 5489534 | 138888 | 61679 |  | (352107) | (251913) | (133327) | 875917 | 200249 | 339137 | 5828671 |
| Global Growth Portfolio | 617489 | 173740 | 742 |  | (108173) |  | (101686) | 1011233 | 802116 | 975856 | 1593345 |
| Mid Cap Growth Portfolio | 8600166 | 120252 | 154488 |  | (574325) | (880430) | (240458) | (575496) | (2116221) | (1995969) | 6604197 |
| Science and Technology Portfolio | 13625194 | 3717338 | 138754 |  | (825806) | (473710) | (377927) | (1350205) | (2888894) | 828444 | 14453638 |
| Small Cap Growth Portfolio | 3716539 | 451584 | 28729 |  | (160468) | (340735) | (104331) | (147834) | (724639) | (273055) | 3443484 |
| SMID Cap Core Portfolio | 9050218 | 1042786 | 2189 |  | (412475) | (743404) | (282365) | (772467) | (2208522) | (1165736) | 7884482 |
| Total Return Portfolio | 88059 | 8147 | 1 |  |  |  | (1553) | (1447) | (2999) | 5148 | 93207 |
| International Portfolio | 953379 | 22474 |  |  | (8864) |  | (1511) | (965478) | (975853) | (953379) |  |
| Opportunity Portfolio | 7269145 | 896409 | 40770 |  | (474065) | (549060) | (157916) | (276589) | (1416860) | (520451) | 6748694 |
| Lazard Retirement Series, Inc. |  |  |  |  |  |  |  |  |  |  |  |
| International Equity Portfolio | 1130591 | 48798 | 23772 |  | (3071) | (34246) | (31036) | 1868 | (42713) | 6085 | 1136676 |
| Global Dynamic Multi Asset Portfolio | 860737 | 60649 | 179 |  | (34685) | (257732) | (12404) | (26248) | (330890) | (270241) | 590496 |
| Legg Mason Partners Variable Equity Trust |  |  |  |  |  |  |  |  |  |  |  |
| Western Asset Variable Global High Yield Bond Portfolio | 2457468 | 113856 | 20701 |  | (127444) | (247543) | (79079) | (131285) | (564650) | (450794) | 2006674 |
| ClearBridge Variable Mid Cap Portfolio | 15486987 | 1277204 | 1424250 |  | (438547) | (750620) | (338729) | (675808) | (779454) | 497750 | 15984737 |
| ClearBridge Variable Dividend Strategy Portfolio | 36178614 | 4936574 | 1921946 |  | (8672300) | (594091) | (1821243) | (358431) | (9524119) | (4587545) | 31591069 |
| ClearBridge Variable Small Cap Growth Portfolio | 8735629 | 208345 | 1307503 |  | (273730) | (254859) | (241367) | (144035) | 393512 | 601857 | 9337486 |
| ClearBridge Variable Growth Portfolio | 811020 | 87020 | 1 |  | (7631) |  | (15318) | (41281) | (64229) | 22791 | 833811 |
| Western Asset Variable Core Bond Plus Portfolio | 65452511 | (1344206) | 4895355 |  | (2539723) | (4707194) | (2136775) | 2699783 | (1788554) | (3132760) | 62319751 |
| ClearBridge Variable Large Cap Growth Portfolio | 26036211 | 6544673 | 3376913 |  | (972704) | (2148948) | (931659) | (1852495) | (2528893) | 4015780 | 30051991 |
| Victory Pioneer Variable Contracts Trust |  |  |  |  |  |  |  |  |  |  |  |
| Fund Portfolio | 1749674 | 460502 | 397217 |  | (20927) | (63794) | (65887) | 972625 | 1219234 | 1679736 | 3429410 |
| Bond Portfolio | 44080200 | 727992 | 5492603 |  | (1642355) | (3597249) | (1755103) | 1282222 | (219882) | 508110 | 44588310 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Statements of Changes in Net Assets**

**Year Ended December 31, 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>**Surrenders (e)** |<br>**Transfers of**<br>**Death Benefits (f)** |<br>**Transfers**<br>**of Other**<br>**Terminations (g)** |<br>**Interfund and Net**<br>**Transfers (to) from**<br>**General Account (h)** | **Net Increase (Decrease)**<br>**in Net Assets from**<br>**Capital Share Transactions**<br>**(i)=(c+d+e+f+g+h)** | **Total Increase**<br>**(Decrease) in**<br>**Net Assets**<br>**(j)=(b+i)** | **Net Assets**<br>**End of**<br>**Year**<br>**(k)=(a+j)** |
| Strategic Income Portfolio | 10220175 | 258270 | 71379 |  | (303104) | (365726) | (321458) | (103707) | (1022616) | (764346) | 9455829 |
| Equity Income Portfolio | 10733485 | 1022618 | 548532 |  | (346649) | (1027197) | (315012) | (140710) | (1281036) | (258418) | 10475067 |
| High Yield Portfolio | 555385 | 36294 | 141 |  | (62235) |  | (15308) | 9319 | (68083) | (31789) | 523596 |
| Prudential Series Funds |  |  |  |  |  |  |  |  |  |  |  |
| Natural Resources Portfolio | 655298 | 17057 | 1844 |  | (3074) | (15432) | (13307) | (48553) | (78522) | (61465) | 593833 |
| Mid-Cap Growth Portfolio | 137198 | 16532 | 527 |  | (4810) |  | (1841) | (460) | (6584) | 9948 | 147146 |
| PGIM Jennison Focused Blend Portfolio |  |  |  |  |  |  |  |  |  |  |  |
| PGIM Jennison Blend Portfolio | 506159 | 119472 | 10192 |  | (11578) | (2456) | (5519) | (14256) | (23617) | 95855 | 602014 |
| Royce Capital Fund |  |  |  |  |  |  |  |  |  |  |  |
| Micro-Cap Portfolio | 205872 | 24281 | 501 |  | (4664) |  | (409) | (2190) | (6762) | 17519 | 223391 |
| Small Cap Portfolio | 7309686 | 164380 | 471360 |  | (431790) | (417724) | (207695) | 1181898 | 596049 | 760429 | 8070115 |
| Alps Fund |  |  |  |  |  |  |  |  |  |  |  |
| Alerian Energy Infrastructure Portfolio | 5133095 | 1860242 | 474778 |  | (168668) | (318414) | (137117) | 331421 | 182000 | 2042242 | 7175337 |
| Global Opportunity Portfolio | 1700555 | 274504 | 49250 |  | (29237) | (23112) | (19752) | (27558) | (50409) | 224095 | 1924650 |
| American Funds IS |  |  |  |  |  |  |  |  |  |  |  |
| Asset Allocation Fund | 90066273 | 13042230 | 6339401 |  | (11512007) | (3338994) | (6247923) | 1178606 | (13580917) | (538687) | 89527586 |
| Washington Mutual Investors Fund | 52776768 | 9068434 | 6647487 |  | (1911118) | (4463671) | (1619442) | 826605 | (520139) | 8548295 | 61325063 |
| Ultra-Short Bond Fund | 18769795 | 537424 | 573249 |  | (636809) | (562849) | (556939) | (2558649) | (3741997) | (3204573) | 15565222 |
| Capital Income Builder Fund | 20561730 | 1767674 | 2180006 |  | (1077804) | (872073) | (608157) | 753217 | 375189 | 2142863 | 22704593 |
| Global Growth Fund | 29470156 | 3496931 | 2812433 |  | (1423629) | (1936886) | (805907) | (439109) | (1793098) | 1703833 | 31173989 |
| Capital World Growth and Income Fund | 18647769 | 2182367 | 1231903 |  | (1277418) | (805755) | (654630) | (492740) | (1998640) | 183727 | 18831496 |
| Global Small Capitalization Fund | 6635005 | 64107 | 406671 |  | (553331) | (291357) | (81255) | (86072) | (605344) | (541237) | 6093768 |
| Growth Fund | 62763441 | 18629204 | 9214371 |  | (3398862) | (3445591) | (1578503) | (885695) | (94280) | 18534924 | 81298365 |
| Growth-Income Fund | 67156552 | 15225189 | 10524999 |  | (2604780) | (2517357) | (1645894) | (2406268) | 1350700 | 16575889 | 83732441 |
| International Fund | 9723149 | 179443 | 526755 |  | (779658) | (763841) | (275804) | 302904 | (989644) | (810201) | 8912948 |
| International Growth and Income Fund | 8447711 | 188809 | 571363 |  | (225272) | (555312) | (199143) | (441090) | (849454) | (660645) | 7787066 |
| New World Fund | 33099253 | 1647609 | 2217027 |  | (1406293) | (1965146) | (891421) | (351404) | (2397237) | (749628) | 32349625 |
| U.S. Government Securities Fund | 15430082 | (260033) | 967968 |  | (713661) | (5265000) | (405088) | (354064) | (5769845) | (6029878) | 9400204 |
| Global Balanced Fund | 76659 | 4550 | 402733 |  | (1435) |  | (2304) | 119044 | 518038 | 522588 | 599247 |
| The Bond Fd of America Fund | 26308 | (35823) | 1156410 |  | (7525) |  | (30454) | 3758744 | 4877175 | 4841352 | 4867660 |
| T. Rowe Price |  |  |  |  |  |  |  |  |  |  |  |
| Blue Chip Growth Portfolio | 66803968 | 21244910 | 7677682 |  | (4249934) | (3998650) | (2601675) | (4144041) | (7316618) | 13928292 | 80732260 |
| Health Sciences Portfolio | 31769367 | 128475 | 2266827 |  | (1064230) | (1929021) | (931918) | 792865 | (865477) | (737002) | 31032365 |
| Equity Income Portfolio | 55279 | (4400) | 777455 |  |  |  | (17711) | 140564 | 900308 | 895908 | 951187 |
| Mid-Cap Growth Portfolio | 45586 | 16342 | 841785 |  | (8041) | (107878) | (13089) | 761763 | 1474540 | 1490882 | 1536468 |
| John Hancock Variable Insurance Trust |  |  |  |  |  |  |  |  |  |  |  |
| Financial Industries Portfolio | 2736183 | 725191 | 232861 |  | (131244) | (148582) | (168355) | (121822) | (337142) | 388049 | 3124232 |
| Fundamental All Cap Core Portfolio | 225619 | 49305 | 600 |  |  |  | (3645) | (36833) | (39878) | 9427 | 235046 |
| Select Bond Portfolio | 334421 | (1809) | 111579 |  | (81525) |  | (5098) | 4232 | 29188 | 27379 | 361800 |
| Strategic Income Opportunities Portfolio | 706194 | 8057 | 607373 |  | (74979) | (18424) | (6089) | 79898 | 587779 | 595836 | 1302030 |
| Federated Hermes |  |  |  |  |  |  |  |  |  |  |  |
| High Income Bond Portfolio | 1969525 | 61800 | 45927 |  | (131704) | (472730) | (46547) | 12524 | (592530) | (530730) | 1438795 |
| Kaufmann Portfolio | 5634869 | 790875 | 107669 |  | (278713) | (255141) | (126163) | (714323) | (1266671) | (475796) | 5159073 |
| Managed Volatility Portfolio | 409461 | 36547 | 67477 |  | (754) | (13987) | (3971) | (132995) | (84230) | (47683) | 361778 |
| Principal Variable Contracts |  |  |  |  |  |  |  |  |  |  |  |
| Blue Chip PVC 2 Fund | 886019 | 251879 | 425890 |  |  | (30937) | (29493) | 102284 | 467744 | 719623 | 1605642 |
| Equity Income 2 Fund | 426884 | 62201 | 49936 |  | (39424) |  | (6939) | (304) | 3269 | 65470 | 492354 |
| Diversified Balance 2 Fund | 2059266 | 158249 | 198883 |  | (57518) | (103332) | (15224) | 189053 | 211862 | 370111 | 2429377 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Statements of Changes in Net Assets**

**Year Ended December 31, 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>**Surrenders (e)** |<br>**Transfers of**<br>**Death Benefits (f)** |<br>**Transfers**<br>**of Other**<br>**Terminations (g)** |<br>**Interfund and Net**<br>**Transfers (to) from**<br>**General Account (h)** | **Net Increase (Decrease)**<br>**in Net Assets from**<br>**Capital Share Transactions**<br>**(i)=(c+d+e+f+g+h)** | **Total Increase**<br>**(Decrease) in**<br>**Net Assets**<br>**(j)=(b+i)** | **Net Assets**<br>**End of**<br>**Year**<br>**(k)=(a+j)** |
| Diversified Growth 2 Fund | 269644 | 76160 | 225090 |  | (817) | (16298) | (797) | 565533 | 772711 | 848871 | 1118515 |
| Diversified Income 2 Fund | 87458 | 4798 | 7272 |  |  |  | (3024) | 67036 | 71284 | 76082 | 163540 |
| Putnam Variable Trust |  |  |  |  |  |  |  |  |  |  |  |
| Core Equity Fund |  | 951 | 45405 |  |  |  |  |  | 45405 | 46356 | 46356 |
| Emerging Markets Equity Fund |  |  |  |  |  |  |  |  |  |  |  |
| Focused International Equity Fund |  |  |  |  |  |  |  |  |  |  |  |
| George Putnam Balanced Fund |  | 37 | 1698 |  |  |  |  |  | 1698 | 1735 | 1735 |
| Global Asset Allocation Fund |  |  |  |  |  |  |  |  |  |  |  |
| Global Health Care Fund |  | (2743) | 4500 |  |  |  |  | 25449 | 29949 | 27206 | 27206 |
| High Yield Fund |  |  |  |  |  |  |  |  |  |  |  |
| International Equity Fund |  |  |  |  |  |  |  |  |  |  |  |
| International Value Fund |  | (25637) | 571039 |  | (6577) |  | (2962) | 19633 | 581133 | 555496 | 555496 |
| Large Cap Growth Fund |  | 7521 | 66359 |  |  |  |  | 93433 | 159792 | 167313 | 167313 |
| Large Cap Value Fund |  | (58495) | 2043671 |  | (19885) |  | (10242) | (3432) | 2010112 | 1951617 | 1951617 |
| Research Fund |  |  |  |  |  |  |  |  |  |  |  |
| Small Cap Growth Fund |  | (5943) | 110673 |  |  |  |  | 103656 | 214329 | 208386 | 208386 |
| Small Cap Value Fund |  | (1931) | 54607 |  |  |  |  |  | 54607 | 52676 | 52676 |

---

The accompanying notes are an integral part of these financial statements

------

**Midland National Life Insurance Company**

**Separate Account C**

**Notes to Financial Statements**

1. Organization and Significant Accounting Policies

Organization

Midland National Life Separate Account C ("Separate Account") is registered with the Securities and Exchange Commission ("SEC") as a unit investment trust pursuant to the provisions of the Investment Company Act of 1940, as amended, and 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 twelve variable annuity insurance products, each with different characteristics and product features which result in varying charges. Sammons Financial Network, an affiliate, serves as the underwriter of the variable products.

Investments

The Separate Account invests in specified portfolios of Fidelity Variable Insurance Products ("VIPF"), Lincoln Variable Insurance Portfolio American Century Funds ("LVIP ACVP"), MFS Variable Insurance Trust ("MFS"), Lord Abbett Series Fund, Inc. ("LAC"), Alger Fund ("FAM"), Calvert Variable Series, Inc. ("CAM"), Calvert Variable Trust, Inc. ("CVT"), Invesco Variable Insurance Funds ("INV"), Lincoln Financial Variable Insurance Portfolios ("LFVIP"), Rydex Variable Trust ("RYDEX"), the Rydex Variable Insurance Funds ("RYDEX VIF"), the Guggenheim Variable Insurance Funds ("GVIF"), ProFunds VP ("PF"), Van Eck Worldwide Insurance Trust ("Van Eck"), Janus Henderson Series ("JANUS"), PIMCO Variable Insurance Trust ("PIMCO"), Goldman Sachs Variable Insurance Trust ("Goldman"), Neuberger Berman Advisors Management Trust ("Neuberger"), the BNY Mellon Variable Investment Fund ("BNY"), the Morgan Stanley Variable Institutional Funds ("MSVIF"), the Northern Lights Variable Trust ("NLVT"), the AB Variable Products Series ("ABVPS"), the BlackRock Variable Series Fund, Inc. ("BRVS"), the Columbia Variable Portfolio ("CVP"), the DWS Variable Insurance Portfolios ("DEUT VIP"), the Eaton Vance Variable Trust ("EVVT"), the Franklin Templeton Variable Insurance Products Trust ("FTVIP"), the Nomura Variable Insurance Portfolios ("NVIP"), the Lazard Retirement Series, Inc. ("LRS"), the Legg Mason Partners Variable Equity Trust ("LMVET"), the Victory Pioneer Variable Contracts Trust ("VICTORY PVCT"), the Prudential Series Funds ("PRUDENTIAL"), the Royce Capital Fund ("ROYCE"), the Alps Fund ("ALPS"), the American Funds IS ("AFIS"), the T. Rowe Price ("T. ROWE"), the John Hancock Variable Insurance Trust ("JHVIT"), the Federated Hermes ("FED H"), and the Principal Variable Contracts ("PRIN"), (collectively "the Funds"), each diversified open-end management companies registered under the Investment Company Act of 1940, as directed by participants. All of these portfolios have been in existence for more than two years. During 2024, the Separate Account began offering a new portfolio of funds, provided by the Putnam Variable Trust ("PVT") and the New Age Alpha ("NAA").

------

**Midland National Life Insurance Company**

**Separate Account C**

**Notes to Financial Statements**

Effective February 12, 2021 the NLVT Power Income Fund was closed and on March 18, 2021, the fund was liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of Northern Lights Variable Trust. All policyowners were given the opportunity to transfer any values in this fund to any other option(s) of their choice without incurring a transfer charge. Any funds remaining at March 18, 2021 were transferred to the VIPF Government Money Market Portfolio Service Class 2.

Effective April 26, 2021, the PF Access VP High Yield Fund was renamed the PF Profund Access VP High Yield Fund.

Effective April 30, 2021, the Invesco Oppenheimer Fund ("INV OPP") was renamed the Invesco Variable Insurance Fund ("INV"). In addition, the INV OPP Total Return Bond Fund was renamed the INV Core Bond Fund, the INV Mid Cap Core Equity Fund was renamed the INV Main Street Mid Cap Fund, the ALPS Red Rocks Listed Private Equity Portfolio was renamed the ALPS Red Rocks Global Opportunity Portfolio, and the Van Eck Global Hard Assets Fund was renamed the Van Eck Global Resources Fund.

Effective April 30, 2021, the INV Managed Volatility Fund merged with the INV Equity and Income Fund and the INV Value Opportunities Fund merged with the INV American Value Fund.

Effective May 1, 2021, the PIONEER VCT Fund Portfolio was reopened to new investors. In addition, the AFIS Blue Chip Income and Growth Fund was renamed the AFIS Washington Mutual Investors Fund, the AFIS Global Growth and Income Fund was renamed the AFIS Capital World Growth and Income Fund, and the AFIS US Government/AAA-Rated Securities Fund was renamed the AFIS US Government Securities Fund.

Effective May 1, 2021, eight new funds were introduced including the CVP Emerging Markets Portfolio, the DEUT VIP High Income Portfolio, the VIPF Investment Grade Bond Portfolio, the INV Balanced-Risk Allocation Fund, INV Core Plus Bond Fund, INV Diversified Dividend Fund, INV Equity and Income Fund, and the INV Small Cap Equity Fund.

Effective May 1, 2021, the Separate Account began offering a new portfolio of funds, provided by Principal VC ("PRIN"). This portfolio consists of five funds, the PRIN Blue Chip Fund, the PRIN Equity Income Fund, the PRIN Diversified Balanced Fund, the PRIN Diversified Growth Fund, and the PRIN Diversified Income Fund.

Effective May 1, 2021, thirteen funds were closed to new investors. These included the DEUT VIP Small Mid Cap Value Portfolio, the VIPF High Income Portfolio, the FTVIP Mutual Global Discovery Fund, the FTVIP Mutual Shares Fund, the IVY VIP Energy Portfolio, the IVY VIP Global Bond Portfolio, the IVY VIP Growth Portfolio, the IVY VIP High Income Portfolio, the IVY VIP International Core Equity Portfolio, the IVY VIP Mid Cap Growth Portfolio, the IVY

------

**Midland National Life Insurance Company**

**Separate Account C**

**Notes to Financial Statements**

VIP Natural Resources Portfolio, the IVY VIP Science and Technology Portfolio, and the IVY VIP Small Cap Growth Portfolio.

Effective May 1, 2021, the PRUDENTIAL Jenn 20/20 Focus Portfolio was renamed the PRUDENTIAL PGIM Jennison Focused Blend Portfolio and the PRUDENTIAL US Emerging Growth Portfolio was renamed the PRUDENTIAL Mid-Cap Growth Portfolio.

Effective May 5, 2021, the LAC Developing Growth Portfolio was closed to new investors.

Effective July 1, 2021, the Ivy Funds Variable Insurance Portfolio ("IVY VIP") was renamed the Delaware Ivy Variable Insurance Portfolios ("DEL IVY VIP").

Effective August 2, 2021, two new funds were introduced including the FTVIP DynaTech 2 Fund and the INV Equally Weighted S&P 500 Fund.

Effective August 2, 2021 the DEL IVY VIP Small Cap Core Portfolio was closed to new investors.

Effective August 7, 2021 the QS Legg Mason Partners Variable Income Trust ("LMVIT") Dynamic Multi-Strategy Portfolio was renamed the FTVIP Multi-Asset Dynamic Multi-Strategy Portfolio.

Effective September 30, 2021 the DEL IVY VIP Global Bond Portfolio was closed.

Effective November 15, 2021 the DEL IVY VIP Small Cap Core Portfolio was renamed the DEL IVY VIP SMID Cap Core Portfolio.

Effective April 27, 2022, the DEL IVY VIP Global Bond Portfolio was liquidated. The plan of liquidation and dissolution was been approved by the Board of Trustees of Ivy Variable Insurance Portfolios. All policyowners were given the opportunity to transfer any values in this fund to any other option(s) of their choice without incurring a transfer charge. Any funds remaining at April 27, 2022 were transferred to the VIPF Government Money Market Portfolio Service Class 2.

Effective April 29, 2022, the INV Core Bond Fund merged with the INV Core Plus Bond Fund and the INV International Growth Fund was renamed the INV International Equity Fund.

Effective August 1, 2022 the DEL IVY VIP Global Equity Income Portfolio was renamed the DEL IVY VIP Global Value Equity Portfolio.

Effective August 19, 2022, the FTVIP Multi-Asset Dynamic Multi-Strategy VIT Fund was liquidated.

Effective November 1, 2022, the VIPF Government Money Market Portfolio Service Class 2 Fund was reopened.

------

**Midland National Life Insurance Company**

**Separate Account C**

**Notes to Financial Statements**

As of December 31, 2022, the PF Short Emerging Markets Fund, the RYDEX Inverse Dow 2x Strategy Fund, and the RYDEX NASDAQ-100 2x Strategy Fund were available for investment but had no assets and had no activity during 2022 or 2021. The PF Short NASDAQ-100 Fund was also available for investment but had no assets or activity during 2022.

Effective January 24, 2023 the ALPS Red Rocks Global Opportunity Portfolio was renamed the ALPS Global Opportunity Portfolio.

Effective March 13, 2023, one PF fund had a reverse share split as shown in the following table.

---

| | |
|:---|:---|
| | **Split Ratio** |
| **Fund** | **(New to Old Shares)** |
| PF UltraShort NASDAQ-100 Portfolio | 1:5 |

---

Effective March 17, 2023 the PF Oil & Gas Fund was renamed the PF Energy Fund, the PF Basic Materials Fund was renamed the PF Materials Fund, the PF Consumer Goods Fund was renamed the PF Consumer Staples Fund, the PF Consumer Services Fund was renamed the PF Consumer Discretionary Fund and the PF Telecommunications Fund was renamed the PF Communication Services Fund.

Effective May 1, 2023 the JP Trust Core Bond Portfolio and the JP Trust Small Cap Core Portfolio ("JP") were adopted by Lincoln Financial Variable Insurance Portfolios ("LFVIP") and the ABVPS Small/Mid Cap Value Portfolio was renamed the ABVPS Discovery Value Portfolio.

Effective October 31, 2023 the DEL IVY VIP Global Value Equity Portfolio was renamed the DEL IVY VIP Global Equity Portfolio.

Effective November 1, 2023, the AFIS Global Balanced Fund, the AFIS The Bond Fd of America Fund, the CVP Select Mid Cap Value Portfolio, the CVP Small Cap Value Portfolio, the VIPF Energy Portfolio, the FTVIP Global Real Estate Fund, the FTVIP VolSmart Allocation Fund, the T. ROWE Equity Income Portfolio, and the T. ROWE Mid-Cap Growth Portfolio were introduced. In addition, the ABVPS Dynamic Asset Allocation Portfolio, the PIONEER VCT Strategic Income Portfolio, the RYDEX VIF S&P 500 Pure Growth Fund, and the LMVET Western Asset Variable Global High Yield Bond Portfolios were closed to new investors.

Effective November 13, 2023 the AFIS Asset Allocation Fund, CAM SRI Balanced Portfolio, VIPF Growth Opportunities Portfolio, the VIPF Mid Cap Portfolio, the LAC Bond-Debenture Portfolio, the LAC Short Duration Income Portfolio, the PIMCO Real Return Portfolio, the PIMCO Short-Term Portfolio, and the PRIN Equity Income Fund were closed to new investors.

------

**Midland National Life Insurance Company**

**Separate Account C**

**Notes to Financial Statements**

Effective December 11, 2023 the PRUDENTIAL PGIM Jennison Blend Portfolio was introduced and the PRUDENTIAL PGIM Jennison Focused Blend Portfolio was merged into this newly added fund in a soft-closed position.

Effective April 26, 2024, the American Century Variable Portfolios, Inc. ("ACVP") was reorganized into the Lincoln Variable Insurance Portfolio American Century Funds ("LVIP ACVP"), the DEL Global Equity Portfolio was merged into the DEL IVY VIP Global Growth Portfolio, and the DEL International Portfolio was merged into the DEL IVY VIP International Core Equity Portfolio.

Effective April 30, 2024, the DEUT VIP High Income Portfolio, DEUT VIP Global Small Cap Portfolio, and DEUT VIP CROCI US Portfolio were closed and on June 17, 2024, the funds were liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of the DWS Variable Insurance Portfolios. All policyowners were given the opportunity to transfer any values in these funds to any other option(s) of their choice without incurring a transfer charge. Any funds remaining at June 17, 2024 were moved to the VIPF Government Money Market Portfolio.

Effective May 1, 2024 the CAM S&P 500 Index Portfolio was renamed the Calvert Variable Trust, Inc. ("CVT") S&P 500 Index Portfolio and the LMVET ClearBridge Variable Aggressive Growth Portfolio was renamed the LMVET ClearBridge Variable Growth Portfolio.

Effective May 1, 2024, the Delaware Ivy Variable Insurance Portfolios ("DEL IVY VIP") and the Delaware Variable Insurance Portfolios ("DEL") was renamed the Macquarie Variable Insurance Portfolios ("MVIP").

Effective August 1, 2024, the JANUS Flexible Bond Portfolio, LAC Fundamental Equity Portfolio, PIONEER VCT Equity Income Portfolio, CVP Emerging Markets Portfolio, ALPS Global Opportunity Portfolio, and FED H Kaufmann were closed to new investors and the VIPF Value Strategies Portfolio was reopened to new investors.

Effective August 1, 2024, the GVIF Small Cap Value Portfolio was closed to new investors followed by a hard closure effective on October 24, 2024. The portfolio was then reorganized on October 25, 2024 into the new fund company New Age Alpha ("NAA") Small Cap Value Fund and remains closed to new investors.

Effective August 1, 2024 the Separate Account began offering a new portfolio of funds, provided by Putnam Variable Trust ("PVT"). The funds available under this portfolio include the PVT Core Equity Fund, the PVT Emerging Markets Equity Fund, the PVT Focused International Equity Fund, PVT George Putnam Balanced Fund, the PVT Global Asset Allocation Fund, the PVT Global Health Care Fund, the PVT High Yield Fund, the PVT International Equity Fund, the PVT International Value Fund, the PVT Large Cap Growth Fund, the PVT Large Cap Value Fund, the

------

**Midland National Life Insurance Company**

**Separate Account C**

**Notes to Financial Statements**

PVT Research Fund, the PVT Small Cap Growth Fund, and the PVT Small Cap Value Fund. In addition, the JANUS Forty Portfolio and the PIMCO StocksPLUS Global Portfolio were introduced on August 1 2024.

Effective August 12, 2024, the GVIF Long Short Equity Fund was closed and on August 16, 2024, the fund was liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of the Guggenheim Variable Insurance Funds. All policyowners were given the opportunity to transfer any values in these funds to any other option(s) of their choice without incurring a transfer charge. Any funds remaining at August 16, 2024 were moved to the VIPF Government Money Market Portfolio.

Effective October 11, 2024, one PF fund had a forward share split as shown in the following table.

---

| | |
|:---|:---|
| | **Split Ratio** |
| **Fund** | **(New to Old Shares)** |
| PF Semiconductor | 4:1 |

---

Effective December 4, 2024 the MSVIF U.S. Real Estate Portfolio was closed to new investors and liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of Morgan Stanley Variable Institutional Funds. All policyowners were given the opportunity to transfer any values in this fund to any other option(s) of their choice without incurring a transfer charge. Any funds remaining at December 6, 2024 were transferred to the PF Government Money Market.

Effective February 18, 2025, the following RYDEX funds had a reverse share split as shown in the following table.

---

| | |
|:---|:---|
| | **Split Ratio** |
| **Fund** | **(New to Old Shares)** |
| RYDEX Government Long Bond 1.2 Strategy | 1:10 |
| RYDEX Inverse Dow 2x Strategy | 1:5 |
| RYDEX Inverse NASDAQ-100 Strategy | 1:10 |
| RYDEX Inverse S&P 500 Strategy | 1:5 |

---

Effective February 21, 2025, the PRIN Equity Income Fund, the PRIN Diversified Balance Fund, the PRIN Diversified Growth Fund, and the PRIN Diversified Income Fund were closed to new investors, followed by a share class conversion on May 1, 2025 with the funds remaining in a soft close status.

Effective March 31, 2025, the Pioneer Variable Contracts Trust ("PIONEER VCT") was reorganized into the Victory Pioneer Variable Contracts Trust ("VICTORY PVCT").

Effective April 11, 2025, the PRUDENTIAL Natural Resources Portfolio merged into the PRUDENTIAL PGIM Jennison Blend Portfolio and the PRUDENTIAL Mid-Cap Growth Portfolio

------

**Midland National Life Insurance Company**

**Separate Account C**

**Notes to Financial Statements**

merged into the new fund PRUDENTIAL PGIM Jennison Growth II Portfolio which remains in a soft-close status.

Effective May 1, 2025, the LMVET Western Asset Variable Core Bond Plus Portfolio, the CAM MidCap Growth Portfolio, FTVIP Rising Dividends Fund, JHVIT Strategic Income Opportunities Portfolio, and MFS Global Tactical Allocation Portfolio were closed to new investors. In addition, a share class conversion took place with five PRIN funds, including Equity Income, Diversified Balanced, Diversified Growth, Diversified Income, and Blue Chip which merged into five new corresponding funds under PRIN, including Equity Income 2, Diversified Balanced 2, Diversified Growth 2, Diversified Income 2, and Blue Chip PVC 2 .

Effective May 1, 2025, a new fund was introduced, the PIMCO Global Diversified Allocation Advisor Portfolio. In addition, VIPF Asset Manager Portfolio was renamed VIPF Asset Manager 50% Portfolio and the VIPF Asset Manager Growth Portfolio was renamed VIPF Asset Manager 70% Portfolio.

Effective August 22, 2025, the INV OPP International Growth Fund was renamed INV International Growth II Fund.

Effective September 22, 2025, the Franklin Templeton Variable Insurance Products Trust ("FTVIP") VolSmart Allocation fund was closed to new investors followed by a hard closure effective October 14, 2025. Then on October 17, 2025 the fund liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of Franklin Templeton Variable Insurance Products Trust. All policyowners were given the opportunity to transfer any values in this fund to any other option(s) of their choice without incurring a transfer charge. Any funds remaining at October 17, 2025 were transferred to the VIPF Government Money Market Portfolio Service Class 2.

Effective November 3, 2025, the Macquarie Variable Insurance Portfolios ("MVIP") was renamed the Nomura Variable Insurance Portfolios ("NVIP").

As of December 31, 2025, the PF Short Emerging Markets Fund, the PF Short NASDAQ-100 Fund, the RYDEX Inverse Dow 2x Strategy Fund, and the RYDEX NASDAQ-100 2x Strategy Fund were available for investment but had no assets and had no activity during 2025 or 2024.

**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.

------

**Midland National Life Insurance Company**

**Separate Account C**

**Notes to Financial Statements**

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

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

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

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

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

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 C**

**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 | $2620634285 | $— | $— | $2620634285 |

---

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

**Use of Estimates**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and related notes at the date of the financial statements. Actual results could differ from those estimates.

Segment Reporting

The Company has designated the Associate Vice President of Security Operations as the Chief Operating Decision Maker ("CODM") for the subaccounts. The CODM has determined that each

------

**Midland National Life Insurance Company**

**Separate Account C**

**Notes to Financial Statements**

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 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. Excluding the events below there are no additional subsequent transactions that require disclosure in the financial statements.

Effective March 31, 2026, the CAM Mid Cap Growth Portfolio will be closed to new investors followed by a hard closure effective April 20, 2026. Then on April 27, 2026 the fund will be liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of Calvert Variable Series, Inc. All policyowners will be given the opportunity to transfer any values in this fund to any other option(s) of their choice without incurring a transfer charge. Any funds remaining after April 27, 2026 will be transferred to the VIPF Government Money Market Portfolio Service Class 2.

Effective April 17, 2026, two new funds will be introduced including the LFVIP ClearBridge Variable Dividend Strategy II and LFVIP ClearBridge Variable Large Cap Growth II funds. Following this on April 24, 2026, the LMVET ClearBridge Variable Dividend Strategy and LMVET ClearBridge Variable Large Cap Growth funds will reorganize into the new funds.

Effective May 1, 2026, seven funds will be added under VIPF including, Comm Services Svc 2, Disciplined Small Cap Svc 2, Floating Rate Hi Inc Svc 2, Hedged Equity Service 2, Industrials Service 2, Materials Service 2, Utilities Service 2 In addition, two funds will be added under CVP including Intermediate Bond 2 and Small Company Growth 2. Global Sust Eq Svc will be added under JANUS.

Effective May 1, 2026, eight funds will be closed to new investors including CAM Mid Cap Growth Portfolio, VIPF Funds Manager 50% Portfolio, VIPF Funds Manager 70% Portfolio, VIPF Funds Manager 85% Portfolio, INV Balanced-Risk Allocation Fund, LRS Global Dynamic Multi Asset Portfolio, LRS International Equity Portfolio and ROYCE Small Cap Portfolio.

------

**Midland National Life Insurance Company**

**Separate Account C**

**Notes to Financial Statements**

2. Expenses

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A contract administration fee (admin fee) is charged to cover the Company's record keeping and other administrative expenses incurred to operate the Separate Account. This fee is allocated to the individual portfolios of the Funds based on the net asset value of the portfolios in proportion to the total net asset value of the Separate Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A mortality and expense risk charge (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;• An annual maintenance fee is collected covering record keeping and other expenses incurred to maintaining the contracts.

&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.

The rates of each applicable charge depending on the product are summarized below. The disclosed M&E rates represent the base charges applied to the product. Additional charges may apply based on optional riders elected by the policyholder.

---

| | | | |
|:---|:---|:---|:---|
| **Product** | **M&E Charge** | **Admin Fee** | **Maintenance Fee** |
| Midland National Advantage Variable Annuity\* | 0.95% | 0.00% | $30.00 |
| Midland National Advantage II\* | 1.40% | 0.00% | $30.00 |
| Midland National Advantage III\* | 1.35% | 0.00% | $30.00 |
| Midland National MNL Advisor\* | 1.55% | 0.00% | $30.00 |
| Midland National Variable Annuity\* | 1.25% | 0.15% | $33.00 |
| Midland National Variable Annuity II\* | 1.25% | 0.15% | $35.00 |
| Midland National Vector Variable Annuity\* | 0.85% to 1.10% | 0.45% | $30.00 |
| Midland National Vector II Variable Annuity\* | 1.20% to 1.45% | 0.45% | $30.00 |
| Sammons Retirement Solutions LiveWell Variable Annuity | 1.00% to 1.30% | 0.35% | $40.00 |
| Sammons Retirement Solutions LiveWell Freedom Variable Annuity\* | 0.90% | 0.35% | $0.00 |
| Sammons Retirement Solutions LiveWell Dynamic Annuity | 0.80% | 0.35% | $0.00 |
| Oak Elite Advisory Registered Index-Linked Variable Annuity | 0.15% | 0.10% | $0.00 |
| \*New contracts are no longer being issued for this product |  |  |  |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**Notes to Financial Statements**

