As filed with the Securities and Exchange Commission on April 26, 2021

Registration Nos. 333-176870

811-07772

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-4

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933	☐
Pre-Effective Amendment No.	☐
Post-Effective Amendment No. 18	☒

and

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940	☐
Amendment No. 143	☒

MIDLAND NATIONAL LIFE SEPARATE ACCOUNT C

(Exact Name of Registrant)

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(Name of Depositor)

One Sammons Plaza, Sioux Falls, SD 57193

(Address of Depositor’s Principal Executive Offices)

Depositor’s Telephone Number, including Area Code:

(605) 335-5700

Name and Address of Agent for Service:   Brian Hansen Senior Vice President, General Counsel & Secretary Midland National Life Insurance Company Sammons Financial Group 8300 Mills Civic Parkway West Des Moines, IA 50266 Copy to:   Richard T. Choi, Esq. Carlton Fields, P.A. 1025 Thomas Jefferson Street, NW Suite 400 West Washington, DC 20007-5208

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

It is proposed that this filing will become effective:

☐ Immediately upon filing pursuant to paragraph (b) of Rule 485

☒ On May 1, 2021 pursuant to paragraph (b) of Rule 485

☐ 60 days after filing pursuant to paragraph (a) of Rule 485

☐ On pursuant to paragraph (a) of Rule 485

Title of securities being registered:

LiveWell Variable Annuity

Individual Flexible Premium Variable Annuity Contracts.

LiveWell Variable Annuity Prospectus

May 1, 2021

An Individual Flexible Premium Deferred Variable Annuity

issued by: Midland National Life Insurance Company

through the Midland National Life Separate Account C

This prospectus describes what you should know before purchasing the LiveWell Variable Annuity Contract. Please read this prospectus carefully and keep it for future reference.

The LiveWell Variable Annuity (the “Contract”) is designed to aid in long-term financial planning and provides for accumulation of capital on a tax-deferred basis for retirement or other savings needs. The minimum initial premium for a Contract is $10,000.

The investment options available under your Contract are listed on the following pages. No one insures or guarantees any of these investments. Separate prospectuses describe the investment objectives, policies and risks of each investment option.

Replacing an existing annuity with the Contract may not be of financial benefit to you. Your existing annuity may be subject to fees or penalties on surrender. Compare the fees, charges, coverage provisions and limitations, if any, of your existing contract with those of the Contract described in this prospectus.

We pay compensation to broker/dealers whose registered representatives sell the Contract. See “Distribution of the Contracts” for additional information about the compensation we pay.

A Statement of Additional Information (“SAI”) about the Contract and the Midland National Life Separate Account C, dated May 1, 2021 has been filed with the Securities and Exchange Commission (“SEC”). The SAI is available free of charge by accessing the SEC’s Internet website (www.sec.gov) or upon request, free of charge, by writing to us at our Customer Service Center, Midland National Life Insurance Company, P.O. Box 758547, Topeka, Kansas 66675-8547 or by calling our Customer Service Center toll-free (866) 747-3421. The table of contents of the SAI is included at the end of this prospectus and is incorporated herein by reference. The SEC maintains a website (www.sec.gov) that contains the SAI, material incorporated by reference, and other information regarding registrants that file electronically with the SEC.

You may allocate your premiums to the Separate Account investment options (see Definitions) that invest in a specified mutual fund (“portfolio”). The investment options invest in the following series funds or trusts:

AIM Variable Insurance Funds (Invesco Variable Insurance Funds)	DWS Variable Insurance Portfolios	Lord Abbett Series Fund, Inc.
The Alger Portfolios	Federated Hermes Insurance Series	MFS Variable Insurance Trust
AB Variable Products Series Fund, Inc.	Fidelity® Variable Insurance Products	MFS Variable Insurance Trust II
ALPS Variable Investment Trust	Franklin Templeton Variable Insurance Products Trust	MFS Variable Insurance Trust III
American Century Variable Portfolios, Inc.	Guggenheim Variable Insurance Funds	Northern Lights Variable Trust
American Funds Insurance Series®	Ivy Variable Insurance Portfolios	PIMCO Variable Insurance Trust
BlackRock Variable Series Funds, Inc.	Janus Aspen Series	Pioneer Variable Contracts Trust
Calvert Variable Products, Inc.	John Hancock Variable Insurance Trust	Principal Variable Contracts Trust
Calvert Variable Series, Inc.	Lazard Retirement Series, Inc.	Royce Capital Fund
Columbia Funds Variable Insurance Trust	Legg Mason Partners Variable Equity Trust	T. Rowe Price
Columbia Funds Variable Series Trust II	Legg Mason Partners Variable Income Trust	VanEck VIP Trust
Delaware VIP® Trust

Your accumulation value in the investment options will increase or decrease based on investment performance of the mutual fund portfolios. You bear this risk. No one insures or guarantees any of these investments. Separate prospectuses describe the investment objectives, policies and risks of the portfolios.

Beginning on January 1, 2022, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the shareholder reports for portfolios available under your Contract will no longer be sent by mail, unless you specifically request paper copies of the reports from us. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from us electronically by contacting our Customer Service Center at (866) 747-3421.

You may elect to receive all future reports in paper free of charge. You can inform us that you wish to continue receiving paper copies of your shareholder reports by contacting the Customer Service Center at the toll-free number referenced immediately above. Your election to receive reports in paper will apply to all portfolios available under your Contract.

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

THE CONTRACT DESCRIBED IN THIS PROSPECTUS IS NOT A BANK DEPOSIT, NOT AN OBLIGATION OF A BANK, AND IS NOT GUARANTEED BY A BANK. THIS CONTRACT IS NOT INSURED OR GUARANTEED BY THE FDIC, THE FEDERAL RESERVE BOARD, OR ANY OTHER GOVERNMENT AGENCY. THE CONTRACT INVOLVES INVESTMENT RISK INCLUDING POSSIBLE LOSS OF PRINCIPAL.