3. Purchases and Sales of Investment Securities

The aggregate cost of purchases and proceeds from sales of investments for the years ended December 31, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
| **Portfolio** | **Purchases** | **Sales** | **Purchases** | **Sales** |
| Fidelity Variable Insurance Products |  |  |  |  |
| Government Money Market Portfolio | $626214 | $1896015 | $1777376 | $2481191 |
| High Income Portfolio | 307142 | 763156 | 579434 | 956305 |
| Equity-Income Portfolio | 475018 | 1114000 | 799223 | 1182980 |
| Growth Portfolio | 1371817 | 1071550 | 2859917 | 2156397 |
| Overseas Portfolio | 718430 | 975415 | 510672 | 1751081 |
| Mid Cap Portfolio | 4613811 | 3663711 | 5820784 | 4234779 |
| Asset Manager 50% Portfolio | 56603 | 145960 | 25534 | 55094 |
| Investment Grade Bond Portfolio | 4529244 | 2250847 | 2615633 | 2454676 |
| Index 500 Portfolio | 625189 | 5061053 | 1282901 | 4499741 |
| Contrafund Portfolio | 24674427 | 13074186 | 20587458 | 10576103 |
| Asset Manager 70% Portfolio | 62643 | 58969 | 49043 | 268715 |
| Balanced Portfolio | 293403 | 425783 | 676906 | 321235 |
| Growth & Income Portfolio | 374791 | 375937 | 283810 | 306735 |
| Growth Opportunities Portfolio | 10386170 | 11862070 | 8403335 | 12449749 |
| Value Strategies Portfolio | 1259638 | 784594 | 1227705 | 779424 |
| Strategic Income Portfolio | 5268870 | 2807360 | 4707259 | 3102797 |
| Emerging Markets Portfolio | 4061246 | 1400414 | 470070 | 1321190 |
| Real Estate Portfolio | 1663067 | 3450039 | 1143611 | 3487867 |
| Funds Manager 50% Portfolio | 1545715 | 1177626 | 308569 | 2459196 |
| Funds Manager 70% Portfolio | 1347610 | 528600 | 525441 | 1033385 |
| Funds Manager 85% Portfolio | 411248 | 688425 | 884559 | 441560 |
| Government Money Market Portfolio Service Class 2 | 1017690382 | 1003653820 | 510617285 | 474648720 |
| International Capital Appreciation Portfolio | 2536610 | 1415358 | 1627440 | 1500166 |
| Energy Portfolio | 994100 | 341157 | 893087 | 88497 |
| Lincoln VIP American Century |  |  |  |  |
| Balanced Fund | 512942 | 1320430 | 719829 | 944035 |
| Capital Appreciation Fund | 1748571 | 619804 | 859185 | 940498 |
| International Fund | 528226 | 804639 | 638228 | 889852 |
| Value Fund | 8310642 | 16587850 | 10139872 | 14943592 |
| Disciplined Core Value Fund | 968292 | 1530305 | 760519 | 1425397 |
| Inflation Protection Fund | 853257 | 1327527 | 1429948 | 3095871 |
| Large Company Value Fund | 125004 | 332327 | 179177 | 129297 |
| Mid Cap Value Fund | 4953649 | 6791394 | 4744353 | 7342117 |
| Ultra Fund | 2409280 | 3676044 | 4668110 | 5095424 |
| MFS Variable Insurance Trust |  |  |  |  |
| Research Series | 76608 | 78890 | 165087 | 221633 |
| Growth Series | 374194 | 253279 | 432584 | 365931 |
| Investors Trust Series | 129497 | 21938 | 24267 | 28107 |
| New Discovery Series | 1115601 | 1981006 | 2247699 | 2601200 |
| Corporate Bond Portfolio | 920408 | 1210305 | 978881 | 1081458 |
| Emerging Markets Equity Portfolio | 972321 | 1677349 | 643508 | 707116 |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**Notes to Financial Statements**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
| **Portfolio** | **Purchases** | **Sales** | **Purchases** | **Sales** |
| Technology Portfolio | 7065268 | 5225306 | 4828012 | 2882560 |
| Global Tactical Allocation Portfolio | 270629 | 182299 | 134887 | 155810 |
| International Intrinsic Value Portfolio | 3544585 | 4171425 | 1894054 | 2953775 |
| Utilities Series Portfolio | 4899581 | 3880457 | 2725524 | 2638147 |
| Blended Research Core Equity Portfolio | 1946299 | 2199632 | 2206096 | 1624509 |
| Global Real Estate Portfolio | 89314 | 206641 | 326618 | 331022 |
| Lord Abbett Series Fund, Inc. |  |  |  |  |
| Growth & Income Portfolio | 198257 | 219143 | 399103 | 361321 |
| Mid-Cap Stock Portfolio | 166357 | 261746 | 909414 | 1055395 |
| Bond-Debenture Portfolio | 4388774 | 4843372 | 3888369 | 5445470 |
| Fundamental Equity Portfolio | 243245 | 352111 | 191769 | 397914 |
| Developing Growth Portfolio | 223569 | 939601 | 232057 | 883007 |
| Short Duration Income Portfolio | 5048752 | 3543139 | 4016558 | 4450494 |
| Alger Fund |  |  |  |  |
| LargeCap Growth Portfolio | 786051 | 1160020 | 511607 | 2155704 |
| MidCap Growth Portfolio | 45844 | 650075 | 545734 | 1236425 |
| Capital Appreciation Portfolio | 1281182 | 862280 | 283655 | 943936 |
| SmallCap Growth Portfolio | 12256 | 41020 | 26797 | 88706 |
| Capital Appreciation Portfolio Class S | 15019721 | 13574805 | 2744676 | 12057872 |
| Calvert Variable Series, Inc. |  |  |  |  |
| Mid Cap Growth Portfolio | 630082 | 550298 | 340766 | 679433 |
| SRI Balanced Portfolio | 1697580 | 2124535 | 3316460 | 2231376 |
| Calvert Variable Trust, Inc. |  |  |  |  |
| S&P 500 Index Portfolio | 229202 | 508075 | 233085 | 618952 |
| Invesco Variable Insurance Funds |  |  |  |  |
| Technology Fund | 278237 | 273534 | 229192 | 637032 |
| Diversified Dividend Fund | 1921128 | 1408944 | 1115925 | 458321 |
| Health Care Fund | 81865 | 514384 | 631164 | 314646 |
| Global Real Estate Fund | 11410 | 34641 | 4952 | 19853 |
| International Equity Fund | 111881 | 120842 | 126151 | 147045 |
| Main Street Mid Cap Fund | 24843 | 28451 | 17675 | 54381 |
| Discovery Mid Cap Growth Fund | 1877893 | 1813939 | 1394308 | 1717470 |
| Global Fund | 2570346 | 1395892 | 1298937 | 2360623 |
| Main Street Fund | 1491909 | 1757907 | 2524176 | 1870456 |
| Main Street Small Cap Fund | 2721094 | 3019778 | 2986984 | 4153589 |
| Balanced-Risk Allocation Fund | 226014 | 34073 | 147480 | 68913 |
| Core Plus Bond Fund | 1632602 | 813972 | 1401584 | 1291115 |
| Equity and Income Fund | 1488296 | 859554 | 1371786 | 2232939 |
| Small Cap Equity Fund | 2012689 | 1279970 | 2152566 | 885417 |
| Equally Weighted S&P 500 Fund | 6259643 | 2140961 | 2936278 | 1331005 |
| Growth and Income Fund | 42291 | 52558 | 61715 | 49720 |
| American Value Fund | 61118 | 53571 | 5738 | 44688 |
| International Growth II Fund | 4472786 | 4501772 | 4014150 | 3804703 |
| Lincoln Financial Variable Insurance Portfolios |  |  |  |  |
| Core Bond Portfolio | 110474 | 256270 | 118073 | 183809 |
| Small Cap Core Portfolio | 330727 | 404264 | 228638 | 400737 |
| Rydex Variable Trust |  |  |  |  |
| Nova Fund | 28498 | 115004 | 98199 | 445595 |
| NASDAQ-100 Fund | 151075 | 218094 | 153903 | 1111505 |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**Notes to Financial Statements**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
| **Portfolio** | **Purchases** | **Sales** | **Purchases** | **Sales** |
| U.S. Government Money Market Fund | 78752 | 110044 | 42036 | 231701 |
| Inverse S&P 500 Strategy Fund | 5772 | 2425 | 7563 | 4089 |
| Inverse NASDAQ-100 Strategy Fund | 5690 | 10925 | 7836 | 930 |
| Inverse Government Long Bond Strategy Fund | 329 | 158 | 734 | 4326 |
| Government Long Bond 1.2x Strategy | 2909 | 1374 | 3397 | 17999 |
| NASDAQ-100 2x Strategy Fund |  |  |  |  |
| Inverse Dow 2x Strategy Fund |  |  |  |  |
| Rydex Variable Insurance Funds |  |  |  |  |
| Biotechnology Fund | 215755 | 662085 | 324377 | 550579 |
| S&P 500 Pure Growth Fund | 557186 | 816408 | 193371 | 1516298 |
| S&P MidCap 400 Pure Growth Fund | 76863 | 182006 | 30527 | 352213 |
| Guggenheim Variable Insurance Funds |  |  |  |  |
| Long Short Equity Fund |  |  | 904983 | 1961963 |
| Multi-Hedge Strategies Fund | 126234 | 266410 | 140673 | 277632 |
| Global Managed Futures Strategy Fund | 216582 | 222191 | 444187 | 487125 |
| New Age Alpha |  |  |  |  |
| Small Cap Value Fund | 1113973 | 634156 | 771583 | 1513712 |
| ProFunds VP |  |  |  |  |
| Profund Access VP High Yield Fund | 673 | 3244 | 3973 | 9994 |
| Asia 30 | 3155 | 4798 | 1325 | 4167 |
| Banks | 10150 | 42070 | 34732 | 30284 |
| Materials | 3840 | 32618 | 36752 | 24453 |
| Bear | 567 | 2996 | 2487 | 1602 |
| Biotechnology | 47216 | 36871 | 120344 | 76609 |
| Bull | 71813 | 125446 | 82923 | 260790 |
| Consumer Staples | 25451 | 45405 | 64596 | 53871 |
| Consumer Discretionary | 20498 | 22742 | 20006 | 35261 |
| Dow 30 | 62779 | 100382 | 87743 | 73075 |
| Emerging Markets | 41153 | 52121 | 33578 | 40017 |
| Europe 30 | 20103 | 22076 | 12944 | 19047 |
| Falling U.S. Dollar | 47020 | 34562 | 34887 | 34199 |
| Financials | 23469 | 17990 | 22574 | 17885 |
| Health Care | 37090 | 44760 | 22794 | 164842 |
| Industrials | 54208 | 40020 | 68120 | 46410 |
| International | 17136 | 18782 | 1249 | 23511 |
| Internet | 32246 | 71863 | 29706 | 41877 |
| Japan | 10251 | 7924 | 8261 | 3062 |
| Large-Cap Growth | 166871 | 268430 | 18775 | 223794 |
| Large-Cap Value | 355338 | 388705 | 99389 | 238151 |
| Mid-Cap | 6106 | 8053 | 5449 | 18235 |
| Mid-Cap Growth | 41236 | 35099 | 14128 | 111345 |
| Mid-Cap Value | 7258 | 15103 | 11187 | 19716 |
| Government Money Market | 222985 | 675227 | 1023225 | 1178803 |
| Energy | 50078 | 68448 | 157129 | 217248 |
| NASDAQ-100 | 64228 | 65865 | 99211 | 81652 |
| Pharmaceuticals | 1473 | 2376 | 13941 | 19729 |
| Precious Metals | 325915 | 399969 | 256156 | 226776 |
| Real Estate | 838 | 17920 | 5005 | 3087 |
| Rising Rates Opportunity | 24 | 1578 | 7251 | 13877 |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**Notes to Financial Statements**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
| **Portfolio** | **Purchases** | **Sales** | **Purchases** | **Sales** |
| Semiconductor | 265182 | 80928 | 1071746 | 1011446 |
| Short Dow 30 | 13291 | 2522 | 2560 | 2550 |
| Short Emerging Markets |  |  |  |  |
| Short International | 14906 | 5574 | 7778 | 7749 |
| Short Mid-Cap | 13397 | 2558 | 2539 | 2440 |
| Short NASDAQ-100 |  |  |  |  |
| Short Small-Cap | 55 | 62 | 1813 | 1798 |
| Small-Cap | 23695 | 34595 | 7575 | 65108 |
| Small-Cap Growth | 10020 | 27769 | 20896 | 34543 |
| Small-Cap Value | 4952 | 17620 | 30005 | 35882 |
| Technology | 116979 | 100142 | 110557 | 86155 |
| Communication Services | 13264 | 663 |  | 84 |
| U.S. Government Plus | 8884 | 15751 | 21165 | 15041 |
| UltraBull | 254086 | 102171 | 111402 | 85787 |
| UltraMid-Cap | 103317 | 113879 | 26029 | 28914 |
| UltraNASDAQ-100 | 371890 | 199882 | 120842 | 201053 |
| UltraShort Dow 30 | 1 | 89 | 5 | 95 |
| UltraShort NASDAQ-100 |  | 30 | 2 | 32 |
| UltraSmall-Cap | 12844 | 19048 | 27698 | 14856 |
| Utilities | 9351 | 22311 | 20671 | 127313 |
| VanEck Worldwide Insurance Trust |  |  |  |  |
| Global Resources Fund | 822780 | 1399582 | 647383 | 1527133 |
| Emerging Markets Fund | 31521 | 357504 | 136350 | 184741 |
| Emerging Markets Bond Fund | 177486 | 158757 | 425998 | 511781 |
| Janus Henderson Series |  |  |  |  |
| Global Technology and Innovation Portfolio | 9299648 | 4793706 | 4462352 | 4358730 |
| Overseas Portfolio | 411024 | 262781 | 328444 | 689347 |
| Research Portfolio | 8083 | 6948 | 24375 | 68586 |
| Enterprise Services Portfolio | 7882584 | 7740016 | 5692080 | 9819259 |
| Global Research Portfolio | 2184061 | 877250 | 2097372 | 464142 |
| Mid Cap Value Portfolio | 1403230 | 1355687 | 1385186 | 1128927 |
| Balanced Portfolio | 19894226 | 15655679 | 8472919 | 16756001 |
| Flexible Bond Portfolio | 596921 | 2253840 | 1297142 | 1595545 |
| Forty Portfolio | 723222 | 136847 | 396119 | 3716 |
| PIMCO Variable Insurance Trust |  |  |  |  |
| Total Return Portfolio | 10189801 | 6651714 | 7930175 | 5517652 |
| Low Duration Portfolio | 3807929 | 5935437 | 4194032 | 6805102 |
| High Yield Portfolio | 4910309 | 4462317 | 11223613 | 8355769 |
| Real Return Portfolio | 2570180 | 4282843 | 2039622 | 3381589 |
| All Asset Portfolio | 282563 | 460649 | 459072 | 476463 |
| Global Managed Asset Allocation Portfolio | 95059 | 81800 | 56492 | 61844 |
| Short-Term Portfolio | 4438753 | 10250625 | 6055330 | 14124535 |
| Emerging Markets Bond Portfolio | 363022 | 465401 | 245294 | 332395 |
| Global Bond Opportunities Portfolio | 3771 | 1412 | 6082 | 1020 |
| Commodity Real Return Strategy Portfolio | 1002812 | 1967390 | 934775 | 2302116 |
| International Bond (USD-Hedged) Portfolio | 552027 | 447038 | 851468 | 1475956 |
| Dynamic Bond Adv Portfolio | 853652 | 669394 | 549607 | 738348 |
| Income Advisor Portfolio | 8032742 | 7151611 | 7083295 | 9269573 |
| StocksPLUS Global Portfolio | 1815932 | 211524 | 760 | 3 |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**Notes to Financial Statements**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
| **Portfolio** | **Purchases** | **Sales** | **Purchases** | **Sales** |
| Global Diversified Allocation Advisor Portfolio | 4850 | 37 |  |  |
| Goldman Sachs Variable Insurance Trust |  |  |  |  |
| Small Cap Equity Insights Fund | 304119 | 332773 | 616250 | 725995 |
| Large Cap Value Fund | 100288 | 41929 | 302630 | 237928 |
| Mid Cap Value Fund | 425633 | 415842 | 379939 | 593678 |
| Neuberger Berman Advisors Management Trust |  |  |  |  |
| Mid-Cap Growth Portfolio | 133828 | 127423 | 323928 | 398764 |
| AMT Mid Cap Intrinsic Value Portfolio | 98526 | 92408 | 62940 | 62180 |
| BNY Mellon Variable Investment Fund |  |  |  |  |
| Appreciation Portfolio | 173502 | 151001 | 155191 | 178340 |
| Sustainable U.S. Equity Portfolio | 2214 | 7198 | 18320 | 13489 |
| Morgan Stanley Variable Institutional Funds |  |  |  |  |
| Emerging Markets Debt Portfolio | 2085 | 2122 | 3143 | 7719 |
| Emerging Markets Equity Portfolio | 6116 | 11366 | 7291 | 28383 |
| Discovery Portfolio | 1502 | 5392 | 452 | 4861 |
| U.S. Real Estate Portfolio |  |  | 1424 | 45646 |
| Northern Lights Variable Trust |  |  |  |  |
| Power Dividend Index Fund | 8216 | 346023 | 19722 | 252697 |
| AB Variable Products Series |  |  |  |  |
| Dynamic Asset Allocation Portfolio | 79593 | 277258 | 33542 | 219525 |
| Small Cap Growth Portfolio | 724 | 295 |  | 2901 |
| Discovery Value Portfolio | 1213820 | 867571 | 1386098 | 2276173 |
| BlackRock Variable Series Fund, Inc. |  |  |  |  |
| Basic Value Fund | 914697 | 950753 | 1118335 | 1011013 |
| Capital Appreciation Fund | 45077 | 68691 | 153275 | 170172 |
| Equity Dividend Fund | 8925182 | 5584385 | 7519592 | 6776960 |
| Global Allocation Fund | 3326044 | 3043665 | 1800739 | 2477598 |
| Advantage Large Cap Core Fund | 62967 | 94190 | 58214 | 78218 |
| Large Cap Focus Growth Fund | 7231298 | 5393550 | 4298743 | 4392834 |
| 60/40 Target Allocation ETF Fund | 1698143 | 3195646 | 3777568 | 1399451 |
| Total Return Fund | 255409 | 197135 | 357192 | 49242 |
| S&P 500 Fund | 168073 | 260957 | 104129 | 206837 |
| Columbia Variable Portfolio |  |  |  |  |
| Contrarian Core 2 Portfolio | 3917198 | 4036720 | 4315248 | 2729910 |
| Dividend Opportunity Portfolio | 1690923 | 2606845 | 1339729 | 2563728 |
| Emerging Markets Bond Portfolio | 431536 | 1108906 | 387862 | 907277 |
| High Yield Portfolio | 3815464 | 2794388 | 2873475 | 2621498 |
| Select Large-Cap Value Portfolio | 2526115 | 3213835 | 4391817 | 6419092 |
| Seligman Global Tech Portfolio | 9477376 | 7011649 | 8001219 | 7091169 |
| US Government Mortgage Portfolio | 463940 | 360857 | 248173 | 82343 |
| Strategic Income Portfolio | 588558 | 437654 | 591688 | 354022 |
| Emerging Markets Portfolio | 46033 | 64357 | 87115 | 33791 |
| Select Mid Cap Value Portfolio | 823314 | 382703 | 1379961 | 81060 |
| Small Cap Value Portfolio | 2159251 | 467273 | 1432482 | 207623 |
| DWS Variable Insurance Portfolios |  |  |  |  |
| Equity 500 Index Portfolio | 27688596 | 13639501 | 18508075 | 12495348 |
| Small Cap Index Portfolio | 1917670 | 1160424 | 964726 | 1819294 |
| Alternative Asset Allocation Portfolio | 96827 | 255892 | 80079 | 156143 |
| Global Small Cap Portfolio |  |  | 9927 | 169166 |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**Notes to Financial Statements**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
| **Portfolio** | **Purchases** | **Sales** | **Purchases** | **Sales** |
| Small Mid Cap Value Portfolio | 446670 | 1036658 | 276760 | 957171 |
| CROCI US Portfolio |  |  | 1380 | 190693 |
| High Income Portfolio |  |  | 83322 | 624487 |
| Eaton Vance Variable Trust |  |  |  |  |
| Floating Rate Income Portfolio | 5594566 | 8002478 | 10079579 | 10034366 |
| Franklin Templeton Variable Insurance Products Trust |  |  |  |  |
| Mutual Shares Fund | 584123 | 821375 | 265002 | 805479 |
| Income Fund | 5304162 | 5950194 | 6348560 | 6128928 |
| Global Bond Fund | 993320 | 4327541 | 1659900 | 3434331 |
| Foreign Fund | 3825923 | 8901204 | 2783771 | 6488294 |
| Developing Markets Fund | 720795 | 702157 | 175685 | 506944 |
| Mutual Global Discovery Fund | 524962 | 899365 | 804062 | 1110910 |
| Rising Dividends Fund | 6197858 | 6821959 | 4978836 | 5211474 |
| DynaTech 2 Fund | 4896102 | 2151042 | 3527393 | 1468698 |
| Global Real Estate Fund | 160683 | 33609 | 67604 | 15734 |
| VolSmart Allocation Fund | 25751 | 182748 | 219779 | 180498 |
| Nomura Variable Insurance Portfolio |  |  |  |  |
| Asset Strategy Portfolio | 196245 | 283148 | 148940 | 396009 |
| Balanced Portfolio | 304300 | 1220621 | 131858 | 1105360 |
| Global Equity Portfolio |  |  | 42984 | 1043382 |
| Energy Portfolio | 71279 | 271583 | 85084 | 364004 |
| Natural Resources Portfolio | 14565 | 198539 | 95571 | 125393 |
| Growth Portfolio | 529482 | 649904 | 488188 | 455280 |
| High Income Portfolio | 699198 | 1646496 | 833505 | 1751213 |
| International Core Equity Portfolio | 458855 | 1612502 | 1276430 | 1059071 |
| Global Growth Portfolio | 169571 | 351925 | 1056233 | 243575 |
| Mid Cap Growth Portfolio | 2035756 | 1616378 | 518540 | 2508577 |
| Science and Technology Portfolio | 2381796 | 2998564 | 740012 | 3364261 |
| Small Cap Growth Portfolio | 105093 | 823252 | 89378 | 862111 |
| SMID Cap Core Portfolio | 850761 | 1950513 | 576004 | 2854238 |
| Total Return Portfolio | 9359 | 9586 | 2726 | 4272 |
| International Portfolio |  |  | 22773 | 982970 |
| Opportunity Portfolio | 426784 | 1902333 | 488377 | 1611498 |
| Lazard Retirement Series, Inc. |  |  |  |  |
| International Equity Portfolio | 3719696 | 3803029 | 101708 | 123693 |
| Global Dynamic Multi Asset Portfolio | 346317 | 461549 | 187701 | 528910 |
| Legg Mason Partners Variable Equity Trust |  |  |  |  |
| Western Asset Variable Global High Yield Bond Portfolio | 180961 | 412528 | 189067 | 661093 |
| ClearBridge Variable Mid Cap Portfolio | 2031916 | 2681915 | 2216282 | 2770584 |
| ClearBridge Variable Dividend Strategy Portfolio | 8425414 | 6596587 | 7257332 | 13531376 |
| ClearBridge Variable Small Cap Growth Portfolio | 1654291 | 2651462 | 3101147 | 2487942 |
| ClearBridge Variable Growth Portfolio | 146106 | 203859 | 245794 | 87536 |
| Western Asset Variable Core Bond Plus Portfolio | 4642887 | 13698542 | 12889533 | 10343453 |
| ClearBridge Variable Large Cap Growth Portfolio | 5625704 | 7243901 | 5578225 | 7159084 |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**Notes to Financial Statements**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
| **Portfolio** | **Purchases** | **Sales** | **Purchases** | **Sales** |
| Victory Pioneer Variable Contracts Trust |  |  |  |  |
| Fund Portfolio | 1654332 | 1641087 | 1951040 | 631524 |
| Bond Portfolio | 8616567 | 9836347 | 9841088 | 8769722 |
| Strategic Income Portfolio | 677054 | 1916174 | 957815 | 1710061 |
| Equity Income Portfolio | 2347200 | 2264115 | 3647775 | 2807439 |
| High Yield Portfolio | 38523 | 63900 | 42646 | 88467 |
| Prudential Series Funds |  |  |  |  |
| Natural Resources Portfolio | 2966 | 563785 | 10429 | 97290 |
| Mid-Cap Growth Portfolio | 166 | 107217 | 1680 | 10092 |
| PGIM Jennison Blend Portfolio | 450648 | 143562 | 7389 | 38736 |
| PGIM Jennison Growth II Portfolio | 112844 | 46210 |  |  |
| Royce Capital Fund |  |  |  |  |
| Micro-Cap Portfolio | 42910 | 56729 | 22746 | 17345 |
| Small Cap Portfolio | 2045306 | 2032609 | 2519166 | 1610455 |
| Alps Fund |  |  |  |  |
| Alerian Energy Infrastructure Portfolio | 3698519 | 3113365 | 2549134 | 1990806 |
| Global Opportunity Portfolio | 576122 | 235458 | 307331 | 224043 |
| American Funds IS |  |  |  |  |
| Asset Allocation Fund | 20437810 | 25455820 | 20123671 | 29062885 |
| Washington Mutual Investors Fund | 18098263 | 11718719 | 11378757 | 11335815 |
| Ultra-Short Bond Fund | 4709006 | 5640358 | 2880177 | 6055041 |
| Capital Income Builder Fund | 4570121 | 6919472 | 5161300 | 4371804 |
| Global Growth Fund | 9702538 | 6777928 | 6200158 | 7048436 |
| Capital World Growth and Income Fund | 5194728 | 4234108 | 2498244 | 4462072 |
| Global Small Capitalization Fund | 1424630 | 1835515 | 1128788 | 1522204 |
| Growth Fund | 25301318 | 16078015 | 16074244 | 15286830 |
| Growth-Income Fund | 32506782 | 16350761 | 15971815 | 11396919 |
| International Fund | 1198591 | 1942307 | 1472746 | 2496268 |
| International Growth and Income Fund | 1821425 | 1721847 | 1210659 | 1980571 |
| New World Fund | 5327830 | 8714120 | 2886567 | 5166918 |
| U.S. Government Securities Fund | 7006835 | 6731084 | 2784761 | 8329797 |
| Global Balanced Fund | 829519 | 117308 | 559097 | 36724 |
| The Bond Fd of America Fund | 4468884 | 1218121 | 5168268 | 146326 |
| T. Rowe Price |  |  |  |  |
| Blue Chip Growth Portfolio | 18703544 | 18902736 | 12269173 | 17080245 |
| Health Sciences Portfolio | 5486129 | 13572419 | 7419716 | 5802681 |
| Equity Income Portfolio | 3211325 | 1720573 | 1224959 | 262740 |
| Mid-Cap Growth Portfolio | 3061801 | 526469 | 1760396 | 145506 |
| John Hancock Variable Insurance Trust |  |  |  |  |
| Financial Industries Portfolio | 4617035 | 1665190 | 592747 | 942482 |
| Fundamental All Cap Core Portfolio | 18093 | 74016 | 21155 | 43545 |
| Select Bond Portfolio | 79586 | 10074 | 191259 | 153245 |
| Strategic Income Opportunities Portfolio | 704326 | 210697 | 866284 | 260672 |
| Federated Hermes |  |  |  |  |
| High Income Bond Portfolio | 528494 | 401605 | 375256 | 888044 |
| Kaufmann Portfolio | 988990 | 1047533 | 532618 | 1657292 |
| Managed Volatility Portfolio | 100771 | 20586 | 176293 | 256418 |
| Principal Variable Contracts |  |  |  |  |
| Blue Chip Fund | 589045 | 1987556 | 959399 | 510675 |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**Notes to Financial Statements**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
| **Portfolio** | **Purchases** | **Sales** | **Purchases** | **Sales** |
| Equity Income Fund | 11187 | 492478 | 94604 | 82052 |
| Diversified Balance Fund | 101165 | 2518436 | 535949 | 234443 |
| Diversified Growth Fund | 16543 | 1112396 | 850836 | 31640 |
| Diversified Income Fund | 3 | 164690 | 78024 | 4226 |
| Blue Chip PVC 2 Fund | 2320552 | 133348 |  |  |
| Equity Income 2 Fund | 538793 | 55369 |  |  |
| Diversified Balance 2 Fund | 2745888 | 303170 |  |  |
| Diversified Growth 2 Fund | 1106310 | 13361 |  |  |
| Diversified Income 2 Fund | 146593 | 1786 |  |  |
| Putnam Variable Trust |  |  |  |  |
| Core Equity Fund | 1203034 | 468081 | 45399 | 138 |
| Emerging Markets Equity Fund | 113336 | 18017 |  |  |
| Focused International Equity Fund | 31911 | 25930 |  |  |
| George Putnam Balanced Fund | 2618378 | 1643687 | 1697 | 7 |
| Global Asset Allocation Fund | 169651 | 1225 |  |  |
| Global Health Care Fund | 922826 | 711832 | 29948 | 59 |
| High Yield Fund | 188495 | 26343 |  |  |
| International Equity Fund | 617135 | 18192 |  |  |
| International Value Fund | 2875976 | 596474 | 604078 | 24195 |
| Large Cap Growth Fund | 1532913 | 295147 | 162651 | 3219 |
| Large Cap Value Fund | 11153881 | 1656918 | 2114552 | 109000 |
| Research Fund | 162702 | 86855 |  |  |
| Small Cap Growth Fund | 1049001 | 25270 | 215131 | 1237 |
| Small Cap Value Fund | 328481 | 175109 | 54605 | 79 |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**Notes to Financial Statements**

4. Summary of Changes from Unit Transactions

Transactions in units for the years ended December 31, 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 |  |  |  |  |  |  |
| Government Money Market Portfolio | 34533 | 152668 | (118135) | 119703 | 234777 | (115074) |
| High Income Portfolio | 5216 | 35605 | (30389) | 23658 | 61299 | (37641) |
| Equity-Income Portfolio | 992 | 17340 | (16348) | 6841 | 24214 | (17373) |
| Growth Portfolio | 1318 | 8726 | (7408) | 12938 | 18941 | (6003) |
| Overseas Portfolio | 8947 | 30780 | (21833) | 8523 | 64852 | (56329) |
| Mid Cap Portfolio | 122565 | 124196 | (1631) | 159833 | 149275 | 10558 |
| Asset Manager 50 % Portfolio | 12 | 3659 | (3647) | 46 | 1120 | (1074) |
| Investment Grade Bond Portfolio | 456684 | 217020 | 239664 | 265013 | 255267 | 9746 |
| Index 500 Portfolio | 7834 | 99422 | (91588) | 19238 | 78278 | (59040) |
| Contrafund Portfolio | 400134 | 284122 | 116012 | 472988 | 256462 | 216526 |
| Asset Manager 70% Portfolio | 516 | 1311 | (795) | 644 | 6069 | (5425) |
| Balanced Portfolio | 413 | 8325 | (7912) | 12111 | 6089 | 6022 |
| Growth & Income Portfolio | 3204 | 5439 | (2235) | 2692 | 4651 | (1959) |
| Growth Opportunities Portfolio | 451127 | 469636 | (18509) | 463490 | 577439 | (113949) |
| Value Strategies Portfolio | 41962 | 23981 | 17981 | 25373 | 21691 | 3682 |
| Strategic Income Portfolio | 389302 | 212031 | 177271 | 363666 | 247318 | 116348 |
| Emerging Markets Portfolio | 215875 | 73327 | 142548 | 33052 | 104662 | (71610) |
| Real Estate Portfolio | 86028 | 190646 | (104618) | 41160 | 201715 | (160555) |
| Funds Manager 50% Portfolio | 79556 | 61415 | 18141 | 13799 | 149949 | (136150) |
| Funds Manager 70% Portfolio | 64979 | 20615 | 44364 | 22088 | 46786 | (24698) |
| Funds Manager 85% Portfolio | 15133 | 25308 | (10175) | 48416 | 19097 | 29319 |
| Government Money Market Portfolio Service Class 2 | 93514255 | 92541959 | 972296 | 48228036 | 45017624 | 3210412 |
| International Capital Appreciation Portfolio | 162166 | 87336 | 74830 | 116867 | 106021 | 10846 |
| Energy Portfolio | 95677 | 32183 | 63494 | 84493 | 8254 | 76239 |
| Lincoln VIP American Century |  |  |  |  |  |  |
| Balanced Fund | 30241 | 89836 | (59595) | 47015 | 58769 | (11754) |
| Capital Appreciation Fund | 97080 | 17918 | 79162 | 27847 | 13054 | 14793 |
| International Fund | 19908 | 30854 | (10946) | 26744 | 36345 | (9601) |
| Value Fund | 89455 | 593721 | (504266) | 186089 | 593595 | (407506) |
| Disciplined Core Value Fund | 57170 | 89085 | (31915) | 42266 | 73449 | (31183) |
| Inflation Protection Fund | 44541 | 117779 | (73238) | 123201 | 310006 | (186805) |
| Large Company Value Fund | 2814 | 11575 | (8761) | 5591 | 5205 | 386 |
| Mid Cap Value Fund | 77911 | 241834 | (163923) | 114559 | 299303 | (184744) |
| Ultra Fund | 40673 | 72693 | (32020) | 106845 | 135035 | (28190) |
| MFS Variable Insurance Trust |  |  |  |  |  |  |
| Research Series | 58 | 1411 | (1353) | 2930 | 4257 | (1327) |
| Growth Series | 350 | 2811 | (2461) | 4435 | 4988 | (553) |
| Investors Trust Series | 27 | 349 | (322) | 22 | 540 | (518) |
| New Discovery Series | 78213 | 132115 | (53902) | 182507 | 156611 | 25896 |
| Corporate Bond Portfolio | 65078 | 102466 | (37388) | 74214 | 94464 | (20250) |
| Emerging Markets Equity Portfolio | 71330 | 135139 | (63809) | 56235 | 65165 | (8930) |
| Technology Portfolio | 133371 | 156736 | (23365) | 167251 | 65213 | 102038 |
| Global Tactical Allocation Portfolio | 12526 | 11626 | 900 | 9218 | 10477 | (1259) |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**Notes to Financial Statements**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| | | | **Net Increase/** | | | **Net Increase/** |
| **Portfolio** | **Purchases** | **Sales** | **(Decrease)** | **Purchases** | **Sales** | **(Decrease)** |
| International Intrinsic Value Portfolio | 129369 | 174143 | (44774) | 75694 | 140439 | (64745) |
| Utilities Series Portfolio | 200025 | 173363 | 26662 | 107807 | 124632 | (16825) |
| Blended Research Core Equity Portfolio | 30944 | 78266 | (47322) | 80056 | 64072 | 15984 |
| Global Real Estate Portfolio | 7692 | 18648 | (10956) | 29628 | 29487 | 141 |
| Lord Abbett Series Fund, Inc. |  |  |  |  |  |  |
| Growth & Income Portfolio | 930 | 4526 | (3596) | 8398 | 8747 | (349) |
| Mid-Cap Stock Portfolio | 1618 | 5507 | (3889) | 19639 | 25669 | (6030) |
| Bond-Debenture Portfolio | 244618 | 332785 | (88167) | 217182 | 408524 | (191342) |
| Fundamental Equity Portfolio | 3097 | 13385 | (10288) | 3747 | 16905 | (13158) |
| Developing Growth Portfolio | 13519 | 36142 | (22623) | 28310 | 44214 | (15904) |
| Short Duration Income Portfolio | 405314 | 317836 | 87478 | 329077 | 412913 | (83836) |
| Alger Fund |  |  |  |  |  |  |
| LargeCap Growth Portfolio | 3719 | 16826 | (13107) | 13509 | 50385 | (36876) |
| MidCap Growth Portfolio | 1283 | 14523 | (13240) | 15399 | 32108 | (16709) |
| Capital Appreciation Portfolio | 8385 | 8574 | (189) | 3665 | 13835 | (10170) |
| SmallCap Growth Portfolio | 265 | 1357 | (1092) | 641 | 2337 | (1696) |
| Capital Appreciation Portfolio Class S | 169603 | 233981 | (64378) | 92923 | 280161 | (187238) |
| Calvert Variable Series, Inc. |  |  |  |  |  |  |
| Mid Cap Growth Portfolio | 28466 | 24030 | 4436 | 17884 | 33113 | (15229) |
| SRI Balanced Portfolio | 74332 | 121184 | (46852) | 195959 | 133558 | 62401 |
| Calvert Variable Trust, Inc. |  |  |  |  |  |  |
| S&P 500 Index Portfolio | 2259 | 10361 | (8102) | 3201 | 14517 | (11316) |
| Invesco Variable Insurance Funds |  |  |  |  |  |  |
| Technology Fund | 2819 | 4222 | (1403) | 3557 | 12622 | (9065) |
| Diversified Dividend Fund | 124644 | 104856 | 19788 | 77734 | 33336 | 44398 |
| Health Care Fund | 1409 | 13201 | (11792) | 15907 | 8242 | 7665 |
| Global Real Estate Fund | 1442 | 3460 | (2018) | 348 | 1755 | (1407) |
| International Equity Fund | 6846 | 8173 | (1327) | 8451 | 9832 | (1381) |
| Main Street Mid Cap Fund | 381 | 1070 | (689) | 586 | 2275 | (1689) |
| Discovery Mid Cap Growth Fund | 80273 | 86278 | (6005) | 77266 | 81685 | (4419) |
| Global Fund | 55680 | 61475 | (5795) | 49208 | 120272 | (71064) |
| Main Street Fund | 40259 | 71418 | (31159) | 73403 | 81924 | (8521) |
| Main Street Small Cap Fund | 88442 | 150444 | (62002) | 139453 | 209143 | (69690) |
| Balanced-Risk Allocation Fund | 18798 | 2881 | 15917 | 12371 | 6684 | 5687 |
| Core Plus Bond Fund | 158329 | 84607 | 73722 | 142933 | 141418 | 1515 |
| Equity and Income Fund | 94289 | 66852 | 27437 | 104313 | 198481 | (94168) |
| Small Cap Equity Fund | 163510 | 114791 | 48719 | 193462 | 82473 | 110989 |
| Equally Weighted S&P 500 Fund | 440576 | 166928 | 273648 | 237871 | 108860 | 129011 |
| Growth and Income Fund | 168 | 1496 | (1328) | 1155 | 1530 | (375) |
| American Value Fund | 1418 | 1622 | (204) | 102 | 1521 | (1419) |
| International Growth II Fund | 215043 | 339381 | (124338) | 225425 | 292259 | (66834) |
| Lincoln Financial Variable Insurance Portfolios |  |  |  |  |  |  |
| Core Bond Portfolio | 6235 | 19632 | (13397) | 6392 | 15379 | (8987) |
| Small Cap Core Portfolio | 4380 | 9586 | (5206) | 4895 | 9482 | (4587) |
| Rydex Variable Trust |  |  |  |  |  |  |
| Nova Fund | 423 | 1350 | (927) | 1505 | 6852 | (5347) |
| NASDAQ-100 Fund | 757 | 1761 | (1004) | 1360 | 11852 | (10492) |
| U.S. Government Money Market Fund | 8101 | 12262 | (4161) | 3278 | 7260 | (3982) |
| Inverse S&P 500 Strategy Fund | 8009 | 3692 | 4317 | 8978 | 7005 | 1973 |
| Inverse NASDAQ-100 Strategy Fund | 1148 | 35286 | (34138) | 29200 | 3146 | 26054 |
| Inverse Government Long Bond Strategy Fund | 53 | 39 | 14 | 200 | 1585 | (1385) |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**Notes to Financial Statements**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| | | | **Net Increase/** | | | **Net Increase/** |
| **Portfolio** | **Purchases** | **Sales** | **(Decrease)** | **Purchases** | **Sales** | **(Decrease)** |
| Government Long Bond 1.2x Strategy | 84 | 73 | 11 | 101 | 1554 | (1453) |
| NASDAQ-100 2x Strategy Fund |  |  |  |  |  |  |
| Inverse Dow 2x Strategy Fund |  |  |  |  |  |  |
| Rydex Variable Insurance Funds |  |  |  |  |  |  |
| Biotechnology Fund | 4486 | 26024 | (21538) | 3760 | 23879 | (20119) |
| S&P 500 Pure Growth Fund | 5107 | 34175 | (29068) | 6845 | 66165 | (59320) |
| S&P MidCap 400 Pure Growth Fund | 1055 | 7840 | (6785) | 1450 | 16229 | (14779) |
| Guggenheim Variable Insurance Funds |  |  |  |  |  |  |
| Long Short Equity Fund |  |  |  | 59756 | 127904 | (68148) |
| Multi-Hedge Strategies Fund | 10527 | 24622 | (14095) | 8239 | 23710 | (15471) |
| Global Managed Futures Strategy Fund | 20352 | 21731 | (1379) | 38135 | 43665 | (5530) |
| New Age Alpha |  |  |  |  |  |  |
| Small Cap Value Fund | 17828 | 29500 | (11672) | 25079 | 71349 | (46270) |
| ProFunds VP |  |  |  |  |  |  |
| Profund Access VP High Yield Fund | 5 | 160 | (155) | 170 | 668 | (498) |
| Asia 30 | 19 | 262 | (243) | 104 | 251 | (147) |
| Banks | 1260 | 5269 | (4009) | 5281 | 4365 | 916 |
| Materials | 53 | 1687 | (1634) | 1960 | 1209 | 751 |
| Bear | 663 | 5948 | (5285) | 2749 | 2196 | 553 |
| Biotechnology | 876 | 766 | 110 | 1094 | 1937 | (843) |
| Bull | 1430 | 3538 | (2108) | 1955 | 7524 | (5569) |
| Consumer Staples | 845 | 1842 | (997) | 1672 | 2192 | (520) |
| Consumer Discretionary | 429 | 654 | (225) | 410 | 1213 | (803) |
| Dow 30 | 1627 | 4128 | (2501) | 3983 | 2701 | 1282 |
| Emerging Markets | 5835 | 7306 | (1471) | 5194 | 6152 | (958) |
| Europe 30 | 1615 | 1874 | (259) | 991 | 1665 | (674) |
| Falling U.S. Dollar | 11385 | 8353 | 3032 | 8337 | 8357 | (20) |
| Financials | 1521 | 1330 | 191 | 1776 | 1393 | 383 |
| Health Care | 794 | 1323 | (529) | 549 | 5487 | (4938) |
| Industrials | 1659 | 1355 | 304 | 1970 | 1792 | 178 |
| International | 2151 | 2371 | (220) | 18 | 2896 | (2878) |
| Internet | 555 | 1227 | (672) | 509 | 770 | (261) |
| Japan |  | 442 | (442) | 100 | 171 | (71) |
| Large-Cap Growth | 2015 | 5237 | (3222) | 129 | 5445 | (5316) |
| Large-Cap Value | 14516 | 17822 | (3306) | 2231 | 12334 | (10103) |
| Mid-Cap | 117 | 285 | (168) | 172 | 785 | (613) |
| Mid-Cap Growth | 936 | 1201 | (265) | 228 | 3874 | (3646) |
| Mid-Cap Value | 38 | 665 | (627) | 387 | 907 | (520) |
| Government Money Market | 20181 | 82238 | (62057) | 124992 | 150641 | (25649) |
| Energy | 3352 | 7440 | (4088) | 13503 | 20038 | (6535) |
| NASDAQ-100 | 590 | 871 | (281) | 1096 | 1350 | (254) |
| Pharmaceuticals | 76 | 75 | 1 | 420 | 1016 | (596) |
| Precious Metals | 39326 | 47302 | (7976) | 62014 | 57408 | 4606 |
| Real Estate | 1388 | 2575 | (1187) | 197 | 112 | 85 |
| Rising Rates Opportunity | 1 | 849 | (848) | (1) | 7963 | (7964) |
| Semiconductor | 797 | 754 | 43 | 12118 | 11763 | 355 |
| Short Dow 30 | 22897 | 4077 | 18820 | 4077 | 4076 | 1 |
| Short Emerging Markets |  |  |  |  |  |  |
| Short International | 9160 | 3302 | 5858 | 4236 | 4276 | (40) |
| Short Mid-Cap | 22803 | 4159 | 18644 | 4160 | 4160 |  |
| Short NASDAQ-100 |  |  |  |  |  |  |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**Notes to Financial Statements**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| | | | **Net Increase/** | | | **Net Increase/** |
| **Portfolio** | **Purchases** | **Sales** | **(Decrease)** | **Purchases** | **Sales** | **(Decrease)** |
| Short Small-Cap |  | 44 | (44) | 2796 | 2922 | (126) |
| Small-Cap | 1358 | 1929 | (571) | 421 | 3621 | (3200) |
| Small-Cap Growth | 45 | 1028 | (983) | 607 | 1284 | (677) |
| Small-Cap Value | 83 | 846 | (763) | 1882 | 2132 | (250) |
| Technology | 1109 | 1602 | (493) | 1589 | 1397 | 192 |
| Communication Services | 641 | 24 | 617 |  | 5 | (5) |
| U.S. Government Plus | 716 | 1707 | (991) | 2024 | 1333 | 691 |
| UltraBull | 1220 | 1331 | (111) | 2502 | 1389 | 1113 |
| UltraMid-Cap | 3455 | 3745 | (290) | 933 | 618 | 315 |
| UltraNASDAQ-100 | 1106 | 713 | 393 | 719 | 999 | (280) |
| UltraShort Dow 30 | 6 | 2434 | (2428) |  | 1843 | (1843) |
| UltraShort NASDAQ-100 |  | 6423 | (6423) |  | 5275 | (5275) |
| UltraSmall-Cap | 1023 | 1480 | (457) | 2201 | 997 | 1204 |
| Utilities | 421 | 925 | (504) | 1073 | 6521 | (5448) |
| VanEck Worldwide Insurance Trust |  |  |  |  |  |  |
| Global Resources Fund | 66216 | 100033 | (33817) | 46023 | 132317 | (86294) |
| Emerging Markets Fund | 759 | 7976 | (7217) | 3752 | 4614 | (862) |
| Emerging Markets Bond Fund | 9091 | 8797 | 294 | 27259 | 33695 | (6436) |
| Janus Henderson Series |  |  |  |  |  |  |
| Global Technology and Innovation Portfolio | 162861 | 103977 | 58884 | 126532 | 110575 | 15957 |
| Overseas Portfolio | 29087 | 16991 | 12096 | 24010 | 51316 | (27306) |
| Research Portfolio | 20 | 112 | (92) | 478 | 1498 | (1020) |
| Enterprise Services Portfolio | 201892 | 262801 | (60909) | 201228 | 363472 | (162244) |
| Global Research Portfolio | 71337 | 30373 | 40964 | 78076 | 17090 | 60986 |
| Mid Cap Value Portfolio | 45108 | 64609 | (19501) | 63226 | 50672 | 12554 |
| Balanced Portfolio | 708219 | 641495 | 66724 | 370428 | 709463 | (339035) |
| Flexible Bond Portfolio | 33772 | 202667 | (168895) | 104660 | 149870 | (45210) |
| Forty Portfolio | 54299 | 10158 | 44141 | 36529 | 235 | 36294 |
| PIMCO Variable Insurance Trust |  |  |  |  |  |  |
| Total Return Portfolio | 853628 | 565940 | 287688 | 650516 | 476612 | 173904 |
| Low Duration Portfolio | 291401 | 560243 | (268842) | 334121 | 670724 | (336603) |
| High Yield Portfolio | 284441 | 298603 | (14162) | 766527 | 582738 | 183789 |
| Real Return Portfolio | 188084 | 378657 | (190573) | 160001 | 311811 | (151810) |
| All Asset Portfolio | 11223 | 30611 | (19388) | 22979 | 32409 | (9430) |
| Global Managed Asset Allocation Portfolio | 3227 | 4122 | (895) | 1524 | 3486 | (1962) |
| Short-Term Portfolio | 273084 | 892878 | (619794) | 394968 | 1292155 | (897187) |
| Emerging Markets Bond Portfolio | 25512 | 37381 | (11869) | 14068 | 27383 | (13315) |
| Global Bond Opportunities Portfolio | 6 | 29 | (23) | 380 |  | 380 |
| Commodity Real Return Strategy Portfolio | 116936 | 246521 | (129585) | 119744 | 333113 | (213369) |
| International Bond (USD-Hedged) Portfolio | 44303 | 38044 | 6259 | 70359 | 132306 | (61947) |
| Dynamic Bond Adv Portfolio | 67610 | 57413 | 10197 | 42724 | 65840 | (23116) |
| Income Advisor Portfolio | 578640 | 594626 | (15986) | 494884 | 807872 | (312988) |
| StocksPLUS Global Portfolio | 166667 | 17173 | 149494 | 73 |  | 73 |
| Global Diversified Allocation Advisor Portfolio | 444 |  | 444 |  |  |  |
| Goldman Sachs Variable Insurance Trust |  |  |  |  |  |  |
| Small Cap Equity Insights Fund | 6795 | 10978 | (4183) | 17313 | 24588 | (7275) |
| Large Cap Value Fund | 1824 | 1231 | 593 | 10196 | 8239 | 1957 |
| Mid Cap Value Fund | 3042 | 9668 | (6626) | 5793 | 14689 | (8896) |
| Neuberger Berman Advisors Management Trust |  |  |  |  |  |  |
| Mid-Cap Growth Portfolio | 1194 | 2374 | (1180) | 6779 | 8899 | (2120) |
| AMT Mid Cap Intrinsic Value Portfolio | 2876 | 3081 | (205) | 2492 | 2565 | (73) |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**Notes to Financial Statements**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| | | | **Net Increase/** | | | **Net Increase/** |
| **Portfolio** | **Purchases** | **Sales** | **(Decrease)** | **Purchases** | **Sales** | **(Decrease)** |
| BNY Mellon Variable Investment Fund |  |  |  |  |  |  |
| Appreciation Portfolio | 4006 | 4142 | (136) | 4131 | 5131 | (1000) |
| Sustainable U.S. Equity Portfolio | 3 | 166 | (163) | 515 | 384 | 131 |
| Morgan Stanley Variable Institutional Funds |  |  |  |  |  |  |
| Emerging Markets Debt Portfolio | 10 | 126 | (116) | 138 | 606 | (468) |
| Emerging Markets Equity Portfolio | 189 | 757 | (568) | 534 | 2486 | (1952) |
| Discovery Portfolio | 36 | 100 | (64) | 18 | 128 | (110) |
| U.S. Real Estate Portfolio |  |  |  | 41 | 3279 | (3238) |
| Northern Lights Variable Trust |  |  |  |  |  |  |
| Power Dividend Index Fund | 401 | 29740 | (29339) | 1145 | 24643 | (23498) |
| AB Variable Products Series |  |  |  |  |  |  |
| Dynamic Asset Allocation Portfolio | 2588 | 16227 | (13639) | 406 | 13659 | (13253) |
| Small Cap Growth Portfolio | 23 |  | 23 |  | 82 | (82) |
| Discovery Value Portfolio | 22942 | 32734 | (9792) | 41328 | 92912 | (51584) |
| BlackRock Variable Series Fund, Inc. |  |  |  |  |  |  |
| Basic Value Fund | 16651 | 33037 | (16386) | 36820 | 40827 | (4007) |
| Capital Appreciation Fund | 19 | 1457 | (1438) | 18 | 3827 | (3809) |
| Equity Dividend Fund | 276000 | 212027 | 63973 | 248295 | 252164 | (3869) |
| Global Allocation Fund | 118637 | 170559 | (51922) | 53429 | 148230 | (94801) |
| Advantage Large Cap Core Fund | 326 | 2138 | (1812) | 377 | 1988 | (1611) |
| Large Cap Focus Growth Fund | 135290 | 129208 | 6082 | 89576 | 119936 | (30360) |
| 60/40 Target Allocation ETF Fund | 75044 | 185409 | (110365) | 189318 | 87295 | 102023 |
| Total Return Fund | 18106 | 18121 | (15) | 29950 | 3707 | 26243 |
| S&P 500 Fund | 1582 | 10012 | (8430) | (375) | 9251 | (9626) |
| Columbia Variable Portfolio |  |  |  |  |  |  |
| Contrarian Core 2 Portfolio | 137351 | 119135 | 18216 | 185507 | 109328 | 76179 |
| Dividend Opportunity Portfolio | 83437 | 119360 | (35923) | 87743 | 128450 | (40707) |
| Emerging Markets Bond Portfolio | 26590 | 92058 | (65468) | 19709 | 78418 | (58709) |
| High Yield Portfolio | 268660 | 205118 | 63542 | 196836 | 189135 | 7701 |
| Select Large-Cap Value Portfolio | 140187 | 169545 | (29358) | 271996 | 370785 | (98789) |
| Seligman Global Tech Portfolio | 230577 | 182388 | 48189 | 257362 | 260735 | (3373) |
| US Government Mortgage Portfolio | 46647 | 35649 | 10998 | 24570 | 7792 | 16778 |
| Strategic Income Portfolio | 46374 | 36508 | 9866 | 48572 | 30940 | 17632 |
| Emerging Markets Portfolio | 5847 | 7895 | (2048) | 13049 | 4495 | 8554 |
| Select Mid Cap Value Portfolio | 62597 | 27575 | 35022 | 107806 | 5828 | 101978 |
| Small Cap Value Portfolio | 134476 | 33457 | 101019 | 110838 | 15057 | 95781 |
| DWS Variable Insurance Portfolios |  |  |  |  |  |  |
| Equity 500 Index Portfolio | 769482 | 379447 | 390035 | 610173 | 374410 | 235763 |
| Small Cap Index Portfolio | 77781 | 46419 | 31362 | 46288 | 79422 | (33134) |
| Alternative Asset Allocation Portfolio | 5145 | 19656 | (14511) | 3989 | 12262 | (8273) |
| Global Small Cap Portfolio |  |  |  | 183 | 10252 | (10069) |
| Small Mid Cap Value Portfolio | 5579 | 49087 | (43508) | 3799 | 50598 | (46799) |
| CROCI US Portfolio |  |  |  |  | 9750 | (9750) |
| High Income Portfolio |  |  |  | 5727 | 61242 | (55515) |
| Eaton Vance Variable Trust |  |  |  |  |  |  |
| Floating Rate Income Portfolio | 328670 | 583601 | (254931) | 654558 | 752578 | (98020) |
| Franklin Templeton Variable Insurance Products Trust |  |  |  |  |  |  |
| Mutual Shares Fund | 6809 | 34870 | (28061) | 5421 | 36347 | (30926) |
| Income Fund | 232433 | 336415 | (103982) | 315019 | 368873 | (53854) |
| Global Bond Fund | 126433 | 497688 | (371255) | 214346 | 397193 | (182847) |
| Foreign Fund | 76911 | 604607 | (527696) | 164538 | 476749 | (312211) |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**Notes to Financial Statements**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| | | | **Net Increase/** | | | **Net Increase/** |
| **Portfolio** | **Purchases** | **Sales** | **(Decrease)** | **Purchases** | **Sales** | **(Decrease)** |
| Developing Markets Fund | 47555 | 50173 | (2618) | 6614 | 42847 | (36233) |
| Mutual Global Discovery Fund | 2527 | 38954 | (36427) | 20035 | 51133 | (31098) |
| Rising Dividends Fund | 107106 | 199058 | (91952) | 140189 | 169469 | (29280) |
| DynaTech 2 Fund | 416113 | 174640 | 241473 | 346053 | 143970 | 202083 |
| Global Real Estate Fund | 13173 | 2552 | 10621 | 5511 | 1343 | 4168 |
| VolSmart Allocation Fund | 613 | 11310 | (10697) | 18906 | 15181 | 3725 |
| Nomura Variable Insurance Portfolio |  |  |  |  |  |  |
| Asset Strategy Portfolio | 1441 | 13541 | (12100) | 1811 | 21805 | (19994) |
| Balanced Portfolio | 904 | 48318 | (47414) | 2534 | 46860 | (44326) |
| Global Equity Portfolio |  |  |  | 72 | 48461 | (48389) |
| Energy Portfolio | 7111 | 33924 | (26813) | 5587 | 44370 | (38783) |
| Natural Resources Portfolio | 1700 | 20774 | (19074) | 7708 | 14303 | (6595) |
| Growth Portfolio | 911 | 11254 | (10343) | 2190 | 8758 | (6568) |
| High Income Portfolio | 14718 | 112474 | (97756) | 21212 | 124971 | (103759) |
| International Core Equity Portfolio | 7470 | 83773 | (76303) | 81461 | 62634 | 18827 |
| Global Growth Portfolio | 139 | 11882 | (11743) | 42363 | 8879 | 33484 |
| Mid Cap Growth Portfolio | 22745 | 54911 | (32166) | 10848 | 85078 | (74230) |
| Science and Technology Portfolio | 4939 | 55491 | (50552) | 5913 | 81420 | (75507) |
| Small Cap Growth Portfolio | 5375 | 34591 | (29216) | 4763 | 38635 | (33872) |
| SMID Cap Core Portfolio | 20140 | 66519 | (46379) | 17723 | 102590 | (84867) |
| Total Return Portfolio | 109 | 498 | (389) | 1 | 190 | (189) |
| International Portfolio |  |  |  | (66087) | 1461 | (67548) |
| Opportunity Portfolio | 10797 | 92872 | (82075) | 5547 | 80204 | (74657) |
| Lazard Retirement Series, Inc. |  |  |  |  |  |  |
| International Equity Portfolio | 211688 | 208335 | 3353 | 4426 | 7102 | (2676) |
| Global Dynamic Multi Asset Portfolio | 19648 | 27017 | (7369) | 11488 | 32294 | (20806) |
| Legg Mason Partners Variable Equity Trust |  |  |  |  |  |  |
| Western Asset Variable Global High Yield Bond Portfolio | 5055 | 27852 | (22797) | 6038 | 50214 | (44176) |
| ClearBridge Variable Mid Cap Portfolio | 49362 | 110173 | (60811) | 94766 | 120855 | (26089) |
| ClearBridge Variable Dividend Strategy Portfolio | 126906 | 206223 | (79317) | 154024 | 433444 | (279420) |
| ClearBridge Variable Small Cap Growth Portfolio | 60211 | 126996 | (66785) | 183654 | 135987 | 47667 |
| ClearBridge Variable Growth Portfolio | 1727 | 12997 | (11270) | 952 | 5478 | (4526) |
| Western Asset Variable Core Bond Plus Portfolio | 247950 | 1320412 | (1072462) | 854475 | 1023043 | (168568) |
| ClearBridge Variable Large Cap Growth Portfolio | 173361 | 287858 | (114497) | 218793 | 319559 | (100766) |
| Victory Pioneer Variable Contracts Trust |  |  |  |  |  |  |
| Fund Portfolio | 31217 | 41517 | (10300) | 67601 | 18065 | 49536 |
| Bond Portfolio | 642349 | 836655 | (194306) | 775932 | 775295 | 637 |
| Strategic Income Portfolio | 24900 | 145290 | (120390) | 51405 | 136622 | (85217) |
| Equity Income Portfolio | 27461 | 79541 | (52080) | 72885 | 118383 | (45498) |
| High Yield Portfolio | 648 | 3812 | (3164) | 989 | 5776 | (4787) |
| Prudential Series Funds |  |  |  |  |  |  |
| Natural Resources Portfolio | 337 | 64173 | (63836) | 1249 | 9353 | (8104) |
| Mid-Cap Growth Portfolio | 6 | 4708 | (4702) | 59 | 282 | (223) |
| PGIM Jennison Blend Portfolio | 15182 | 3543 | 11639 | 613 | 1351 | (738) |
| PGIM Jennison Growth II Portfolio | 11659 | 3596 | 8063 |  |  |  |
| Royce Capital Fund |  |  |  |  |  |  |
| Micro-Cap Portfolio | 803 | 3060 | (2257) | 469 | 839 | (370) |
| Small Cap Portfolio | 84675 | 104382 | (19707) | 121374 | 79356 | 42018 |
| Alps Fund |  |  |  |  |  |  |
| Alerian Energy Infrastructure Portfolio | 169002 | 197737 | (28735) | 161751 | 159402 | 2349 |
| Global Opportunity Portfolio | 21183 | 11016 | 10167 | 8405 | 11109 | (2704) |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**Notes to Financial Statements**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| | | | **Net Increase/** | | | **Net Increase/** |
| **Portfolio** | **Purchases** | **Sales** | **(Decrease)** | **Purchases** | **Sales** | **(Decrease)** |
| American Funds IS |  |  |  |  |  |  |
| Asset Allocation Fund | 724242 | 1344499 | (620257) | 878129 | 1663258 | (785129) |
| Washington Mutual Investors Fund | 585419 | 475657 | 109762 | 512600 | 502474 | 10126 |
| Ultra-Short Bond Fund | 425722 | 559491 | (133769) | 224982 | 618351 | (393369) |
| Capital Income Builder Fund | 258465 | 421310 | (162845) | 332565 | 301374 | 31191 |
| Global Growth Fund | 272309 | 295990 | (23681) | 276772 | 323308 | (46536) |
| Capital World Growth and Income Fund | 211895 | 198336 | 13559 | 131157 | 237868 | (106711) |
| Global Small Capitalization Fund | 97793 | 118361 | (20568) | 62986 | 101445 | (38459) |
| Growth Fund | 555910 | 436018 | 119892 | 544949 | 496750 | 48199 |
| Growth-Income Fund | 690557 | 589482 | 101075 | 610510 | 462597 | 147913 |
| International Fund | 87621 | 143674 | (56053) | 118986 | 201095 | (82109) |
| International Growth and Income Fund | 116819 | 119450 | (2631) | 87894 | 155911 | (68017) |
| New World Fund | 263102 | 558538 | (295436) | 199202 | 363669 | (164467) |
| U.S. Government Securities Fund | 670978 | 667621 | 3357 | 262001 | 869652 | (607651) |
| Global Balanced Fund | 63484 | 8401 | 55083 | 47581 | 2966 | 44615 |
| The Bond Fd of America Fund | 375336 | 104839 | 270497 | 465658 | 12105 | 453553 |
| T. Rowe Price |  |  |  |  |  |  |
| Blue Chip Growth Portfolio | 424081 | 637181 | (213100) | 422171 | 705927 | (283756) |
| Health Sciences Portfolio | 329114 | 876047 | (546933) | 300264 | 345198 | (44934) |
| Equity Income Portfolio | 234249 | 133142 | 101107 | 92931 | 21133 | 71798 |
| Mid-Cap Growth Portfolio | 206254 | 40660 | 165594 | 129125 | 11518 | 117607 |
| John Hancock Variable Insurance Trust |  |  |  |  |  |  |
| Financial Industries Portfolio | 263603 | 101765 | 161838 | 40518 | 65307 | (24789) |
| Fundamental All Cap Core Portfolio | 44 | 3670 | (3626) | 30 | 1793 | (1763) |
| Select Bond Portfolio | 6209 | 512 | 5697 | 17890 | 15467 | 2423 |
| Strategic Income Opportunities Portfolio | 53523 | 18313 | 35210 | 80847 | 24896 | 55951 |
| Federated Hermes |  |  |  |  |  |  |
| High Income Bond Portfolio | 38408 | 34303 | 4105 | 25332 | 80676 | (55344) |
| Kaufmann Portfolio | 33928 | 78948 | (45020) | 29068 | 141768 | (112700) |
| Managed Volatility Portfolio | 6611 | 1292 | 5319 | 13461 | 21441 | (7980) |
| Principal Variable Contracts |  |  |  |  |  |  |
| Blue Chip Fund | 41215 | 169666 | (128451) | 84127 | 40523 | 43604 |
| Equity Income Fund | 968 | 42243 | (41275) | 7221 | 6681 | 540 |
| Diversified Balance Fund | 9620 | 237561 | (227941) | 39797 | 20579 | 19218 |
| Diversified Growth Fund | 1436 | 100891 | (99455) | 74906 | 1908 | 72998 |
| Diversified Income Fund | 1 | 16213 | (16212) | 7345 | 295 | 7050 |
| Blue Chip PVC 2 Fund | 222634 | 10305 | 212329 |  |  |  |
| Equity Income 2 Fund | 47758 | 4684 | 43074 |  |  |  |
| Diversified Balance 2 Fund | 239581 | 26092 | 213489 |  |  |  |
| Diversified Growth 2 Fund | 91603 | 409 | 91194 |  |  |  |
| Diversified Income 2 Fund | 13505 | 59 | 13446 |  |  |  |
| Putnam Variable Trust |  |  |  |  |  |  |
| Core Equity Fund | 105163 | 41095 | 64068 | 4304 |  | 4304 |
| Emerging Markets Equity Fund | 9275 | 1483 | 7792 |  |  |  |
| Focused International Equity Fund | 2785 | 2182 | 603 |  |  |  |
| George Putnam Balanced Fund | 237151 | 161766 | 75385 | 166 |  | 166 |
| Global Asset Allocation Fund | 15681 |  | 15681 |  |  |  |
| Global Health Care Fund | 101828 | 80148 | 21680 | 3062 |  | 3062 |
| High Yield Fund | 17461 | 2476 | 14985 |  |  |  |
| International Equity Fund | 50426 | 1260 | 49166 |  |  |  |
| International Value Fund | 250912 | 51048 | 199864 | 59805 | 2335 | 57470 |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**Notes to Financial Statements**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| | | | **Net Increase/** | | | **Net Increase/** |
| **Portfolio** | **Purchases** | **Sales** | **(Decrease)** | **Purchases** | **Sales** | **(Decrease)** |
| Large Cap Growth Fund | 127928 | 22865 | 105063 | 14988 | 247 | 14741 |
| Large Cap Value Fund | 998532 | 147351 | 851181 | 203590 | 9985 | 193605 |
| Research Fund | 14171 | 7074 | 7097 |  |  |  |
| Small Cap Growth Fund | 96009 | 1803 | 94206 | 20706 | 73 | 20633 |
| Small Cap Value Fund | 33752 | 17446 | 16306 | 5457 |  | 5457 |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**Notes to Financial Statements**