The Separate Account investment options (the “subaccounts”) currently available under your Contract are:

1. AB VPS Dynamic Asset Allocation Portfolio B	41. Columbia Variable Portfolio—Select Large-Cap Value Fund Class 2
2. AB VPS Small/Mid Cap Value Portfolio B	42. Columbia Variable Portfolio—Seligman Global Tech Fund Class 2
3. Alger Capital Appreciation Portfolio Class S	43. Columbia Variable Portfolio—Strategic Income Fund Class 2
4. ALPS | Alerian Energy Infrastructure Portfolio Class III	44. Columbia Variable Portfolio—U.S. Government Mortgage Fund Class 2
5. ALPS | Red Rocks Global Opportunity Portfolio Class III	45. DWS Alternative Asset Allocation VIP-B
6. American Century VP Balanced Fund II	46. DWS Equity 500 Index VIP-B
7. American Century VP Disciplined Core Value Fund II	47. DWS High Income VIP-B
8. American Century VP Inflation Protection Fund II	48. DWS Small Cap Index VIP-B
9. American Century VP Mid Cap Value Fund II	49. Eaton Vance VT Floating-Rate Income Fund
10. American Century VP Ultra Fund II	50. Federated Hermes High Income Bond II Service
11. American Century VP Value Fund II	51. Federated Hermes Kaufmann Fund II Service
12. American Funds IS Asset Allocation Fund Class 4	52. Federated Hermes Managed Volatility II Service
13. American Funds IS Capital Income Builder® Class 4	53. Fidelity® VIP Contrafund® Portfolio Service Class 2
14. American Funds IS Capital World Growth and Income Fund Class 4	54. Fidelity® VIP Emerging Markets Portfolio Service Class 2
15. American Funds IS Global Growth Fund Class 4	55. Fidelity® VIP FundsManager 50% Portfolio Service Class 2
16. American Funds IS Global Small Capitalization Fund Class 4	56. Fidelity® VIP FundsManager 70% Portfolio Service Class 2
17. American Funds IS Growth Fund Class 4	57. Fidelity® VIP FundsManager 85% Portfolio Service Class 2
18. American Funds IS Growth-Income Fund Class 4	58. Fidelity® VIP Growth Opportunities Portfolio Service Class 2
19. American Funds IS International Fund Class 4	59. Fidelity® VIP International Capital Appreciation Portfolio Service Class 2
20. American Funds IS International Growth and Income Fund Class 4	60. Fidelity® VIP Investment Grade Bond Portfolio Service Class 2
21. American Funds IS New World Fund® Class 4	61. Fidelity® VIP Mid Cap Portfolio Service Class 2
22. American Funds IS U.S. Government Securities Fund Class 4	62. Fidelity® VIP Real Estate Portfolio Service Class 2
23. American Funds IS Ultra-Short Bond Fund Class 4	63. Fidelity® VIP Strategic Income Portfolio Service Class 2
24. American Funds IS Washington Mutual Investors Fund Class 4	64. Franklin Income VIP Fund Class 2
25. BlackRock Basic Value V.I. Fund Class III	65. Franklin Rising Dividends VIP Fund Class 2
26. BlackRock Equity Dividend V.I. Fund Class III	66. Guggenheim VIF Global Managed Futures Strategy Fund
27. BlackRock Global Allocation V.I. Fund Class III	67. Guggenheim VIF Long Short Equity Fund
28. BlackRock 60/40 Target Allocation ETF V.I. Fund	68. Guggenheim VIF Multi-Hedge Strategies Fund
29. BlackRock Large Cap Focus Growth V.I. Fund Class III	69. Guggenheim VIF Small Cap Value Fund Series Q
30. Calvert VP SRI Balanced Portfolio	70. Invesco V.I. Balanced-Risk Allocation Fund—Series II Shares
31. Calvert VP SRI Mid Cap Portfolio	71. Invesco V.I. Core Bond Fund—Series II Shares
32. ClearBridge Variable Dividend Strategy Portfolio Class II	72. Invesco V.I. Core Plus Bond Fund—Series II Shares
33. ClearBridge Variable Large Cap Growth II	73. Invesco V.I. Discovery Mid Cap Growth Fund—Series II Shares
34. ClearBridge Variable Mid Cap Portfolio Class II	74. Invesco V.I. Diversified Dividend Fund—Series II Shares
35. ClearBridge Variable Small Cap Growth Portfolio Class II	75. Invesco V.I. Equity and Income Fund—Series II Shares
36. Columbia Variable Portfolio—Contrarian Core Fund Share Class 2	76. Invesco V.I. Global Fund—Series II Shares
37. Columbia Variable Portfolio—Dividend Opportunity Fund Share Class 2	77. Invesco V.I. International Growth Fund—Series II Shares
38. Columbia Variable Portfolio—Emerging Markets Fund Share Class 2	78. Invesco V.I. Main Street Fund—Series II Shares
39. Columbia Variable Portfolio—Emerging Markets Bond Fund Share Class 2	79. Invesco V.I. Main Street Small Cap Fund®—Series II Shares
40. Columbia Variable Portfolio—High Yield Bond Fund Share Class 2	80. Invesco V.I. Small Cap Equity Fund—Series II Shares

Separate Account investment options continued on next page.