5. Financial Highlights

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

The following table illustrates 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 |  |  |  |  |  |  |
| Government Money Market Portfolio |  |  |  |  |  |  |
| 2025 | 554958 | $7.96 to 14.50 | $6398224 | 3.90% | 0.25% to 1.55% | 1.41% to 3.15% |
| 2024 | 673093 | 7.85 to 14.12 | $7668025 | 4.99% | 0.25% to 1.55% | 2.34% to 4.10% |
| 2023 | 788167 | 7.67 to 13.63 | $8371840 | 4.77% | 0.95% to 1.55% | 2.16% to 3.90% |
| 2022 | 914790 | 7.51 to 13.17 | $9601795 | 1.38% | 0.95% to 1.55% | -1.21% to 0.48% |
| 2021 | 1121947 | 7.60 to 13.17 | $11180275 | 0.01% | 0.95% to 1.55% | -2.61% to -0.94% |
| High Income Portfolio |  |  |  |  |  |  |
| 2025 | 184409 | 11.50 to 33.03 | $3335836 | 6.19% | 0.95% to 1.65% | 7.91% to 9.32% |
| 2024 | 214798 | 10.54 to 30.23 | $3662317 | 6.09% | 0.95% to 1.65% | 6.24% to 7.64% |
| 2023 | 252439 | 9.81 to 28.10 | $3945999 | 5.40% | 0.95% to 1.65% | 7.85% to 9.25% |
| 2022 | 293450 | 9.00 to 25.73 | $4226913 | 4.49% | 0.95% to 1.65% | -13.59% to -12.46% |
| 2021 | 345235 | 10.30 to 29.41 | $5927974 | 5.15% | 0.95% to 1.65% | 2.02% to 3.30% |
| Equity-Income Portfolio |  |  |  |  |  |  |
| 2025 | 100893 | 30.60 to 106.74 | $6248360 | 1.63% | 0.95% to 1.55% | 15.64% to 17.62% |
| 2024 | 117241 | 26.41 to 90.95 | $6260513 | 1.69% | 0.95% to 1.55% | 12.03% to 13.96% |
| 2023 | 134614 | 23.52 to 79.96 | $6185295 | 1.72% | 0.95% to 1.55% | 7.50% to 9.34% |
| 2022 | 160698 | 21.84 to 73.28 | $6621979 | 1.74% | 0.95% to 1.55% | -7.72% to -6.14% |
| 2021 | 164506 | 23.62 to 78.19 | $7336927 | 1.77% | 0.95% to 1.55% | 21.35% to 23.43% |
| Growth Portfolio |  |  |  |  |  |  |
| 2025 | 66978 | 60.17 to 187.44 | $10165380 | 0.24% | 0.95% to 1.55% | 12.01% to 13.53% |
| 2024 | 74386 | 53.72 to 165.43 | $9804094 | 0.00% | 0.95% to 1.55% | 27.10% to 28.84% |
| 2023 | 80389 | 42.26 to 128.67 | $8692355 | 0.11% | 0.95% to 1.55% | 32.81% to 34.61% |
| 2022 | 92402 | 31.82 to 95.77 | $7258377 | 0.53% | 0.95% to 1.55% | -26.36% to -25.36% |
| 2021 | 102122 | 43.21 to 128.57 | $10655095 | 0.00% | 0.95% to 1.55% | 20.11% to 21.74% |
| Overseas Portfolio |  |  |  |  |  |  |
| 2025 | 139689 | 20.75 to 43.95 | $4442300 | 1.40% | 0.95% to 1.65% | 16.92% to 18.92% |
| 2024 | 161522 | 17.72 to 37.02 | $4329761 | 1.37% | 0.95% to 1.65% | 2.05% to 3.81% |
| 2023 | 217851 | 17.32 to 35.74 | $5558646 | 0.85% | 0.95% to 1.65% | 17.09% to 19.09% |
| 2022 | 233508 | 14.77 to 30.07 | $4973491 | 0.76% | 0.95% to 1.65% | -26.65% to -25.39% |
| 2021 | 243061 | 20.09 to 40.38 | $7023296 | 0.34% | 0.95% to 1.65% | 16.27% to 18.26% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| Mid Cap Portfolio |  |  |  |  |  |  |
| 2025 | 659551 | 14.05 to 79.93 | $19466280 | 0.25% | 0.95% to 1.65% | 8.95% to 10.49% |
| 2024 | 661182 | 12.74 to 72.38 | $18682252 | 0.38% | 0.95% to 1.65% | 14.32% to 16.12% |
| 2023 | 650624 | 11.00 to 62.36 | $16736415 | 0.39% | 0.95% to 1.65% | 12.93% to 13.78% |
| 2022 | 674939 | 9.71 to 54.84 | $15717066 | 0.26% | 0.95% to 1.65% | -17.02% to -2.88% |
| 2021 | 712340 | 11.81 to 65.11 | $20066480 | 0.40% | 0.95% to 1.65% | 22.27% to 24.12% |
| Asset Manager 50% Portfolio |  |  |  |  |  |  |
| 2025 | 22586 | 25.24 to 49.27 | $758834 | 2.29% | 0.95% to 1.55% | 12.60% to 13.56% |
| 2024 | 26233 | 19.99 to 43.46 | $800057 | 2.39% | 0.95% to 1.55% | 5.76% to 7.21% |
| 2023 | 27307 | 18.90 to 40.62 | $790245 | 2.17% | 0.95% to 1.55% | 10.10% to 11.59% |
| 2022 | 31505 | 17.17 to 36.47 | $859857 | 1.93% | 0.95% to 1.55% | -17.08% to -15.95% |
| 2021 | 31626 | 20.70 to 43.48 | $1031943 | 1.45% | 0.95% to 1.55% | 7.19% to 8.64% |
| Investment Grade Bond Portfolio |  |  |  |  |  |  |
| 2025 | 784994 | 9.37 to 26.41 | $8321249 | 3.67% | 0.95% to 1.55% | 4.60% to 5.97% |
| 2024 | 545330 | 8.91 to 24.97 | $5835643 | 3.55% | 0.95% to 1.55% | -0.97% to 0.58% |
| 2023 | 535584 | 8.93 to 24.88 | $5806652 | 2.75% | 0.95% to 1.55% | 3.44% to 5.00% |
| 2022 | 300195 | 8.56 to 23.76 | $3823171 | 2.23% | 0.95% to 1.55% | -15.18% to -14.03% |
| 2021 | 237429 | 10.03 to 27.68 | $4023759 | 1.96% | 0.95% to 1.55% | -3.15% to 0.62% |
| Index 500 Portfolio |  |  |  |  |  |  |
| 2025 | 465229 | 25.11 to 165.71 | $22215340 | 0.95% | 0.95% to 1.65% | 14.30% to 16.37% |
| 2024 | 556817 | 21.65 to 142.68 | $23250064 | 1.14% | 0.95% to 1.65% | 21.19% to 23.40% |
| 2023 | 615857 | 17.59 to 115.86 | $21699324 | 1.31% | 0.95% to 1.65% | 22.48% to 24.69% |
| 2022 | 686293 | 14.15 to 93.10 | $19650780 | 1.21% | 0.95% to 1.65% | -20.63% to -19.19% |
| 2021 | 739648 | 17.56 to 115.43 | $26774969 | 1.10% | 0.95% to 1.65% | 24.78% to 27.05% |
| Contrafund Portfolio |  |  |  |  |  |  |
| 2025 | 1533053 | 19.36 to 212.35 | $71436640 | 0.02% | 0.95% to 1.65% | 18.26% to 20.11% |
| 2024 | 1417041 | 16.15 to 177.26 | $58344133 | 0.05% | 0.95% to 1.65% | 30.20% to 32.24% |
| 2023 | 1200515 | 12.24 to 134.37 | $41188567 | 0.30% | 0.95% to 1.65% | 29.91% to 31.93% |
| 2022 | 1311411 | 9.29 to 102.10 | $34343886 | 0.27% | 0.95% to 1.65% | -28.27% to -27.15% |
| 2021 | 1362179 | 12.78 to 140.51 | $50817963 | 0.03% | 0.95% to 1.65% | 24.43% to 26.31% |
| Asset Manager 70% Portfolio |  |  |  |  |  |  |
| 2025 | 17189 | 25.91 to 58.95 | $817167 | 1.82% | 0.95% to 1.55% | 15.28% to 16.84% |
| 2024 | 17984 | 22.48 to 50.56 | $724205 | 1.60% | 0.95% to 1.55% | 8.02% to 9.50% |
| 2023 | 23409 | 20.81 to 46.27 | $877080 | 1.79% | 0.95% to 1.55% | 13.42% to 14.95% |
| 2022 | 23878 | 18.35 to 40.32 | $782749 | 1.70% | 0.95% to 1.55% | -18.93% to -17.83% |
| 2021 | 24215 | 22.63 to 49.19 | $969478 | 1.38% | 0.95% to 1.55% | 11.10% to 12.61% |
| Balanced Portfolio |  |  |  |  |  |  |
| 2025 | 83165 | 36.54 to 59.66 | $4192578 | 1.58% | 0.95% to 1.55% | 12.34% to 13.87% |
| 2024 | 91077 | 32.53 to 52.52 | $4052388 | 1.83% | 0.95% to 1.55% | 12.99% to 14.53% |
| 2023 | 85055 | 28.79 to 45.95 | $3323261 | 1.61% | 0.95% to 1.55% | 18.49% to 20.09% |
| 2022 | 87409 | 24.30 to 38.34 | $2909180 | 1.07% | 0.95% to 1.55% | -20.04% to -18.96% |
| 2021 | 97357 | 30.39 to 47.38 | $3990135 | 0.80% | 0.95% to 1.55% | 15.31% to 16.88% |
| Growth & Income Portfolio |  |  |  |  |  |  |
| 2025 | 28878 | 44.58 to 83.70 | $2040222 | 1.44% | 0.95% to 1.55% | 18.46% to 20.07% |
| 2024 | 31113 | 37.63 to 69.85 | $1869004 | 1.44% | 0.95% to 1.55% | 19.17% to 20.80% |
| 2023 | 33072 | 30.22 to 57.97 | $1679924 | 1.33% | 0.95% to 1.55% | 15.51% to 17.25% |
| 2022 | 56123 | 26.17 to 49.51 | $2221263 | 1.73% | 0.95% to 1.55% | -7.46% to -6.07% |
| 2021 | 42571 | 28.28 to 52.82 | $1912317 | 2.49% | 0.95% to 1.55% | 22.60% to 24.45% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| Growth Opportunities Portfolio |  |  |  |  |  |  |
| 2025 | 2306235 | 15.32 to 119.07 | $60678003 | 0.00% | 0.25% to 1.65% | 18.99% to 20.55% |
| 2024 | 2324744 | 13.03 to 98.82 | $51772320 | 0.00% | 0.25% to 1.65% | 35.19% to 37.31% |
| 2023 | 2438693 | 9.51 to 72.01 | $40676621 | 0.00% | 0.95% to 1.65% | 41.80% to 44.01% |
| 2022 | 2179357 | 6.62 to 50.03 | $25629581 | 0.00% | 0.95% to 1.65% | -39.81% to -14.52% |
| 2021 | 1773452 | 10.85 to 82.38 | $36217102 | 0.00% | 0.95% to 1.65% | 8.97% to 10.61% |
| Value Strategies Portfolio |  |  |  |  |  |  |
| 2025 | 105176 | 15.67 to 47.04 | $3387169 | 0.83% | 0.95% to 1.65% | 5.10% to 6.74% |
| 2024 | 87195 | 14.71 to 44.09 | $2854342 | 0.84% | 0.95% to 1.65% | 6.50% to 8.12% |
| 2023 | 83513 | 18.18 to 40.78 | $2609602 | 0.74% | 0.95% to 1.65% | 17.70% to 19.47% |
| 2022 | 125231 | 15.27 to 34.13 | $3313053 | 0.80% | 0.95% to 1.65% | -9.59% to -8.22% |
| 2021 | 145209 | 16.68 to 37.19 | $4164179 | 1.29% | 0.95% to 1.65% | 30.12% to 32.08% |
| Strategic Income Portfolio |  |  |  |  |  |  |
| 2025 | 1444741 | 10.86 to 14.11 | $18797134 | 3.72% | 1.15% to 1.65% | 6.80% to 7.61% |
| 2024 | 1267470 | 10.11 to 13.15 | $15578150 | 3.84% | 1.15% to 1.65% | 4.03% to 4.82% |
| 2023 | 1151122 | 9.66 to 12.57 | $13738557 | 4.25% | 1.15% to 1.65% | 7.40% to 8.20% |
| 2022 | 1215429 | 8.95 to 11.65 | $13518369 | 3.20% | 1.15% to 1.65% | -12.96% to -12.31% |
| 2021 | 1311712 | 10.23 to 13.32 | $16820518 | 2.66% | 1.15% to 1.65% | 2.04% to 2.35% |
| Emerging Markets Portfolio |  |  |  |  |  |  |
| 2025 | 454551 | 11.68 to 22.19 | $9219336 | 1.57% | 1.15% to 1.65% | 38.49% to 39.53% |
| 2024 | 312003 | 8.39 to 15.94 | $4627407 | 1.17% | 1.15% to 1.65% | 7.90% to 8.72% |
| 2023 | 383613 | 7.73 to 14.70 | $5081295 | 1.99% | 1.15% to 1.65% | 7.70% to 8.51% |
| 2022 | 378517 | 7.14 to 13.58 | $4847182 | 1.46% | 1.15% to 1.65% | -21.67% to -21.08% |
| 2021 | 392805 | 9.07 to 17.25 | $6271407 | 2.11% | 1.15% to 1.65% | -3.72% to -3.53% |
| Real Estate Portfolio |  |  |  |  |  |  |
| 2025 | 734088 | 11.64 to 18.36 | $12551780 | 1.82% | 1.15% to 1.65% | 1.21% to 1.97% |
| 2024 | 838706 | 11.43 to 18.05 | $14186906 | 3.72% | 1.15% to 1.65% | 4.50% to 5.29% |
| 2023 | 999261 | 10.88 to 17.19 | $16155368 | 2.21% | 1.15% to 1.65% | 9.08% to 9.90% |
| 2022 | 1093124 | 9.92 to 15.68 | $16300362 | 1.11% | 1.15% to 1.65% | -28.88% to -28.34% |
| 2021 | 1183454 | 13.87 to 21.94 | $25046160 | 0.96% | 1.15% to 1.65% | 36.38% to 37.06% |
| Funds Manager 50% Portfolio |  |  |  |  |  |  |
| 2025 | 337939 | 12.39 to 20.56 | $6427111 | 2.62% | 1.15% to 1.65% | 12.17% to 12.90% |
| 2024 | 319798 | 10.98 to 18.24 | $5414910 | 1.97% | 1.15% to 1.65% | 6.59% to 7.29% |
| 2023 | 455948 | 10.25 to 17.02 | $7145857 | 2.42% | 1.15% to 1.65% | 10.92% to 11.53% |
| 2022 | 476238 | 9.20 to 15.29 | $6685802 | 1.75% | 1.15% to 1.65% | -15.19% to -14.89% |
| 2021 | 506181 | 10.82 to 17.99 | $8578042 | 0.90% | 1.15% to 1.65% | 8.40% to 8.62% |
| Funds Manager 70% Portfolio |  |  |  |  |  |  |
| 2025 | 287710 | 13.51 to 26.11 | $6499841 | 1.85% | 1.15% to 1.65% | 14.99% to 15.63% |
| 2024 | 243346 | 11.68 to 22.59 | $4955417 | 1.59% | 1.15% to 1.65% | 8.86% to 9.46% |
| 2023 | 268044 | 10.67 to 20.65 | $5018927 | 1.88% | 1.15% to 1.65% | 13.68% to 14.31% |
| 2022 | 271929 | 9.34 to 18.07 | $4533866 | 1.40% | 1.15% to 1.65% | -17.17% to -16.71% |
| 2021 | 273919 | 11.21 to 21.71 | $5517097 | 0.94% | 1.15% to 1.65% | 12.90% to 13.13% |
| Funds Manager 85% Portfolio |  |  |  |  |  |  |
| 2025 | 104961 | 14.35 to 31.07 | $2401309 | 1.21% | 1.15% to 1.65% | 17.31% to 18.19% |
| 2024 | 115136 | 12.16 to 26.36 | $2366297 | 1.38% | 1.15% to 1.65% | 10.53% to 11.37% |
| 2023 | 85817 | 10.94 to 23.73 | $1713506 | 1.40% | 1.15% to 1.65% | 15.56% to 16.43% |
| 2022 | 98669 | 9.42 to 20.43 | $1698499 | 1.04% | 1.15% to 1.65% | -18.55% to -17.93% |
| 2021 | 77511 | 11.50 to 24.96 | $1580166 | 0.90% | 1.15% to 1.65% | 16.06% to 16.30% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| Government Money Market Portfolio Service Class 2 | | | | | | |
| 2025 | 10477075 | 9.95 to 11.03 | $110891238 | 3.78% | 1.15% to 1.65% | 2.16% to 2.93% |
| 2024 | 9504779 | 9.71 to 10.74 | $96854676 | 5.26% | 1.15% to 1.65% | 3.11% to 3.89% |
| 2023 | 6294367 | 9.39 to 10.37 | $60886111 | 4.92% | 1.15% to 1.65% | 2.93% to 3.60% |
| 2022 | 1167641 | 9.09 to 10.04 | $10859494 | 1.20% | 1.15% to 1.65% | -0.09% to 0.44% |
| 2021 | 409542 | 9.10 to 9.79 | $3739334 | 0.01% | 1.15% to 1.65% | -1.33% to -1.13% |
| International Capital Appreciation Portfolio | | | | | | |
| 2025 | 483082 | 12.55 to 17.53 | $7872919 | 0.84% | 1.15% to 1.65% | 16.42% to 17.30% |
| 2024 | 408252 | 10.72 to 14.99 | $5776536 | 0.64% | 1.15% to 1.65% | 6.14% to 6.95% |
| 2023 | 397406 | 10.04 to 14.05 | $5284010 | 0.17% | 1.15% to 1.65% | 25.10% to 26.04% |
| 2022 | 347377 | 7.98 to 11.17 | $3744480 | 0.10% | 1.15% to 1.65% | -27.77% to -27.23% |
| 2021 | 201884 | 10.99 to 15.39 | $3047690 | 0.00% | 1.15% to 1.65% | 10.61% to 10.83% |
| Energy Portfolio | | | | | | |
| 2025 | 140080 | 10.75 to 10.90 | $1515583 | 2.34% | 1.15% to 1.65% | 8.86% to 9.35% |
| 2024 | 76586 | 9.92 to 9.97 | $760713 | 3.04% | 1.15% to 1.65% | 2.61% to 2.61% |
| 2023 | 347 | 9.67 to 9.67 | $3359 | 3.64% | 1.15% to 1.65% | -3.33% to -3.33% |
| Lincoln VIP American Century |  |  |  |  |  |  |
| Balanced Fund |  |  |  |  |  |  |
| 2025 | 323694 | 12.71 to 43.33 | $5007989 | 1.52% | 0.95% to 1.65% | 7.12% to 8.58% |
| 2024 | 383289 | 11.75 to 40.09 | $5429743 | 1.91% | 0.95% to 1.65% | 9.01% to 11.00% |
| 2023 | 395043 | 20.62 to 36.28 | $5152180 | 1.73% | 0.95% to 1.65% | 13.26% to 15.31% |
| 2022 | 381422 | 9.25 to 31.60 | $4370046 | 1.01% | 0.95% to 1.65% | -19.51% to -18.05% |
| 2021 | 293229 | 11.34 to 38.74 | $4445373 | 0.55% | 0.95% to 1.65% | 12.63% to 14.68% |
| Capital Appreciation Fund |  |  |  |  |  |  |
| 2025 | 124584 | 11.94 to 92.39 | $2982943 | 0.00% | 0.95% to 1.55% | 4.40% to 5.71% |
| 2024 | 45422 | 11.370 to 87.79 | $2099774 | 0.00% | 0.95% to 1.55% | 13.73% to 23.79% |
| 2023 | 30629 | 45.76 to 71.24 | $1866327 | 0.00% | 0.95% to 1.55% | 17.78% to 19.55% |
| 2022 | 30055 | 39.48 to 59.86 | $1554367 | 0.00% | 0.95% to 1.55% | -29.67% to -28.79% |
| 2021 | 37917 | 55.38 to 84.43 | $2743993 | 0.00% | 0.95% to 1.55% | 8.46% to 10.10% |
| International Fund |  |  |  |  |  |  |
| 2025 | 82739 | 17.06 to 31.16 | $2248804 | 1.10% | 0.95% to 1.90% | 12.00% to 14.72% |
| 2024 | 93685 | 13.38 to 27.25 | $2217407 | 1.47% | 0.95% to 1.90% | -0.99% to 1.48% |
| 2023 | 103286 | 10.70 to 26.93 | $2435497 | 1.38% | 0.95% to 1.90% | 8.41% to 11.37% |
| 2022 | 120287 | 9.87 to 24.26 | $2513047 | 1.20% | 0.95% to 1.90% | -27.55% to -25.57% |
| 2021 | 130562 | 13.63 to 32.70 | $3687149 | 0.04% | 0.95% to 1.90% | 4.71% to 7.57% |
| Value Fund |  |  |  |  |  |  |
| 2025 | 2407586 | 15.54 to 76.20 | $67770904 | 1.38% | 0.95% to 1.65% | 12.82% to 14.81% |
| 2024 | 2911852 | 13.57 to 66.60 | $72039933 | 2.75% | 0.95% to 1.65% | 6.42% to 8.30% |
| 2023 | 3319358 | 10.94 to 61.69 | $76369729 | 2.16% | 0.95% to 1.65% | 6.18% to 16.43% |
| 2022 | 3579528 | 11.64 to 57.34 | $78502176 | 1.93% | 0.95% to 1.65% | -2.31% to -0.59% |
| 2021 | 3622389 | 11.73 to 57.84 | $83459581 | 1.65% | 0.95% to 1.65% | 21.03% to 23.11% |
| Disciplined Core Value Fund |  |  |  |  |  |  |
| 2025 | 316040 | 13.87 to 46.20 | $5609326 | 1.35% | 0.95% to 1.90% | 10.41% to 13.54% |
| 2024 | 347955 | 12.24 to 41.00 | $5488611 | 1.12% | 0.95% to 1.90% | 8.72% to 11.82% |
| 2023 | 379138 | 10.97 to 36.43 | $5523255 | 1.28% | 0.95% to 1.90% | 4.32% to 7.27% |
| 2022 | 401414 | 10.24 to 34.00 | $5581814 | 1.51% | 0.95% to 1.90% | -15.99% to -13.61% |
| 2021 | 404854 | 11.88 to 39.51 | $6796119 | 0.90% | 0.95% to 1.90% | 18.86% to 22.18% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| Inflation Protection Fund | | | | | | |
| 2025 | 498599 | 9.77 to 15.13 | $5575103 | 6.96% | 0.95% to 1.65% | 3.76% to 5.38% |
| 2024 | 571837 | 9.29 to 14.37 | $6092868 | 3.36% | 0.95% to 1.65% | -0.93% to 0.62% |
| 2023 | 758642 | 9.25 to 14.29 | $7908115 | 3.13% | 0.95% to 1.65% | 0.90% to 2.48% |
| 2022 | 843072 | 9.05 to 13.95 | $8589219 | 5.82% | 0.95% to 1.65% | -15.18% to -13.85% |
| 2021 | 917451 | 10.52 to 16.20 | $10982251 | 2.94% | 0.95% to 1.65% | 3.70% to 5.26% |
| Large Company Value Fund | | | | | | |
| 2025 | 22345 | 20.18 to 34.56 | $621959 | 1.06% | 0.95% to 1.90% | 11.27% to 14.14% |
| 2024 | 31106 | 18.13 to 30.28 | $802753 | 2.22% | 0.95% to 1.90% | 6.70% to 9.47% |
| 2023 | 30720 | 17.00 to 27.66 | $709993 | 1.70% | 0.95% to 1.90% | 0.22% to 2.80% |
| 2022 | 65616 | 16.96 to 26.91 | $1449982 | 2.12% | 0.95% to 1.90% | -3.87% to -1.40% |
| 2021 | 26205 | 17.64 to 27.29 | $581814 | 1.48% | 0.95% to 1.90% | 17.35% to 20.38% |
| Mid Cap Value Fund | | | | | | |
| 2025 | 1203633 | 13.94 to 49.47 | $31214323 | 1.56% | 0.95% to 1.90% | 4.88% to 7.86% |
| 2024 | 1367556 | 12.95 to 45.89 | $33399619 | 2.35% | 0.95% to 1.90% | 4.56% to 7.54% |
| 2023 | 1552300 | 12.06 to 42.69 | $35532883 | 2.13% | 0.95% to 1.90% | 2.19% to 5.08% |
| 2022 | 1698085 | 11.50 to 40.65 | $38660896 | 2.06% | 0.95% to 1.90% | -4.96% to -2.27% |
| 2021 | 1656790 | 11.79 to 41.61 | $40422702 | 1.07% | 0.95% to 1.90% | 18.55% to 21.85% |
| Ultra Fund | | | | | | |
| 2025 | 280297 | 16.52 to 77.82 | $11671193 | 0.00% | 0.95% to 1.90% | 8.80% to 11.66% |
| 2024 | 312317 | 14.83 to 69.73 | $12576796 | 0.00% | 0.95% to 1.90% | 24.17% to 27.46% |
| 2023 | 340507 | 11.66 to 54.73 | $10956265 | 0.00% | 0.95% to 1.90% | 38.43% to 41.99% |
| 2022 | 239708 | 8.23 to 38.57 | $5798287 | 0.00% | 0.95% to 1.90% | -34.78% to -33.07% |
| 2021 | 209522 | 12.31 to 57.65 | $8190316 | 0.00% | 0.95% to 1.90% | 18.77% to 21.83% |
| MFS Variable Insurance Trust |  |  |  |  |  |  |
| Research Series |  |  |  |  |  |  |
| 2025 | 4910 | 53.62 to 64.16 | $297285 | 0.71% | 0.95% to 1.40% | 10.12% to 11.50% |
| 2024 | 6263 | 48.45 to 58.20 | $338275 | 0.56% | 0.95% to 1.40% | 15.97% to 17.43% |
| 2023 | 7590 | 41.57 to 50.06 | $355343 | 0.44% | 0.95% to 1.40% | 19.77% to 20.97% |
| 2022 | 8860 | 34.62 to 41.80 | $345456 | 0.36% | 0.95% to 1.40% | -19.02% to -18.21% |
| 2021 | 11075 | 42.65 to 51.62 | $522728 | 0.46% | 0.95% to 1.40% | 22.11% to 23.34% |
| Growth Series |  |  |  |  |  |  |
| 2025 | 22112 | 74.01 to 96.73 | $1946099 | 0.00% | 0.95% to 1.40% | 9.47% to 10.85% |
| 2024 | 24573 | 67.27 to 88.14 | $1951071 | 0.00% | 0.95% to 1.40% | 28.28% to 29.91% |
| 2023 | 25126 | 52.17 to 68.54 | $1542845 | 0.00% | 0.95% to 1.40% | 32.90% to 34.23% |
| 2022 | 27683 | 35.64 to 51.57 | $1263463 | 0.00% | 0.95% to 1.40% | -33.25% to -32.45% |
| 2021 | 33610 | 53.40 to 77.11 | $2249571 | 0.00% | 0.95% to 1.40% | 20.26% to 22.07% |
| Investors Trust Series |  |  |  |  |  |  |
| 2025 | 5953 | 48.50 to 58.03 | $318208 | 1.28% | 0.95% to 1.40% | 11.14% to 12.25% |
| 2024 | 6275 | 43.53 to 51.70 | $300365 | 0.65% | 0.95% to 1.40% | 16.91% to 18.09% |
| 2023 | 6793 | 37.14 to 43.78 | $275592 | 0.55% | 0.95% to 1.40% | 16.09% to 17.55% |
| 2022 | 12473 | 27.48 to 37.25 | $424738 | 0.39% | 0.95% to 1.40% | -18.70% to -17.47% |
| 2021 | 15163 | 33.80 to 45.13 | $629438 | 0.64% | 0.95% to 1.40% | 23.45% to 25.31% |
| New Discovery Series |  |  |  |  |  |  |
| 2025 | 270092 | 8.81 to 88.86 | $6902623 | 0.00% | 0.95% to 1.65% | 10.39% to 11.55% |
| 2024 | 323994 | 7.92 to 79.77 | $6963470 | 0.00% | 0.95% to 1.65% | 3.85% to 5.47% |
| 2023 | 298098 | 7.52 to 75.81 | $6943912 | 0.00% | 0.95% to 1.65% | 11.50% to 13.23% |
| 2022 | 296274 | 6.65 to 67.19 | $6468801 | 0.00% | 0.95% to 1.65% | -31.41% to -30.62% |
| 2021 | 261698 | 9.61 to 97.00 | $8911462 | 0.00% | 0.95% to 1.65% | -0.89% to 0.61% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| Corporate Bond Portfolio |  |  |  |  |  |  |
| 2025 | 387109 | 9.41 to 12.24 | $4489922 | 4.57% | 1.15% to 1.65% | 5.55% to 6.34% |
| 2024 | 424497 | 8.87 to 11.54 | $4668115 | 3.89% | 1.15% to 1.65% | 1.01% to 1.77% |
| 2023 | 444747 | 8.73 to 11.37 | $4815715 | 3.77% | 1.15% to 1.65% | 7.12% to 7.92% |
| 2022 | 456798 | 8.11 to 10.56 | $4641603 | 2.82% | 1.15% to 1.65% | -17.99% to -17.37% |
| 2021 | 545360 | 9.83 to 12.81 | $6786809 | 2.79% | 1.15% to 1.65% | -3.07% to -2.78% |
| Emerging Markets Equity Portfolio |  |  |  |  |  |  |
| 2025 | 416653 | 11.07 to 15.72 | $5707668 | 1.87% | 1.15% to 1.65% | 31.17% to 32.16% |
| 2024 | 480462 | 8.40 to 11.96 | $5027270 | 2.25% | 1.15% to 1.65% | 9.48% to 10.31% |
| 2023 | 489392 | 7.63 to 10.90 | $4674879 | 1.20% | 1.15% to 1.65% | 8.90% to 9.72% |
| 2022 | 490510 | 6.96 to 9.99 | $4333857 | 3.83% | 1.15% to 1.65% | -21.25% to -20.66% |
| 2021 | 443247 | 8.80 to 12.66 | $4978993 | 0.29% | 1.15% to 1.65% | -8.55% to -8.09% |
| Technology Portfolio |  |  |  |  |  |  |
| 2025 | 329119 | 17.04 to 74.15 | $16234826 | 0.00% | 1.15% to 1.65% | 14.37% to 15.23% |
| 2024 | 352484 | 14.81 to 64.51 | $14247575 | 0.00% | 1.15% to 1.65% | 34.20% to 35.21% |
| 2023 | 250446 | 10.98 to 47.83 | $8931034 | 0.00% | 1.15% to 1.65% | 51.31% to 52.44% |
| 2022 | 255364 | 7.22 to 31.45 | $5976160 | 0.00% | 1.15% to 1.65% | -36.90% to -36.43% |
| 2021 | 242501 | 11.37 to 49.60 | $10190011 | 0.00% | 1.15% to 1.65% | 11.91% to 12.13% |
| Global Tactical Allocation Portfolio |  |  |  |  |  |  |
| 2025 | 68666 | 11.75 to 16.71 | $1060401 | 6.00% | 1.15% to 1.65% | 13.55% to 13.95% |
| 2024 | 67766 | 10.31 to 14.67 | $942223 | 0.50% | 1.15% to 1.65% | 3.06% to 3.53% |
| 2023 | 69025 | 9.96 to 14.18 | $931440 | 0.14% | 1.15% to 1.65% | 7.67% to 8.15% |
| 2022 | 87652 | 9.21 to 13.11 | $1120198 | 1.93% | 1.15% to 1.65% | -8.68% to -8.50% |
| 2021 | 101409 | 11.81 to 14.33 | $1431242 | 0.74% | 1.15% to 1.65% | 1.21% to 1.41% |
| International Intrinsic Value Portfolio |  |  |  |  |  |  |
| 2025 | 604108 | 13.32 to 31.92 | $16130326 | 1.38% | 1.15% to 1.65% | 30.79% to 31.77% |
| 2024 | 648882 | 10.13 to 24.28 | $13578210 | 1.19% | 1.15% to 1.65% | 5.20% to 6.00% |
| 2023 | 713627 | 9.58 to 22.97 | $14421836 | 0.48% | 1.15% to 1.65% | 15.45% to 16.32% |
| 2022 | 706289 | 8.25 to 19.79 | $12895443 | 0.43% | 1.15% to 1.65% | -25.00% to -24.44% |
| 2021 | 755556 | 10.94 to 26.26 | $18677437 | 0.13% | 1.15% to 1.65% | 8.58% to 9.02% |
| Utilities Series Portfolio |  |  |  |  |  |  |
| 2025 | 662488 | 13.28 to 25.75 | $15950759 | 2.80% | 1.15% to 1.65% | 12.88% to 13.73% |
| 2024 | 635826 | 11.70 to 22.70 | $13518372 | 2.14% | 1.15% to 1.65% | 9.51% to 10.34% |
| 2023 | 652651 | 10.63 to 20.63 | $12646204 | 2.97% | 1.15% to 1.65% | -3.93% to -3.20% |
| 2022 | 789296 | 11.00 to 21.36 | $15660116 | 2.32% | 1.15% to 1.65% | -1.16% to -0.42% |
| 2021 | 567882 | 11.07 to 21.50 | $11760574 | 1.60% | 1.15% to 1.65% | 12.07% to 12.52% |
| Blended Research Core Equity Portfolio |  |  |  |  |  |  |
| 2025 | 216084 | 18.95 to 30.70 | $5962717 | 0.74% | 1.15% to 1.65% | 13.92% to 14.78% |
| 2024 | 263406 | 16.54 to 26.81 | $6446488 | 0.88% | 1.15% to 1.65% | 23.11% to 24.05% |
| 2023 | 247422 | 13.36 to 21.67 | $5023472 | 1.02% | 1.15% to 1.65% | 26.11% to 27.06% |
| 2022 | 214647 | 10.54 to 17.10 | $3459958 | 0.93% | 1.15% to 1.65% | -17.57% to -16.95% |
| 2021 | 148687 | 12.72 to 20.64 | $2979636 | 0.91% | 1.15% to 1.65% | 27.07% to 27.71% |
| Global Real Estate Portfolio |  |  |  |  |  |  |
| 2025 | 73775 | 10.11 to 11.66 | $787335 | 1.14% | 1.15% to 1.65% | 1.61% to 2.37% |
| 2024 | 84731 | 9.90 to 11.46 | $887152 | 1.63% | 1.15% to 1.65% | -4.53% to -3.80% |
| 2023 | 84590 | 10.31 to 11.98 | $926239 | 0.47% | 1.15% to 1.65% | 9.39% to 10.21% |
| 2022 | 87455 | 9.37 to 10.93 | $873404 | 1.57% | 1.15% to 1.65% | -28.26% to -27.79% |
| 2021 | 41261 | 13.01 to 15.19 | $570615 | 1.29% | 1.15% to 1.65% | 27.87% to 28.39% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| Lord Abbett Series Fund, Inc. |  |  |  |  |  |  |
| Growth and Income Portfolio |  |  |  |  |  |  |
| 2025 | 31399 | 36.92 to 57.12 | $1528265 | 0.55% | 0.95% to 1.40% | 15.02% to 16.18% |
| 2024 | 34995 | 31.90 to 49.39 | $1477049 | 0.89% | 0.95% to 1.40% | 18.26% to 19.46% |
| 2023 | 35344 | 21.73 to 41.53 | $1289035 | 0.81% | 0.95% to 1.40% | 10.46% to 12.12% |
| 2022 | 50673 | 19.68 to 37.21 | $1588535 | 1.18% | 0.95% to 1.40% | -11.63% to -10.29% |
| 2021 | 58532 | 22.26 to 41.67 | $2048656 | 1.12% | 0.95% to 1.40% | 25.90% to 27.80% |
| Mid-Cap Stock Portfolio |  |  |  |  |  |  |
| 2025 | 29039 | 26.00 to 63.86 | $1293591 | 0.31% | 0.95% to 1.40% | 4.72% to 6.04% |
| 2024 | 32928 | 24.80 to 60.50 | $1410132 | 0.45% | 0.95% to 1.40% | 12.39% to 13.81% |
| 2023 | 38958 | 22.05 to 53.40 | $1485304 | 0.43% | 0.95% to 1.40% | 12.92% to 14.33% |
| 2022 | 41705 | 19.50 to 46.92 | $1406074 | 0.69% | 0.95% to 1.40% | -13.45% to -12.05% |
| 2021 | 54108 | 21.13 to 53.59 | $2037574 | 0.59% | 0.95% to 1.40% | 25.46% to 27.48% |
| Bond-Debenture Portfolio |  |  |  |  |  |  |
| 2025 | 1676759 | 10.43 to 15.42 | $23597775 | 5.84% | 1.15% to 1.65% | 6.55% to 7.36% |
| 2024 | 1764926 | 9.73 to 14.39 | $23566218 | 5.35% | 1.15% to 1.65% | 4.96% to 5.75% |
| 2023 | 1956268 | 9.22 to 13.65 | $24840890 | 4.87% | 1.15% to 1.65% | 4.81% to 5.60% |
| 2022 | 2180746 | 8.75 to 12.95 | $26358622 | 4.23% | 1.15% to 1.65% | -14.23% to -13.58% |
| 2021 | 2216628 | 10.15 to 15.03 | $31636001 | 3.44% | 1.15% to 1.65% | 1.59% to 2.10% |
| Fundamental Equity Portfolio |  |  |  |  |  |  |
| 2025 | 90795 | 15.70 to 30.81 | $1985119 | 0.40% | 1.15% to 1.65% | 12.42% to 13.27% |
| 2024 | 101083 | 13.89 to 27.27 | $2037168 | 0.72% | 1.15% to 1.65% | 14.72% to 15.60% |
| 2023 | 114241 | 12.04 to 23.65 | $2034514 | 0.55% | 1.15% to 1.65% | 12.76% to 13.61% |
| 2022 | 125716 | 10.62 to 20.87 | $2027903 | 1.00% | 1.15% to 1.65% | -13.25% to -12.77% |
| 2021 | 130704 | 12.19 to 23.98 | $2490443 | 0.97% | 1.15% to 1.65% | 25.61% to 25.86% |
| Developing Growth Portfolio |  |  |  |  |  |  |
| 2025 | 184283 | 8.32 to 34.68 | $3546678 | 0.17% | 1.15% to 1.65% | 12.72% to 13.57% |
| 2024 | 206906 | 7.34 to 30.61 | $3812869 | 0.15% | 1.15% to 1.65% | 20.16% to 21.08% |
| 2023 | 222810 | 6.07 to 25.35 | $3699711 | 0.00% | 1.15% to 1.65% | 6.41% to 7.21% |
| 2022 | 256051 | 5.68 to 23.70 | $3934395 | 0.00% | 1.15% to 1.65% | -37.03% to -36.56% |
| 2021 | 276246 | 8.96 to 37.46 | $7369944 | 0.00% | 1.15% to 1.65% | -4.34% to -3.86% |
| Short Duration Income Portfolio |  |  |  |  |  |  |
| 2025 | 1532989 | 10.57 to 11.41 | $17055129 | 4.54% | 0.25% to 1.65% | 4.17% to 4.95% |
| 2024 | 1445511 | 10.09 to 10.90 | $15388616 | 4.40% | 0.25% to 1.65% | 3.40% to 4.19% |
| 2023 | 1529347 | 9.70 to 10.49 | $15715007 | 4.21% | 1.15% to 1.65% | 3.34% to 4.11% |
| 2022 | 1806807 | 9.34 to 10.10 | $17956408 | 2.58% | 1.15% to 1.65% | -6.61% to -5.91% |
| 2021 | 2096756 | 9.94 to 10.76 | $22270009 | 2.39% | 1.15% to 1.65% | -0.72% to -0.52% |
| Alger Fund |  |  |  |  |  |  |
| LargeCap Growth Portfolio |  |  |  |  |  |  |
| 2025 | 76119 | 48.00 to 86.44 | $5259524 | 0.00% | 0.95% to 1.40% | 26.87% to 29.04% |
| 2024 | 89226 | 37.37 to 67.66 | $4823835 | 0.00% | 0.95% to 1.40% | 39.13% to 41.53% |
| 2023 | 126102 | 26.52 to 48.29 | $4725998 | 0.00% | 0.95% to 1.40% | 29.21% to 31.42% |
| 2022 | 126522 | 20.27 to 37.11 | $3604009 | 0.00% | 0.95% to 1.40% | -40.26% to -39.23% |
| 2021 | 136898 | 33.51 to 61.68 | $6353515 | 0.00% | 0.95% to 1.40% | 8.92% to 10.78% |
| MidCap Growth Portfolio |  |  |  |  |  |  |
| 2025 | 77594 | 34.23 to 56.46 | $3520687 | 0.00% | 0.95% to 1.40% | 13.71% to 15.66% |
| 2024 | 90834 | 30.04 to 49.31 | $3571120 | 0.00% | 0.95% to 1.40% | 17.89% to 19.92% |
| 2023 | 107543 | 25.43 to 41.53 | $3577041 | 0.00% | 0.95% to 1.40% | 19.96% to 22.01% |
| 2022 | 122869 | 21.16 to 34.38 | $3329477 | 0.00% | 0.95% to 1.40% | -37.74% to -36.68% |
| 2021 | 127914 | 33.91 to 54.84 | $5462834 | 0.00% | 0.95% to 1.40% | 1.48% to 3.22% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| Capital Appreciation Portfolio | | | | | | |
| 2025 | 50457 | 75.33 to 151.59 | $4956855 | 0.00% | 0.95% to 1.40% | 29.98% to 31.62% |
| 2024 | 50646 | 57.49 to 116.33 | $3934345 | 0.00% | 0.95% to 1.40% | 44.53% to 46.73% |
| 2023 | 60816 | 39.36 to 80.09 | $3173207 | 0.00% | 0.95% to 1.40% | 39.68% to 41.78% |
| 2022 | 57854 | 27.89 to 57.05 | $2095083 | 0.00% | 0.95% to 1.40% | -38.06% to -37.12% |
| 2021 | 74574 | 44.55 to 91.64 | $4377840 | 0.00% | 0.95% to 1.40% | 16.24% to 18.00% |
| SmallCap Growth Portfolio | | | | | | |
| 2025 | 18360 | 25.55 to 53.20 | $541650 | 0.00% | 1.30% to 1.90% | 3.40% to 4.91% |
| 2024 | 19452 | 24.47 to 50.71 | $546566 | 0.37% | 1.30% to 1.90% | 5.55% to 7.10% |
| 2023 | 21148 | 22.95 to 47.35 | $567214 | 0.00% | 1.30% to 1.90% | 13.74% to 15.39% |
| 2022 | 22394 | 19.98 to 41.03 | $530498 | 0.00% | 1.30% to 1.90% | -39.48% to -38.60% |
| 2021 | 23539 | 32.68 to 66.83 | $906085 | 0.00% | 1.30% to 1.90% | -8.29% to -6.95% |
| Capital Appreciation Portfolio Class S | | | | | | |
| 2025 | 838474 | 20.09 to 74.24 | $48872791 | 0.00% | 1.15% to 1.65% | 30.35% to 31.33% |
| 2024 | 902852 | 15.33 to 56.67 | $43426046 | 0.00% | 1.15% to 1.65% | 45.33% to 46.44% |
| 2023 | 1090090 | 10.49 to 38.80 | $36877026 | 0.00% | 1.15% to 1.65% | 40.45% to 41.51% |
| 2022 | 1309054 | 7.43 to 27.49 | $31891779 | 0.00% | 1.15% to 1.65% | -37.72% to -37.25% |
| 2021 | 1324281 | 11.86 to 43.92 | $53315224 | 0.00% | 1.15% to 1.65% | 16.89% to 17.47% |
| Calvert Variable Series, Inc. |  |  |  |  |  |  |
| Mid Cap Growth Portfolio |  |  |  |  |  |  |
| 2025 | 118038 | 10.67 to 36.92 | $2280680 | 0.39% | 0.95% to 1.65% | -0.50% to 0.55% |
| 2024 | 113602 | 10.64 to 36.96 | $2318628 | 0.12% | 0.95% to 1.65% | 8.08% to 9.23% |
| 2023 | 128831 | 9.76 to 34.20 | $2446653 | 0.18% | 0.95% to 1.65% | 9.49% to 10.64% |
| 2022 | 143288 | 8.84 to 31.23 | $2501167 | 0.00% | 0.95% to 1.65% | -21.04% to -20.21% |
| 2021 | 158238 | 11.10 to 39.56 | $3630609 | 0.22% | 0.95% to 1.65% | 12.81% to 13.94% |
| SRI Balanced Portfolio |  |  |  |  |  |  |
| 2025 | 453485 | 14.14 to 19.14 | $8170884 | 1.55% | 0.95% to 1.65% | 9.96% to 10.68% |
| 2024 | 500337 | 12.81 to 17.34 | $8270060 | 1.69% | 0.95% to 1.65% | 17.07% to 17.84% |
| 2023 | 437936 | 10.89 to 14.75 | $6230883 | 1.70% | 0.95% to 1.65% | 14.75% to 15.38% |
| 2022 | 447839 | 9.49 to 12.82 | $5599365 | 1.21% | 0.95% to 1.65% | -16.68% to -16.22% |
| 2021 | 397554 | 11.35 to 15.34 | $5971931 | 1.40% | 0.95% to 1.65% | 13.18% to 13.41% |
| Calvert Variable Trust, Inc. |  |  |  |  |  |  |
| S&P 500 Index Portfolio |  |  |  |  |  |  |
| 2025 | 24501 | 18.24 to 74.50 | $1289132 | 1.12% | 0.95% to 1.65% | 15.24% to 16.39% |
| 2024 | 32603 | 15.70 to 64.01 | $1475552 | 1.17% | 0.95% to 1.65% | 22.21% to 23.45% |
| 2023 | 43919 | 12.73 to 51.85 | $1606799 | 1.46% | 0.95% to 1.65% | 23.37% to 24.73% |
| 2022 | 41398 | 10.22 to 41.57 | $1221541 | 0.91% | 0.95% to 1.65% | -19.99% to -19.11% |
| 2021 | 78224 | 20.25 to 51.39 | $2415998 | 1.57% | 0.95% to 1.65% | 25.81% to 27.20% |
| Invesco Variable Insurance Funds |  |  |  |  |  |  |
| Technology Fund |  |  |  |  |  |  |
| 2025 | 16964 | 53.53 to 81.91 | $1148251 | 0.00% | 0.95% to 1.40% | 17.55% to 19.33% |
| 2024 | 18367 | 45.53 to 69.33 | $1037497 | 0.00% | 0.95% to 1.40% | 31.00% to 32.99% |
| 2023 | 27432 | 34.67 to 52.65 | $1144620 | 0.00% | 0.95% to 1.40% | 43.40% to 45.56% |
| 2022 | 20421 | 24.08 to 36.54 | $590218 | 0.00% | 0.95% to 1.40% | -41.40% to -40.52% |
| 2021 | 28361 | 40.13 to 62.04 | $1368074 | 0.00% | 0.95% to 1.40% | 11.64% to 13.33% |
| Managed Volatility Fund |  |  |  |  |  |  |
| 2021 |  | - | $0 | 4.22% | 0.95% to 1.40% | n/a |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| Diversified Dividend Fund |  |  |  |  |  |  |
| 2025 | 281833 | 13.63 to 22.44 | $4103842 | 1.39% | 0.95% to 1.40% | 13.22% to 14.65% |
| 2024 | 262045 | 12.00 to 19.57 | $3380955 | 1.87% | 0.95% to 1.40% | 10.74% to 12.14% |
| 2023 | 217647 | 10.80 to 17.46 | $2566874 | 1.48% | 0.95% to 1.40% | 6.41% to 8.02% |
| 2022 | 294504 | 10.10 to 16.16 | $3273278 | 2.50% | 0.95% to 1.40% | -4.05% to -2.61% |
| 2021 | 67057 | 10.48 to 16.59 | $998265 | 2.36% | 0.95% to 1.40% | 4.80% to 17.77% |
| Health Care Fund |  |  |  |  |  |  |
| 2025 | 18237 | 35.73 to 43.79 | $758730 | 0.00% | 0.95% to 1.40% | 12.82% to 14.24% |
| 2024 | 30029 | 29.79 to 38.33 | $1110404 | 0.00% | 0.95% to 1.40% | 1.89% to 3.18% |
| 2023 | 22364 | 29.19 to 37.15 | $790134 | 0.00% | 0.95% to 1.40% | 0.94% to 2.05% |
| 2022 | 28861 | 28.92 to 36.40 | $999125 | 0.00% | 0.95% to 1.40% | -15.20% to -14.14% |
| 2021 | 30187 | 33.17 to 42.39 | $1219513 | 0.18% | 0.95% to 1.40% | 9.58% to 11.24% |
| Global Real Estate Fund |  |  |  |  |  |  |
| 2025 | 4335 | 8.74 to 12.46 | $42244 | 2.07% | 1.30% to 1.90% | 3.86% to 5.74% |
| 2024 | 6353 | 8.42 to 12.23 | $61625 | 2.23% | 1.30% to 1.90% | -5.54% to -3.62% |
| 2023 | 7760 | 8.91 to 12.69 | $80136 | 1.14% | 1.30% to 1.90% | 5.04% to 7.16% |
| 2022 | 8681 | 8.49 to 11.85 | $84692 | 2.31% | 1.30% to 1.90% | -27.75% to -26.29% |
| 2021 | 9848 | 11.75 to 16.07 | $132519 | 2.59% | 1.30% to 1.90% | 21.07% to 23.52% |
| International Equity Fund |  |  |  |  |  |  |
| 2025 | 13329 | 13.05 to 18.60 | $199440 | 1.16% | 1.30% to 1.90% | 12.35% to 14.39% |
| 2024 | 14656 | 11.62 to 16.41 | $193804 | 1.53% | 1.30% to 1.90% | -3.03% to -1.21% |
| 2023 | 16037 | 11.98 to 16.62 | $216868 | 0.00% | 1.30% to 1.90% | 13.94% to 16.06% |
| 2022 | 15295 | 10.52 to 14.32 | $179775 | 1.13% | 1.30% to 1.90% | -21.23% to -19.76% |
| 2021 | 13190 | 13.35 to 17.84 | $197995 | 0.90% | 1.30% to 1.90% | 2.08% to 3.98% |
| Main Street Mid Cap Fund |  |  |  |  |  |  |
| 2025 | 7503 | 20.19 to 27.66 | $168181 | 0.10% | 1.30% to 1.90% | 5.48% to 7.18% |
| 2024 | 8192 | 19.14 to 25.80 | $174337 | 0.13% | 1.30% to 1.90% | 13.04% to 14.87% |
| 2023 | 9881 | 16.63 to 22.07 | $186845 | 0.04% | 1.30% to 1.90% | 10.40% to 12.17% |
| 2022 | 11906 | 15.07 to 19.67 | $201986 | 0.07% | 1.30% to 1.90% | -17.27% to -15.94% |
| 2021 | 12566 | 18.50 to 23.77 | $256318 | 0.25% | 1.30% to 1.90% | 18.94% to 20.85% |
| Core Bond Fund |  |  |  |  |  |  |
| 2022 |  | - | $0 | 5.57% | 1.15% to 1.65% | n/a |
| 2021 | 378191 | 9.77 to 11.73 | $4303595 | 1.87% | 1.15% to 1.65% | -3.16% to -2.97% |
| Discovery Mid Cap Growth Fund |  |  |  |  |  |  |
| 2025 | 268457 | 10.94 to 28.14 | $5881024 | 0.00% | 1.15% to 1.65% | 2.82% to 3.60% |
| 2024 | 274462 | 10.58 to 27.23 | $6069889 | 0.00% | 1.15% to 1.65% | 21.88% to 22.80% |
| 2023 | 278881 | 8.63 to 22.23 | $5172491 | 0.00% | 1.15% to 1.65% | 11.01% to 11.84% |
| 2022 | 291563 | 7.73 to 19.93 | $4962407 | 0.00% | 1.15% to 1.65% | -32.26% to -31.75% |
| 2021 | 282423 | 11.35 to 29.27 | $7275896 | 0.00% | 1.15% to 1.65% | 16.85% to 17.43% |
| Global Fund |  |  |  |  |  |  |
| 2025 | 325090 | 13.44 to 24.79 | $7514687 | 0.00% | 1.15% to 1.65% | 13.13% to 13.98% |
| 2024 | 330885 | 11.82 to 21.80 | $6728771 | 0.00% | 1.15% to 1.65% | 13.87% to 14.74% |
| 2023 | 401949 | 10.32 to 19.05 | $7140575 | 0.00% | 1.15% to 1.65% | 32.25% to 33.25% |
| 2022 | 427058 | 7.76 to 14.33 | $5761990 | 0.00% | 1.15% to 1.65% | -33.05% to -32.55% |
| 2021 | 350596 | 11.53 to 21.30 | $7192700 | 0.00% | 1.15% to 1.65% | 13.40% to 13.85% |
| Main Street Fund |  |  |  |  |  |  |
| 2025 | 420143 | 16.63 to 29.76 | $10525003 | 0.31% | 1.15% to 1.65% | 13.75% to 14.60% |
| 2024 | 451302 | 14.54 to 26.03 | $9980414 | 0.00% | 1.15% to 1.65% | 21.36% to 22.28% |
| 2023 | 459823 | 11.91 to 21.34 | $8347830 | 0.47% | 1.15% to 1.65% | 20.83% to 21.73% |
| 2022 | 559502 | 9.81 to 17.58 | $8517650 | 1.06% | 1.15% to 1.65% | -21.61% to -21.02% |
| 2021 | 565628 | 12.44 to 22.31 | $10955312 | 0.51% | 1.15% to 1.65% | 25.15% to 25.78% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| Main Street Small Cap Fund |  |  |  |  |  |  |
| 2025 | 457097 | 12.97 to 24.07 | $9606581 | 0.22% | 1.15% to 1.65% | 6.67% to 7.47% |
| 2024 | 519099 | 12.10 to 22.46 | $10049232 | 0.00% | 1.15% to 1.65% | 10.55% to 11.39% |
| 2023 | 588789 | 10.88 to 20.21 | $10309660 | 1.02% | 1.15% to 1.65% | 15.90% to 16.77% |
| 2022 | 452613 | 9.34 to 17.35 | $7063355 | 0.26% | 1.15% to 1.65% | -17.41% to -16.79% |
| 2021 | 420960 | 11.25 to 20.91 | $7917219 | 0.20% | 1.15% to 1.65% | 20.38% to 20.62% |
| Balanced-Risk Allocation Fund |  |  |  |  |  |  |
| 2025 | 67617 | 10.07 to 10.29 | $684578 | 6.50% | 1.15% to 1.65% | 7.23% to 7.72% |
| 2024 | 51700 | 9.39 to 9.55 | $487175 | 6.49% | 1.15% to 1.65% | 2.16% to 2.62% |
| 2023 | 46013 | 9.19 to 9.30 | $424176 | 0.00% | 1.15% to 1.65% | 4.98% to 5.45% |
| 2022 | 49166 | 8.76 to 8.82 | $431417 | 9.54% | 1.15% to 1.65% | -15.66% to -15.28% |
| 2021 | 22025 | 10.38 to 10.41 | $229058 | 4.74% | 1.15% to 1.65% | 3.84% to 3.84% |
| Core Plus Bond Fund |  |  |  |  |  |  |
| 2025 | 548638 | 9.28 to 9.57 | $5158274 | 4.15% | 1.15% to 1.65% | 5.32% to 6.01% |
| 2024 | 474916 | 8.82 to 9.03 | $4227300 | 3.30% | 1.15% to 1.65% | 1.13% to 1.79% |
| 2023 | 473401 | 8.72 to 8.87 | $4156950 | 2.63% | 1.15% to 1.65% | 4.22% to 4.90% |
| 2022 | 516522 | 8.36 to 8.45 | $4339505 | 1.07% | 1.15% to 1.65% | -15.82% to -15.61% |
| 2021 | 32938 | 9.97 to 9.99 | $328678 | 2.07% | 1.15% to 1.65% | -0.31% to -0.18% |
| Equity and Income Fund |  |  |  |  |  |  |
| 2025 | 426212 | 12.51 to 13.16 | $5424308 | 1.91% | 1.15% to 1.65% | 10.63% to 11.74% |
| 2024 | 398775 | 11.30 to 11.78 | $4568665 | 1.51% | 1.15% to 1.65% | 9.83% to 11.05% |
| 2023 | 492943 | 10.27 to 10.60 | $5114419 | 1.60% | 1.15% to 1.65% | 7.89% to 9.51% |
| 2022 | 552753 | 9.50 to 9.68 | $5273689 | 1.46% | 1.15% to 1.65% | -9.74% to -8.38% |
| 2021 | 346426 | 10.45 to 10.57 | $3629645 | 2.31% | 1.15% to 1.65% | 4.48% to 4.69% |
| Small Cap Equity Fund |  |  |  |  |  |  |
| 2025 | 539972 | 11.07 to 11.46 | $6080232 | 0.00% | 1.15% to 1.65% | 6.07% to 6.87% |
| 2024 | 491253 | 10.43 to 10.72 | $5193646 | 0.00% | 1.15% to 1.65% | 15.91% to 16.79% |
| 2023 | 380264 | 9.00 to 9.18 | $3456686 | 0.00% | 1.15% to 1.65% | 14.36% to 15.22% |
| 2022 | 279448 | 7.87 to 7.97 | $2212976 | 0.00% | 1.15% to 1.65% | -22.03% to -21.44% |
| 2021 | 146706 | 10.09 to 10.14 | $1484271 | 0.00% | 1.15% to 1.65% | 0.94% to 1.28% |
| Equally Weighted S&P 500 Fund |  |  |  |  |  |  |
| 2025 | 932788 | 12.53 to 12.96 | $11895067 | 1.61% | 1.15% to 1.65% | 9.01% to 9.83% |
| 2024 | 659140 | 11.49 to 11.80 | $7678566 | 1.64% | 1.15% to 1.65% | 10.61% to 11.45% |
| 2023 | 530129 | 10.39 to 10.58 | $5562260 | 1.34% | 1.15% to 1.65% | 11.58% to 12.30% |
| 2022 | 419079 | 9.31 to 9.40 | $3924433 | 1.13% | 1.15% to 1.65% | -13.32% to -12.93% |
| 2021 | 138866 | 10.77 to 10.80 | $1497330 | 1.34% | 1.15% to 1.65% | 7.73% to 7.89% |
| Growth and Income Fund |  |  |  |  |  |  |
| 2025 | 17118 | 24.17 to 32.47 | $455106 | 1.14% | 1.30% to 1.90% | 11.61% to 13.30% |
| 2024 | 18446 | 21.65 to 28.66 | $440902 | 1.27% | 1.30% to 1.90% | 12.00% to 13.70% |
| 2023 | 18821 | 18.99 to 25.20 | $399455 | 1.31% | 1.30% to 1.90% | 8.71% to 10.46% |
| 2022 | 23359 | 17.47 to 22.82 | $454958 | 1.18% | 1.30% to 1.90% | -9.09% to -7.63% |
| 2021 | 26174 | 19.52 to 25.09 | $561551 | 1.26% | 1.30% to 1.90% | 24.09% to 26.09% |
| Value Opportunities Fund |  |  |  |  |  |  |
| 2021 |  | 11.62 to 14.28 | $0 | 0.25% | 1.30% to 1.90% | 2.17% to 3.61% |
| American Value Fund |  |  |  |  |  |  |
| 2025 | 2852 | 28.66 to 40.85 | $101433 | 0.21% | 1.30% to 1.90% | 16.55% to 18.66% |
| 2024 | 3056 | 24.59 to 34.42 | $92126 | 0.66% | 1.30% to 1.90% | 25.54% to 27.83% |
| 2023 | 4475 | 19.59 to 26.93 | $107360 | 0.35% | 1.30% to 1.90% | 11.28% to 13.30% |
| 2022 | 5283 | 17.60 to 24.17 | $112569 | 0.46% | 1.30% to 1.90% | -6.25% to -4.45% |
| 2021 | 5313 | 18.78 to 25.29 | $118886 | 0.22% | 1.30% to 1.90% | 23.18% to 25.54% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| International Growth II Fund | | | | | | |
| 2025 | 1678743 | 10.39 to 14.15 | $22086172 | 0.06% | 1.15% to 1.65% | 13.64% to 14.50% |
| 2024 | 1803081 | 9.10 to 12.39 | $20895169 | 0.36% | 1.15% to 1.65% | -3.43% to -2.70% |
| 2023 | 1869915 | 9.37 to 12.76 | $22501364 | 0.30% | 1.15% to 1.65% | 18.67% to 19.56% |
| 2022 | 1919812 | 7.85 to 10.70 | $19669076 | 0.00% | 1.15% to 1.65% | -28.36% to -27.82% |
| 2021 | 1638784 | 10.90 to 14.86 | $23648637 | 0.00% | 1.15% to 1.65% | 8.32% to 8.86% |
| Lincoln Financial Variable Insurance Portfolios |  |  |  |  |  |  |
| Core Bond Portfolio |  |  |  |  |  |  |
| 2025 | 86273 | 9.84 to 14.02 | $1079739 | 3.37% | 0.95% to 1.40% | 5.07% to 6.39% |
| 2024 | 99670 | 9.35 to 13.18 | $1181936 | 4.24% | 0.95% to 1.40% | -0.50% to 0.75% |
| 2023 | 108657 | 9.39 to 13.08 | $1279895 | 3.65% | 0.95% to 1.40% | 3.50% to 4.91% |
| 2022 | 121579 | 9.05 to 12.47 | $1367281 | 2.00% | 0.95% to 1.40% | -14.56% to -13.40% |
| 2021 | 136273 | 10.58 to 14.40 | $1784669 | 1.90% | 0.95% to 1.40% | -3.60% to -2.29% |
| Small Cap Core Portfolio |  |  |  |  |  |  |
| 2025 | 42453 | 29.19 to 51.75 | $1898858 | 0.59% | 0.95% to 1.40% | 7.39% to 9.23% |
| 2024 | 47659 | 27.13 to 47.85 | $1948320 | 0.81% | 0.95% to 1.40% | 8.77% to 10.65% |
| 2023 | 52246 | 24.89 to 43.68 | $1947402 | 1.32% | 0.95% to 1.40% | 10.15% to 12.03% |
| 2022 | 58778 | 22.55 to 39.38 | $1946867 | 0.41% | 0.95% to 1.40% | -21.46% to -20.11% |
| 2021 | 70089 | 28.65 to 49.79 | $2934365 | 0.58% | 0.95% to 1.40% | 18.21% to 20.24% |
| Rydex Variable Trust |  |  |  |  |  |  |
| Nova Fund |  |  |  |  |  |  |
| 2025 | 9709 | 65.25 to 97.79 | $751454 | 0.00% | 0.95% to 1.40% | 18.12% to 19.72% |
| 2024 | 10636 | 52.83 to 82.50 | $694533 | 0.00% | 0.95% to 1.40% | 29.53% to 31.49% |
| 2023 | 15983 | 40.79 to 63.37 | $812771 | 0.00% | 0.95% to 1.40% | 31.82% to 33.80% |
| 2022 | 14727 | 30.95 to 47.84 | $560713 | 0.32% | 0.95% to 1.40% | -31.95% to -30.92% |
| 2021 | 22938 | 45.48 to 69.95 | $1293247 | 0.29% | 0.95% to 1.40% | 38.75% to 40.84% |
| NASDAQ-100 Fund |  |  |  |  |  |  |
| 2025 | 10732 | 96.23 to 132.51 | $1204616 | 0.03% | 0.95% to 1.40% | 16.33% to 17.91% |
| 2024 | 11736 | 71.84 to 113.51 | $1129300 | 0.19% | 0.95% to 1.40% | 20.89% to 22.73% |
| 2023 | 22228 | 59.42 to 93.42 | $1789152 | 0.00% | 0.95% to 1.40% | 49.53% to 51.78% |
| 2022 | 14267 | 39.74 to 62.17 | $758701 | 0.00% | 0.95% to 1.40% | -35.73% to -34.76% |
| 2021 | 26843 | 61.84 to 96.25 | $2230090 | 0.00% | 0.95% to 1.40% | 22.51% to 24.36% |
| U.S. Government Money Market Fund |  |  |  |  |  |  |
| 2025 | 15201 | 7.19 to 10.13 | $140649 | 2.40% | 0.95% to 1.45% | 0.40% to 1.86% |
| 2024 | 19362 | 7.16 to 9.95 | $171941 | 4.48% | 0.95% to 1.45% | 1.42% to 2.91% |
| 2023 | 23344 | 7.06 to 9.67 | $361607 | 4.17% | 0.95% to 1.45% | 1.25% to 2.73% |
| 2022 | 30052 | 6.97 to 9.41 | $255615 | 0.93% | 0.95% to 1.45% | -1.65% to -0.22% |
| 2021 | 14356 | 7.09 to 9.52 | $127182 | 0.00% | 0.95% to 1.45% | -2.75% to -0.88% |
| Inverse S&P 500 Strategy Fund |  |  |  |  |  |  |
| 2025 | 32344 | 0.39 to 0.56 | $16497 | 8.43% | 0.95% to 1.40% | -13.64% to -12.60% |
| 2024 | 28027 | 0.45 to 0.64 | $16299 | 12.15% | 0.95% to 1.40% | -14.97% to -13.93% |
| 2023 | 26054 | 0.53 to 0.75 | $17120 | 0.79% | 0.95% to 1.40% | -17.01% to -15.76% |
| 2022 | 130753 | 0.64 to 0.89 | $96789 | 0.00% | 0.95% to 1.40% | 13.78% to 15.49% |
| 2021 | 1394673 | 0.56 to 0.77 | $825814 | 0.00% | 0.95% to 1.40% | -26.16% to -25.16% |
| Inverse NASDAQ-100 Strategy Fund |  |  |  |  |  |  |
| 2025 | 104417 | 0.12 to 0.16 | $14462 | 3.48% | 0.95% to 1.40% | -17.80% to -16.98% |
| 2024 | 138555 | 0.14 to 0.19 | $23448 | 11.29% | 0.95% to 1.40% | -17.42% to -16.59% |
| 2023 | 112501 | 0.17 to 0.28 | $23070 | 0.44% | 0.95% to 1.40% | -33.50% to -32.50% |
| 2022 | 156898 | 0.26 to 0.42 | $44147 | 0.00% | 0.95% to 1.40% | 31.59% to 33.56% |
| 2021 | 81069 | 0.19 to 0.26 | $18377 | 0.00% | 0.95% to 1.40% | -26.90% to -26.16% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| Inverse Government Long Bond Strategy Fund | | | | | | |
| 2025 | 684 | 3.18 to 3.35 | $2250 | 6.73% | 0.95% to 1.40% | 0.63% to 0.88% |
| 2024 | 670 | 2.70 to 3.32 | $2188 | 5.01% | 0.95% to 1.40% | 14.64% to 15.79% |
| 2023 | 2055 | 2.36 to 2.87 | $5385 | 0.00% | 0.95% to 1.40% | 2.23% to 3.25% |
| 2022 | 5049 | 2.31 to 2.78 | $12170 | 0.00% | 0.95% to 1.40% | 43.40% to 44.83% |
| 2021 | 2956 | 1.61 to 1.92 | $5186 | 0.00% | 0.95% to 1.40% | -0.98% to 0.01% |
| Government Long Bond 1.2x Strategy | | | | | | |
| 2025 | 5709 | 8.97 to 11.07 | $61690 | 3.26% | 0.95% to 1.40% | -0.29% to 0.72% |
| 2024 | 5698 | 9.00 to 10.99 | $61149 | 3.04% | 0.95% to 1.40% | -14.16% to -13.29% |
| 2023 | 7151 | 10.48 to 12.67 | $88481 | 2.85% | 0.95% to 1.40% | -2.94% to -1.97% |
| 2022 | 7121 | 10.80 to 12.93 | $89929 | 1.44% | 0.95% to 1.40% | -41.97% to -41.39% |
| 2021 | 7103 | 17.09 to 22.06 | $154236 | 0.26% | 0.95% to 1.40% | -9.73% to -8.37% |
| Rydex Variable Insurance Funds |  |  |  |  |  |  |
| Biotechnology Fund |  |  |  |  |  |  |
| 2025 | 86483 | 16.33 to 30.83 | $2601548 | 0.00% | 1.15% to 1.65% | 28.38% to 28.63% |
| 2024 | 108021 | 12.71 to 23.97 | $2524798 | 0.00% | 1.15% to 1.65% | -2.73% to -2.54% |
| 2023 | 128140 | 13.06 to 24.59 | $3017964 | 0.00% | 1.15% to 1.65% | 4.12% to 4.33% |
| 2022 | 143921 | 12.53 to 23.57 | $3230976 | 0.00% | 1.15% to 1.65% | -14.47% to -14.30% |
| 2021 | 181554 | 14.63 to 27.51 | $4793871 | 0.00% | 1.15% to 1.65% | 0.06% to 0.26% |
| S&P 500 Pure Growth Fund |  |  |  |  |  |  |
| 2025 | 138460 | 12.84 to 37.41 | $4060437 | 0.00% | 1.15% to 1.65% | 9.92% to 10.75% |
| 2024 | 167528 | 11.62 to 33.86 | $4348921 | 0.06% | 1.15% to 1.65% | 24.58% to 25.52% |
| 2023 | 226848 | 9.28 to 27.05 | $4599182 | 0.00% | 1.15% to 1.65% | 4.73% to 5.52% |
| 2022 | 275030 | 8.81 to 25.70 | $5147948 | 0.00% | 1.15% to 1.65% | -29.52% to -28.99% |
| 2021 | 154384 | 12.43 to 36.28 | $5017447 | 0.00% | 1.15% to 1.65% | 25.75% to 26.13% |
| S&P MidCap 400 Pure Growth Fund |  |  |  |  |  |  |
| 2025 | 42557 | 15.76 to 22.47 | $946567 | 0.00% | 1.15% to 1.65% | 5.75% to 5.96% |
| 2024 | 49342 | 14.88 to 21.21 | $1036607 | 0.00% | 1.15% to 1.65% | 14.58% to 14.81% |
| 2023 | 64121 | 12.98 to 18.47 | $1171441 | 0.00% | 1.15% to 1.65% | 13.15% to 13.37% |
| 2022 | 76744 | 11.46 to 16.30 | $1217030 | 0.00% | 1.15% to 1.65% | -23.66% to -23.51% |
| 2021 | 80654 | 14.99 to 21.30 | $1675612 | 0.00% | 1.15% to 1.65% | 10.71% to 10.93% |
| Guggenheim Variable Insurance Funds |  |  |  |  |  |  |
| Long Short Equity Fund |  |  |  |  |  |  |
| 2024 |  | - | $0 | 0.41% | 0.95% to 1.65% | 6.94% to 7.52% |
| 2023 | 68148 | 11.36 to 19.62 | $964325 | 0.24% | 0.95% to 1.65% | 10.75% to 11.69% |
| 2022 | 54064 | 10.18 to 17.57 | $704791 | 0.41% | 0.95% to 1.65% | -15.91% to -15.20% |
| 2021 | 63710 | 14.66 to 20.71 | $981206 | 0.62% | 0.95% to 1.65% | 21.59% to 22.63% |
| Multi-Hedge Strategies Fund |  |  |  |  |  |  |
| 2025 | 72004 | 9.96 to 10.92 | $771006 | 2.34% | 1.15% to 1.65% | -0.11% to 0.34% |
| 2024 | 86099 | 9.95 to 10.91 | $922836 | 4.91% | 1.15% to 1.65% | -4.96% to -4.53% |
| 2023 | 101570 | 10.44 to 11.46 | $1143390 | 2.87% | 1.15% to 1.65% | 2.97% to 3.44% |
| 2022 | 127565 | 10.11 to 11.11 | $1394523 | 1.24% | 1.15% to 1.65% | -4.69% to -4.26% |
| 2021 | 136098 | 10.61 to 11.63 | $1560693 | 0.00% | 1.15% to 1.65% | 6.65% to 6.87% |
| Global Managed Futures Strategy Fund |  |  |  |  |  |  |
| 2025 | 31382 | 9.79 to 11.60 | $325037 | 1.43% | 1.15% to 1.65% | 1.96% to 2.72% |
| 2024 | 32761 | 9.58 to 11.38 | $326185 | 2.69% | 1.15% to 1.65% | -1.29% to -0.54% |
| 2023 | 38291 | 9.67 to 11.47 | $388277 | 2.18% | 1.15% to 1.65% | 2.21% to 2.87% |
| 2022 | 133622 | 9.45 to 11.18 | $1302644 | 2.69% | 1.15% to 1.65% | 9.80% to 10.29% |
| 2021 | 31103 | 8.60 to 10.17 | $276221 | 0.00% | 1.15% to 1.65% | -0.41% to -0.21% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| New Age Alpha |  |  |  |  |  |  |
| Small Cap Value Fund |  |  |  |  |  |  |
| 2025 | 205327 | 13.27 to 23.10 | $4014893 | 1.00% | 1.15% to 1.65% | 1.61% to 2.37% |
| 2024 | 216999 | 12.99 to 22.62 | $4223520 | 1.25% | 1.15% to 1.65% | 6.72% to 7.53% |
| 2023 | 263269 | 12.10 to 21.09 | $4839229 | 1.23% | 1.15% to 1.65% | 8.48% to 9.30% |
| 2022 | 289179 | 11.09 to 19.34 | $4979366 | 0.64% | 1.15% to 1.65% | -5.31% to -4.60% |
| 2021 | 254718 | 11.65 to 20.33 | $4701156 | 0.86% | 1.15% to 1.65% | 24.37% to 24.74% |
| ProFunds VP |  |  |  |  |  |  |
| Profund Access VP High Yield Fund |  |  |  |  |  |  |
| 2025 | 1378 | 13.90 to 17.77 | $23172 | 2.47% | 1.30% to 1.90% | 2.69% to 3.98% |
| 2024 | 1533 | 13.53 to 17.09 | $24851 | 4.95% | 1.30% to 1.90% | 2.74% to 4.04% |
| 2023 | 2031 | 13.17 to 16.43 | $30669 | 4.97% | 1.30% to 1.90% | 10.40% to 11.79% |
| 2022 | 2170 | 11.93 to 14.70 | $30492 | 3.02% | 1.30% to 1.90% | -13.98% to -12.90% |
| 2021 | 2315 | 13.87 to 17.97 | $36416 | 2.44% | 1.30% to 1.90% | -3.08% to -1.47% |
| Asia 30 |  |  |  |  |  |  |
| 2025 | 4947 | 11.17 to 13.88 | $63997 | 4.96% | 1.30% to 1.90% | 20.16% to 21.49% |
| 2024 | 5190 | 9.30 to 12.78 | $55356 | 0.81% | 1.30% to 1.90% | 7.97% to 9.83% |
| 2023 | 5337 | 8.61 to 11.63 | $52468 | 0.11% | 1.30% to 1.90% | 0.99% to 2.71% |
| 2022 | 5524 | 8.53 to 11.32 | $53404 | 0.46% | 1.30% to 1.90% | -26.84% to -25.59% |
| 2021 | 6208 | 11.66 to 15.22 | $81968 | 0.00% | 1.30% to 1.90% | -21.13% to -19.78% |
| Banks |  |  |  |  |  |  |
| 2025 | 9965 | 6.89 to 9.17 | $83539 | 1.07% | 1.30% to 1.90% | 6.73% to 8.29% |
| 2024 | 13974 | 6.46 to 8.47 | $107838 | 2.01% | 1.30% to 1.90% | 18.02% to 19.75% |
| 2023 | 13058 | 5.72 to 7.07 | $85401 | 1.77% | 1.30% to 1.90% | 6.87% to 8.16% |
| 2022 | 4155 | 5.05 to 6.54 | $24342 | 0.58% | 1.30% to 1.90% | -22.71% to -21.51% |
| 2021 | 10082 | 6.53 to 8.53 | $73496 | 1.31% | 1.30% to 1.90% | 29.35% to 31.57% |
| Materials |  |  |  |  |  |  |
| 2025 | 1278 | 14.96 to 21.54 | $21615 | 0.14% | 1.30% to 1.90% | 4.60% to 6.55% |
| 2024 | 2912 | 14.31 to 20.22 | $50022 | 0.49% | 1.30% to 1.90% | -4.71% to -2.92% |
| 2023 | 2161 | 15.01 to 20.82 | $37853 | 0.46% | 1.30% to 1.90% | 8.79% to 10.82% |
| 2022 | 2307 | 13.80 to 18.79 | $36813 | 0.17% | 1.30% to 1.90% | -12.04% to -10.40% |
| 2021 | 2514 | 15.69 to 20.97 | $45430 | 0.75% | 1.30% to 1.90% | 21.61% to 23.88% |
| Bear |  |  |  |  |  |  |
| 2025 | 2951 | 0.49 to 0.59 | $1592 | 4.39% | 1.30% to 1.90% | -16.87% to -16.08% |
| 2024 | 8236 | 0.58 to 0.70 | $4994 | 8.02% | 1.30% to 1.90% | -16.15% to -15.34% |
| 2023 | 7683 | 0.65 to 0.82 | $5520 | 0.29% | 1.30% to 1.90% | -17.97% to -16.86% |
| 2022 | 8693 | 0.79 to 0.99 | $7558 | 0.00% | 1.30% to 1.90% | 13.38% to 14.92% |
| 2021 | 8335 | 0.70 to 0.86 | $6363 | 0.00% | 1.30% to 1.90% | -27.04% to -26.05% |
| Biotechnology |  |  |  |  |  |  |
| 2025 | 5136 | 38.99 to 56.66 | $249203 | 0.00% | 1.30% to 1.90% | 29.36% to 31.84% |
| 2024 | 5026 | 30.14 to 42.98 | $188350 | 0.00% | 1.30% to 1.90% | -3.64% to -1.79% |
| 2023 | 5869 | 31.01 to 43.76 | $222189 | 0.00% | 1.30% to 1.90% | 6.26% to 8.35% |
| 2022 | 6534 | 29.18 to 40.39 | $225765 | 0.00% | 1.30% to 1.90% | -10.97% to -9.22% |
| 2021 | 7320 | 33.03 to 44.49 | $286221 | 0.00% | 1.30% to 1.90% | 11.70% to 13.84% |
| Bull |  |  |  |  |  |  |
| 2025 | 12623 | 25.94 to 40.79 | $435274 | 0.38% | 1.30% to 1.90% | 11.48% to 14.07% |
| 2024 | 14731 | 23.27 to 35.76 | $449783 | 0.79% | 1.30% to 1.90% | 18.14% to 20.90% |
| 2023 | 20300 | 20.05 to 29.58 | $545269 | 0.00% | 1.30% to 1.90% | 19.50% to 22.15% |
| 2022 | 17473 | 16.78 to 24.21 | $375561 | 0.00% | 1.30% to 1.90% | -22.49% to -20.77% |
| 2021 | 26864 | 21.65 to 30.09 | $681633 | 0.00% | 1.30% to 1.90% | 21.99% to 24.58% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| Consumer Staples |  |  |  |  |  |  |
| 2025 | 1612 | 19.59 to 27.37 | $37356 | 0.76% | 1.30% to 1.90% | -3.46% to -1.81% |
| 2024 | 2609 | 20.10 to 27.88 | $61701 | 1.59% | 1.30% to 1.90% | 6.65% to 8.54% |
| 2023 | 3129 | 18.52 to 25.23 | $67389 | 0.16% | 1.30% to 1.90% | 0.36% to 2.13% |
| 2022 | 5979 | 18.15 to 24.71 | $128880 | 0.05% | 1.30% to 1.90% | -27.36% to -26.00% |
| 2021 | 6254 | 24.98 to 33.39 | $183489 | 0.44% | 1.30% to 1.90% | 15.42% to 17.57% |
| Consumer Discretionary |  |  |  |  |  |  |
| 2025 | 2304 | 29.91 to 43.48 | $90480 | 0.00% | 1.30% to 1.90% | 1.83% to 3.78% |
| 2024 | 2529 | 29.10 to 41.89 | $94341 | 0.00% | 1.30% to 1.90% | 20.01% to 22.39% |
| 2023 | 3332 | 24.25 to 34.23 | $99109 | 0.00% | 1.30% to 1.90% | 27.40% to 29.90% |
| 2022 | 3107 | 19.19 to 26.35 | $73842 | 0.00% | 1.30% to 1.90% | -33.92% to -32.65% |
| 2021 | 4137 | 28.82 to 39.12 | $143440 | 0.00% | 1.30% to 1.90% | 6.33% to 8.43% |
| Dow 30 |  |  |  |  |  |  |
| 2025 | 7505 | 19.65 to 30.89 | $195330 | 3.57% | 1.30% to 1.90% | 8.16% to 10.67% |
| 2024 | 10006 | 18.17 to 27.92 | $230970 | 3.11% | 1.30% to 1.90% | 8.16% to 10.69% |
| 2023 | 8724 | 19.01 to 25.22 | $193713 | 0.04% | 1.30% to 1.90% | 10.31% to 12.08% |
| 2022 | 6866 | 17.23 to 22.50 | $140786 | 0.00% | 1.30% to 1.90% | -11.45% to -10.03% |
| 2021 | 3874 | 19.46 to 25.01 | $84542 | 0.00% | 1.30% to 1.90% | 14.15% to 15.99% |
| Emerging Markets |  |  |  |  |  |  |
| 2025 | 8773 | 6.87 to 10.23 | $70388 | 1.20% | 1.30% to 1.90% | 31.32% to 34.24% |
| 2024 | 10244 | 5.23 to 7.62 | $62123 | 1.59% | 1.30% to 1.90% | 4.02% to 6.35% |
| 2023 | 11202 | 5.11 to 7.16 | $64656 | 2.71% | 1.30% to 1.90% | 11.36% to 13.71% |
| 2022 | 5982 | 4.59 to 6.30 | $31482 | 0.66% | 1.30% to 1.90% | -19.07% to -17.36% |
| 2021 | 6663 | 5.67 to 7.62 | $43271 | 0.00% | 1.30% to 1.90% | -20.84% to -19.15% |
| Europe 30 |  |  |  |  |  |  |
| 2025 | 2480 | 11.44 to 15.82 | $34384 | 2.32% | 1.30% to 1.90% | 25.70% to 27.79% |
| 2024 | 2739 | 9.10 to 12.38 | $29937 | 2.39% | 1.30% to 1.90% | 1.20% to 2.89% |
| 2023 | 3413 | 8.99 to 12.04 | $36379 | 2.08% | 1.30% to 1.90% | 13.95% to 15.84% |
| 2022 | 3741 | 7.89 to 10.39 | $34588 | 1.37% | 1.30% to 1.90% | -10.53% to -9.04% |
| 2021 | 3991 | 8.82 to 11.42 | $41130 | 0.94% | 1.30% to 1.90% | 20.79% to 22.80% |
| Falling U.S. Dollar |  |  |  |  |  |  |
| 2025 | 7850 | 4.08 to 4.27 | $32683 | 1.05% | 1.30% to 1.90% | 8.18% to 8.45% |
| 2024 | 4818 | 3.77 to 3.94 | $18271 | 6.47% | 1.30% to 1.90% | -7.39% to -7.15% |
| 2023 | 4838 | 4.07 to 4.24 | $19808 | 0.00% | 1.30% to 1.90% | 0.80% to 1.06% |
| 2022 | 5239 | 4.04 to 4.20 | $21315 | 0.00% | 1.30% to 1.90% | -10.92% to -10.70% |
| 2021 | 5210 | 4.60 to 4.70 | $24053 | 0.00% | 1.30% to 1.90% | -10.12% to -9.99% |
| Financials |  |  |  |  |  |  |
| 2025 | 2144 | 12.68 to 17.21 | $34937 | 0.01% | 1.30% to 1.90% | 8.97% to 10.67% |
| 2024 | 1953 | 11.64 to 15.55 | $26520 | 0.39% | 1.30% to 1.90% | 23.94% to 25.89% |
| 2023 | 1570 | 9.39 to 12.91 | $17826 | 0.43% | 1.30% to 1.90% | 9.92% to 11.91% |
| 2022 | 1773 | 8.54 to 11.73 | $18271 | 0.10% | 1.30% to 1.90% | -18.10% to -16.53% |
| 2021 | 2600 | 10.43 to 14.05 | $32504 | 1.32% | 1.30% to 1.90% | 25.57% to 27.97% |
| Health Care |  |  |  |  |  |  |
| 2025 | 3099 | 27.40 to 39.43 | $107291 | 0.00% | 1.30% to 1.90% | 8.69% to 10.72% |
| 2024 | 3628 | 24.74 to 35.61 | $114538 | 0.04% | 1.30% to 1.90% | -2.77% to -0.84% |
| 2023 | 8566 | 25.44 to 35.91 | $254638 | 0.00% | 1.30% to 1.90% | -2.73% to -0.82% |
| 2022 | 9780 | 26.16 to 36.21 | $294366 | 0.00% | 1.30% to 1.90% | -9.34% to -7.56% |
| 2021 | 5378 | 29.31 to 39.17 | $186097 | 0.04% | 1.30% to 1.90% | 17.36% to 19.55% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| Industrials |  |  |  |  |  |  |
| 2025 | 5676 | 24.68 to 35.86 | $181127 | 0.00% | 1.30% to 1.90% | 13.22% to 15.39% |
| 2024 | 5372 | 21.79 to 31.08 | $147295 | 0.20% | 1.30% to 1.90% | 11.47% to 13.62% |
| 2023 | 5194 | 19.90 to 27.35 | $125307 | 0.00% | 1.30% to 1.90% | 12.42% to 14.29% |
| 2022 | 3159 | 17.55 to 23.90 | $66410 | 0.00% | 1.30% to 1.90% | -18.46% to -16.94% |
| 2021 | 4182 | 21.03 to 28.77 | $107192 | 0.00% | 1.30% to 1.90% | 12.29% to 14.55% |
| International |  |  |  |  |  |  |
| 2025 | 1358 | 7.16 to 9.14 | $11842 | 2.78% | 1.30% to 1.90% | 23.70% to 25.38% |
| 2024 | 1578 | 5.79 to 7.29 | $11037 | 5.13% | 1.30% to 1.90% | -2.51% to -1.18% |
| 2023 | 4456 | 5.94 to 7.38 | $32395 | 0.00% | 1.30% to 1.90% | 11.70% to 13.22% |
| 2022 | 4962 | 5.32 to 6.52 | $31847 | 0.00% | 1.30% to 1.90% | -19.24% to -18.14% |
| 2021 | 5571 | 6.58 to 7.96 | $43566 | 0.00% | 1.30% to 1.90% | 5.18% to 6.61% |
| Internet |  |  |  |  |  |  |
| 2025 | 3844 | 50.03 to 70.60 | $218619 | 0.00% | 1.30% to 1.90% | 5.48% to 7.34% |
| 2024 | 4516 | 47.43 to 65.77 | $242767 | 0.00% | 1.30% to 1.90% | 25.00% to 27.21% |
| 2023 | 4777 | 37.95 to 50.80 | $202582 | 0.00% | 1.30% to 1.90% | 44.86% to 47.26% |
| 2022 | 6452 | 25.98 to 35.07 | $189769 | 0.00% | 1.30% to 1.90% | -47.96% to -47.01% |
| 2021 | 6570 | 49.91 to 66.19 | $371127 | 0.00% | 1.30% to 1.90% | 1.73% to 3.58% |
| Japan |  |  |  |  |  |  |
| 2025 | 2895 | 14.43 to 19.77 | $52785 | 4.32% | 1.30% to 1.90% | 26.52% to 28.55% |
| 2024 | 3337 | 11.41 to 15.38 | $47546 | 2.53% | 1.30% to 1.90% | 18.29% to 20.21% |
| 2023 | 3408 | 9.64 to 12.80 | $40244 | 0.00% | 1.30% to 1.90% | 30.22% to 32.32% |
| 2022 | 4107 | 7.41 to 9.67 | $37037 | 0.00% | 1.30% to 1.90% | -12.80% to -11.40% |
| 2021 | 4510 | 8.49 to 10.91 | $46278 | 0.00% | 1.30% to 1.90% | 0.57% to 2.19% |
| Large-Cap Growth |  |  |  |  |  |  |
| 2025 | 15583 | 39.21 to 60.45 | $786365 | 0.00% | 1.30% to 1.90% | 15.84% to 18.41% |
| 2024 | 18805 | 33.22 to 51.05 | $808561 | 0.00% | 1.30% to 1.90% | 29.03% to 32.04% |
| 2023 | 24121 | 25.75 to 38.66 | $792864 | 0.00% | 1.30% to 1.90% | 23.36% to 26.22% |
| 2022 | 24517 | 20.87 to 30.63 | $621851 | 0.00% | 1.30% to 1.90% | -33.09% to -31.53% |
| 2021 | 36016 | 31.20 to 44.74 | $1399490 | 0.00% | 1.30% to 1.90% | 25.27% to 28.19% |
| Large-Cap Value |  |  |  |  |  |  |
| 2025 | 15711 | 17.80 to 25.62 | $361384 | 0.66% | 1.30% to 1.90% | 7.54% to 9.55% |
| 2024 | 19017 | 16.24 to 23.38 | $402746 | 0.33% | 1.30% to 1.90% | 6.50% to 8.60% |
| 2023 | 29120 | 15.25 to 21.15 | $544238 | 0.47% | 1.30% to 1.90% | 15.86% to 18.01% |
| 2022 | 33730 | 13.17 to 17.92 | $531311 | 0.56% | 1.30% to 1.90% | -10.11% to -8.44% |
| 2021 | 23850 | 14.88 to 19.58 | $432135 | 0.96% | 1.30% to 1.90% | 18.70% to 20.79% |
| Mid-Cap |  |  |  |  |  |  |
| 2025 | 4137 | 17.38 to 24.29 | $83881 | 3.85% | 1.30% to 1.90% | 1.08% to 2.96% |
| 2024 | 4305 | 17.20 to 23.00 | $85266 | 2.99% | 1.30% to 1.90% | 7.18% to 9.03% |
| 2023 | 4918 | 16.31 to 21.09 | $90874 | 0.00% | 1.30% to 1.90% | 9.92% to 11.69% |
| 2022 | 6216 | 14.83 to 18.89 | $103630 | 0.00% | 1.30% to 1.90% | -17.84% to -16.52% |
| 2021 | 6573 | 18.06 to 22.62 | $132550 | 0.00% | 1.30% to 1.90% | 18.01% to 19.91% |
| Mid-Cap Growth |  |  |  |  |  |  |
| 2025 | 7864 | 23.01 to 28.85 | $195546 | 0.00% | 1.30% to 1.90% | 2.45% to 3.63% |
| 2024 | 8129 | 21.23 to 28.10 | $197034 | 0.00% | 1.30% to 1.90% | 10.06% to 11.74% |
| 2023 | 11775 | 18.62 to 25.15 | $267375 | 0.00% | 1.30% to 1.90% | 11.49% to 13.39% |
| 2022 | 13541 | 16.70 to 22.18 | $269330 | 0.00% | 1.30% to 1.90% | -23.16% to -21.84% |
| 2021 | 13402 | 21.73 to 29.05 | $347684 | 0.00% | 1.30% to 1.90% | 12.83% to 14.94% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| Mid-Cap Value |  |  |  |  |  |  |
| 2025 | 3417 | 18.22 to 24.72 | $77678 | 0.27% | 1.30% to 1.90% | 2.20% to 3.80% |
| 2024 | 4044 | 17.82 to 23.81 | $87529 | 0.23% | 1.30% to 1.90% | 6.05% to 7.71% |
| 2023 | 4564 | 16.51 to 22.11 | $92446 | 0.26% | 1.30% to 1.90% | 9.45% to 11.27% |
| 2022 | 5947 | 15.09 to 19.87 | $106204 | 0.13% | 1.30% to 1.90% | -11.68% to -10.22% |
| 2021 | 5410 | 17.91 to 22.83 | $110789 | 0.30% | 1.30% to 1.90% | 24.36% to 26.30% |
| Government Money Market |  |  |  |  |  |  |
| 2025 | 234316 | 6.08 to 9.56 | $1811912 | 3.19% | 1.30% to 1.90% | -0.38% to 1.94% |
| 2024 | 296373 | 6.10 to 9.38 | $2264154 | 4.10% | 1.30% to 1.90% | 0.59% to 2.95% |
| 2023 | 322022 | 6.07 to 9.11 | $2419732 | 3.84% | 1.30% to 1.90% | 0.47% to 2.81% |
| 2022 | 424560 | 6.04 to 8.86 | $3107312 | 1.28% | 1.30% to 1.90% | -2.52% to -0.26% |
| 2021 | 307029 | 6.19 to 8.88 | $2299091 | 0.01% | 1.30% to 1.90% | -3.52% to -1.28% |
| Energy |  |  |  |  |  |  |
| 2025 | 16416 | 9.42 to 13.55 | $176815 | 2.36% | 1.30% to 1.90% | 2.22% to 4.13% |
| 2024 | 20504 | 9.04 to 13.26 | $214064 | 1.88% | 1.30% to 1.90% | 0.08% to 2.17% |
| 2023 | 27039 | 9.03 to 12.98 | $276332 | 2.49% | 1.30% to 1.90% | -5.93% to -3.99% |