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81. Janus Henderson Balanced Portfolio Service Shares	110. PIMCO VIT Global Managed Asset Allocation Portfolio
82. Janus Henderson Enterprise Portfolio Service Shares	111. PIMCO VIT High Yield Portfolio Advisor Class
83. Janus Henderson Flexible Bond Portfolio Service Shares	112. PIMCO VIT Income Portfolio Advisor Class
84. Janus Henderson Global Research Portfolio Service Shares	113. PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) Advisor Class
85. Janus Henderson Global Technology and Innovation Portfolio Service Shares	114. PIMCO VIT Low Duration Portfolio Advisor Class
86. Janus Henderson Mid Cap Value Portfolio Service Shares	115. PIMCO VIT Real Return Portfolio Advisor Class
87. Janus Henderson Overseas Portfolio Service Shares	116. PIMCO VIT Short-Term Portfolio Advisor Class
88. John Hancock VIT Financial Industries Trust Series II	117. PIMCO VIT Total Return Portfolio Advisor Class
89. John Hancock VIT Select Bond Trust Series II	118. Pioneer Bond VCT Portfolio Class II
90. John Hancock VIT Strategic Income Opportunities Trust Series II	119. Pioneer Equity Income VCT Portfolio Class II
91. Lazard Retirement Global-Dynamic Multi Asset Portfolio Service Shares	120. Pioneer Fund VCT Portfolio Class II
92. Lazard Retirement International Equity Portfolio Service Shares	121. Pioneer Strategic Income VCT Portfolio Class II
93. Lord Abbett Series Fund Bond Debenture Portfolio VC	122. Principal VC Blue Chip 3
94. Lord Abbett Series Fund Fundamental Equity Portfolio VC	123. Principal VC Equity Income 3
95. Lord Abbett Series Fund Short Duration Income Portfolio VC	124. Principal VC Diversified Balanced 3
96. MFS VIT II Blended Research Core Equity Portfolio Service Class	125. Principal Diversified Growth 3
97. MFS VIT II Corporate Bond Portfolio Service Class	126. Principal VC Diversified Income 3
98. MFS VIT II Emerging Markets Equity Portfolio Service Class	127. Royce Capital Fund—Small-Cap Portfolio Service Class
99. MFS VIT II Global Tactical Allocation Portfolio Service Class	128. Rydex VIF S&P 500 Pure Growth Fund
100. MFS VIT II International Intrinsic Value Portfolio	129. T. Rowe Price Blue Chip Growth Portfolio-II
101. MFS VIT II Technology Portfolio Service Class	130. T. Rowe Price Health Sciences Portfolio-II
102. MFS VIT III Global Real Estate Service Class	131. Templeton Developing Markets VIP Fund Class 2
103. MFS VIT New Discovery Series Service Class	132. Templeton Foreign VIP Fund Class 2
104. MFS VIT Utilities Series Service Class	133. Templeton Global Bond VIP Fund Class 2
105. PIMCO VIT All Asset Portfolio Advisor Class	134. VanEck VIP Global Resources Fund S
106. PIMCO VIT CommodityRealReturn® Strategy Portfolio Advisor Class	135. Western Asset Core Bond Plus VIT Portfolio Class II
107. PIMCO VIT Dynamic Bond Portfolio Advisor Class	136. Western Asset Variable Global High Yield Bond Portfolio Class II
108. PIMCO VIT Emerging Markets Bond Portfolio Advisor Class	137. Western Asset Core Bond Plus VIT Portfolio Class II
109. PIMCO VIT Global Bond Opportunities Portfolio (Unhedged) Advisor Class

These investment options are open to new premiums and investment transfers. More information, including information regarding “closed” investment options, can be found in the appendices. “APPENDIX A – SEPARATE ACCOUNT INVESTMENT OPTIONS” highlights each subaccount’s investment objectives and adviser.

If you have received a summary prospectus for any of the investment options available through your Contract, you may obtain a full prospectus and other fund information free of charge by either accessing the internet address, calling the telephone number or sending an email request to the contact information, shown on the front of the portfolio’s summary prospectus.

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LiveWell Variable Annuity

Table of Contents

DEFINITIONS	6
SUMMARY	8
Features of LiveWell Variable Annuity	8
Your “Free Look” Right	8
Your Accumulation Value	8
Flexible Premium Payments	8
Investment Choices	9
Transfers	9
Frequent or Disruptive Transfers	9
Optional Value Endorsement	9
Surrenders and Partial Withdrawals	10
Administrative Procedures	10
Death Benefit	11
Fees and Expenses	11
Contract Owner Transaction Expenses	11
Periodic Charges Other Than Portfolio Expenses	11
Range of Annual Operating Expenses for the Portfolios1	12
Expense Examples	12
Financial Information	14
Charges and Fees	14
Sales Charges	14
Mortality and Expense Risk Charge	14
Asset Based Administration Charge	14
Quarterly Contract Maintenance Fee	14
State Premium Taxes	14
Optional Value Endorsement Fee Reduction	14
ADDITIONAL INFORMATION ABOUT LIVEWELL VARIABLE ANNUITY	15
Suitability of the Contract	15
Other Products	15
Inquiries and Correspondence	15
Electronic Account Information	16
State Variations	16
Our Separate Account C and Its Investment Options	16
Amounts in Our Separate Account	17
We Own the Assets of Our Separate Account	17
Our Right to Change How We Operate Our Separate Account	17
DETAILED INFORMATION ABOUT THE CONTRACT	18
Requirements for Issuance of a Contract	18
Free Look	19
Tax-Free “Section 1035” Exchanges	19
Premium Payments	19
Allocation of Premium Payments	19
Changing Your Premium Allocation Percentages	20
Your Accumulation Value	20
Transfers of Accumulation Value	20
Transfer Limitations	20
Surrenders and Partial Withdrawals	22
Systematic Withdrawals	23
Dollar Cost Averaging	24
Portfolio Rebalancing	25
Death Benefit	25
Accumulation Value Death Benefit	26
Return of Premium Death Benefit	26
Enhanced Death Benefit	27
CHARGES, FEES AND DEDUCTIONS	28
Mortality and Expense Risk Charge	28
Asset Based Administration Charge	28
Quarterly Contract Maintenance Fee	28
Transfer Charge	28

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LiveWell Variable Annuity

Charges in the Portfolios	28
State Premium Taxes	29
Other Taxes	29
Optional Value Endorsement – Surrender Charges	29
Free Withdrawal Amount	32
FEDERAL TAX STATUS	33
Introduction	33
Annuity Contracts in General	33
Qualified and Non-Qualified Contracts	33
Minimum Distribution Rules and Eligible Rollover Distributions	34
Diversification and Distribution Requirements	34
Owner Control	34
Surrenders and Partial Withdrawals	34
Multiple Contracts	35
Withholding	35
Annuity Payments	35
Partial Annuitization	35
Investment Income Surtax	35
Definition of Spouse under Federal Law	35
Annuity Contracts Purchased by Nonresident Aliens and Foreign Corporations	36
Taxation of Death Benefit Proceeds	36
Transfers, Assignments or Exchange of Contracts	36
Possible Tax Law Changes	36
Federal Estate, Gift and Generation-Skipping Transfer Taxes	36
Annuity Purchases by Residents of Puerto Rico	36
Foreign Tax Credits	37
Maturity Date	37
Electing an Annuity Payment Option	37
Fixed Payment Options	38
Payment Options	38
ADDITIONAL INFORMATION	38
Midland National Life Insurance Company	38
Our Financial Condition	39
Portfolio Voting Rights	39
How We Determine Your Voting Shares	39
Voting Privileges of Participants in Other Companies	40
Our Reports to Owners	40
Contract Periods, Anniversaries	40
Dividends	40
Change of Address Notification	40
Modification to Your Contract	40
Your Beneficiary	41
Assigning Your Contract	41
When We Pay Proceeds from This Contract	41
Distribution of the Contracts	42
Regulation	42
Cybersecurity Risks	43
Catastrophic Events	43
Legal Proceedings	43
STATEMENT OF ADDITIONAL INFORMATION	44
APPENDIX A – SEPARATE ACCOUNT INVESTMENT OPTIONS	45
Investment Policies of the Portfolios	45
Availability of the Portfolios	58
APPENDIX B – ENHANCED DEATH BENEFIT EXAMPLES	59
APPENDIX C – STATE VARIATIONS	61
APPENDIX D – CONDENSED FINANCIAL INFORMATION	63

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LiveWell Variable Annuity

DEFINITIONS

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

Accumulation Unit means the units credited to each investment option in the Separate Account before the maturity date.