| 2022 | 21201 | 9.60 to 14.10 | $229703 | 0.92% | 1.30% to 1.90% | 53.81% to 57.38% |
| 2021 | 33894 | 6.24 to 8.96 | $246480 | 2.20% | 1.30% to 1.90% | 46.57% to 49.97% |
| NASDAQ-100 |  |  |  |  |  |  |
| 2025 | 4281 | 60.71 to 87.36 | $314752 | 0.39% | 1.30% to 1.90% | 14.43% to 16.56% |
| 2024 | 4562 | 53.05 to 72.88 | $288754 | 0.40% | 1.30% to 1.90% | 19.04% to 21.10% |
| 2023 | 4816 | 45.36 to 60.18 | $249370 | 0.00% | 1.30% to 1.90% | 46.96% to 49.32% |
| 2022 | 6173 | 30.86 to 40.30 | $217490 | 0.00% | 1.30% to 1.90% | -36.18% to -35.15% |
| 2021 | 9989 | 48.36 to 68.28 | $565844 | 0.00% | 1.30% to 1.90% | 20.51% to 23.19% |
| Pharmaceuticals |  |  |  |  |  |  |
| 2025 | 2279 | 19.68 to 27.77 | $60515 | 0.21% | 1.30% to 1.90% | 25.03% to 27.23% |
| 2024 | 2278 | 15.74 to 21.83 | $47542 | 0.00% | 1.30% to 1.90% | -0.07% to 1.71% |
| 2023 | 2874 | 15.75 to 21.46 | $56420 | 0.52% | 1.30% to 1.90% | -8.64% to -7.04% |
| 2022 | 2639 | 17.24 to 23.09 | $55552 | 0.07% | 1.30% to 1.90% | -9.26% to -7.66% |
| 2021 | 2982 | 19.00 to 25.00 | $68568 | 0.27% | 1.30% to 1.90% | 7.48% to 9.38% |
| Precious Metals |  |  |  |  |  |  |
| 2025 | 71399 | 8.12 to 12.16 | $663851 | 2.08% | 1.30% to 1.90% | 141.50% to 146.48% |
| 2024 | 79375 | 3.36 to 4.93 | $302533 | 3.35% | 1.30% to 1.90% | 2.79% to 4.93% |
| 2023 | 74769 | 3.36 to 4.70 | $274828 | 0.00% | 1.30% to 1.90% | -1.96% to -0.08% |
| 2022 | 75585 | 3.43 to 4.90 | $280844 | 0.00% | 1.30% to 1.90% | -14.04% to -12.17% |
| 2021 | 85144 | 3.99 to 5.58 | $370892 | 0.00% | 1.30% to 1.90% | -12.02% to -10.11% |
| Real Estate |  |  |  |  |  |  |
| 2025 | 3623 | 10.28 to 13.81 | $41340 | 1.68% | 1.30% to 1.90% | -2.88% to -1.41% |
| 2024 | 4810 | 10.59 to 14.01 | $58425 | 1.39% | 1.30% to 1.90% | -0.09% to 1.43% |
| 2023 | 4725 | 10.60 to 14.57 | $57222 | 1.12% | 1.30% to 1.90% | 6.21% to 8.13% |
| 2022 | 5077 | 9.92 to 13.73 | $57791 | 0.48% | 1.30% to 1.90% | -29.31% to -27.76% |
| 2021 | 10101 | 14.00 to 19.01 | $161457 | 0.03% | 1.30% to 1.90% | 32.23% to 34.83% |
| Rising Rates Opportunity |  |  |  |  |  |  |
| 2025 | 112 | 1.67 to 1.86 | $187 | 0.84% | 1.30% to 1.90% | -1.18% to -0.64% |
| 2024 | 960 | 1.69 to 1.96 | $1758 | 7.20% | 1.30% to 1.90% | 15.65% to 16.58% |
| 2023 | 8924 | 1.46 to 1.68 | $14763 | 0.12% | 1.30% to 1.90% | -1.10% to -0.30% |
| 2022 | 10468 | 1.47 to 1.68 | $17427 | 0.00% | 1.30% to 1.90% | 54.04% to 55.27% |
| 2021 | 11657 | 0.95 to 1.14 | $12488 | 0.00% | 1.30% to 1.90% | -2.93% to -1.81% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| Semiconductor |  |  |  |  |  |  |
| 2025 | 3917 | 108.63 to 143.08 | $465198 | 0.00% | 1.30% to 1.90% | 36.90% to 38.82% |
| 2024 | 3874 | 79.35 to 105.99 | $331224 | 0.00% | 1.30% to 1.90% | 64.92% to 67.51% |
| 2023 | 3519 | 48.11 to 63.28 | $182312 | 0.00% | 1.30% to 1.90% | 87.14% to 90.04% |
| 2022 | 3986 | 25.71 to 33.30 | $108566 | 0.00% | 1.30% to 1.90% | -39.62% to -38.68% |
| 2021 | 4292 | 42.58 to 54.30 | $195084 | 0.00% | 1.30% to 1.90% | 43.46% to 45.70% |
| Short Dow 30 |  |  |  |  |  |  |
| 2025 | 20878 | 0.54 to 0.55 | $11399 | 0.47% | 1.30% to 1.90% | -11.40% to -11.31% |
| 2024 | 2058 | 0.60 to 0.60 | $1244 | 3.28% | 1.30% to 1.90% | -8.97% to -8.97% |
| 2023 | 2057 | 0.54 to 0.66 | $1366 | 0.00% | 1.30% to 1.90% | -11.26% to -10.19% |
| 2022 | 2251 | 0.60 to 0.75 | $1638 | 0.00% | 1.30% to 1.90% | 2.09% to 3.42% |
| 2021 | 2219 | 0.59 to 0.74 | $1587 | 0.00% | 1.30% to 1.90% | -22.57% to -21.44% |
| Short International |  |  |  |  |  |  |
| 2025 | 8463 | 1.44 to 1.49 | $12574 | 0.43% | 1.30% to 1.90% | -22.77% to -22.62% |
| 2024 | 2605 | 1.82 to 1.89 | $4906 | 3.61% | 1.30% to 1.90% | 0.78% to 1.03% |
| 2023 | 2645 | 1.80 to 1.88 | $4889 | 1.79% | 1.30% to 1.90% | -12.63% to -12.42% |
| 2022 | 2662 | 2.06 to 2.17 | $5620 | 0.00% | 1.30% to 1.90% | 9.52% to 9.90% |
| 2021 | 2654 | 1.88 to 1.98 | $5154 | 0.00% | 1.30% to 1.90% | -15.67% to -15.37% |
| Short Mid-Cap |  |  |  |  |  |  |
| 2025 | 20743 | 0.54 to 0.55 | $11330 | 0.46% | 1.30% to 1.90% | -6.77% to -6.68% |
| 2024 | 2099 | 0.57 to 0.57 | $1206 | 10.19% | 1.30% to 1.90% | -8.78% to -8.78% |
| 2023 | 2099 | 0.63 to 0.63 | $1322 | 0.83% | 1.30% to 1.90% | -11.49% to -11.49% |
| 2022 | 2099 | 0.71 to 0.72 | $1494 | 0.00% | 1.30% to 1.90% | 6.78% to 6.89% |
| 2021 | 2066 | 0.68 to 0.68 | $1398 | 0.00% | 1.30% to 1.90% | -25.80% to -25.80% |
| Short NASDAQ-100 |  |  |  |  |  |  |
| 2025 |  | - | $0 | 0.00% | 1.30% to 1.90% | n/a |
| 2024 |  | - | $0 | 0.00% | 1.30% to 1.90% | n/a |
| 2023 |  | - | $0 | 0.00% | 1.30% to 1.90% | n/a |
| 2022 |  | - | $0 | 0.00% | 1.30% to 1.90% | n/a |
| 2021 |  | 0.32 to 0.32 | $0 | 0.00% | 1.30% to 1.90% | -26.73% to -26.73% |
| Short Small-Cap |  |  |  |  |  |  |
| 2025 | 2752 | 0.49 to 0.49 | $1354 | 3.75% | 1.30% to 1.90% | -12.30% to -12.30% |
| 2024 | 2796 | 0.55 to 0.56 | $1568 | 5.34% | 1.30% to 1.90% | -8.97% to -8.83% |
| 2023 | 2922 | 0.51 to 0.60 | $1750 | 0.26% | 1.30% to 1.90% | -14.02% to -13.20% |
| 2022 | 3063 | 0.59 to 0.69 | $2105 | 0.00% | 1.30% to 1.90% | 13.66% to 14.74% |
| 2021 | 3113 | 0.52 to 0.60 | $1865 | 0.00% | 1.30% to 1.90% | -21.92% to -21.17% |
| Small-Cap |  |  |  |  |  |  |
| 2025 | 5117 | 14.85 to 21.37 | $91295 | 0.99% | 1.30% to 1.90% | 6.95% to 8.94% |
| 2024 | 5688 | 13.88 to 19.07 | $94039 | 1.12% | 1.30% to 1.90% | 5.57% to 7.39% |
| 2023 | 8888 | 13.38 to 17.76 | $143445 | 0.00% | 1.30% to 1.90% | 10.97% to 12.75% |
| 2022 | 9834 | 12.06 to 15.75 | $141401 | 0.00% | 1.30% to 1.90% | -24.53% to -23.32% |
| 2021 | 10538 | 15.98 to 20.54 | $198511 | 0.00% | 1.30% to 1.90% | 9.00% to 10.76% |
| Small-Cap Growth |  |  |  |  |  |  |
| 2025 | 5097 | 20.82 to 26.11 | $112063 | 0.00% | 1.30% to 1.90% | 0.45% to 1.62% |
| 2024 | 6080 | 20.73 to 25.70 | $134178 | 0.00% | 1.30% to 1.90% | 4.49% to 5.70% |
| 2023 | 6757 | 19.84 to 24.53 | $143687 | 0.00% | 1.30% to 1.90% | 11.69% to 13.03% |
| 2022 | 7088 | 17.76 to 23.98 | $135053 | 0.00% | 1.30% to 1.90% | -24.78% to -23.41% |
| 2021 | 8041 | 23.07 to 31.32 | $206794 | 0.00% | 1.30% to 1.90% | 16.78% to 19.08% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| Small-Cap Value |  |  |  |  |  |  |
| 2025 | 4060 | 16.28 to 22.74 | $74138 | 0.32% | 1.30% to 1.90% | 1.64% to 3.38% |
| 2024 | 4823 | 16.01 to 22.00 | $87583 | 0.36% | 1.30% to 1.90% | 2.47% to 4.24% |
| 2023 | 5073 | 15.63 to 21.11 | $89421 | 0.02% | 1.30% to 1.90% | 9.33% to 11.20% |
| 2022 | 5451 | 14.29 to 18.98 | $87148 | 0.00% | 1.30% to 1.90% | -15.21% to -13.76% |
| 2021 | 6047 | 16.86 to 22.01 | $113262 | 0.10% | 1.30% to 1.90% | 24.45% to 26.58% |
| Technology |  |  |  |  |  |  |
| 2025 | 3613 | 62.59 to 90.06 | $277497 | 0.00% | 1.30% to 1.90% | 18.44% to 20.65% |
| 2024 | 4106 | 51.38 to 74.65 | $263202 | 0.00% | 1.30% to 1.90% | 15.54% to 17.88% |
| 2023 | 3914 | 44.47 to 63.32 | $213317 | 0.00% | 1.30% to 1.90% | 52.39% to 55.45% |
| 2022 | 6227 | 29.18 to 40.73 | $218789 | 0.00% | 1.30% to 1.90% | -38.00% to -36.74% |
| 2021 | 7669 | 47.07 to 64.39 | $426262 | 0.00% | 1.30% to 1.90% | 30.19% to 32.82% |
| Communication Services |  |  |  |  |  |  |
| 2025 | 640 | 20.12 to 22.64 | $14440 | 0.00% | 1.30% to 1.90% | 17.75% to 18.46% |
| 2024 | 23 | 17.09 to 17.09 | $385 | 0.00% | 1.30% to 1.90% | 29.16% to 29.16% |
| 2023 | 28 | 13.23 to 15.51 | $366 | 0.24% | 1.30% to 1.90% | 28.38% to 29.54% |
| 2022 | 224 | 10.30 to 12.17 | $2455 | 1.74% | 1.30% to 1.90% | -23.27% to -22.50% |
| 2021 | 288 | 13.43 to 15.71 | $4192 | 1.40% | 1.30% to 1.90% | 15.32% to 16.48% |
| U.S. Government Plus |  |  |  |  |  |  |
| 2025 | 5184 | 7.60 to 10.41 | $52826 | 3.07% | 1.30% to 1.90% | -2.06% to -0.48% |
| 2024 | 6175 | 7.76 to 10.46 | $60671 | 3.54% | 1.30% to 1.90% | -15.63% to -14.26% |
| 2023 | 5484 | 8.64 to 12.20 | $63949 | 4.05% | 1.30% to 1.90% | -3.51% to -1.61% |
| 2022 | 5241 | 8.96 to 13.14 | $61920 | 0.00% | 1.30% to 1.90% | -43.76% to -42.45% |
| 2021 | 17247 | 15.93 to 22.84 | $344411 | 0.00% | 1.30% to 1.90% | -10.37% to -8.29% |
| UltraBull |  |  |  |  |  |  |
| 2025 | 21110 | 53.01 to 80.93 | $1487347 | 0.72% | 1.30% to 1.90% | 19.87% to 22.47% |
| 2024 | 21221 | 44.22 to 66.08 | $1228441 | 0.73% | 1.30% to 1.90% | 36.83% to 39.82% |
| 2023 | 20108 | 32.32 to 47.26 | $844963 | 0.00% | 1.30% to 1.90% | 39.98% to 43.01% |
| 2022 | 20026 | 23.09 to 33.05 | $592893 | 0.00% | 1.30% to 1.90% | -41.33% to -40.06% |
| 2021 | 26903 | 39.35 to 57.34 | $1300929 | 0.00% | 1.30% to 1.90% | 52.40% to 56.10% |
| UltraMid-Cap |  |  |  |  |  |  |
| 2025 | 14673 | 25.23 to 33.57 | $415506 | 1.05% | 1.30% to 1.90% | -0.30% to 1.15% |
| 2024 | 14963 | 25.31 to 33.19 | $421447 | 0.64% | 1.30% to 1.90% | 13.03% to 14.69% |
| 2023 | 14648 | 21.80 to 30.24 | $363859 | 0.00% | 1.30% to 1.90% | 17.90% to 20.10% |
| 2022 | 14551 | 18.49 to 25.61 | $304760 | 0.00% | 1.30% to 1.90% | -34.57% to -33.28% |
| 2021 | 23807 | 28.26 to 38.38 | $753391 | 0.00% | 1.30% to 1.90% | 41.49% to 44.27% |
| UltraNASDAQ-100 |  |  |  |  |  |  |
| 2025 | 3672 | 253.08 to 382.57 | $1053170 | 0.21% | 1.30% to 1.90% | 24.81% to 27.46% |
| 2024 | 3279 | 204.67 to 300.16 | $750268 | 0.30% | 1.30% to 1.90% | 36.59% to 39.44% |
| 2023 | 3559 | 145.92 to 215.26 | $595697 | 0.00% | 1.30% to 1.90% | 107.88% to 112.48% |
| 2022 | 3781 | 70.19 to 103.01 | $301598 | 0.00% | 1.30% to 1.90% | -62.31% to -61.44% |
| 2021 | 6602 | 186.26 to 267.12 | $1423356 | 0.00% | 1.30% to 1.90% | 47.12% to 50.54% |
| UltraShort Dow30 |  |  |  |  |  |  |
| 2025 |  | 0.03 to 0.03 | $0 | 0.89% | 1.30% to 1.90% | -24.96% to -24.96% |
| 2024 | 2428 | 0.04 to 0.04 | $103 | 3.28% | 1.30% to 1.90% | -19.68% to -19.68% |
| 2023 | 4271 | 0.05 to 0.05 | $226 | 0.14% | 1.30% to 1.90% | -21.04% to -21.04% |
| 2022 | 5177 | 0.07 to 0.07 | $346 | 0.00% | 1.30% to 1.90% | 4.29% to 4.29% |
| 2021 | 8059 | 0.06 to 0.06 | $517 | 0.00% | 1.30% to 1.90% | -37.28% to -37.28% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| UltraShort NASDAQ-100 | | | | | | |
| 2025 | 3817 | 0.00 to 0.00 | $10 | 1.51% | 1.30% to 1.90% | -34.88% to -34.88% |
| 2024 | 10240 | 0.01 to 0.01 | $40 | 3.08% | 1.30% to 1.90% | -35.72% to -35.72% |
| 2023 | 15515 | 0.01 to 0.01 | $95 | 0.00% | 1.30% to 1.90% | -58.88% to -58.70% |
| 2022 | 20805 | 0.01 to 0.01 | $306 | 0.00% | 1.30% to 1.90% | 51.02% to 51.63% |
| 2021 | 48783 | 0.01 to 0.01 | $475 | 0.00% | 1.30% to 1.90% | -44.71% to -44.36% |
| UltraSmall-Cap | | | | | | |
| 2025 | 9364 | 12.45 to 17.40 | $143845 | 0.96% | 1.30% to 1.90% | 8.83% to 10.70% |
| 2024 | 9821 | 11.44 to 15.72 | $135815 | 0.82% | 1.30% to 1.90% | 6.65% to 8.49% |
| 2023 | 8617 | 10.73 to 14.49 | $109708 | 0.00% | 1.30% to 1.90% | 17.99% to 20.01% |
| 2022 | 8134 | 9.09 to 12.07 | $86384 | 0.00% | 1.30% to 1.90% | -45.73% to -44.80% |
| 2021 | 20387 | 16.75 to 21.87 | $384718 | 0.00% | 1.30% to 1.90% | 18.83% to 20.86% |
| Utilities | | | | | | |
| 2025 | 1445 | 20.27 to 27.50 | $36954 | 1.25% | 1.30% to 1.90% | 10.06% to 11.78% |
| 2024 | 1949 | 18.08 to 24.61 | $44476 | 0.87% | 1.30% to 1.90% | 16.96% to 18.92% |
| 2023 | 7397 | 15.46 to 21.44 | $130571 | 1.23% | 1.30% to 1.90% | -11.82% to -10.17% |
| 2022 | 10050 | 17.53 to 24.26 | $197910 | 1.50% | 1.30% to 1.90% | -3.77% to -1.88% |
| 2021 | 3688 | 18.50 to 24.73 | $85218 | 1.31% | 1.30% to 1.90% | 11.44% to 13.52% |
| VanEck Worldwide Insurance Trust |  |  |  |  |  |  |
| Global Resources Fund |  |  |  |  |  |  |
| 2025 | 286309 | 8.72 to 46.84 | $5199433 | 2.54% | 0.95% to 1.90% | 31.49% to 35.19% |
| 2024 | 320126 | 6.63 to 34.65 | $4370761 | 2.49% | 0.95% to 1.90% | -6.44% to -3.96% |
| 2023 | 406420 | 7.09 to 36.00 | $5514553 | 2.43% | 0.95% to 1.90% | -7.14% to -4.49% |
| 2022 | 522495 | 7.63 to 37.70 | $7704996 | 1.76% | 0.95% to 1.90% | 4.41% to 7.37% |
| 2021 | 383113 | 7.31 to 35.11 | $5998442 | 0.43% | 0.95% to 1.90% | 14.60% to 17.8% |
| Emerging Markets Fund |  |  |  |  |  |  |
| 2025 | 11811 | 30.19 to 49.96 | $526834 | 0.81% | 0.95% to 1.40% | 26.97% to 28.70% |
| 2024 | 19028 | 23.55 to 38.82 | $679694 | 1.87% | 0.95% to 1.40% | -1.11% to 0.25% |
| 2023 | 19890 | 23.59 to 38.73 | $732890 | 3.45% | 0.95% to 1.40% | 7.28% to 8.74% |
| 2022 | 24336 | 21.78 to 35.61 | $807421 | 0.24% | 0.95% to 1.40% | -26.09% to -25.09% |
| 2021 | 28931 | 24.19 to 47.68 | $1276537 | 0.97% | 0.95% to 1.40% | -14.00% to -12.70% |
| Emerging Markets Bond Fund |  |  |  |  |  |  |
| 2025 | 17914 | 15.43 to 22.19 | $350023 | 6.05% | 0.95% to 1.40% | 16.21% to 17.37% |
| 2024 | 17620 | 13.20 to 18.91 | $291939 | 6.93% | 0.95% to 1.40% | 0.68% to 1.80% |
| 2023 | 24056 | 13.02 to 18.57 | $393569 | 3.94% | 0.95% to 1.40% | 9.15% to 10.35% |
| 2022 | 22713 | 11.84 to 16.83 | $341850 | 4.10% | 0.95% to 1.40% | -8.72% to -7.81% |
| 2021 | 24429 | 12.90 to 18.26 | $400505 | 4.90% | 0.95% to 1.40% | -6.00% to -4.96% |
| Janus Henderson Series |  |  |  |  |  |  |
| Global Technology and Innovation Portfolio |  |  |  |  |  |  |
| 2025 | 485664 | 17.89 to 92.47 | $28820491 | 0.00% | 1.15% to 1.65% | 22.80% to 23.72% |
| 2024 | 426780 | 14.49 to 74.92 | $20937132 | 0.00% | 1.15% to 1.65% | 29.58% to 30.57% |
| 2023 | 410823 | 11.12 to 57.53 | $15827232 | 0.00% | 1.15% to 1.65% | 51.76% to 52.90% |
| 2022 | 347344 | 7.29 to 37.72 | $8773284 | 0.00% | 1.15% to 1.65% | -38.15% to -37.69% |
| 2021 | 343520 | 11.72 to 60.68 | $14336384 | 0.11% | 1.15% to 1.65% | 16.05% to 16.40% |
| Overseas Portfolio |  |  |  |  |  |  |
| 2025 | 100706 | 14.15 to 19.84 | $1672674 | 1.39% | 1.15% to 1.65% | 26.60% to 27.43% |
| 2024 | 88610 | 11.13 to 15.62 | $1173757 | 1.42% | 1.15% to 1.65% | 3.94% to 4.62% |
| 2023 | 115916 | 10.66 to 14.99 | $1473078 | 1.43% | 1.15% to 1.65% | 9.00% to 9.60% |
| 2022 | 91422 | 9.74 to 13.72 | $1087968 | 1.66% | 1.15% to 1.65% | -10.15% to -9.65% |
| 2021 | 93357 | 10.81 to 15.24 | $1196911 | 1.19% | 1.15% to 1.65% | 11.77% to 11.99% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| Research Portfolio | | | | | | |
| 2025 | 1655 | 56.87 to 58.18 | $94573 | 0.00% | 1.15% to 1.65% | 16.51% to 16.75% |
| 2024 | 1747 | 48.81 to 49.84 | $85613 | 0.00% | 1.15% to 1.65% | 33.14% to 33.40% |
| 2023 | 2767 | 36.66 to 37.36 | $101725 | 0.06% | 1.15% to 1.65% | 40.90% to 41.18% |
| 2022 | 5728 | 26.02 to 26.46 | $149236 | 0.00% | 1.15% to 1.65% | -31.00% to -30.86% |
| 2021 | 7489 | 37.71 to 38.27 | $283269 | 0.02% | 1.15% to 1.65% | 18.44% to 18.68% |
| Enterprise Services Portfolio | | | | | | |
| 2025 | 1268331 | 13.30 to 35.88 | $36363651 | 0.05% | 1.15% to 1.65% | 5.66% to 6.45% |
| 2024 | 1329240 | 12.52 to 33.79 | $36676016 | 0.64% | 1.15% to 1.65% | 13.42% to 14.28% |
| 2023 | 1491484 | 10.98 to 29.64 | $37284426 | 0.09% | 1.15% to 1.65% | 15.85% to 16.72% |
| 2022 | 1413539 | 9.42 to 25.46 | $31661580 | 0.08% | 1.15% to 1.65% | -17.52% to -16.90% |
| 2021 | 1389255 | 11.36 to 30.71 | $39241724 | 0.24% | 1.15% to 1.65% | 14.63% to 15.21% |
| Global Research Portfolio | | | | | | |
| 2025 | 169773 | 16.70 to 39.08 | $5271898 | 0.43% | 1.15% to 1.65% | 18.63% to 19.52% |
| 2024 | 128809 | 14.00 to 32.78 | $3545756 | 0.54% | 1.15% to 1.65% | 21.23% to 22.15% |
| 2023 | 67823 | 11.49 to 26.90 | $1552536 | 0.71% | 1.15% to 1.65% | 24.41% to 25.34% |
| 2022 | 86643 | 9.18 to 21.52 | $1469892 | 0.83% | 1.15% to 1.65% | -20.85% to -20.33% |
| 2021 | 66993 | 11.55 to 27.07 | $1659012 | 0.38% | 1.15% to 1.65% | 16.22% to 16.45% |
| Mid Cap Value Portfolio | | | | | | |
| 2025 | 231667 | 13.75 to 25.27 | $4913060 | 0.65% | 1.15% to 1.65% | 4.55% to 5.34% |
| 2024 | 251168 | 13.08 to 24.05 | $5087655 | 0.84% | 1.15% to 1.65% | 10.94% to 11.78% |
| 2023 | 238614 | 11.72 to 21.57 | $4545243 | 0.92% | 1.15% to 1.65% | 9.29% to 10.11% |
| 2022 | 243368 | 10.67 to 19.64 | $4266745 | 1.12% | 1.15% to 1.65% | -7.31% to -6.62% |
| 2021 | 222532 | 11.45 to 21.08 | $4304237 | 0.31% | 1.15% to 1.65% | 17.82% to 18.06% |
| Balanced Portfolio | | | | | | |
| 2025 | 3571730 | 14.16 to 29.66 | $92337571 | 1.71% | 1.15% to 1.65% | 12.94% to 13.79% |
| 2024 | 3505006 | 12.46 to 26.13 | $80357073 | 1.76% | 1.15% to 1.65% | 13.25% to 14.11% |
| 2023 | 3844041 | 10.95 to 22.96 | $78720780 | 1.75% | 1.15% to 1.65% | 13.26% to 14.11% |
| 2022 | 4239139 | 9.61 to 20.17 | $76782262 | 0.96% | 1.15% to 1.65% | -17.98% to -17.36% |
| 2021 | 4024852 | 11.65 to 24.47 | $89831295 | 0.70% | 1.15% to 1.65% | 15.00% to 15.57% |
| Flexible Bond Portfolio | | | | | | |
| 2025 | 464382 | 9.32 to 11.46 | $5158874 | 4.24% | 1.15% to 1.65% | 5.47% to 6.26% |
| 2024 | 633277 | 8.78 to 10.81 | $6649030 | 4.27% | 1.15% to 1.65% | -0.05% to 0.71% |
| 2023 | 678487 | 8.74 to 10.77 | $7117312 | 3.52% | 1.15% to 1.65% | 3.57% to 4.35% |
| 2022 | 736846 | 8.39 to 10.34 | $7446718 | 1.77% | 1.15% to 1.65% | -15.31% to -14.67% |
| 2021 | 930912 | 9.86 to 12.15 | $11002406 | 1.68% | 1.15% to 1.65% | -2.44% to -2.24% |
| Forty Portfolio | | | | | | |
| 2025 | 80435 | 12.68 to 12.80 | $1023598 | 0.00% | 1.15% to 1.65% | 16.28% to 16.81% |
| 2024 | 36294 | 10.94 to 10.96 | $397106 | 0.00% | 1.15% to 1.65% | 9.37% to 9.58% |
| PIMCO Variable Insurance Trust |  |  |  |  |  |  |
| Total Return Portfolio |  |  |  |  |  |  |
| 2025 | 3008861 | 9.42 to 18.97 | $35770704 | 4.03% | 0.95% to 1.90% | 4.94% to 7.86% |
| 2024 | 2721173 | 8.80 to 17.58 | $30768952 | 3.86% | 0.95% to 1.90% | -1.21% to 1.56% |
| 2023 | 2547269 | 8.70 to 17.31 | $28859224 | 3.42% | 0.95% to 1.90% | 2.09% to 4.93% |
| 2022 | 2850276 | 8.32 to 16.50 | $30907266 | 2.45% | 0.95% to 1.90% | -17.41% to -15.11% |
| 2021 | 3417926 | 9.82 to 19.44 | $43643688 | 1.74% | 0.95% to 1.90% | -4.81% to -2.20% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| Low Duration Portfolio |  |  |  |  |  |  |
| 2025 | 2296585 | 8.40 to 14.29 | $23807776 | 3.82% | 0.95% to 1.90% | 1.79% to 4.53% |
| 2024 | 2565427 | 8.25 to 13.67 | $25578761 | 3.87% | 0.95% to 1.90% | 0.78% to 3.50% |
| 2023 | 2902030 | 8.19 to 13.21 | $28079889 | 3.47% | 0.95% to 1.90% | 1.27% to 3.98% |
| 2022 | 3206727 | 8.29 to 12.70 | $30036870 | 1.50% | 0.95% to 1.90% | -8.93% to -6.63% |
| 2021 | 3694238 | 9.10 to 13.61 | $37157037 | 0.43% | 0.95% to 1.90% | -4.29% to -1.86% |
| High Yield Portfolio |  |  |  |  |  |  |
| 2025 | 921006 | 11.44 to 30.54 | $15053864 | 6.14% | 0.95% to 1.90% | 4.90% to 7.93% |
| 2024 | 935168 | 10.63 to 28.29 | $14313222 | 5.83% | 0.95% to 1.90% | 2.88% to 5.87% |
| 2023 | 751379 | 10.06 to 26.72 | $11383503 | 6.29% | 0.95% to 1.90% | 8.05% to 11.16% |
| 2022 | 620312 | 9.08 to 24.04 | $8632214 | 5.11% | 0.95% to 1.90% | -13.63% to -11.13% |
| 2021 | 631502 | 10.24 to 27.05 | $10193934 | 4.50% | 0.95% to 1.90% | -0.23% to 2.65% |
| Real Return Portfolio |  |  |  |  |  |  |
| 2025 | 1662651 | 9.90 to 19.06 | $18228456 | 3.18% | 0.25% to 1.90% | 3.93% to 6.83% |
| 2024 | 1853224 | 9.41 to 17.84 | $19142980 | 2.50% | 0.25% to 1.90% | -1.60% to 1.16% |
| 2023 | 2005034 | 9.33 to 17.64 | $20588946 | 2.89% | 0.95% to 1.90% | 0.01% to 2.69% |
| 2022 | 2340818 | 9.11 to 17.18 | $23530989 | 7.20% | 0.95% to 1.90% | -15.01% to -12.74% |
| 2021 | 2419180 | 10.46 to 19.68 | $28158458 | 4.78% | 0.95% to 1.90% | 1.85% to 4.59% |
| All Asset Portfolio |  |  |  |  |  |  |
| 2025 | 187821 | 12.04 to 20.56 | $2744364 | 4.43% | 0.95% to 1.90% | 10.27% to 13.17% |
| 2024 | 207209 | 10.66 to 18.29 | $2688983 | 6.13% | 0.95% to 1.90% | -0.01% to 2.64% |
| 2023 | 216639 | 10.41 to 17.93 | $2783311 | 2.82% | 0.95% to 1.90% | 4.31% to 7.05% |
| 2022 | 244412 | 9.74 to 16.86 | $2965503 | 7.48% | 0.95% to 1.90% | -14.90% to -12.66% |
| 2021 | 261589 | 11.17 to 19.43 | $3850527 | 10.69% | 0.95% to 1.90% | 12.05% to 14.71% |
| Global Managed Asset Allocation Portfolio |  |  |  |  |  |  |
| 2025 | 74629 | 13.16 to 17.73 | $1277265 | 4.32% | 1.15% to 1.65% | 19.78% to 20.68% |
| 2024 | 75524 | 10.93 to 14.73 | $1078829 | 3.47% | 1.15% to 1.65% | 8.93% to 9.75% |
| 2023 | 77486 | 9.98 to 13.45 | $1013616 | 2.20% | 1.15% to 1.65% | 11.01% to 11.84% |
| 2022 | 75818 | 8.94 to 12.06 | $890660 | 1.77% | 1.15% to 1.65% | -19.73% to -19.13% |
| 2021 | 82827 | 11.08 to 14.95 | $1209638 | 2.13% | 1.15% to 1.65% | 11.09% to 11.32% |
| Short-Term Portfolio |  |  |  |  |  |  |
| 2025 | 2819817 | 10.85 to 11.45 | $31616173 | 4.39% | 0.25% to 1.65% | 2.86% to 3.63% |
| 2024 | 3439611 | 10.55 to 11.08 | $37397299 | 4.86% | 0.25% to 1.65% | 4.20% to 4.99% |
| 2023 | 4336798 | 10.12 to 10.58 | $45099059 | 4.18% | 1.15% to 1.65% | 4.07% to 4.85% |
| 2022 | 5692483 | 9.73 to 10.11 | $56661671 | 1.66% | 1.15% to 1.65% | -1.88% to -1.14% |
| 2021 | 4383191 | 9.86 to 10.25 | $44386005 | 0.93% | 1.15% to 1.65% | -1.79% to -1.30% |
| Emerging Markets Bond Portfolio |  |  |  |  |  |  |
| 2025 | 112218 | 10.81 to 14.22 | $1462172 | 6.38% | 1.15% to 1.65% | 12.98% to 13.84% |
| 2024 | 124087 | 9.52 to 12.52 | $1469733 | 6.18% | 1.15% to 1.65% | 5.65% to 6.45% |
| 2023 | 137402 | 8.96 to 11.79 | $1544898 | 5.39% | 1.15% to 1.65% | 9.19% to 10.01% |
| 2022 | 161261 | 8.16 to 10.75 | $1655280 | 4.53% | 1.15% to 1.65% | -17.18% to -16.55% |
| 2021 | 164879 | 9.80 to 12.91 | $2058796 | 4.54% | 1.15% to 1.65% | -3.96% to -3.77% |
| Global Bond Opportunities Portfolio |  |  |  |  |  |  |
| 2025 | 8798 | 9.94 to 9.94 | $87434 | 4.47% | 1.15% to 1.65% | 11.13% to 11.13% |
| 2024 | 8821 | 8.94 to 8.94 | $78876 | 3.37% | 1.15% to 1.65% | -1.94% to -1.94% |
| 2023 | 8441 | 9.12 to 9.29 | $76974 | 2.11% | 1.15% to 1.65% | 3.75% to 3.75% |
| 2022 | 12052 | 8.79 to 8.94 | $106448 | 1.26% | 1.15% to 1.65% | -12.28% to -12.11% |
| 2021 | 10464 | 10.02 to 10.17 | $104951 | 3.71% | 1.15% to 1.65% | -5.54% to -5.35% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| Commodity Real Return Strategy Portfolio | | | | | | |
| 2025 | 601615 | 7.71 to 19.91 | $4991548 | 2.78% | 1.15% to 1.65% | 16.72% to 17.60% |
| 2024 | 731200 | 6.59 to 17.02 | $5187357 | 1.92% | 1.15% to 1.65% | 2.25% to 3.03% |
| 2023 | 944569 | 6.42 to 16.61 | $6445420 | 15.25% | 1.15% to 1.65% | -9.44% to -8.76% |
| 2022 | 1024597 | 7.07 to 18.31 | $7817404 | 26.22% | 1.15% to 1.65% | 6.89% to 7.69% |
| 2021 | 969729 | 6.59 to 17.09 | $6614547 | 4.38% | 1.15% to 1.65% | 31.33% to 31.59% |
| International Bond (USD-Hedged) Portfolio | | | | | | |
| 2025 | 197224 | 9.92 to 11.70 | $2221017 | 3.28% | 1.15% to 1.65% | 2.15% to 2.92% |
| 2024 | 190965 | 9.65 to 11.40 | $2108550 | 3.74% | 1.15% to 1.65% | 3.62% to 4.41% |
| 2023 | 252912 | 9.27 to 10.94 | $2696013 | 2.46% | 1.15% to 1.65% | 7.13% to 7.93% |
| 2022 | 252393 | 8.60 to 10.16 | $2505641 | 1.37% | 1.15% to 1.65% | -11.53% to -11.05% |
| 2021 | 248916 | 9.69 to 11.45 | $2801341 | 1.44% | 1.15% to 1.65% | -3.37% to -3.17% |
| Dynamic Bond Adv Portfolio | | | | | | |
| 2025 | 174290 | 10.88 to 12.13 | $2058366 | 5.36% | 1.15% to 1.65% | 6.44% to 7.03% |
| 2024 | 164093 | 10.18 to 11.36 | $1830695 | 4.81% | 1.15% to 1.65% | 3.98% to 4.56% |
| 2023 | 187209 | 9.76 to 10.89 | $2005684 | 3.39% | 1.15% to 1.65% | 5.56% to 6.04% |
| 2022 | 206616 | 9.22 to 10.30 | $2094573 | 2.52% | 1.15% to 1.65% | -7.70% to -7.47% |
| 2021 | 234562 | 9.97 to 11.14 | $2577240 | 1.94% | 1.15% to 1.65% | -0.17% to 0.03% |
| Income Advisor Portfolio | | | | | | |
| 2025 | 2558927 | 11.15 to 12.58 | $31482675 | 4.87% | 1.15% to 1.65% | 8.28% to 9.10% |
| 2024 | 2574913 | 10.24 to 11.56 | $29280745 | 5.76% | 1.15% to 1.65% | 3.57% to 4.35% |
| 2023 | 2887901 | 9.83 to 11.11 | $31631301 | 5.19% | 1.15% to 1.65% | 6.38% to 7.18% |
| 2022 | 3039762 | 9.19 to 10.39 | $31220196 | 3.51% | 1.15% to 1.65% | -9.38% to -8.69% |
| 2021 | 3164894 | 10.09 to 11.41 | $35772908 | 2.80% | 1.15% to 1.65% | 0.23% to 0.73% |
| StocksPLUS Global Portfolio | | | | | | |
| 2025 | 149567 | 12.42 to 12.49 | $1863839 | 5.82% | 1.15% to 1.65% | 22.83% to 22.83% |
| 2024 | 73 | 10.17 to 10.17 | $740 | 2.52% | 1.15% to 1.65% | 1.71% to 1.71% |
| Global Diversified Allocation Advisor Portfolio | | | | | | |
| 2025 | 444 | 11.50 to 11.50 | $5104 | 5.02% | 1.15% to 1.65% | 15.04% to 15.04% |
| Goldman Sachs Variable Insurance Trust |  |  |  |  |  |  |
| Small Cap Equity Insights Fund |  |  |  |  |  |  |
| 2025 | 41511 | 23.12 to 41.03 | $1487039 | 0.70% | 0.95% to 1.90% | 12.04% to 15.04% |
| 2024 | 45694 | 18.68 to 35.66 | $1431293 | 1.01% | 0.95% to 1.90% | 14.82% to 17.92% |
| 2023 | 52969 | 17.93 to 30.24 | $1402481 | 0.97% | 0.95% to 1.90% | 15.19% to 18.15% |
| 2022 | 58779 | 15.57 to 25.60 | $1269059 | 0.23% | 0.95% to 1.90% | -22.15% to -20.14% |
| 2021 | 69465 | 20.00 to 32.05 | $1906749 | 0.53% | 0.95% to 1.90% | 19.53% to 22.62% |
| Large Cap Value Fund |  |  |  |  |  |  |
| 2025 | 8276 | 27.70 to 36.77 | $273304 | 1.16% | 0.95% to 1.40% | 8.36% to 9.84% |
| 2024 | 7683 | 25.56 to 33.48 | $228105 | 1.64% | 0.95% to 1.40% | 14.42% to 15.98% |
| 2023 | 5726 | 21.71 to 28.87 | $155791 | 0.78% | 0.95% to 1.40% | 10.28% to 11.95% |
| 2022 | 24660 | 19.68 to 25.79 | $554027 | 1.26% | 0.95% to 1.40% | -8.63% to -7.25% |
| 2021 | 26536 | 21.54 to 27.80 | $648703 | 1.62% | 0.95% to 1.40% | 21.13% to 22.96% |
| Mid Cap Value Fund |  |  |  |  |  |  |
| 2025 | 63012 | 32.55 to 46.52 | $2704266 | 1.16% | 0.95% to 1.40% | 6.53% to 8.36% |
| 2024 | 69638 | 30.56 to 42.93 | $2767369 | 0.99% | 0.95% to 1.40% | 9.44% to 11.33% |
| 2023 | 78534 | 27.92 to 38.56 | $2827344 | 0.94% | 0.95% to 1.40% | 8.51% to 10.37% |
| 2022 | 95787 | 25.73 to 34.94 | $3110709 | 0.63% | 0.95% to 1.40% | -12.34% to -10.84% |
| 2021 | 112318 | 29.35 to 39.19 | $4110887 | 0.47% | 0.95% to 1.40% | 27.53% to 29.71% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| Neuberger Berman Advisors Management Trust |  |  |  |  |  |  |
| Mid-Cap Growth Portfolio |  |  |  |  |  |  |
| 2025 | 9200 | 43.24 to 56.22 | $454765 | 0.00% | 0.95% to 1.40% | 2.94% to 4.24% |
| 2024 | 10380 | 39.95 to 53.93 | $494209 | 0.00% | 0.95% to 1.40% | 20.75% to 22.58% |
| 2023 | 12500 | 33.09 to 43.99 | $495985 | 0.00% | 0.95% to 1.40% | 15.12% to 16.85% |
| 2022 | 15153 | 30.34 to 37.65 | $536207 | 0.00% | 0.95% to 1.40% | -30.34% to -29.50% |
| 2021 | 21621 | 43.18 to 53.40 | $1067354 | 0.00% | 0.95% to 1.40% | 10.27% to 11.66% |
| AMT Mid Cap Intrinsic Value Portfolio |  |  |  |  |  |  |
| 2025 | 4172 | 28.21 to 34.80 | $131540 | 0.44% | 0.95% to 1.40% | 9.40% to 10.50% |
| 2024 | 4377 | 25.27 to 31.49 | $125567 | 0.73% | 0.95% to 1.40% | 6.60% to 7.78% |
| 2023 | 4450 | 21.97 to 29.22 | $118652 | 0.59% | 0.95% to 1.40% | 8.32% to 9.96% |
| 2022 | 13144 | 20.28 to 26.57 | $305694 | 0.44% | 0.95% to 1.40% | -11.93% to -10.61% |
| 2021 | 20256 | 22.86 to 29.73 | $526999 | 0.76% | 0.95% to 1.40% | 29.59% to 31.54% |
| BNY Mellon Variable Investment Fund |  |  |  |  |  |  |
| Appreciation Portfolio |  |  |  |  |  |  |
| 2025 | 6896 | 28.70 to 42.12 | $245741 | 0.14% | 1.30% to 1.90% | 5.80% to 7.88% |
| 2024 | 7032 | 27.12 to 39.04 | $235100 | 0.21% | 1.30% to 1.90% | 8.37% to 10.52% |
| 2023 | 8032 | 25.03 to 35.32 | $248194 | 0.62% | 1.30% to 1.90% | 16.30% to 18.58% |
| 2022 | 11834 | 21.52 to 29.79 | $307878 | 0.28% | 1.30% to 1.90% | -21.22% to -19.67% |
| 2021 | 19465 | 27.32 to 37.08 | $619698 | 0.16% | 1.30% to 1.90% | 22.17% to 24.57% |
| Sustainable U.S. Equity Portfolio |  |  |  |  |  |  |
| 2025 | 469 | 40.02 to 47.31 | $21372 | 0.06% | 1.30% to 1.90% | 12.82% to 13.78% |
| 2024 | 632 | 35.48 to 41.58 | $24892 | 0.34% | 1.30% to 1.90% | 21.48% to 22.53% |
| 2023 | 501 | 29.20 to 33.34 | $16103 | 0.54% | 1.30% to 1.90% | 20.47% to 21.37% |
| 2022 | 534 | 24.24 to 27.47 | $14050 | 0.28% | 1.30% to 1.90% | -24.96% to -24.40% |
| 2021 | 520 | 29.64 to 36.33 | $18105 | 0.41% | 1.30% to 1.90% | 22.88% to 24.48% |
| Morgan Stanley Variable Institutional Funds |  |  |  |  |  |  |
| Emerging Markets Debt Portfolio |  |  |  |  |  |  |
| 2025 | 926 | 12.62 to 19.27 | $13682 | 14.05% | 1.30% to 1.90% | 11.22% to 13.63% |
| 2024 | 1042 | 11.35 to 16.95 | $13760 | 8.81% | 1.30% to 1.90% | 7.38% to 9.72% |
| 2023 | 1510 | 10.57 to 15.45 | $18225 | 8.92% | 1.30% to 1.90% | 7.80% to 10.14% |
| 2022 | 1894 | 9.80 to 14.03 | $21233 | 8.06% | 1.30% to 1.90% | -21.64% to -19.94% |
| 2021 | 2236 | 12.51 to 17.52 | $32468 | 5.06% | 1.30% to 1.90% | -5.39% to -3.33% |
| Emerging Markets Equity Portfolio |  |  |  |  |  |  |
| 2025 | 8161 | 11.46 to 16.65 | $121322 | 0.35% | 1.30% to 1.90% | 28.33% to 30.79% |
| 2024 | 8729 | 8.93 to 12.85 | $99503 | 1.33% | 1.30% to 1.90% | 3.99% to 6.05% |
| 2023 | 10681 | 8.59 to 12.12 | $113354 | 1.52% | 1.30% to 1.90% | 8.12% to 10.25% |
| 2022 | 11909 | 7.94 to 10.99 | $115114 | 0.32% | 1.30% to 1.90% | -27.70% to -26.28% |
| 2021 | 13483 | 10.98 to 14.91 | $177988 | 0.82% | 1.30% to 1.90% | -0.59% to 1.37% |
| Discovery Portfolio |  |  |  |  |  |  |
| 2025 | 1219 | 39.03 to 41.81 | $50665 | 0.42% | 1.30% to 1.90% | 9.39% to 9.77% |
| 2024 | 1283 | 35.68 to 38.09 | $48611 | 0.00% | 1.30% to 1.90% | 37.87% to 38.35% |
| 2023 | 1393 | 25.20 to 27.53 | $38118 | 0.00% | 1.30% to 1.90% | 40.03% to 40.73% |
| 2022 | 1856 | 18.00 to 19.56 | $36101 | 0.00% | 1.30% to 1.90% | -64.03% to -63.85% |
| 2021 | 1872 | 50.03 to 54.11 | $101040 | 0.00% | 1.30% to 1.90% | -13.74% to -13.30% |
| U.S. Real Estate Portfolio |  |  |  |  |  |  |
| 2024 |  | - | $0 | 4.18% | 1.30% to 1.90% | 11.38% to 13.49% |
| 2023 | 3238 | 10.76 to 15.32 | $40180 | 1.80% | 1.30% to 1.90% | 10.25% to 12.47% |
| 2022 | 4346 | 9.76 to 13.63 | $48527 | 0.96% | 1.30% to 1.90% | -29.75% to -28.33% |
| 2021 | 4639 | 13.89 to 19.01 | $73352 | 2.07% | 1.30% to 1.90% | 34.58% to 37.29% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| Northern Lights Variable Trust |  |  |  |  |  |  |