Accumulation Value means the sum of the amounts you have in the investment option(s) of our Separate Account under your in force Contract. This may also be referred to as account value.

Annuitant means the person whose life is used to determine the amount and duration of any annuity payments involving life contingencies. The annuitant may not be changed during the annuitant’s lifetime.

Annuitization means an election of an annuity payment option.

Annuitize means an election to receive regular income payments from your Contract under one of the annuity payment options. An election to annuitize your Contract may be irrevocable. If you elect to annuitize your Contract, you will no longer be able to exercise any liquidity (e.g., withdrawal or surrender) provision that may have previously been available.

Beneficiary means the person or persons to whom the Contract’s death benefit will be paid in the event of the death of the owner.

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

Contract Anniversary means the same date in each Contract year as the issue date.

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

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

Contract Year means a year that starts on the issue date or on each Contract anniversary thereafter.

Customer Service Center means where you must send correspondence, service or transaction requests, and inquiries to P.O. Box 758547 Topeka, Kansas, 66675-8547 or via fax (866) 511-7038. The toll free telephone number is (866) 747-3421. Please note: Premium payments must be sent to P.O. Box 758546, Topeka, Kansas, 66675-8546. The overnight mailing address is Midland National Customer Service Center, Mail Zone 547, 5801 SW 6^th Avenue, Topeka, Kansas 66636-1001. This should only be used for mail delivered via a courier.

Death Benefit means the amount that we will pay to the beneficiary in the event of the death of the owner if the Contract is still in force. The amount of the death benefit will be determined as of the business day that our Customer Service Center receives the required documentation in good order.

Gain means the difference, if any, between your accumulation value and the total premiums received less any reduction for partial withdrawals on a dollar for dollar basis.

Good Order means all of the information necessary to process a transaction, as we determine in our discretion. Transaction requests will generally be processed on the business day they are received at the Customer Service Center as long as the request is in good order. For more detailed information see “Administrative Procedures” on page 10.

Gross Premium means (1) if you do not elect an Optional Value Endorsement, your premium payment(s) before any partial withdrawals; and (2) if you do elect an Optional Value Endorsement, this means your premium payments before any partial withdrawals and any surrender charges.

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LiveWell Variable Annuity

Investment Option means an option or division of our Separate Account which invests exclusively in one share class of one investment portfolio of a Trust or Fund. Usage of the term subaccount(s) and Investment Division shall have the same meaning as Investment Option(s) throughout this prospectus.

Issue Age means the age of the owner on the last birthday before the issue date.

Issue Date means the date the Contract goes into effect and from which Contract anniversaries, Contract months, Contract quarters, and Contract years are determined.

Maturity Date means the date, specified in your Contract, on which income payments will begin. The earliest possible maturity date is the 1st Contract anniversary at which time you may annuitize your full accumulation value. The maximum maturity date is the Contract anniversary immediately following the annuitant’s 115^th birthday.

Net Premium means (1) if you do not elect an Optional Value Endorsement, total premiums received less any reductions for partial withdrawals on a pro-rata basis; and (2) if you do elect an Optional Value Endorsement, this means total premiums received less any reductions for partial withdrawals and less applicable surrender charges on a pro-rata basis.

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

Payee means the person who is entitled to receive annuity payments after annuitization. On or after the maturity date, the owner will be the payee. The beneficiary is the payee of the proceeds at the death of the Owner, if the date of death is prior to the maturity date.

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

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

Remaining Premium means if you elect the Optional Value Endorsement, the premium payments made less the partial withdrawals taken and less any surrender charges on a dollar for dollar basis.

Separate Account means the Midland National Life Separate Account C which receives and invests your premiums under the Contract. Our Separate Account is divided into subaccounts.

Subaccount means an option or division of our Separate Account which invests exclusively in one share class of one investment portfolio of a Trust or Fund. Usage of the term subaccount(s) and Investment Division shall have the same meaning as Investment Option(s) throughout this prospectus.

Surrender Value means (1) if you do not elect an Optional Value Endorsement, the Separate Account accumulation value on the date of surrender less the quarterly Contract maintenance fee and any state premium tax, if applicable; and (2) if you do elect an Optional Value Endorsement, this means the Separate Account accumulation value on the date of surrender less any applicable surrender charge, quarterly Contract maintenance fee and any state premium tax, if applicable. This may also be referred to as cash surrender value.

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

Written Notice means a notice or request submitted in a written form satisfactory to us, that is signed by the owner and received by us at our Customer Service Center in good order at P.O. Box 758547, Topeka, Kansas 66675-8547 or via fax (866) 511-7038. The overnight mailing address is Midland National Customer Service Center, Mail Zone 547, 5801 SW 6^th Avenue, Topeka, Kansas 66636-1001.

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LiveWell Variable Annuity

SUMMARY

In this prospectus “we,” “our,” “us,” “Midland National,” and “Company” mean Midland National Life Insurance Company. “you” and “your” mean the owner of the Contract. We refer to the person who is covered by the Contract as the “annuitant,” because the annuitant and the owner might not be the same.

This summary provides only a brief overview of the more important features of the Contract. The detailed information appearing later in this prospectus further explains the following summary. Please read this entire prospectus, your Contract and the SAI for more detailed information. The prospectus discloses all material features and benefits of the Contract. Unless otherwise indicated, the description of the Contract in this prospectus assumes that the Contract is in force.

FEATURES OF LIVEWELL VARIABLE ANNUITY

The LiveWell Variable Annuity, a flexible premium deferred variable annuity, described in this prospectus provides for accumulation of assets (the “accumulation value”) and payment of annuity payments. The Contract is designed to aid individuals in long-term planning for retirement or other long-term purposes.

The Contract is available for situations that do not qualify for the special federal tax advantages available under the Internal Revenue Code (“Non-Qualified Contract”) and for retirement plans which do qualify for those tax advantages (“Qualified Contract”). This Contract does not offer any additional tax benefits when purchased under a qualified plan. See “Suitability of the Contract” on page 15 for more detailed information.

Replacing an existing annuity with the Contract may not be of financial benefit to you. Your existing annuity may be subject to fees or penalties on surrender. Compare the fees, charges, coverage provisions and limitations, if any, of your existing annuity with those of the Contract described in this prospectus before replacing an existing annuity.

This Contract is designed for people seeking long-term tax-deferred accumulation of assets, generally for retirement or other long-term purposes. You should not buy this Contract:

• if you are looking for a short-term investment; or

• if you cannot risk getting back less money than you put in.

Your “Free Look” Right

You can examine the Contract and return it to us for any reason within ten (10) days after you receive it for a refund of the accumulation value (which may be more or less than the premium payments you paid), or if greater and required by your state, the original amount of your premium payment. Longer free look periods apply in some states and in certain situations. See “Free Look” on page 19 for more details.

Your Accumulation Value

Your accumulation value depends on:

• the amount and frequency of premium payments,

• the selected subaccounts’ investment experience,

• partial withdrawals, and

• charges and deductions.

You bear the investment risk under the Contract. There is no minimum guaranteed accumulation value and you could lose accumulation value invested in this Contract.

Flexible Premium Payments

You may pay premiums whenever you want, prior to annuitization, and in whatever amount you want, within certain limits and subject to our ability to refuse any premiums. The minimum initial premium for a Contract is $10,000. You may make additional payments of $1,000 or more at any time after the free-look period. By current company practice, we will also accept additional payments via automatic bank draft in amounts of $100 or more per month.

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LiveWell Variable Annuity

Unless you receive approval from us, the maximum amount of premium you can pay into this Contract prior to the maturity date is $2,000,000. Also, an initial or additional premium that would cause the contract value of all annuities that you maintain with Midland National to exceed $5,000,000 requires our prior approval. This limit is calculated for each annuitant or owner and is based on all active annuity contracts.

Investment Choices

You allocate your accumulation value to the investment options of our Separate Account available under this Contract. Currently, we do not limit the maximum number of investment options. However, we reserve the right to limit the maximum number of investment options invested in at any one time.

For a full description of the investment options, see the portfolios’ prospectuses or summary prospectuses, which accompany this prospectus. See “APPENDIX A – SEPARATE ACCOUNT INVESTMENT OPTIONS” on page 45 for more information.

Each investment option pays a different investment management or advisory fee and has different operating expenses. More detail concerning each investment options’ fees and expenses is contained in the prospectus provided by the fund company.

We allocate your premiums and investment allocations to the investment options you choose. The value of your Contract will fluctuate daily during the accumulation period depending on the investment options you have chosen; you bear the investment risk.

Transfers

We currently do not charge for transfers between investment options, but reserve the right to charge $15 per transfer for transfers in excess of 15 per Contract year. If assessed, this charge will be deducted from the amount that is transferred prior to the allocation to a different investment option. The fee is waived for transfers in connection with active dollar cost averaging (“DCA”) or automatic rebalancing programs. We also reserve the right to limit the number of transfers you may make and may otherwise modify or terminate transfer privileges if required by our business judgment or in accordance with applicable law or pursuant to our agreements with the underlying portfolios. We reserve the right to eliminate and/or severely restrict the transfer privilege in any manner we deem appropriate for some, all, or specific owners. See “Transfer Limitations” on page 20 for more information.

Frequent or Disruptive Transfers

Frequent, large, programmed, or short-term transfers among the investment options can cause risks with adverse effects for other owners (and beneficiaries and portfolios). These risks and harmful effects include:

• dilution of the interests of long-term investors in an investment option if transfers into the option are made at unit values that are priced below the true value or transfers out of the investment option are made at unit values priced higher than the true value (some “market timers” attempt to do this through methods known as “time-zone arbitrage” and “liquidity arbitrage”);

• an adverse effect on portfolio management, such as causing the portfolio to maintain a higher level of cash than would otherwise be the case, or causing a portfolio to liquidate investments prematurely (or otherwise at an inopportune time) in order to pay withdrawals; and

• increased brokerage and administrative expenses.

In addition, because other insurance companies and/or retirement plans may invest in the portfolios, the risk exists that the portfolios may suffer harm from frequent, programmed, large, or short-term transfers among investment options of variable contracts issued by other insurance companies or among investment options available to retirement plan participants.

Individuals or organizations that use market-timing strategies and make frequent transfers should not purchase the Contract.

Optional Value Endorsement

If you elect the Optional 5- , 6- or 7-Year Value Endorsement, then you will be subject to a 5- , 6- or 7-year declining surrender charge for each premium payment, but in exchange we will reduce the Separate Account annual expenses by -0.10%, 0.15% or -0.20%, respectively, which is a percentage of the average daily accumulation value. This

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reduces the total daily charge of the LiveWell Variable Annuity Contract when you elect the Optional Value Endorsement; see “Fees and Expenses” below. Electing this endorsement will benefit owners who do not surrender the Contract or take partial withdrawals, in excess of the annual free withdrawal amount, during the surrender charge period. The Optional Value Endorsement may only be elected at issue (i.e., when you first purchase the Contract). The maximum issue age for the Optional Value Endorsement is 85 (the owner’s age). For detailed information regarding this endorsement see “Optional Value Endorsement – Surrender Charges” on page 29.

Surrenders and Partial Withdrawals

You may generally withdraw all or part of your surrender value at any time, before annuity payments begin. Withdrawals, also known as partial withdrawals, will reduce your net premium and accumulation value which will affect the death benefit on this Contract. See “Surrenders and Partial Withdrawals” on page 22 for more information. The amount you request (plus any surrender charge, if applicable) will be deducted from your accumulation value. We will also deduct a quarterly Contract maintenance fee, as applicable. You may take a surrender in a lump sum or choose to elect an income through annuitization that will continue as long as you live or for some other period you elect. See “Free Withdrawal Amount” on page 32 for more information.