| Power Income Fund |  |  |  |  |  |  |
| 2021 |  | - | $0 | 0.00% | 1.15% to 1.65% | n/a |
| Power Dividend Index Fund |  |  |  |  |  |  |
| 2025 | 19596 | 12.07 to 12.27 | $236951 | 1.06% | 1.15% to 1.65% | 15.62% to 15.85% |
| 2024 | 48935 | 10.44 to 10.59 | $514236 | 1.47% | 1.15% to 1.65% | 11.23% to 11.46% |
| 2023 | 72433 | 9.38 to 9.50 | $682293 | 1.61% | 1.15% to 1.65% | -2.90% to -2.71% |
| 2022 | 73279 | 9.66 to 9.77 | $710822 | 1.38% | 1.15% to 1.65% | -11.55% to -11.38% |
| 2021 | 76151 | 10.92 to 11.02 | $834562 | 1.19% | 1.15% to 1.65% | 28.55% to 28.81% |
| AB Variable Products Series |  |  |  |  |  |  |
| Dynamic Asset Allocation Portfolio |  |  |  |  |  |  |
| 2025 | 163461 | 11.86 to 16.75 | $2669218 | 1.57% | 1.15% to 1.65% | 11.58% to 11.97% |
| 2024 | 177100 | 10.59 to 14.96 | $2585234 | 1.12% | 1.15% to 1.65% | 8.82% to 9.21% |
| 2023 | 190353 | 9.70 to 13.71 | $2539338 | 0.59% | 1.15% to 1.65% | 11.85% to 12.18% |
| 2022 | 203237 | 9.66 to 12.22 | $2424823 | 2.40% | 1.15% to 1.65% | -19.77% to -19.61% |
| 2021 | 225592 | 12.48 to 15.20 | $3355731 | 1.54% | 1.15% to 1.65% | 7.81% to 8.03% |
| Small Cap Growth Portfolio |  |  |  |  |  |  |
| 2025 | 729 | 32.68 to 32.68 | $23818 | 0.00% | 1.15% to 1.65% | 3.05% to 3.05% |
| 2024 | 706 | 31.71 to 31.71 | $22399 | 0.00% | 1.15% to 1.65% | 16.84% to 16.84% |
| 2023 | 788 | 27.14 to 27.66 | $21398 | 0.00% | 1.15% to 1.65% | 16.15% to 16.15% |
| 2022 | 803 | 23.37 to 23.77 | $18765 | 0.00% | 1.15% to 1.65% | -40.08% to -39.96% |
| 2021 | 578 | 39.00 to 39.58 | $22574 | 0.00% | 1.15% to 1.65% | 7.74% to 7.95% |
| Discovery Value Portfolio |  |  |  |  |  |  |
| 2025 | 264093 | 13.38 to 28.28 | $6051157 | 0.58% | 1.15% to 1.65% | 0.96% to 1.72% |
| 2024 | 273885 | 13.18 to 27.87 | $6270118 | 0.68% | 1.15% to 1.65% | 7.91% to 8.73% |
| 2023 | 325469 | 12.15 to 25.70 | $6909113 | 0.83% | 1.15% to 1.65% | 14.96% to 15.82% |
| 2022 | 330937 | 10.51 to 22.25 | $6142464 | 0.80% | 1.15% to 1.65% | -17.19% to -16.57% |
| 2021 | 294258 | 12.63 to 26.73 | $6375347 | 0.72% | 1.15% to 1.65% | 33.79% to 34.06% |
| BlackRock Variable Series Fund, Inc. |  |  |  |  |  |  |
| Basic Value Fund |  |  |  |  |  |  |
| 2025 | 150957 | 16.64 to 33.67 | $4100650 | 1.78% | 1.15% to 1.65% | 22.13% to 22.93% |
| 2024 | 167343 | 13.56 to 27.46 | $3852549 | 1.77% | 1.15% to 1.65% | 8.24% to 9.06% |
| 2023 | 171350 | 12.46 to 25.24 | $3752288 | 1.43% | 1.15% to 1.65% | 14.46% to 15.20% |
| 2022 | 210779 | 10.84 to 21.96 | $3890440 | 1.30% | 1.15% to 1.65% | -6.58% to -6.16% |
| 2021 | 161342 | 11.55 to 23.42 | $3425421 | 1.20% | 1.15% to 1.65% | 19.59% to 19.95% |
| Capital Appreciation Fund |  |  |  |  |  |  |
| 2025 | 6821 | 54.27 to 55.53 | $375319 | 0.00% | 1.15% to 1.65% | 10.28% to 10.50% |
| 2024 | 8259 | 49.21 to 50.25 | $411798 | 0.00% | 1.15% to 1.65% | 30.15% to 30.41% |
| 2023 | 12068 | 22.74 to 38.53 | $462038 | 0.00% | 1.15% to 1.65% | 46.61% to 46.90% |
| 2022 | 15452 | 15.49 to 26.23 | $400206 | 0.00% | 1.15% to 1.65% | -38.64% to -38.52% |
| 2021 | 30517 | 25.23 to 42.67 | $1294158 | 0.00% | 1.15% to 1.65% | 19.27% to 19.51% |
| Equity Dividend Fund |  |  |  |  |  |  |
| 2025 | 959891 | 15.72 to 34.18 | $27677322 | 2.04% | 1.15% to 1.65% | 19.33% to 20.23% |
| 2024 | 895918 | 13.10 to 28.50 | $22309398 | 2.27% | 1.15% to 1.65% | 7.90% to 8.71% |
| 2023 | 899787 | 12.07 to 26.28 | $21770381 | 1.65% | 1.15% to 1.65% | 10.16% to 10.99% |
| 2022 | 1224251 | 10.90 to 23.74 | $27039392 | 1.45% | 1.15% to 1.65% | -5.67% to -4.96% |
| 2021 | 1200894 | 11.49 to 25.04 | $28620603 | 1.35% | 1.15% to 1.65% | 18.33% to 18.92% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| Global Allocation Fund | | | | | | |
| 2025 | 638486 | 12.30 to 20.22 | $11840135 | 4.07% | 1.15% to 1.65% | 17.79% to 18.44% |
| 2024 | 690408 | 10.41 to 17.12 | $11135943 | 1.41% | 1.15% to 1.65% | 7.35% to 7.94% |
| 2023 | 785209 | 9.66 to 15.90 | $11864939 | 2.39% | 1.15% to 1.65% | 10.88% to 11.48% |
| 2022 | 893423 | 8.68 to 14.29 | $12171555 | 0.00% | 1.15% to 1.65% | -17.45% to -16.82% |
| 2021 | 1016228 | 10.46 to 17.23 | $16846204 | 0.83% | 1.15% to 1.65% | 4.99% to 5.20% |
| Advantage Large Cap Core Fund | | | | | | |
| 2025 | 9603 | 46.61 to 47.69 | $450384 | 0.22% | 1.15% to 1.65% | 18.12% to 18.36% |
| 2024 | 11415 | 39.46 to 40.29 | $452487 | 0.42% | 1.15% to 1.65% | 23.42% to 23.67% |
| 2023 | 13026 | 31.97 to 32.58 | $417983 | 0.52% | 1.15% to 1.65% | 23.23% to 23.48% |
| 2022 | 15563 | 25.94 to 26.38 | $405050 | 0.63% | 1.15% to 1.65% | -21.23% to -21.07% |
| 2021 | 16846 | 32.93 to 33.43 | $556640 | 0.07% | 1.15% to 1.65% | 26.35% to 26.60% |
| Large Cap Focus Growth Fund | | | | | | |
| 2025 | 446287 | 15.85 to 58.94 | $16815683 | 0.00% | 1.15% to 1.65% | 9.66% to 10.48% |
| 2024 | 440205 | 14.37 to 53.48 | $15903264 | 0.00% | 1.15% to 1.65% | 29.22% to 30.20% |
| 2023 | 470565 | 11.06 to 41.18 | $13290839 | 0.00% | 1.15% to 1.65% | 49.98% to 51.11% |
| 2022 | 492659 | 7.33 to 27.32 | $8526239 | 0.00% | 1.15% to 1.65% | -39.26% to -38.81% |
| 2021 | 488519 | 12.01 to 44.75 | $15478943 | 0.00% | 1.15% to 1.65% | 16.09% to 16.43% |
| 60/40 Target Allocation ETF Fund | | | | | | |
| 2025 | 495104 | 13.20 to 18.74 | $8937728 | 2.02% | 1.15% to 1.65% | 13.60% to 14.34% |
| 2024 | 605469 | 11.57 to 16.43 | $9736578 | 2.44% | 1.15% to 1.65% | 9.63% to 10.35% |
| 2023 | 503446 | 10.50 to 14.92 | $7326689 | 1.75% | 1.15% to 1.65% | 13.55% to 14.06% |
| 2022 | 595453 | 9.21 to 13.09 | $7596065 | 1.81% | 1.15% to 1.65% | -16.34% to -15.96% |
| 2021 | 580446 | 10.96 to 15.58 | $8810834 | 1.99% | 1.15% to 1.65% | 10.09% to 10.42% |
| Total Return Fund | | | | | | |
| 2025 | 191325 | 10.55 to 10.55 | $2009279 | 3.93% | 1.15% to 1.65% | 6.27% to 6.27% |
| 2024 | 191340 | 9.93 to 9.93 | $1892705 | 4.10% | 1.15% to 1.65% | -0.10% to -0.10% |
| 2023 | 165097 | 9.94 to 9.94 | $1635480 | 3.53% | 1.15% to 1.65% | 4.11% to 4.11% |
| 2022 | 153161 | 9.54 to 9.54 | $1457503 | 1.81% | 1.15% to 1.65% | -15.33% to -15.33% |
| 2021 | 160594 | 11.27 to 11.27 | $1808464 | 1.41% | 1.15% to 1.65% | -2.92% to -2.92% |
| S&P 500 Fund | | | | | | |
| 2025 | 86685 | 24.62 to 24.62 | $2134300 | 0.90% | 1.15% to 1.65% | 15.96% to 15.96% |
| 2024 | 95115 | 21.23 to 21.23 | $2019542 | 1.05% | 1.15% to 1.65% | 22.96% to 22.96% |
| 2023 | 104741 | 17.27 to 17.27 | $1808621 | 1.12% | 1.15% to 1.65% | 24.34% to 24.34% |
| 2022 | 110592 | 13.89 to 13.89 | $1535810 | 1.15% | 1.15% to 1.65% | -19.43% to -19.43% |
| 2021 | 116476 | 17.24 to 17.24 | $2007678 | 1.03% | 1.15% to 1.65% | 26.64% to 26.64% |
| Columbia Variable Portfolio |  |  |  |  |  |  |
| Contrarian Core 2 Portfolio |  |  |  |  |  |  |
| 2025 | 552328 | 18.08 to 40.69 | $17903896 | 0.00% | 1.15% to 1.65% | 15.43% to 16.30% |
| 2024 | 534112 | 15.58 to 35.07 | $15200937 | 0.00% | 1.15% to 1.65% | 21.07% to 21.98% |
| 2023 | 457933 | 12.79 to 28.82 | $10969197 | 0.00% | 1.15% to 1.65% | 29.74% to 30.71% |
| 2022 | 374675 | 9.81 to 22.11 | $7037375 | 0.00% | 1.15% to 1.65% | -20.18% to -19.58% |
| 2021 | 314609 | 12.22 to 27.56 | $7709215 | 0.00% | 1.15% to 1.65% | 22.30% to 22.55% |
| Dividend Opportunity Portfolio |  |  |  |  |  |  |
| 2025 | 394079 | 15.97 to 25.75 | $8752672 | 0.00% | 1.15% to 1.65% | 13.67% to 14.53% |
| 2024 | 430002 | 13.97 to 22.54 | $8414398 | 0.00% | 1.15% to 1.65% | 13.22% to 14.08% |
| 2023 | 470709 | 12.27 to 19.81 | $8358698 | 0.00% | 1.15% to 1.65% | 3.13% to 3.90% |
| 2022 | 560878 | 11.84 to 19.11 | $9903002 | 0.00% | 1.15% to 1.65% | -3.00% to -2.27% |
| 2021 | 326866 | 12.14 to 19.60 | $6115703 | 0.00% | 1.15% to 1.65% | 23.96% to 24.45% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| Emerging Markets Bond Portfolio |  |  |  |  |  |  |
| 2025 | 237228 | 10.38 to 12.83 | $2946953 | 4.86% | 1.15% to 1.65% | 10.92% to 11.64% |
| 2024 | 302696 | 9.32 to 11.52 | $3410479 | 4.96% | 1.15% to 1.65% | 4.49% to 4.96% |
| 2023 | 361405 | 8.88 to 10.98 | $3888217 | 5.03% | 1.15% to 1.65% | 8.33% to 8.77% |
| 2022 | 425146 | 8.16 to 10.09 | $4219308 | 3.73% | 1.15% to 1.65% | -17.45% to -17.12% |
| 2021 | 485439 | 9.84 to 12.18 | $5819091 | 3.64% | 1.15% to 1.65% | -3.76% to -3.57% |
| High Yield Portfolio |  |  |  |  |  |  |
| 2025 | 563746 | 11.45 to 15.53 | $8013086 | 5.33% | 1.15% to 1.65% | 6.72% to 7.52% |
| 2024 | 500204 | 10.67 to 14.48 | $6794040 | 5.89% | 1.15% to 1.65% | 5.12% to 5.91% |
| 2023 | 492503 | 10.09 to 13.71 | $6479175 | 5.65% | 1.15% to 1.65% | 10.04% to 10.87% |
| 2022 | 369412 | 9.12 to 12.39 | $4435748 | 4.44% | 1.15% to 1.65% | -12.24% to -11.58% |
| 2021 | 459802 | 10.34 to 14.05 | $6309076 | 4.29% | 1.15% to 1.65% | 3.28% to 3.59% |
| Select Large-Cap Value Portfolio |  |  |  |  |  |  |
| 2025 | 694616 | 16.63 to 22.53 | $15006243 | 0.00% | 1.15% to 1.65% | 25.88% to 26.83% |
| 2024 | 723974 | 13.14 to 17.81 | $12403332 | 0.00% | 1.15% to 1.65% | 10.72% to 11.56% |
| 2023 | 822763 | 11.80 to 16.00 | $12796106 | 0.00% | 1.15% to 1.65% | 3.39% to 4.17% |
| 2022 | 464322 | 11.35 to 15.40 | $6954925 | 0.00% | 1.15% to 1.65% | -3.66% to -2.94% |
| 2021 | 284336 | 11.72 to 15.91 | $4356661 | 0.00% | 1.15% to 1.65% | 23.92% to 24.54% |
| Seligman Global Tech Portfolio |  |  |  |  |  |  |
| 2025 | 694790 | 21.06 to 47.55 | $26525738 | 0.00% | 1.15% to 1.65% | 32.17% to 33.17% |
| 2024 | 646601 | 15.84 to 35.80 | $19508966 | 0.00% | 1.15% to 1.65% | 24.49% to 25.44% |
| 2023 | 649974 | 12.66 to 28.61 | $15762403 | 0.00% | 1.15% to 1.65% | 42.51% to 43.58% |
| 2022 | 518814 | 8.83 to 19.98 | $9038981 | 0.00% | 1.15% to 1.65% | -32.97% to -32.47% |
| 2021 | 481453 | 13.11 to 29.66 | $12396518 | 0.26% | 1.15% to 1.65% | 36.83% to 37.10% |
| US Government Mortgage Portfolio |  |  |  |  |  |  |
| 2025 | 116487 | 9.19 to 10.15 | $1142715 | 2.33% | 1.15% to 1.65% | 7.05% to 7.74% |
| 2024 | 105489 | 8.59 to 9.43 | $968118 | 3.13% | 1.15% to 1.65% | -0.34% to 0.31% |
| 2023 | 88711 | 8.59 to 9.42 | $817028 | 2.53% | 1.15% to 1.65% | 3.71% to 4.38% |
| 2022 | 106193 | 8.24 to 9.04 | $941623 | 1.06% | 1.15% to 1.65% | -15.72% to -15.18% |
| 2021 | 228527 | 9.72 to 10.67 | $2353868 | 1.81% | 1.15% to 1.65% | -2.53% to -2.33% |
| Strategic Income Portfolio |  |  |  |  |  |  |
| 2025 | 193440 | 10.39 to 11.85 | $2197924 | 4.35% | 1.15% to 1.65% | 5.41% to 6.20% |
| 2024 | 183574 | 9.80 to 11.19 | $1997250 | 4.57% | 1.15% to 1.65% | 2.78% to 3.56% |
| 2023 | 165942 | 9.48 to 10.83 | $1758934 | 3.20% | 1.15% to 1.65% | 7.42% to 8.23% |
| 2022 | 132741 | 8.78 to 10.03 | $1313268 | 4.04% | 1.15% to 1.65% | -12.96% to -12.31% |
| 2021 | 128342 | 10.03 to 11.47 | $1453203 | 7.94% | 1.15% to 1.65% | 0.27% to 0.47% |
| Emerging Markets Portfolio |  |  |  |  |  |  |
| 2025 | 62023 | 8.34 to 8.50 | $524267 | 0.06% | 1.15% to 1.65% | 28.86% to 29.37% |
| 2024 | 64071 | 6.48 to 6.58 | $419115 | 1.02% | 1.15% to 1.65% | 3.82% to 4.29% |
| 2023 | 55517 | 6.24 to 6.31 | $348875 | 0.00% | 1.15% to 1.65% | 7.52% to 8.00% |
| 2022 | 42448 | 5.80 to 5.85 | $247339 | 0.00% | 1.15% to 1.65% | -34.10% to -33.81% |
| 2021 | 35411 | 8.80 to 8.83 | $312265 | 0.00% | 1.15% to 1.65% | -11.96% to -11.78% |
| Select Mid Cap Value Portfolio |  |  |  |  |  |  |
| 2025 | 146820 | 14.47 to 14.70 | $2140449 | 0.00% | 1.15% to 1.65% | 12.01% to 12.85% |
| 2024 | 111798 | 12.92 to 13.03 | $1449812 | 0.00% | 1.15% to 1.65% | 10.64% to 11.03% |
| 2023 | 9820 | 11.70 to 11.71 | $114935 | 0.00% | 1.15% to 1.65% | 17.01% to 17.08% |
| Small Cap Value Portfolio |  |  |  |  |  |  |
| 2025 | 203627 | 14.64 to 14.88 | $3006694 | 0.92% | 1.15% to 1.65% | 12.79% to 13.64% |
| 2024 | 102608 | 12.98 to 13.09 | $1337994 | 0.62% | 1.15% to 1.65% | 6.88% to 7.47% |
| 2023 | 6827 | 12.15 to 12.16 | $82965 | 0.00% | 1.15% to 1.65% | 21.45% to 21.56% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| DWS Variable Insurance Portfolios |  |  |  |  |  |  |
| Equity 500 Index Portfolio |  |  |  |  |  |  |
| 2025 | 2382227 | 16.34 to 47.71 | $81860689 | 0.69% | 1.15% to 1.65% | 15.26% to 16.13% |
| 2024 | 1992192 | 14.10 to 41.19 | $62931616 | 0.85% | 1.15% to 1.65% | 22.11% to 23.04% |
| 2023 | 1756429 | 11.49 to 33.56 | $48711506 | 0.99% | 1.15% to 1.65% | 23.44% to 24.37% |
| 2022 | 1721820 | 9.28 to 27.05 | $39215391 | 0.82% | 1.15% to 1.65% | -19.95% to -7.21% |
| 2021 | 1673414 | 12.61 to 33.62 | $49438343 | 1.03% | 1.15% to 1.65% | 25.94% to 26.45% |
| Small Cap Index Portfolio |  |  |  |  |  |  |
| 2025 | 376739 | 11.52 to 28.32 | $8451446 | 1.02% | 1.15% to 1.65% | 10.53% to 11.36% |
| 2024 | 345377 | 10.37 to 25.49 | $7206981 | 0.91% | 1.15% to 1.65% | 9.06% to 9.89% |
| 2023 | 378511 | 9.45 to 23.26 | $7552361 | 0.85% | 1.15% to 1.65% | 14.43% to 15.29% |
| 2022 | 395466 | 8.22 to 20.22 | $7115261 | 0.62% | 1.15% to 1.65% | -22.18% to -21.60% |
| 2021 | 376959 | 10.50 to 25.86 | $8842916 | 0.52% | 1.15% to 1.65% | 12.31% to 12.88% |
| Alternative Asset Allocation Portfolio |  |  |  |  |  |  |
| 2025 | 66119 | 11.85 to 13.51 | $862377 | 3.93% | 1.15% to 1.65% | 8.23% to 9.05% |
| 2024 | 80630 | 10.89 to 12.46 | $971354 | 3.43% | 1.15% to 1.65% | 3.56% to 4.35% |
| 2023 | 88903 | 10.46 to 12.00 | $1030313 | 6.31% | 1.15% to 1.65% | 3.95% to 4.73% |
| 2022 | 102328 | 10.01 to 11.52 | $1138480 | 7.33% | 1.15% to 1.65% | -9.25% to -8.57% |
| 2021 | 98889 | 10.96 to 12.67 | $1208102 | 1.69% | 1.15% to 1.65% | 10.84% to 11.06% |
| Global Small Cap Growth Portfolio |  |  |  |  |  |  |
| 2024 |  | - | $0 | 1.68% | 1.15% to 1.65% | -0.91% to -0.80% |
| 2023 | 10069 | 10.10 to 17.02 | $167751 | 0.68% | 1.15% to 1.65% | 22.54% to 22.84% |
| 2022 | 14552 | 8.22 to 13.86 | $198267 | 0.24% | 1.15% to 1.65% | -25.24% to -25.09% |
| 2021 | 16822 | 15.00 to 18.50 | $306984 | 0.08% | 1.15% to 1.65% | 13.12% to 13.34% |
| Small Mid Cap Value Portfolio |  |  |  |  |  |  |
| 2025 | 118614 | 15.00 to 23.85 | $2701574 | 0.57% | 1.15% to 1.65% | 16.15% to 16.50% |
| 2024 | 162122 | 12.89 to 20.48 | $3173219 | 0.86% | 1.15% to 1.65% | 4.26% to 4.57% |
| 2023 | 208921 | 12.34 to 19.58 | $3856271 | 0.80% | 1.15% to 1.65% | 12.94% to 13.28% |
| 2022 | 239361 | 10.90 to 17.29 | $3889214 | 0.44% | 1.15% to 1.65% | -17.51% to -17.10% |
| 2021 | 284082 | 13.17 to 20.85 | $5547055 | 0.96% | 1.15% to 1.65% | 28.30% to 28.55% |
| CROCI US Portfolio |  |  |  |  |  |  |
| 2024 |  | - | $0 | 1.57% | 1.15% to 1.65% | 9.25% to 9.35% |
| 2023 | 9750 | 17.99 to 18.34 | $176159 | 1.35% | 1.15% to 1.65% | 18.76% to 19.00% |
| 2022 | 9961 | 15.15 to 15.41 | $151484 | 1.38% | 1.15% to 1.65% | -16.80% to -16.63% |
| 2021 | 10439 | 18.21 to 18.48 | $190740 | 1.52% | 1.15% to 1.65% | 24.58% to 24.83% |
| High Income Portfolio |  |  |  |  |  |  |
| 2024 | 0 | - | $0 | 7.27% | 1.15% to 1.65% | 1.32% to 1.53% |
| 2023 | 55515 | 9.92 to 10.04 | $555066 | 7.11% | 1.15% to 1.65% | 9.47% to 9.97% |
| 2022 | 36705 | 9.06 to 9.13 | $333640 | 3.63% | 1.15% to 1.65% | -10.59% to -10.37% |
| 2021 | 16172 | 10.16 to 10.17 | $164326 | 0.00% | 1.15% to 1.65% | 1.55% to 1.69% |
| Eaton Vance Variable Trust |  |  |  |  |  |  |
| Floating Rate Income Portfolio |  |  |  |  |  |  |
| 2025 | 1287361 | 11.76 to 14.21 | $17588514 | 7.12% | 1.15% to 1.65% | 2.25% to 3.02% |
| 2024 | 1542292 | 11.44 to 13.83 | $20578633 | 8.22% | 1.15% to 1.65% | 5.90% to 6.70% |
| 2023 | 1640312 | 10.74 to 12.99 | $20633222 | 8.12% | 1.15% to 1.65% | 9.42% to 10.24% |
| 2022 | 1666588 | 9.76 to 11.81 | $19096634 | 4.98% | 1.15% to 1.65% | -4.32% to -3.61% |
| 2021 | 1659213 | 10.15 to 12.29 | $19913170 | 2.83% | 1.15% to 1.65% | 2.24% to 2.44% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| Franklin Templeton Variable Insurance Products Trust |  |  |  |  |  |  |
| Mutual Shares Fund |  |  |  |  |  |  |
| 2025 | 158614 | 14.24 to 24.37 | $3633552 | 2.03% | 1.15% to 1.65% | 10.02% to 10.30% |
| 2024 | 186675 | 12.91 to 22.10 | $3917605 | 1.98% | 1.15% to 1.65% | 9.77% to 10.04% |
| 2023 | 217601 | 11.73 to 20.10 | $4175178 | 1.82% | 1.15% to 1.65% | 11.95% to 12.23% |
| 2022 | 268051 | 10.46 to 17.92 | $4526155 | 1.72% | 1.15% to 1.65% | -8.67% to -8.44% |
| 2021 | 328330 | 11.42 to 19.58 | $6040536 | 2.81% | 1.15% to 1.65% | 17.57% to 17.81% |
| Income Fund |  |  |  |  |  |  |
| 2025 | 1444820 | 13.45 to 19.51 | $26305048 | 4.80% | 1.15% to 1.65% | 10.72% to 11.55% |
| 2024 | 1548802 | 12.08 to 17.53 | $25513852 | 5.07% | 1.15% to 1.65% | 5.29% to 6.09% |
| 2023 | 1602656 | 11.39 to 16.55 | $24992559 | 4.97% | 1.15% to 1.65% | 6.85% to 7.65% |
| 2022 | 1723951 | 10.60 to 15.41 | $25070503 | 5.06% | 1.15% to 1.65% | -7.02% to -6.32% |
| 2021 | 1559403 | 11.34 to 16.49 | $24827136 | 4.73% | 1.15% to 1.65% | 15.19% to 15.42% |
| Global Bond Fund |  |  |  |  |  |  |
| 2025 | 1905641 | 8.25 to 9.15 | $16708791 | 0.00% | 1.15% to 1.65% | 13.84% to 14.69% |
| 2024 | 2276896 | 7.22 to 7.97 | $17474237 | 0.00% | 1.15% to 1.65% | -12.90% to -12.24% |
| 2023 | 2459743 | 8.25 to 9.08 | $21567883 | 0.00% | 1.15% to 1.65% | 1.20% to 1.96% |
| 2022 | 2861304 | 8.12 to 8.90 | $24704524 | 0.00% | 1.15% to 1.65% | -6.50% to -5.80% |
| 2021 | 3226727 | 8.65 to 9.45 | $29687890 | 0.00% | 1.15% to 1.65% | -6.55% to -6.08% |
| Foreign Fund |  |  |  |  |  |  |
| 2025 | 2011887 | 13.63 to 16.97 | $31302824 | 2.39% | 1.15% to 1.65% | 27.08% to 28.04% |
| 2024 | 2539583 | 10.67 to 13.33 | $31033209 | 2.49% | 1.15% to 1.65% | -2.70% to -1.96% |
| 2023 | 2851794 | 10.90 to 13.66 | $35725950 | 3.16% | 1.15% to 1.65% | 18.79% to 19.68% |
| 2022 | 3269423 | 9.12 to 11.48 | $34488163 | 2.93% | 1.15% to 1.65% | -9.12% to -8.43% |
| 2021 | 3332580 | 9.98 to 12.60 | $38678960 | 1.83% | 1.15% to 1.65% | 2.45% to 2.97% |
| Developing Markets Fund |  |  |  |  |  |  |
| 2025 | 188230 | 11.57 to 17.62 | $3026047 | 0.52% | 1.15% to 1.65% | 44.17% to 44.96% |
| 2024 | 190848 | 8.00 to 12.25 | $2128752 | 4.09% | 1.15% to 1.65% | 5.89% to 6.70% |
| 2023 | 227081 | 7.51 to 11.51 | $2388608 | 2.08% | 1.15% to 1.65% | 10.78% to 11.62% |
| 2022 | 256086 | 6.75 to 10.34 | $2422020 | 2.48% | 1.15% to 1.65% | -23.26% to -22.87% |
| 2021 | 236321 | 12.40 to 13.42 | $2940940 | 0.87% | 1.15% to 1.65% | -7.00% to -6.82% |
| Mutual Global Discovery Fund |  |  |  |  |  |  |
| 2025 | 161711 | 17.27 to 25.48 | $4026022 | 1.79% | 1.15% to 1.65% | 21.69% to 21.93% |
| 2024 | 198138 | 14.18 to 20.90 | $4053306 | 1.77% | 1.15% to 1.65% | 3.24% to 3.45% |
| 2023 | 229236 | 13.72 to 20.20 | $4540560 | 2.34% | 1.15% to 1.65% | 18.70% to 18.94% |
| 2022 | 278794 | 11.55 to 16.99 | $4657252 | 1.29% | 1.15% to 1.65% | -6.02% to -5.84% |
| 2021 | 347899 | 12.28 to 18.04 | $6183879 | 2.89% | 1.15% to 1.65% | 17.53% to 17.77% |
| Rising Dividends Fund |  |  |  |  |  |  |
| 2025 | 888564 | 14.80 to 38.65 | $28438989 | 0.83% | 1.15% to 1.65% | 9.98% to 10.80% |
| 2024 | 980516 | 13.38 to 34.97 | $28916077 | 1.02% | 1.15% to 1.65% | 8.92% to 9.74% |
| 2023 | 1009796 | 12.21 to 31.93 | $27877839 | 0.93% | 1.15% to 1.65% | 10.25% to 11.07% |
| 2022 | 1043584 | 11.02 to 28.82 | $25895128 | 0.75% | 1.15% to 1.65% | -12.03% to -11.37% |
| 2021 | 1009433 | 12.46 to 32.60 | $29314921 | 0.84% | 1.15% to 1.65% | 24.84% to 25.34% |
| DynaTech 2 Fund |  |  |  |  |  |  |
| 2025 | 914243 | 12.57 to 13.00 | $11700847 | 0.00% | 1.15% to 1.65% | 16.20% to 17.08% |
| 2024 | 672770 | 10.82 to 11.11 | $7383773 | 0.00% | 1.15% to 1.65% | 27.70% to 28.66% |
| 2023 | 470687 | 8.43 to 8.59 | $4014041 | 0.00% | 1.15% to 1.65% | 41.43% to 42.49% |
| 2022 | 330005 | 5.96 to 6.03 | $1980410 | 0.00% | 1.15% to 1.65% | -40.94% to -40.49% |
| 2021 | 127074 | 10.10 to 10.13 | $1285808 | 0.00% | 1.15% to 1.65% | 0.96% to 1.22% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| Multi-Asset Dynamic Multi-Strategy Portfolio | | | | | | |
| 2022 |  | - | $0 | 0.00% | 1.15% to 1.65% | n/a |
| 2021 | 31170 | 13.28 to 13.48 | $415063 | 2.30% | 1.15% to 1.65% | 11.14% to 11.36% |
| Global Real Estate Fund | | | | | | |
| 2025 | 14789 | 12.43 to 12.58 | $184834 | 2.18% | 1.15% to 1.65% | 6.59% to 6.64% |
| 2024 | 4168 | 11.74 to 11.75 | $48969 | 0.19% | 1.15% to 1.65% | 17.42% to 17.49% |
| 2023 |  | $0.00 | $0 | 0.00% | 1.15% to 1.65% | n/a |
| VolSmart Allocation Fund | | | | | | |
| 2025 |  | 16.87 to 17.01 | $0 | 3.40% | 1.15% to 1.65% | 38.56% to 39.05% |
| 2024 | 10697 | 12.17 to 12.24 | $130429 | 3.71% | 1.15% to 1.65% | 9.97% to 9.97% |
| 2023 | 6972 | 11.05 to 11.05 | $77047 | 0.00% | 1.15% to 1.65% | 10.51% to 10.51% |
| Nomura Variable Insurance Portfolio |  |  |  |  |  |  |
| Asset Strategy Portfolio |  |  |  |  |  |  |
| 2025 | 110059 | 18.36 to 20.56 | $2214649 | 1.24% | 1.15% to 1.65% | 15.10% to 15.33% |
| 2024 | 122159 | 15.94 to 17.83 | $2135225 | 1.86% | 1.15% to 1.65% | 10.92% to 11.14% |
| 2023 | 142153 | 14.35 to 16.04 | $2239781 | 1.92% | 1.15% to 1.65% | 12.41% to 12.64% |
| 2022 | 180583 | 12.76 to 14.24 | $2530912 | 1.41% | 1.15% to 1.65% | -15.88% to -15.71% |
| 2021 | 205685 | 15.15 to 16.90 | $3426651 | 1.47% | 1.15% to 1.65% | 8.96% to 9.18% |
| Balanced Portfolio |  |  |  |  |  |  |
| 2025 | 214884 | 18.70 to 25.31 | $5329868 | 1.28% | 1.15% to 1.65% | 10.29% to 10.51% |
| 2024 | 262298 | 12.41 to 22.91 | $5902217 | 1.38% | 1.15% to 1.65% | 14.03% to 14.32% |
| 2023 | 306624 | 10.86 to 20.05 | $6050704 | 0.77% | 1.15% to 1.65% | 14.48% to 14.76% |
| 2022 | 342723 | 9.46 to 17.48 | $5904604 | 1.07% | 1.15% to 1.65% | -17.18% to -16.98% |
| 2021 | 379951 | 11.39 to 21.06 | $7902075 | 1.01% | 1.15% to 1.65% | 14.41% to 14.64% |
| Global Equity Portfolio |  |  |  |  |  |  |
| 2024 |  | - | $0 | 8.51% | 1.15% to 1.65% | 7.02% to 7.09% |
| 2023 | 48389 | 20.27 to 20.65 | $985409 | 1.81% | 1.15% to 1.65% | 12.57% to 12.80% |
| 2022 | 49912 | 18.01 to 18.31 | $902366 | 3.42% | 1.15% to 1.65% | -12.49% to -12.32% |
| 2021 | 56981 | 20.58 to 20.88 | $1176882 | 2.16% | 1.15% to 1.65% | 15.41% to 15.64% |
| Energy Portfolio |  |  |  |  |  |  |
| 2025 | 82194 | 7.90 to 25.42 | $860917 | 1.05% | 1.15% to 1.65% | 10.28% to 10.89% |
| 2024 | 109007 | 7.16 to 23.05 | $973627 | 3.06% | 1.15% to 1.65% | -7.15% to -6.45% |
| 2023 | 147790 | 7.69 to 24.77 | $1351364 | 2.95% | 1.15% to 1.65% | 2.32% to 3.09% |
| 2022 | 195506 | 7.49 to 24.16 | $1692405 | 3.00% | 1.15% to 1.65% | 48.02% to 49.13% |
| 2021 | 302006 | 5.05 to 16.29 | $1689275 | 1.78% | 1.15% to 1.65% | 40.10% to 40.38% |
| Global Bond Portfolio |  |  |  |  |  |  |
| 2022 |  | - | $0 | 9.93% | 1.15% to 1.65% | n/a |
| 2021 | 45528 | 9.85 to 11.74 | $526885 | 5.19% | 1.15% to 1.65% | -2.17% to -1.97% |
| Natural Resources Portfolio |  |  |  |  |  |  |
| 2025 | 43086 | 10.59 to 21.94 | $490903 | 0.00% | 1.15% to 1.65% | 35.77% to 36.18% |
| 2024 | 62160 | 7.79 to 16.16 | $519072 | 5.75% | 1.15% to 1.65% | -2.23% to -1.73% |
| 2023 | 68755 | 7.95 to 16.50 | $578408 | 2.31% | 1.15% to 1.65% | -0.07% to 0.43% |
| 2022 | 77210 | 7.93 to 16.47 | $643386 | 1.83% | 1.15% to 1.65% | 15.85% to 16.43% |
| 2021 | 109900 | 6.82 to 14.19 | $792523 | 2.06% | 1.15% to 1.65% | 24.86% to 25.23% |
| Growth Portfolio |  |  |  |  |  |  |
| 2025 | 49151 | 17.27 to 59.97 | $2675871 | 0.00% | 1.15% to 1.65% | 6.64% to 7.44% |
| 2024 | 59494 | 16.07 to 55.96 | $3061839 | 0.00% | 1.15% to 1.65% | 21.85% to 22.78% |
| 2023 | 66062 | 13.09 to 45.69 | $2787512 | 0.00% | 1.15% to 1.65% | 35.67% to 36.69% |
| 2022 | 94163 | 9.54 to 33.51 | $2839211 | 0.00% | 1.15% to 1.65% | -28.38% to -27.84% |
| 2021 | 117566 | 13.25 to 46.56 | $4862843 | 0.00% | 1.15% to 1.65% | 28.16% to 28.54% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| High Income Portfolio |  |  |  |  |  |  |
| 2025 | 508880 | 11.25 to 14.77 | $7341139 | 6.66% | 1.15% to 1.65% | 5.41% to 6.21% |
| 2024 | 606636 | 10.61 to 13.95 | $8280486 | 6.61% | 1.15% to 1.65% | 4.44% to 5.24% |
| 2023 | 710395 | 10.10 to 13.29 | $9237969 | 6.09% | 1.15% to 1.65% | 9.93% to 10.75% |
| 2022 | 781182 | 9.14 to 12.03 | $9191008 | 6.38% | 1.15% to 1.65% | -12.42% to -11.76% |
| 2021 | 908670 | 10.38 to 13.66 | $12207324 | 6.82% | 1.15% to 1.65% | 4.64% to 4.85% |
| International Core Equity Portfolio |  |  |  |  |  |  |
| 2025 | 293605 | 13.36 to 20.56 | $5653780 | 0.59% | 1.15% to 1.65% | 22.26% to 23.06% |
| 2024 | 369908 | 10.88 to 16.75 | $5828671 | 1.41% | 1.15% to 1.65% | 2.18% to 2.85% |
| 2023 | 351081 | 10.60 to 16.32 | $5489534 | 1.65% | 1.15% to 1.65% | 13.85% to 14.59% |
| 2022 | 435778 | 9.27 to 14.28 | $5979593 | 2.19% | 1.15% to 1.65% | -15.62% to -15.15% |
| 2021 | 496960 | 10.93 to 16.85 | $8091297 | 1.08% | 1.15% to 1.65% | 12.65% to 12.87% |
| Global Growth Portfolio |  |  |  |  |  |  |
| 2025 | 48926 | 23.21 to 31.13 | $1499208 | 0.20% | 1.15% to 1.65% | 16.34% to 16.58% |
| 2024 | 60669 | 19.93 to 26.70 | $1593345 | 1.38% | 1.15% to 1.65% | 15.50% to 15.73% |
| 2023 | 27185 | 17.24 to 23.07 | $617489 | 0.08% | 1.15% to 1.65% | 18.38% to 18.62% |
| 2022 | 35350 | 14.55 to 19.45 | $675775 | 0.74% | 1.15% to 1.65% | -18.67% to -18.50% |
| 2021 | 42042 | 17.87 to 23.87 | $987361 | 0.05% | 1.15% to 1.65% | 16.28% to 16.52% |
| Mid Cap Growth Portfolio |  |  |  |  |  |  |
| 2025 | 195793 | 9.12 to 31.34 | $5721750 | 0.00% | 1.15% to 1.65% | -0.48% to 0.27% |
| 2024 | 227959 | 9.11 to 31.33 | $6604197 | 0.00% | 1.15% to 1.65% | 0.52% to 1.28% |
| 2023 | 302189 | 9.02 to 31.02 | $8600166 | 0.00% | 1.15% to 1.65% | 17.66% to 18.55% |
| 2022 | 367482 | 7.62 to 26.23 | $8838626 | 0.00% | 1.15% to 1.65% | -31.93% to -31.41% |
| 2021 | 427945 | 11.13 to 38.34 | $15115909 | 0.00% | 1.15% to 1.65% | 14.45% to 15.02% |
| Science and Technology Portfolio |  |  |  |  |  |  |
| 2025 | 265280 | 17.76 to 70.95 | $16033431 | 0.00% | 1.15% to 1.65% | 31.19% to 32.17% |
| 2024 | 315832 | 13.47 to 53.81 | $14453638 | 0.00% | 1.15% to 1.65% | 28.44% to 29.41% |
| 2023 | 391339 | 10.43 to 41.69 | $13625194 | 0.00% | 1.15% to 1.65% | 36.80% to 37.82% |
| 2022 | 454563 | 7.58 to 30.32 | $11649955 | 0.00% | 1.15% to 1.65% | -32.96% to -32.45% |
| 2021 | 482443 | 11.25 to 45.00 | $18479733 | 0.00% | 1.15% to 1.65% | 13.40% to 13.85% |
| Small Cap Growth Portfolio |  |  |  |  |  |  |
| 2025 | 126055 | 10.00 to 26.41 | $3125035 | 0.00% | 1.15% to 1.65% | 11.76% to 12.38% |
| 2024 | 155271 | 8.92 to 23.56 | $3443484 | 0.00% | 1.15% to 1.65% | 12.49% to 13.23% |
| 2023 | 189143 | 7.89 to 20.86 | $3716539 | 0.00% | 1.15% to 1.65% | 11.30% to 12.03% |
| 2022 | 216816 | 7.06 to 18.67 | $3832297 | 0.00% | 1.15% to 1.65% | -27.89% to -27.42% |
| 2021 | 253728 | 9.75 to 25.78 | $6230393 | 0.98% | 1.15% to 1.65% | 2.49% to 2.80% |
| SMID Cap Core Portfolio |  |  |  |  |  |  |
| 2025 | 242549 | 13.04 to 31.37 | $7027979 | 0.14% | 1.15% to 1.65% | 6.61% to 7.41% |
| 2024 | 288928 | 12.16 to 29.28 | $7884482 | 0.30% | 1.15% to 1.65% | 12.37% to 13.23% |
| 2023 | 373795 | 10.76 to 25.93 | $9050218 | 0.20% | 1.15% to 1.65% | 13.78% to 14.63% |
| 2022 | 453846 | 9.41 to 22.67 | $9460115 | 0.00% | 1.15% to 1.65% | -16.20% to -15.57% |
| 2021 | 513107 | 11.16 to 26.92 | $12726961 | 0.00% | 1.15% to 1.65% | 18.81% to 19.40% |
| Total Return Portfolio |  |  |  |  |  |  |
| 2025 | 5364 | 18.02 to 18.44 | $96719 | 2.64% | 1.15% to 1.65% | 11.46% to 11.68% |
| 2024 | 5753 | 16.17 to 16.51 | $93207 | 2.71% | 1.15% to 1.65% | 9.31% to 9.53% |
| 2023 | 5942 | 14.79 to 15.07 | $88059 | 0.00% | 1.15% to 1.65% | 11.13% to 11.35% |
| 2022 | 9141 | 13.31 to 13.54 | $121815 | 0.00% | 1.15% to 1.65% | -11.76% to -11.58% |
| 2021 | 13238 | 15.08 to 15.31 | $199819 | 0.00% | 1.15% to 1.65% | 14.81% to 15.04% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| International Portfolio | | | | | | |
| 2024 |  | - | $0 | 4.17% | 1.15% to 1.65% | 2.37% to 2.43% |
| 2023 | 67548 | 14.07 to 14.34 | $953379 | 1.52% | 1.15% to 1.65% | 12.06% to 12.28% |
| 2022 | 78796 | 12.56 to 12.77 | $993062 | 1.41% | 1.15% to 1.65% | -18.44% to -18.28% |
| 2021 | 80766 | 15.40 to 15.63 | $1247847 | 0.93% | 1.15% to 1.65% | 5.43% to 5.64% |
| Opportunity Portfolio | | | | | | |
| 2025 | 259438 | 18.84 to 21.58 | $5504847 | 0.51% | 1.15% to 1.65% | 7.35% to 7.57% |
| 2024 | 341513 | 17.53 to 20.06 | $6748694 | 0.66% | 1.15% to 1.65% | 13.08% to 13.31% |
| 2023 | 416170 | 15.49 to 17.70 | $7269145 | 0.64% | 1.15% to 1.65% | 14.74% to 14.97% |
| 2022 | 531055 | 13.49 to 15.40 | $8087611 | 0.22% | 1.15% to 1.65% | -14.84% to -14.67% |
| 2021 | 608805 | 15.82 to 18.05 | $10880222 | 1.26% | 1.15% to 1.65% | 21.48% to 21.72% |
| Lazard Retirement Series, Inc. |  |  |  |  |  |  |
| International Equity Portfolio |  |  |  |  |  |  |
| 2025 | 77892 | 13.65 to 20.55 | $1555741 | 4.34% | 1.15% to 1.65% | 31.21% to 31.67% |
| 2024 | 74539 | 10.36 to 15.61 | $1136676 | 2.97% | 1.15% to 1.65% | 4.20% to 4.46% |
| 2023 | 77215 | 9.92 to 14.95 | $1130591 | 1.30% | 1.15% to 1.65% | 14.33% to 14.56% |
| 2022 | 76295 | 10.64 to 13.05 | $978957 | 3.79% | 1.15% to 1.65% | -16.15% to -15.98% |
| 2021 | 67561 | 12.67 to 15.54 | $1033501 | 0.96% | 1.15% to 1.65% | 4.41% to 4.62% |
| Global Dynamic Multi Asset Portfolio |  |  |  |  |  |  |
| 2025 | 29300 | 12.19 to 18.69 | $534820 | 0.90% | 1.15% to 1.65% | 13.95% to 14.46% |
| 2024 | 36669 | 10.65 to 16.34 | $590496 | 0.00% | 1.15% to 1.65% | 6.91% to 7.40% |
| 2023 | 57475 | 9.91 to 15.22 | $860737 | 0.00% | 1.15% to 1.65% | 9.33% to 9.55% |
| 2022 | 78382 | 10.71 to 13.89 | $1045022 | 0.08% | 1.15% to 1.65% | -18.48% to -18.32% |
| 2021 | 89392 | 13.13 to 17.01 | $1466656 | 2.50% | 1.15% to 1.65% | 10.44% to 10.66% |
| Legg Mason Partners Variable Equity Trust |  |  |  |  |  |  |
| Western Asset Variable Global High Yield Bond Portfolio |  |  |  |  |  |  |
| 2025 | 136951 | 10.67 to 15.20 | $1842180 | 5.94% | 1.15% to 1.65% | 8.15% to 8.96% |