If you elect the Optional Value Endorsement, then we will deduct surrender charges for partial withdrawals or full surrenders (including annuitizations) during the surrender charge period. Partial withdrawals will reduce your net premium, remaining premium and accumulation value as well as the death benefit on this Contract. See “Surrenders and Partial Withdrawals” on page 22 for more information. We will impose applicable surrender charges on any surrender or partial withdrawal in excess of the free withdrawal amount available under the Optional Value Endorsement, (including surrenders to begin annuity payments).

If you do not elect the Optional Value Endorsement, then we will not deduct surrender charges for partial withdrawals, full surrenders and annuitizations.

You may also elect a systematic withdrawal option. See “Systematic Withdrawals” on page 23.

A partial withdrawal or surrender may have negative tax consequences, including a 10% tax penalty on certain surrenders prior to age 59 ¹⁄₂. Under Non-Qualified Contracts, gain, if any, is withdrawn first for tax purposes and is taxed as ordinary income. See “FEDERAL TAX STATUS” on page 33, and “Electing an Annuity Payment Option” on page 37. Partial withdrawals could reduce the death benefits significantly and also the potential for increases in the enhanced death benefits. Surrenders from Contracts used for tax-qualified retirement plans may be restricted or penalized by the terms of the plan or applicable law.

Administrative Procedures

We may accept a request for Contract service in writing, by telephone, or other approved electronic means at our Customer Service Center, subject to our administrative procedures, which vary depending on the type of service requested and may require proper completion of certain forms, providing appropriate identifying information and/or other administrative requirements. We will process your request at the accumulation unit value next determined after you have met all administrative requirements in good order.

Good order means that all of the information necessary to process a transaction is provided. This includes any required forms are accurately filled out and that we have all the signatures and other information we require, including written notice and proper notification, as we determine in our discretion. To the extent applicable, this information and documentation generally includes your completed application or service form, the Contract number, the transaction amount (in dollars or percentages as applicable), the full names of and allocations to and/or from the investment options affected by the requested transaction, the signatures of all owners, exactly as registered on the Contract, social security number or taxpayer I.D. and any other information or supporting documentation that we may require. Please sign and date all of your requests. With respect to purchase requests, good order also generally includes receipt of sufficient funds by us to effect the purchase. We may, in our sole discretion, determine whether any particular transaction request is in good order, and we reserve the right to change or waive any good order requirements at any time.

For transactions submitted by telephone, facsimile or internet, the transaction must be completed in good order prior to the close of regular trading of the New York Stock Exchange, generally 3:00 p.m. Central Time.

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Death Benefit

The LiveWell Variable Annuity Contract pays the elected death benefit when the owner dies before the maturity date, if the Contract is still in force. The death benefit is equal to:

a) the accumulation value death benefit, which equals the accumulation value;

b) if elected for additional charge, the return of premium death benefit, which equals the greater of accumulation value and net premium, ; or

c) if elected for additional charge, the enhanced death benefit, which equals the greatest of accumulation value, net premium, and the annual step-up value.

The death benefit options can only be elected at the time of application. If no election is made, the accumulation value death benefit (or, for Contracts purchased prior to January 1, 2021, the return of premium death benefit) will apply. The death benefit is determined at the time we receive due proof of death, an election of how the death benefit is to be paid, and any other documents or forms required in good order. Net premiums referenced above are reduced on a proportionate basis, not on a dollar for dollar basis, for partial withdrawals. Partial withdrawals, including required minimum distributions, will reduce the death benefit by the same proportion that the accumulation value was reduced by the partial withdrawal. The death benefit could be reduced by more than the amount of withdrawal, and could be reduced significantly. State premium taxes may also be deducted from all death benefit proceeds. See “Death Benefit” on page 25.

FEES AND EXPENSES

The following tables list the fees and expenses that you will pay when buying, owning, and surrendering the Contract.

Contract Owner Transaction Expenses

The first set of tables lists the fees and expenses that you will pay at the time that you buy the Contract, surrender the Contract, or transfer accumulation value between investment options. State premium taxes may also be deducted.

Contract Owner Transaction Expenses without an Optional Value Endorsement	Charge
Sales Load Imposed on Premiums	None
Surrender Charge (as a percentage of premiums withdrawn)	None
State Premium Tax1	0% to 3.5%
Transfer Charge2	$15

Contract Owner Transaction Expenses with an Optional Value Endorsement	Charge
Sales Load Imposed on Premiums	None
Surrender Charge (as a percentage of premiums withdrawn)	8.0%3
State Premium Tax1	0% to 3.5%
Transfer Charge2	$15

¹  State premium tax is based on current resident state and varies by state. If applicable in your state, it is generally payable upon full surrender, death, maturity or annuitization.

² Currently the charge is $0, but we reserve the right to charge $15 per transfer for transfers in excess of 15 per Contract year.

³  The maximum surrender charge will vary depending on the Optional Value Endorsement you may choose at the time of application. The 8% surrender charge applies if you elect the 7-year Optional Value Endorsement and a 7% initial surrender charge applies for the 5-year and 6-year Optional Value Endorsement. If you do not elect an Optional Value Endorsement there is no surrender charge.

Periodic Charges Other Than Portfolio Expenses

The next tables list the fees and expenses that you may pay periodically during the time that you own the Contract, not including portfolio company fees and expenses.

Contract Maintenance Fee (Annual Rate)¹ $ 40

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Separate Account Annual Expenses (as a percentage of average accumulation value)	Accumulation Value Death Benefit3	Return of Premium Death Benefit	Enhanced Death Benefit
Mortality & Expense Risk Charge	0.75%	1.00%	1.30%
Asset Based Administration Charge	0.35%	0.35%	0.35%
Total Separate Account Annual Expenses - No Optional Value Endorsement	1.10%	1.35%	1.65%
5-Year Optional Value Endorsement (Annual Expense Reduction)	-.10%	-.10%	-.10%
Total Separate Account Annual Expenses with 5-Year Optional Value Endorsement	1.00%	1.25%	1.55%
6-Year Optional Value Endorsement (Annual Expense Reduction)2	-.15%	-.15%	-.15%
Total Separate Account Annual Expenses with 6-Year Optional Value Endorsement	0.95%	1.20%	1.50%
7-Year Optional Value Endorsement (Annual Expense Reduction)	-.20%	-.20%	-.20%
Total Separate Account Annual Expenses with 7-Year Optional Value Endorsement	0.90%	1.15%	1.45%

¹  This fee is collected on each Contract quarter anniversary, on or before the maturity date, and on full surrender. If your accumulation value or net premium is greater than $50,000 on the Contract quarter anniversary, at the time of full surrender or on the maturity date, then we will not charge a Contract maintenance fee.

²  The expense reduction for the 6-Year Value Endorsement is -0.20% for Contracts purchased before May 1, 2017.

³  The accumulation value death benefit is available only for Contracts purchased on or after January 1, 2020.

For information concerning compensation paid for the sale of Contracts, see “Distribution of the Contracts” on page 42.

Range of Annual Operating Expenses for the Portfolios¹

The next item shows the lowest and highest total operating expenses charged by the portfolios that you may pay periodically during the time you own the Contract, based on the expenses for the portfolios for the year ended December 31, 2020 (expenses that are deducted from portfolios assets, including management fees, distribution, and/or service (12b-1) fees and other expenses). Expenses may be higher or lower in the future. More detail concerning each portfolio’s fees and expenses is contained in the prospectus for each portfolios.

Total Annual Portfolio Operating Expenses	Lowest			Highest
Range of total annual operating expenses before waivers and expense reimbursements		0.70	%		2.57	%
Range of total annual operating expenses after waivers and expense reimbursements		0.58	%		2.31	%

¹  The portfolio expenses used to prepare this table were provided to us by the fund company(ies). We have not independently verified such information of unaffiliated investment options. Current or future expenses may be higher or lower than those shown.

EXPENSE EXAMPLES

The following examples are intended to help you compare the cost of investing in the Contract with the cost of investing in other variable annuity contracts. These costs include owner transaction expenses, quarterly Contract maintenance fee based on the annualized fee, Separate Account annual expenses, and portfolio operating expenses (for the year ended December 31, 2020).

The quarterly Contract maintenance fee is reflected in the examples below by a method intended to show the annual impact of the quarterly Contract maintenance fee that is assessed for Contracts with an accumulation value of less than $50,000. In the examples, the quarterly Contract maintenance fee is approximated for an “average” Contract with an initial premium of $100,000 as an annual asset charge of 0.04% (based on the $40 annualized charge).

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The examples assume that you invest $10,000 in the Contract for the time periods indicated. The Examples also assume that your investment has a 5% return each year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Example 1: This example assumes the highest charges that can be imposed once the contract is issued (i.e., 1.55% separate account annual expenses and $10 quarterly contract maintenance fee based on the annualized fee) highest level of portfolio expenses (without waivers of fees or expenses), with the Optional 5-Year Value Endorsement and the Enhanced Death Benefit.

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

1 Year	3 Years		5 Years		10 Years
$1,013	$	1,611	$	2,228	$	4,036

(2) If you do NOT surrender your Contract:

1 Year	3 Years		5 Years		10 Years
$383	$	1,161	$	1,958	$	4,036

Example 2: This example assumes the highest charges that can be imposed once the contract is issued (i.e., 1.65% separate account annual expenses and $10 quarterly contract maintenance fee based on the annualized fee), the Enhanced Death Benefit and the highest level of portfolio expenses (without waiver of fees or expenses), without the Optional Value Endorsement.

Whether or not you surrender or annuitize your Contract at the end of the applicable time period:

1 Year	3 Years		5 Years		10 Years
$393	$	1,190	$	2,005	$	4,122

Example 3: This example assumes the lowest level of portfolio expenses (without waivers of fees or expenses), with the Optional 7-Year Value Endorsement and Enhanced Death Benefit (i.e., 1.45% separate account annual expenses and $10 quarterly contract maintenance fee based on the annualized fee).

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

1 Year	3 Years		5 Years		10 Years
$943	$	1,226	$	1,535	$	2,524

(2) If you do NOT surrender your Contract:

1 Year	3 Years		5 Years		10 Years
$223	$	686	$	1,175	$	2,524

Example 4: This example assumes the lowest level of portfolio expenses (without waivers of fees or expenses), the return of premium death benefit, and without the Optional Value Endorsement (i.e., 1.35% separate account annual expenses and $10 quarterly contract maintenance fee based on the annualized fee).

Whether or not you surrender or annuitize your Contract at the end of the applicable time period:

1 Year	3 Years		5 Years		10 Years
$213	$	655	$	1,124	$	2,421

The examples do not reflect state premium taxes (which may range up to 3.5%, depending on the jurisdiction).

These examples should not be considered a representation of past or future expenses. Actual expenses may be greater or lower than those shown. The assumed 5% annual rate of return is purely hypothetical; past or future returns may be greater or less than the assumed hypothetical return.

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FINANCIAL INFORMATION

Our financial statements and financial statements for the Separate Account are in the SAI. You may obtain a free copy of the SAI by checking the appropriate box on the application form, calling us toll-free at (866) 747-3421, faxing us at (866) 511-7038, or writing us at our Customer Service Center, Midland National Life Insurance Company, P.O. Box 758547, Topeka, Kansas 66675-8547.

Condensed Financial Information for the investment options is in “APPENDIX C – CONDENSED FINANCIAL INFORMATION” on page 63 to this prospectus.

CHARGES AND FEES

Sales Charges

Sales charges are not deducted from premium payments, and there are no surrender charges unless you elect the Optional Value Endorsement. If you elect the Optional Value Endorsement, then a surrender charge of up to 8% will be assessed against those premium payments subject to a surrender charge when they are withdrawn, including surrenders and partial withdrawals to effect an annuity and systematic withdrawals. The amount of any applicable surrender charge depends on the Optional Value Endorsement you choose, and the number of Contract years between the premium payment and the withdrawal. See “Optional Value Endorsement – Surrender Charges” on page 29..

Mortality and Expense Risk Charge

We deduct a 0.75% charge for the accumulation value death benefit, 1.00% for return of premium death benefit, and 1.30% for the enhanced death benefit. The death benefit options can only be elected at the time of application. This per annum charge is against all accumulation values held in the Separate Account for assuming the mortality and expense risks and other risks under the Contract. (See “Mortality and Expense Risk Charge” on page 28.)

Asset Based Administration Charge

We deduct an asset based administration charge of 0.35% per annum against all accumulation values held in the Separate Account. (See “CHARGES, FEES AND DEDUCTIONS” on page 28.)