| 2024 | 159748 | 9.81 to 13.99 | $2006674 | 5.42% | 1.15% to 1.65% | 4.94% to 5.73% |
| 2023 | 203924 | 9.30 to 13.26 | $2457468 | 5.59% | 1.15% to 1.65% | 8.16% to 8.97% |
| 2022 | 156813 | 8.55 to 12.20 | $1825701 | 5.91% | 1.15% to 1.65% | -15.27% to -14.64% |
| 2021 | 158412 | 10.04 to 14.33 | $2172825 | 4.82% | 1.15% to 1.65% | -0.31% to -0.11% |
| ClearBridge Variable Mid Cap Portfolio |  |  |  |  |  |  |
| 2025 | 640532 | 11.18 to 26.74 | $14948343 | 0.01% | 1.15% to 1.65% | 2.38% to 3.15% |
| 2024 | 701343 | 10.86 to 25.99 | $15984737 | 0.37% | 1.15% to 1.65% | 7.92% to 8.74% |
| 2023 | 727432 | 10.01 to 23.96 | $15486987 | 0.02% | 1.15% to 1.65% | 10.78% to 11.61% |
| 2022 | 702421 | 8.99 to 21.53 | $13354399 | 0.09% | 1.15% to 1.65% | -26.72% to -26.17% |
| 2021 | 594559 | 12.20 to 29.23 | $15388407 | 0.03% | 1.15% to 1.65% | 26.29% to 26.92% |
| ClearBridge Variable Dividend Strategy Portfolio |  |  |  |  |  |  |
| 2025 | 953136 | 16.55 to 37.10 | $32300076 | 1.90% | 1.15% to 1.65% | 10.62% to 11.45% |
| 2024 | 1032453 | 14.88 to 33.37 | $31591069 | 1.09% | 1.15% to 1.65% | 14.76% to 15.63% |
| 2023 | 1311873 | 12.89 to 28.93 | $36178614 | 1.87% | 1.15% to 1.65% | 12.15% to 12.99% |
| 2022 | 1535636 | 11.43 to 25.67 | $37656434 | 1.17% | 1.15% to 1.65% | -9.73% to -9.05% |
| 2021 | 1632730 | 12.60 to 28.30 | $44503516 | 1.48% | 1.15% to 1.65% | 24.54% to 25.17% |
| ClearBridge Variable Small Cap Growth Portfolio |  |  |  |  |  |  |
| 2025 | 420721 | 8.66 to 29.65 | $8445297 | 0.00% | 1.15% to 1.65% | 7.19% to 7.99% |
| 2024 | 487506 | 8.03 to 27.53 | $9337486 | 0.00% | 1.15% to 1.65% | 2.51% to 3.29% |
| 2023 | 439839 | 7.79 to 26.72 | $8735629 | 0.00% | 1.15% to 1.65% | 6.36% to 7.16% |
| 2022 | 316888 | 7.29 to 24.99 | $6078639 | 0.00% | 1.15% to 1.65% | -30.17% to -29.64% |
| 2021 | 236670 | 10.38 to 35.61 | $6932627 | 0.00% | 1.15% to 1.65% | 10.47% to 11.03% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| ClearBridge Variable Growth Portfolio | | | | | | |
| 2025 | 46136 | 14.55 to 16.54 | $747746 | 0.00% | 1.15% to 1.65% | 11.36% to 11.81% |
| 2024 | 57406 | 13.06 to 14.79 | $833811 | 0.11% | 1.15% to 1.65% | 10.68% to 11.13% |
| 2023 | 61932 | 11.80 to 13.31 | $811020 | 0.06% | 1.15% to 1.65% | 22.23% to 22.72% |
| 2022 | 64938 | 9.66 to 10.85 | $694061 | 0.00% | 1.15% to 1.65% | -27.71% to -27.43% |
| 2021 | 68143 | 13.36 to 14.94 | $1005438 | 0.22% | 1.15% to 1.65% | 8.57% to 8.78% |
| Western Asset Variable Core Bond Plus Portfolio | | | | | | |
| 2025 | 5446066 | 8.79 to 10.54 | $55283171 | 4.05% | 1.15% to 1.65% | 5.93% to 6.73% |
| 2024 | 6518528 | 8.25 to 9.90 | $62319751 | 8.08% | 1.15% to 1.65% | -2.50% to -1.76% |
| 2023 | 6687096 | 8.42 to 10.10 | $65452511 | 3.34% | 1.15% to 1.65% | 4.70% to 5.48% |
| 2022 | 7395300 | 7.99 to 9.60 | $69205540 | 1.69% | 1.15% to 1.65% | -18.63% to -18.02% |
| 2021 | 7602456 | 9.77 to 11.74 | $87623863 | 2.44% | 1.15% to 1.65% | -3.80% to -3.31% |
| ClearBridge Variable Large Cap Growth Portfolio | | | | | | |
| 2025 | 1167075 | 15.75 to 27.92 | $28843721 | 0.00% | 1.15% to 1.65% | 6.58% to 7.38% |
| 2024 | 1281572 | 14.70 to 26.07 | $30051991 | 0.00% | 1.15% to 1.65% | 25.46% to 26.41% |
| 2023 | 1382338 | 11.65 to 20.67 | $26036211 | 0.00% | 1.15% to 1.65% | 41.32% to 42.38% |
| 2022 | 1502532 | 8.20 to 14.55 | $20483212 | 0.00% | 1.15% to 1.65% | -33.52% to -33.02% |
| 2021 | 1312966 | 12.27 to 21.78 | $27674651 | 0.00% | 1.15% to 1.65% | 19.64% to 20.24% |
| Victory Pioneer Variable Contracts Trust |  |  |  |  |  |  |
| Fund Portfolio |  |  |  |  |  |  |
| 2025 | 97144 | 18.59 to 53.22 | $3683313 | 0.20% | 1.15% to 1.65% | 21.06% to 21.97% |
| 2024 | 107444 | 15.28 to 43.74 | $3429410 | 0.49% | 1.15% to 1.65% | 20.29% to 21.21% |
| 2023 | 57908 | 9.93 to 28.46 | $1749674 | 0.58% | 1.15% to 1.65% | -20.75% to -20.56% |
| 2022 | 53315 | 9.93 to 28.46 | $1369738 | 0.52% | 1.15% to 1.65% | -20.75% to -20.56% |
| 2021 | 29893 | 12.50 to 35.85 | $1042537 | 0.08% | 1.15% to 1.65% | 25.94% to 26.19% |
| Bond Portfolio |  |  |  |  |  |  |
| 2025 | 3862850 | 9.75 to 12.41 | $45283114 | 4.24% | 1.15% to 1.65% | 7.10% to 7.91% |
| 2024 | 4057156 | 9.06 to 11.53 | $44588310 | 4.20% | 1.15% to 1.65% | 1.32% to 2.09% |
| 2023 | 4056519 | 8.89 to 11.33 | $44080200 | 3.64% | 1.15% to 1.65% | 4.94% to 5.73% |
| 2022 | 4379100 | 8.42 to 10.74 | $45533637 | 2.12% | 1.15% to 1.65% | -15.86% to -15.23% |
| 2021 | 4535185 | 9.96 to 12.70 | $56314245 | 1.91% | 1.15% to 1.65% | -1.42% to -0.93% |
| Strategic Income Portfolio |  |  |  |  |  |  |
| 2025 | 679239 | 10.49 to 13.39 | $8758389 | 4.40% | 1.15% to 1.65% | 9.04% to 9.86% |
| 2024 | 799629 | 9.57 to 12.22 | $9455829 | 4.09% | 1.15% to 1.65% | 2.17% to 2.95% |
| 2023 | 884846 | 9.31 to 11.90 | $10220175 | 3.47% | 1.15% to 1.65% | 6.29% to 7.09% |
| 2022 | 1097957 | 8.71 to 11.14 | $11915805 | 2.80% | 1.15% to 1.65% | -14.27% to -13.62% |
| 2021 | 1160887 | 10.11 to 12.93 | $14710111 | 3.06% | 1.15% to 1.65% | 0.36% to 0.57% |
| Equity Income Portfolio |  |  |  |  |  |  |
| 2025 | 391548 | 13.98 to 30.67 | $9956398 | 1.97% | 1.15% to 1.65% | 9.32% to 10.14% |
| 2024 | 443628 | 12.72 to 27.92 | $10475067 | 1.99% | 1.15% to 1.65% | 9.14% to 9.97% |
| 2023 | 489126 | 11.59 to 25.45 | $10733485 | 1.55% | 1.15% to 1.65% | 5.42% to 6.22% |
| 2022 | 566068 | 10.93 to 24.02 | $11893373 | 1.45% | 1.15% to 1.65% | -9.45% to -8.77% |
| 2021 | 621636 | 12.01 to 26.39 | $14747291 | 1.21% | 1.15% to 1.65% | 23.28% to 23.9% |
| High Yield Portfolio |  |  |  |  |  |  |
| 2025 | 32210 | 15.74 to 16.10 | $507748 | 5.74% | 1.15% to 1.65% | 6.47% to 6.69% |
| 2024 | 35374 | 14.78 to 15.09 | $523596 | 5.48% | 1.15% to 1.65% | 7.04% to 7.26% |
| 2023 | 40161 | 13.81 to 14.07 | $555385 | 5.11% | 1.15% to 1.65% | 9.50% to 9.72% |
| 2022 | 50467 | 12.61 to 12.83 | $637612 | 4.74% | 1.15% to 1.65% | -12.62% to -12.45% |
| 2021 | 68144 | 14.43 to 14.65 | $985864 | 4.85% | 1.15% to 1.65% | 4.03% to 4.24% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| Prudential Series Funds |  |  |  |  |  |  |
| PGIM Jennison Growth II Portfolio |  |  |  |  |  |  |
| 2025 | 8063 | 12.58 to 12.60 | $101498 | 0.00% | 1.15% to 1.65% | 25.82% to 26.01% |
| PGIM Jennison Blend Portfolio |  |  |  |  |  |  |
| 2025 | 28606 | 15.68 to 42.28 | $1149897 | 0.00% | 1.15% to 1.65% | 16.47% to 16.76% |
| 2024 | 16967 | 35.48 to 35.48 | $602014 | 0.00% | 1.15% to 1.65% | 24.11% to 24.11% |
| 2023 | 17705 | 28.59 to 28.59 | $506159 | 0.00% | 1.15% to 1.65% | 29.61% to 29.61% |
| PGIM Jennison Focused Blend Portfolio |  |  |  |  |  |  |
| 2023 |  | - | $0 | 0.00% | 1.15% to 1.65% | n/a |
| 2022 | 18165 | 22.06 to 22.06 | $400670 | 0.00% | 1.15% to 1.65% | -27.03% to -27.03% |
| 2021 | 18110 | 30.23 to 30.23 | $547410 | 0.00% | 1.15% to 1.65% | 14.79% to 14.79% |
| Natural Resources Portfolio |  |  |  |  |  |  |
| 2025 |  | $0.00 | $0 | 0.00% | 1.15% to 1.65% | n/a |
| 2024 | 63836 | 8.94 to 20.95 | $593833 | 0.00% | 1.15% to 1.65% | 2.45% to 2.81% |
| 2023 | 71940 | 8.72 to 20.45 | $655298 | 0.00% | 1.15% to 1.65% | 0.12% to 0.47% |
| 2022 | 100455 | 8.70 to 20.43 | $981876 | 0.00% | 1.15% to 1.65% | 19.92% to 20.16% |
| 2021 | 71687 | 7.26 to 12.93 | $529150 | 0.00% | 1.15% to 1.65% | 23.35% to 23.60% |
| Mid-Cap Growth Portfolio |  |  |  |  |  |  |
| 2025 |  | $0.00 | $0 | 0.00% | 1.15% to 1.65% | n/a |
| 2024 | 4702 | 31.06 to 31.72 | $147146 | 0.00% | 1.15% to 1.65% | 12.24% to 12.47% |
| 2023 | 4925 | 27.67 to 28.20 | $137198 | 0.00% | 1.15% to 1.65% | 21.4% to 21.64% |
| 2022 | 5356 | 22.79 to 23.18 | $122800 | 0.00% | 1.15% to 1.65% | -28.22% to -28.07% |
| 2021 | 6624 | 31.75 to 32.23 | $211525 | 0.00% | 1.15% to 1.65% | 8.75% to 8.97% |
| Royce Capital Fund |  |  |  |  |  |  |
| Micro-Cap Portfolio |  |  |  |  |  |  |
| 2025 | 10023 | 20.29 to 20.76 | $204344 | 0.00% | 1.15% to 1.65% | 12.06% to 12.28% |
| 2024 | 12280 | 18.11 to 18.49 | $223391 | 0.00% | 1.15% to 1.65% | 11.75% to 11.98% |
| 2023 | 12650 | 16.21 to 16.57 | $205872 | 0.00% | 1.15% to 1.65% | 16.97% to 17.21% |
| 2022 | 21914 | 13.85 to 14.18 | $305792 | 0.00% | 1.15% to 1.65% | -23.69% to -23.53% |
| 2021 | 19895 | 18.15 to 18.43 | $363453 | 0.00% | 1.15% to 1.65% | 27.79% to 28.04% |
| Small Cap Portfolio |  |  |  |  |  |  |
| 2025 | 398795 | 14.36 to 22.18 | $8073315 | 1.71% | 1.15% to 1.65% | 6.95% to 7.75% |
| 2024 | 418502 | 13.35 to 20.63 | $8070115 | 1.05% | 1.15% to 1.65% | 1.56% to 2.33% |
| 2023 | 376484 | 13.07 to 20.22 | $7309686 | 0.63% | 1.15% to 1.65% | 23.61% to 24.41% |
| 2022 | 445457 | 10.53 to 16.29 | $6989474 | 0.07% | 1.15% to 1.65% | -10.81% to -10.22% |
| 2021 | 475089 | 11.75 to 18.19 | $8417375 | 1.21% | 1.15% to 1.65% | 26.60% to 26.98% |
| Alps Fund |  |  |  |  |  |  |
| Alerian Energy Infrastructure Portfolio |  |  |  |  |  |  |
| 2025 | 461176 | 14.11 to 26.27 | $6938394 | 4.57% | 1.15% to 1.65% | 2.95% to 3.72% |
| 2024 | 489911 | 13.67 to 25.47 | $7175337 | 4.05% | 1.15% to 1.65% | 38.28% to 39.33% |
| 2023 | 487562 | 9.85 to 18.38 | $5133095 | 3.09% | 1.15% to 1.65% | 12.05% to 12.89% |
| 2022 | 558869 | 8.77 to 16.37 | $5380535 | 6.10% | 1.15% to 1.65% | 15.41% to 16.27% |
| 2021 | 275796 | 7.57 to 14.16 | $2270421 | 2.42% | 1.15% to 1.65% | 35.79% to 36.20% |
| Global Opportunity Portfolio |  |  |  |  |  |  |
| 2025 | 110189 | 13.02 to 19.88 | $2124118 | 6.64% | 1.15% to 1.65% | -0.30% to 0.45% |
| 2024 | 100022 | 12.99 to 19.84 | $1924650 | 8.68% | 1.15% to 1.65% | 16.06% to 16.94% |
| 2023 | 102726 | 11.13 to 17.01 | $1700555 | 0.00% | 1.15% to 1.65% | 26.70% to 27.65% |
| 2022 | 116311 | 8.75 to 13.36 | $1509929 | 11.11% | 1.15% to 1.65% | -30.07% to -29.54% |
| 2021 | 118801 | 12.44 to 19.01 | $2187991 | 4.71% | 1.15% to 1.65% | 22.27% to 22.52% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| American Funds IS |  |  |  |  |  |  |
| Asset Allocation Fund |  |  |  |  |  |  |
| 2025 | 4296295 | 12.91 to 22.40 | $89466402 | 1.74% | 0.25% to 1.65% | 13.70% to 14.55% |
| 2024 | 4916552 | 12.27 to 19.60 | $89527586 | 1.95% | 0.25% to 1.65% | 14.20% to 15.06% |
| 2023 | 5701681 | 10.69 to 17.08 | $90066273 | 1.90% | 1.15% to 1.65% | 12.16% to 13.01% |
| 2022 | 6915963 | 9.63 to 15.15 | $96708599 | 1.58% | 1.15% to 1.65% | -15.07% to -14.43% |
| 2021 | 7211662 | 11.27 to 17.75 | $119153303 | 1.46% | 1.15% to 1.65% | 12.96% to 13.53% |
| Washington Mutual Investors Fund |  |  |  |  |  |  |
| 2025 | 2915736 | 17.56 to 28.13 | $72783572 | 1.28% | 1.15% to 1.65% | 14.99% to 15.85% |
| 2024 | 2805974 | 15.18 to 24.34 | $61325063 | 1.47% | 1.15% to 1.65% | 16.89% to 17.78% |
| 2023 | 2795848 | 12.92 to 20.72 | $52776768 | 1.65% | 1.15% to 1.65% | 15.06% to 15.93% |
| 2022 | 2859836 | 11.17 to 17.92 | $47176162 | 1.71% | 1.15% to 1.65% | -10.18% to -9.50% |
| 2021 | 2680860 | 12.36 to 19.85 | $49652767 | 1.33% | 1.15% to 1.65% | 25.43% to 26.05% |
| Ultra-Short Bond Fund |  |  |  |  |  |  |
| 2025 | 1472067 | 9.81 to 10.83 | $14592850 | 3.85% | 1.15% to 1.65% | 1.89% to 2.66% |
| 2024 | 1605836 | 9.60 to 10.55 | $15565222 | 4.59% | 1.15% to 1.65% | 2.89% to 3.67% |
| 2023 | 1999205 | 9.30 to 10.18 | $18769795 | 3.84% | 1.15% to 1.65% | 2.74% to 3.51% |
| 2022 | 3079440 | 9.02 to 9.84 | $28199374 | 0.44% | 1.15% to 1.65% | -0.82% to -0.17% |
| 2021 | 2165979 | 9.07 to 9.83 | $19802623 | 0.00% | 1.15% to 1.65% | -2.05% to -1.86% |
| Capital Income Builder Fund |  |  |  |  |  |  |
| 2025 | 1446110 | 14.21 to 17.14 | $24136780 | 2.75% | 1.15% to 1.65% | 18.19% to 19.08% |
| 2024 | 1608955 | 11.96 to 14.43 | $22704593 | 3.24% | 1.15% to 1.65% | 8.12% to 8.94% |
| 2023 | 1577764 | 11.00 to 13.28 | $20561730 | 2.70% | 1.15% to 1.65% | 6.98% to 7.78% |
| 2022 | 1522563 | 10.23 to 12.35 | $18486524 | 2.54% | 1.15% to 1.65% | -8.89% to -8.20% |
| 2021 | 1485983 | 11.16 to 13.49 | $19785719 | 2.55% | 1.15% to 1.65% | 13.14% to 13.37% |
| Global Growth Fund |  |  |  |  |  |  |
| 2025 | 1454040 | 12.77 to 28.75 | $36073553 | 1.21% | 0.25% to 1.65% | 19.36% to 20.25% |
| 2024 | 1477721 | 11.46 to 23.97 | $31173989 | 1.42% | 0.25% to 1.65% | 11.52% to 12.36% |
| 2023 | 1524257 | 10.22 to 21.38 | $29470156 | 0.73% | 1.15% to 1.65% | 20.30% to 21.20% |
| 2022 | 1414384 | 8.45 to 17.69 | $22791648 | 0.40% | 1.15% to 1.65% | -26.15% to -25.59% |
| 2021 | 1388857 | 11.38 to 23.83 | $30392788 | 0.21% | 1.15% to 1.65% | 14.24% to 14.81% |
| Capital World Growth and Income Fund |  |  |  |  |  |  |
| 2025 | 1028925 | 15.11 to 23.84 | $23272532 | 1.27% | 1.15% to 1.65% | 22.43% to 23.35% |
| 2024 | 1015366 | 12.28 to 19.38 | $18831496 | 1.51% | 1.15% to 1.65% | 11.82% to 12.67% |
| 2023 | 1122077 | 10.92 to 17.24 | $18647769 | 1.71% | 1.15% to 1.65% | 18.68% to 19.57% |
| 2022 | 1222708 | 9.15 to 14.46 | $17143652 | 2.09% | 1.15% to 1.65% | -18.92% to -18.31% |
| 2021 | 1148690 | 11.22 to 17.74 | $19850007 | 1.59% | 1.15% to 1.65% | 12.82% to 13.15% |
| Global Small Capitalization Fund |  |  |  |  |  |  |
| 2025 | 426166 | 9.24 to 16.82 | $6356978 | 0.19% | 1.15% to 1.65% | 12.46% to 13.30% |
| 2024 | 446734 | 8.17 to 14.88 | $6093768 | 0.87% | 1.15% to 1.65% | 0.43% to 1.20% |
| 2023 | 485193 | 8.09 to 14.74 | $6635005 | 0.03% | 1.15% to 1.65% | 13.90% to 14.75% |
| 2022 | 479558 | 7.07 to 12.88 | $5710606 | 0.00% | 1.15% to 1.65% | -30.84% to -30.32% |
| 2021 | 457807 | 10.16 to 18.53 | $8014793 | 0.00% | 1.15% to 1.65% | 4.79% to 5.21% |
| Growth Fund |  |  |  |  |  |  |
| 2025 | 2552184 | 17.19 to 49.10 | $99711595 | 0.12% | 1.15% to 1.65% | 17.96% to 18.85% |
| 2024 | 2432292 | 14.50 to 41.41 | $81298365 | 0.17% | 1.15% to 1.65% | 29.13% to 30.11% |
| 2023 | 2384093 | 11.16 to 31.91 | $62763441 | 0.17% | 1.15% to 1.65% | 35.89% to 36.90% |
| 2022 | 2440651 | 8.17 to 23.37 | $49719774 | 0.10% | 1.15% to 1.65% | -31.26% to -30.74% |
| 2021 | 2129685 | 11.82 to 33.82 | $64985480 | 0.06% | 1.15% to 1.65% | 19.69% to 20.29% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| Growth-Income Fund | | | | | | |
| 2025 | 3470483 | 17.87 to 32.73 | $99104960 | 0.73% | 1.15% to 1.65% | 15.84% to 16.72% |
| 2024 | 3369408 | 15.34 to 28.11 | $83732441 | 0.98% | 1.15% to 1.65% | 21.88% to 22.80% |
| 2023 | 3221495 | 12.52 to 22.95 | $67156552 | 1.18% | 1.15% to 1.65% | 23.77% to 24.70% |
| 2022 | 3315121 | 10.06 to 18.45 | $56244801 | 1.05% | 1.15% to 1.65% | -18.07% to -17.45% |
| 2021 | 3107515 | 12.21 to 22.40 | $65545627 | 1.02% | 1.15% to 1.65% | 21.77% to 22.38% |
| International Fund | | | | | | |
| 2025 | 714988 | 10.81 to 15.09 | $10304541 | 1.16% | 1.15% to 1.65% | 24.34% to 25.27% |
| 2024 | 771041 | 8.65 to 12.08 | $8912948 | 1.00% | 1.15% to 1.65% | 1.23% to 2.00% |
| 2023 | 853150 | 8.49 to 11.87 | $9723149 | 1.12% | 1.15% to 1.65% | 13.67% to 14.52% |
| 2022 | 950711 | 7.43 to 10.39 | $9553337 | 1.47% | 1.15% to 1.65% | -22.31% to -21.73% |
| 2021 | 882009 | 9.51 to 13.31 | $11409124 | 2.66% | 1.15% to 1.65% | -3.32% to -2.84% |
| International Growth and Income Fund | | | | | | |
| 2025 | 665055 | 13.27 to 17.07 | $10322645 | 2.41% | 1.15% to 1.65% | 32.88% to 33.88% |
| 2024 | 667686 | 9.93 to 12.82 | $7787066 | 2.35% | 1.15% to 1.65% | 1.41% to 2.18% |
| 2023 | 735703 | 9.74 to 12.62 | $8447711 | 2.32% | 1.15% to 1.65% | 13.77% to 14.63% |
| 2022 | 779163 | 8.52 to 11.07 | $7820063 | 2.58% | 1.15% to 1.65% | -16.90% to -16.28% |
| 2021 | 766730 | 10.19 to 13.29 | $9234676 | 3.01% | 1.15% to 1.65% | 3.58% to 3.89% |
| New World Fund | | | | | | |
| 2025 | 2157615 | 11.90 to 17.92 | $35698915 | 0.89% | 1.15% to 1.65% | 25.83% to 26.78% |
| 2024 | 2453051 | 9.41 to 14.18 | $32349625 | 1.19% | 1.15% to 1.65% | 4.58% to 5.37% |
| 2023 | 2617518 | 8.95 to 13.50 | $33099253 | 1.20% | 1.15% to 1.65% | 13.78% to 14.64% |
| 2022 | 2888000 | 7.82 to 11.81 | $32320958 | 1.03% | 1.15% to 1.65% | -23.52% to -22.95% |
| 2021 | 2754916 | 10.17 to 15.37 | $40593240 | 0.67% | 1.15% to 1.65% | 2.92% to 3.43% |
| U.S. Government Securities Fund | | | | | | |
| 2025 | 989157 | 9.02 to 10.39 | $9953783 | 4.12% | 1.15% to 1.65% | 5.78% to 6.57% |
| 2024 | 985800 | 8.53 to 9.77 | $9400204 | 2.98% | 1.15% to 1.65% | -1.21% to -0.46% |
| 2023 | 1593451 | 8.64 to 9.84 | $15430082 | 3.02% | 1.15% to 1.65% | 0.95% to 1.70% |
| 2022 | 2349478 | 8.55 to 9.70 | $22468698 | 2.92% | 1.15% to 1.65% | -12.65% to -11.99% |
| 2021 | 2964880 | 9.79 to 11.05 | $32366325 | 1.10% | 1.15% to 1.65% | -2.50% to -2.01% |
| Global Balanced Fund | | | | | | |
| 2025 | 106615 | 13.38 to 13.54 | $1431260 | 1.61% | 1.15% to 1.65% | 15.39% to 15.68% |
| 2024 | 51532 | 11.62 to 11.66 | $599247 | 2.50% | 1.15% to 1.65% | 4.88% to 5.09% |
| 2023 | 6917 | 11.08 to 11.09 | $76659 | 0.48% | 1.15% to 1.65% | 10.82% to 10.85% |
| The Bond Fd of America Fund | | | | | | |
| 2025 | 726507 | 11.19 to 11.37 | $8195014 | 4.68% | 1.15% to 1.65% | 5.23% to 6.02% |
| 2024 | 456010 | 10.63 to 10.72 | $4867660 | 6.60% | 1.15% to 1.65% | -0.39% to -0.39% |
| 2023 | 2457 | 10.71 to 10.71 | $26308 | 5.38% | 1.15% to 1.65% | 7.08% to 7.08% |
| T. Rowe Price |  |  |  |  |  |  |
| Blue Chip Growth Portfolio |  |  |  |  |  |  |
| 2025 | 2782840 | 16.53 to 36.44 | $86868868 | 0.00% | 1.15% to 1.65% | 16.50% to 17.37% |
| 2024 | 2995940 | 14.11 to 31.12 | $80732260 | 0.00% | 1.15% to 1.65% | 32.94% to 33.95% |
| 2023 | 3279696 | 10.56 to 23.29 | $66803968 | 0.00% | 1.15% to 1.65% | 46.53% to 47.63% |
| 2022 | 3320869 | 7.17 to 15.82 | $47156557 | 0.00% | 1.15% to 1.65% | -39.67% to -39.21% |
| 2021 | 3004374 | 11.81 to 26.09 | $72818683 | 0.00% | 1.15% to 1.65% | 15.41% to 15.99% |
| Health Sciences Portfolio |  |  |  |  |  |  |
| 2025 | 1517622 | 10.86 to 20.34 | $25945390 | 0.00% | 1.15% to 1.65% | 15.88% to 16.75% |
| 2024 | 2064555 | 9.32 to 17.47 | $31032365 | 0.00% | 1.15% to 1.65% | -0.26% to 0.50% |
| 2023 | 2109489 | 9.29 to 17.44 | $31769367 | 0.00% | 1.15% to 1.65% | 1.01% to 1.77% |
| 2022 | 1956985 | 9.15 to 17.19 | $29195820 | 0.00% | 1.15% to 1.65% | -14.11% to -13.47% |
| 2021 | 1821742 | 10.60 to 19.92 | $31918351 | 0.00% | 1.15% to 1.65% | 11.09% to 11.54% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| Equity Income Portfolio | | | | | | |
| 2025 | 177808 | 13.85 to 14.07 | $2483649 | 1.68% | 1.15% to 1.65% | 12.21% to 13.05% |
| 2024 | 76701 | 12.34 to 12.45 | $951187 | 1.57% | 1.15% to 1.65% | 10.15% to 10.26% |
| 2023 | 4903 | 11.27 to 11.28 | $55279 | 0.37% | 1.15% to 1.65% | 12.74% to 12.76% |
| Mid-Cap Growth Portfolio | | | | | | |
| 2025 | 287081 | 12.79 to 13.00 | $3703437 | 0.00% | 1.15% to 1.65% | 1.60% to 2.37% |
| 2024 | 121487 | 12.59 to 12.70 | $1536468 | 0.00% | 1.15% to 1.65% | 7.45% to 7.83% |
| 2023 | 3880 | 11.75 to 11.75 | $45586 | 0.00% | 1.15% to 1.65% | 17.46% to 17.53% |
| John Hancock Variable Insurance Trust |  |  |  |  |  |  |
| Financial Industries Portfolio |  |  |  |  |  |  |
| 2025 | 358365 | 15.63 to 19.64 | $6308796 | 1.33% | 1.15% to 1.65% | 9.99% to 10.82% |
| 2024 | 196527 | 14.13 to 17.82 | $3124232 | 0.86% | 1.15% to 1.65% | 27.85% to 28.82% |
| 2023 | 221316 | 10.99 to 13.91 | $2736183 | 1.46% | 1.15% to 1.65% | 3.26% to 4.04% |
| 2022 | 226221 | 10.59 to 13.44 | $2695933 | 2.14% | 1.15% to 1.65% | -15.24% to -14.60% |
| 2021 | 228576 | 12.42 to 15.83 | $3193107 | 0.84% | 1.15% to 1.65% | 27.65% to 27.90% |
| Fundamental All Cap Core Portfolio |  |  |  |  |  |  |
| 2025 | 6587 | 23.70 to 23.88 | $156094 | 0.16% | 1.15% to 1.65% | 3.16% to 3.27% |
| 2024 | 10213 | 22.97 to 23.28 | $235046 | 0.00% | 1.15% to 1.65% | 22.25% to 22.50% |
| 2023 | 11976 | 18.79 to 19.00 | $225619 | 0.20% | 1.15% to 1.65% | 33.29% to 33.56% |
| 2022 | 12664 | 9.52 to 14.23 | $178944 | 0.01% | 1.15% to 1.65% | -25.45% to -25.30% |
| 2021 | 27993 | 12.73 to 19.05 | $526161 | 0.00% | 1.15% to 1.65% | 28.59% to 28.72% |
| Select Bond Portfolio |  |  |  |  |  |  |
| 2025 | 41903 | 9.28 to 10.74 | $441886 | 4.11% | 1.15% to 1.65% | 5.60% to 6.40% |
| 2024 | 36206 | 8.74 to 10.12 | $361800 | 3.73% | 1.15% to 1.65% | -0.11% to 0.65% |
| 2023 | 33783 | 8.70 to 10.08 | $334421 | 3.06% | 1.15% to 1.65% | 4.15% to 4.94% |
| 2022 | 31322 | 8.34 to 9.63 | $297416 | 2.51% | 1.15% to 1.65% | -15.78% to -15.14% |
| 2021 | 36371 | 9.83 to 11.38 | $408926 | 2.62% | 1.15% to 1.65% | -2.72% to -2.52% |
| Strategic Income Opportunities Portfolio |  |  |  |  |  |  |
| 2025 | 160200 | 10.14 to 11.25 | $1773462 | 8.77% | 1.15% to 1.65% | 5.57% to 6.26% |
| 2024 | 124990 | 9.56 to 10.61 | $1302030 | 2.91% | 1.15% to 1.65% | 1.32% to 1.98% |
| 2023 | 69039 | 9.40 to 10.43 | $706194 | 3.27% | 1.15% to 1.65% | 5.59% to 6.28% |
| 2022 | 64827 | 8.86 to 9.84 | $629756 | 2.73% | 1.15% to 1.65% | -11.68% to -11.10% |
| 2021 | 78038 | 9.98 to 11.09 | $856163 | 3.33% | 1.15% to 1.65% | -0.85% to -0.45% |
| Federated Hermes |  |  |  |  |  |  |
| High Income Bond Portfolio |  |  |  |  |  |  |
| 2025 | 133407 | 11.17 to 12.11 | $1587675 | 5.43% | 1.15% to 1.65% | 6.41% to 7.22% |
| 2024 | 129302 | 10.44 to 11.33 | $1438795 | 5.93% | 1.15% to 1.65% | 4.11% to 4.90% |
| 2023 | 184646 | 9.97 to 10.86 | $1969525 | 4.37% | 1.15% to 1.65% | 10.63% to 11.46% |
| 2022 | 159690 | 8.96 to 9.80 | $1533867 | 5.89% | 1.15% to 1.65% | -13.36% to -12.71% |
| 2021 | 105236 | 10.29 to 11.28 | $1169323 | 2.80% | 1.15% to 1.65% | 3.04% to 3.25% |
| Kaufmann Portfolio |  |  |  |  |  |  |
| 2025 | 378996 | 9.92 to 13.94 | $5060624 | 0.00% | 1.15% to 1.65% | 9.44% to 10.27% |
| 2024 | 424016 | 9.02 to 12.68 | $5159073 | 0.70% | 1.15% to 1.65% | 14.85% to 15.72% |
| 2023 | 536716 | 7.81 to 10.98 | $5634869 | 0.00% | 1.15% to 1.65% | 12.98% to 13.83% |
| 2022 | 542381 | 6.87 to 9.67 | $5022734 | 0.00% | 1.15% to 1.65% | -31.40% to -30.88% |
| 2021 | 429356 | 9.96 to 14.03 | $5839773 | 0.00% | 1.15% to 1.65% | 0.59% to 1.09% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| Managed Volatility Portfolio | | | | | | |
| 2025 | 33900 | 12.67 to 13.74 | $453251 | 2.29% | 1.15% to 1.65% | 4.98% to 5.77% |
| 2024 | 28581 | 12.00 to 13.08 | $361778 | 2.15% | 1.15% to 1.65% | 13.50% to 14.37% |
| 2023 | 36561 | 10.51 to 11.53 | $409461 | 1.52% | 1.15% to 1.65% | 6.56% to 7.36% |
| 2022 | 35852 | 9.81 to 10.82 | $375564 | 0.00% | 1.15% to 1.65% | -15.40% to -14.77% |
| 2021 | 37416 | 11.53 to 12.79 | $463399 | 0.52% | 1.15% to 1.65% | 16.67% to 16.90% |
| Principal Variable Contracts |  |  |  |  |  |  |
| Blue Chip Fund |  |  |  |  |  |  |
| 2025 |  | 12.01 to 12.38 | $0 | 0.00% | 1.15% to 1.65% | -2.62% to -2.38% |
| 2024 | 128451 | 12.34 to 12.68 | $1605642 | 0.00% | 1.15% to 1.65% | 19.00% to 19.90% |
| 2023 | 84847 | 10.37 to 10.58 | $886019 | 0.00% | 1.15% to 1.65% | 36.82% to 37.85% |
| 2022 | 49309 | 7.58 to 7.67 | $374973 | 0.00% | 1.15% to 1.65% | -32.12% to -32.12% |
| 2021 | 7386 | 11.22 to 11.22 | $82878 | 0.00% | 1.15% to 1.65% | 12.20% to 12.20% |
| Equity Income Fund |  |  |  |  |  |  |
| 2025 |  | 11.34 to 11.68 | $0 | 0.00% | 1.15% to 1.65% | -3.02% to -2.78% |
| 2024 | 41275 | 11.69 to 12.02 | $492354 | 2.15% | 1.15% to 1.65% | 13.17% to 14.03% |
| 2023 | 40735 | 10.33 to 10.54 | $426884 | 2.01% | 1.15% to 1.65% | 9.19% to 10.01% |
| 2022 | 31046 | 9.46 to 9.58 | $296215 | 3.80% | 1.15% to 1.65% | -12.14% to -11.65% |
| 2021 | 12488 | 10.80 to 10.84 | $135176 | 0.81% | 1.15% to 1.65% | 8.03% to 8.10% |
| Diversified Balance Fund |  |  |  |  |  |  |
| 2025 |  | 10.47 to 10.75 | $0 | 0.00% | 1.15% to 1.65% | -0.85% to -0.64% |
| 2024 | 227941 | 10.56 to 10.82 | $2429377 | 2.08% | 1.15% to 1.65% | 7.77% to 8.48% |
| 2023 | 208723 | 9.80 to 9.97 | $2059266 | 1.13% | 1.15% to 1.65% | 12.09% to 12.71% |
| 2022 | 62889 | 8.77 to 8.85 | $553425 | 2.87% | 1.15% to 1.65% | -16.46% to -16.00% |
| 2021 | 29989 | 10.49 to 10.53 | $315354 | 1.14% | 1.15% to 1.65% | 4.93% to 5.14% |
| Diversified Growth Fund |  |  |  |  |  |  |
| 2025 |  | 11.06 to 11.17 | $0 | 0.00% | 1.15% to 1.65% | -1.59% to -1.51% |
| 2024 | 99455 | 11.23 to 11.34 | $1118515 | 3.23% | 1.15% to 1.65% | 10.56% to 10.83% |
| 2023 | 26457 | 10.16 to 10.23 | $269644 | 1.72% | 1.15% to 1.65% | 14.84% to 14.96% |
| 2022 | 22419 | 8.85 to 8.88 | $198654 | 2.01% | 1.15% to 1.65% | -16.97% to -16.89% |
| 2021 | 24924 | 10.66 to 10.67 | $265780 | 0.00% | 1.15% to 1.65% | 6.56% to 6.63% |
| Diversified Income Fund |  |  |  |  |  |  |
| 2025 |  | 10.01 to 10.16 | $0 | 0.00% | 1.15% to 1.65% | 0.05% to 0.16% |
| 2024 | 16212 | 10.01 to 10.14 | $163540 | 1.41% | 1.15% to 1.65% | 5.30% to 5.68% |
| 2023 | 9162 | 9.51 to 9.59 | $87458 | 0.79% | 1.15% to 1.65% | 9.48% to 9.87% |
| 2022 | 6215 | 8.68 to 8.73 | $54133 | 0.00% | 1.15% to 1.65% | -15.95% to -15.79% |
| 2021 | 75480 | 10.33 to 10.34 | $780251 | 3.86% | 1.15% to 1.65% | 3.30% to 3.44% |
| Blue Chip PVC 2 Fund |  |  |  |  |  |  |
| 2025 | 212329 | 11.04 to 11.10 | $2350409 | 0.00% | 1.15% to 1.65% | 10.43% to 10.98% |
| Equity Income 2 Fund |  |  |  |  |  |  |
| 2025 | 43074 | 11.77 to 11.83 | $508891 | 3.20% | 1.15% to 1.65% | 17.67% to 18.28% |
| Diversified Balance 2 Fund |  |  |  |  |  |  |
| 2025 | 213489 | 11.13 to 11.17 | $2380118 | 5.68% | 1.15% to 1.65% | 11.31% to 11.72% |
| Diversified Growth 2 Fund |  |  |  |  |  |  |
| 2025 | 91194 | 11.42 to 11.44 | $1041614 | 5.28% | 1.15% to 1.65% | 14.19% to 14.38% |
| Diversified Income 2 Fund |  |  |  |  |  |  |
| 2025 | 13446 | 10.89 to 10.91 | $146551 | 5.74% | 1.15% to 1.65% | 8.88% to 9.06% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**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\*\*\*** |
| Putnam Variable Trust |  |  |  |  |  |  |
| Core Equity Fund |  |  |  |  |  |  |
| 2025 | 68372 | 12.38 to 12.49 | $849534 | 0.60% | 1.15% to 1.65% | 15.24% to 15.24% |
| 2024 | 4304 | 10.77 to 10.77 | $46356 | 0.00% | 1.15% to 1.65% | 7.69% to 7.69% |
| Emerging Markets Equity Fund |  |  |  |  |  |  |
| 2025 | 7792 | 13.48 to 13.51 | $105068 | 0.36% | 1.15% to 1.65% | 34.76% to 35.14% |
| 2024 |  | - | $0 | n/a | 1.15% to 1.65% | n/a |
| Focused International Equity Fund |  |  |  |  |  |  |
| 2025 | 603 | 13.29 to 13.32 | $8022 | 0.00% | 1.15% to 1.65% | 32.93% to 33.21% |
| 2024 |  | - | $0 | n/a | 1.15% to 1.65% | n/a |
| George Putnam Balanced Fund |  |  |  |  |  |  |
| 2025 | 75551 | 11.73 to 11.80 | $887604 | 6.61% | 1.15% to 1.65% | 12.42% to 12.42% |
| 2024 | 166 | 10.45 to 10.45 | $1735 | 0.00% | 1.15% to 1.65% | 4.47% to 4.47% |
| Global Asset Allocation Fund |  |  |  |  |  |  |
| 2025 | 15681 | 11.71 to 11.73 | $183875 | 0.00% | 1.15% to 1.65% | 17.11% to 17.28% |
| 2024 |  | - | $0 | n/a | 1.15% to 1.65% | n/a |
| Global Health Care Fund |  |  |  |  |  |  |
| 2025 | 24742 | 10.06 to 10.13 | $249648 | 0.00% | 1.15% to 1.65% | 13.68% to 13.68% |
| 2024 | 3062 | 8.88 to 8.88 | $27206 | 0.00% | 1.15% to 1.65% | -11.16% to -11.16% |
| High Yield Fund |  |  |  |  |  |  |
| 2025 | 14985 | 11.01 to 11.05 | $165083 | 1.22% | 1.15% to 1.65% | 10.12% to 10.51% |
| 2024 |  | - | $0 | n/a | 1.15% to 1.65% | n/a |
| International Equity Fund |  |  |  |  |  |  |
| 2025 | 49166 | 13.11 to 13.22 | $646589 | 0.00% | 1.15% to 1.65% | 31.12% to 32.15% |
| 2024 |  | - | $0 | n/a | 1.15% to 1.65% | n/a |
| International Value Fund |  |  |  |  |  |  |
| 2025 | 257334 | 12.78 to 12.92 | $3307958 | 0.74% | 1.15% to 1.65% | 32.74% to 33.47% |
| 2024 | 57470 | 9.66 to 9.68 | $555496 | 0.00% | 1.15% to 1.65% | -3.42% to -3.20% |
| Large Cap Growth Fund |  |  |  |  |  |  |
| 2025 | 119804 | 12.76 to 12.88 | $1534159 | 0.00% | 1.15% to 1.65% | 12.58% to 13.31% |
| 2024 | 14741 | 11.34 to 11.37 | $167313 | 0.00% | 1.15% to 1.65% | 13.39% to 13.70% |
| Large Cap Value Fund |  |  |  |  |  |  |
| 2025 | 1044786 | 11.91 to 12.04 | $12516338 | 0.86% | 1.15% to 1.65% | 18.62% to 19.27% |
| 2024 | 193605 | 10.07 to 10.10 | $1951617 | 0.00% | 1.15% to 1.65% | 0.72% to 0.96% |
| Research Fund |  |  |  |  |  |  |
| 2025 | 7097 | 12.46 to 12.50 | $88543 | 0.96% | 1.15% to 1.65% | 24.57% to 25.01% |
| 2024 |  | - | $0 | n/a | 1.15% to 1.65% | n/a |
| Small Cap Growth Fund |  |  |  |  |  |  |
| 2025 | 114839 | 10.79 to 10.90 | $1245564 | 0.18% | 1.15% to 1.65% | 7.35% to 7.72% |
| 2024 | 20633 | 10.09 to 10.11 | $208386 | 0.00% | 1.15% to 1.65% | 0.93% to 1.08% |
| Small Cap Value Fund |  |  |  |  |  |  |
| 2025 | 21763 | 9.98 to 10.06 | $218275 | 0.37% | 1.15% to 1.65% | 3.96% to 3.96% |
| 2024 | 5457 | 9.65 to 9.65 | $52676 | 0.00% | 1.15% to 1.65% | -3.48% to -3.48% |

---

------

**Midland National Life Insurance Company**

**Separate Account C**

**Notes to Financial Statements**

\* The Investment Income Ratio represents the dividends, excluding distributions of capital gains, received by the portfolio, net of management fees assessed by the fund manager, divided by the average net assets. This ratio excludes those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. The recognition of investment income is affected by the timing of the declaration of dividends.

\*\* The Expense Ratio represents the annualized contract expenses of each portfolio within the Separate Account, consisting primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund are excluded.

\*\*\* The Total Return is calculated as the change in the unit value of the underlying portfolio and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. For newly introduced portfolios, the total return for the first year is calculated as the percentage change from inception to the end of the period. Because the total return is presented as a range of minimum and maximum values, based on the product grouping representing the minimum and maximum expense ratios, some individual contract total returns are not within the ranges presented.