Quarterly Contract Maintenance Fee

In addition, we deduct a quarterly Contract maintenance fee of $10 from each Contract. This fee is collected on each Contract quarter anniversary, on or before the maturity date, and on full surrender. If your accumulation value or net premium is greater than $50,000 on the Contract quarter anniversary date, at the time of a full surrender or on the maturity date, no quarterly Contract maintenance fee is charged. If your accumulation value ever becomes insufficient to pay this charge, then your Contract will terminate without value. (See “CHARGES, FEES AND DEDUCTIONS” on page 28.)

State Premium Taxes

We reserve the right to deduct the amount of any state premium taxes levied by a state or any government entity from your surrender value at surrender and from your accumulation value at death, maturity or annuitization. (See “State Premium Taxes” on page 28).

Optional Value Endorsement Fee Reduction

When you elect the Optional 5-, 6- or 7-Year Value Endorsement, you will be subject to a 5-, or 7-year declining surrender charge, but in exchange we will reduce your LiveWell Variable Annuity Separate Account annual expenses by 0.10%, 0.15% or 0.20%, respectively. See “CHARGES, FEES AND DEDUCTIONS” on page 28. This reduction will lower the total fees deducted from your Separate Account accumulation value. For more detailed information see “Optional Value Endorsement – Surrender Charges” on page 29.

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ADDITIONAL INFORMATION ABOUT LIVEWELL VARIABLE ANNUITY

SUITABILITY OF THE CONTRACT

Because of the fees and expenses and possible loss of principal, the Contracts are not appropriate for short-term investment (especially if you elect an Optional Value Endorsement due to the surrender charge schedule). In addition, Non-Qualified Contracts may be most appropriate for those who have already made maximum use of other tax favored investment plans such as 401(k) plans. The tax-deferred feature of the Contract is most favorable to those in high tax brackets. The tax-deferred feature is not necessary for a tax-qualified plan. In such instances, purchasers should consider whether other features, such as the death benefit and lifetime annuity payments make the Contract appropriate for their purposes. Before purchasing a Contract for use in a qualified plan, you should obtain competent tax advice both as to the tax treatment of the Contract and the suitability of the investment for your particular situation.

This Contract is not designed for resale or speculation, arbitrage, viatical settlements or any type of collective investment scheme. This Contract may not be traded on any stock exchange or secondary market. By purchasing this Contract, you represent and warrant that you are not purchasing or intending to use this Contract, for resale, speculation, arbitrage, viatical settlements or any type of collective investment scheme.

OTHER PRODUCTS

We may offer other variable annuity contracts through our Separate Account that also invest in some of the same portfolios. These annuity contracts may have different charges and may offer different benefits. We encourage you to carefully consider the costs and benefits of the Contract to ensure that it is consistent with your personal investment goals and needs. To obtain more information about these annuity contracts, contact your registered representative, or call us at (866) 747-3421.

INQUIRIES AND CORRESPONDENCE

If you have any questions about your Contract or need to make changes, then contact the registered representative who sold you the Contract, or contact us at our Customer Service Center:

P.O. Box 758547

Topeka, Kansas 66675-8547

Phone : (866) 747-3421 (toll-free)

Fax : (866) 511-7038 (toll-free)

You currently may send correspondence and transaction requests to us at the above Customer Service Center address or by facsimile or telephone at the numbers listed above. Our service representatives are available between the hours of 7:30 a.m. and 5:00 p.m. Monday through Friday (Central Standard Time), excluding holidays and any day the New York Stock Exchange is not open. Any requests for partial withdrawals, transfers, and surrenders sent to another number or address may not be considered received at our Customer Service Center and will not receive that day’s price. The procedures we follow for facsimile requests include a written confirmation sent directly to you following any transaction request. We will employ reasonable procedures to confirm that instructions communicated by telephone or facsimile are genuine. We may revoke facsimile, internet and telephone transaction privileges at any time for some or all owners. The overnight mailing address is Midland National Customer Service Center, Mail Zone 547, 5801 SW 6^th Avenue, Topeka, Kansas 66636-1001.

The procedures we follow for transactions initiated by telephone may include requirements that callers identify themselves and the owner by name, social security number, date of birth of the annuitant or an owner, or other identifying information. We disclaim any liability for losses resulting from unauthorized or allegedly unauthorized facsimile, internet or telephone requests that we believe to be genuine. We may record all telephone requests. There are risks associated with requests made by facsimile (possible falsification of faxed documents by others), internet or telephone (possible falsification of owner identity) when the original signed request is not sent to our Customer Service Center. You bear those risks.

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Facsimile, internet, and telephone correspondence and transaction requests may not always be available. Facsimile, internet, and telephone systems can experience outages or slowdowns for a variety of reasons. These outages or slowdowns may prevent or delay our receipt of your request. If you are experiencing problems, you should mail your correspondence and transaction request to our Customer Service Center.

ELECTRONIC ACCOUNT INFORMATION

You may elect to receive prospectuses, transaction confirmations, reports and other communications in electronic format, instead of receiving paper copies of these documents. The electronic delivery service is subject to various terms and conditions, including a requirement that you promptly notify us of any change in your e-mail address, in order to avoid any disruption of deliveries to you. You may elect to discontinue e-Delivery at any time and may also request paper copies of any documents by contacting our Customer Service Center. You may obtain more information and assistance at www.srslivewell.com or by writing us at our mailing address P.O. Box 758547, Topeka, Kansas 66675-8547 or by telephone at (866) 747-3421.

STATE VARIATIONS

Certain provisions of the Contracts may be different than the general description in this prospectus, and certain options may not be available, because of legal restrictions in your state. See your Contract for specific variations since any such variations will be included in your Contract or endorsements attached to your Contract. See your registered representative or contact our Customer Service Center for additional information that may be applicable to your state. For more information see “APPENDIX B – STATE VARIATIONS” on page 59. All material state variations are disclosed in Appendix B to this prospectus.

OUR SEPARATE ACCOUNT C AND ITS INVESTMENT OPTIONS

The Separate Account is the Midland National Life Separate Account C, established under the insurance laws of the State of South Dakota in March 1991 and now governed by Iowa law. It is a unit investment trust registered with the Securities and Exchange Commission (SEC) under the Investment Company Act of 1940. This registration does not involve any SEC supervision of its management or investment contracts. The Separate Account is divided into subaccounts, called investment options, each of which invests exclusively in shares of one investment portfolio of a Trust or Fund. You may allocate part or all of your premiums to any of the investment options of our Separate Account available under this Contract (some restrictions may apply).

You will find information about the portfolios currently available under your Contract in “APPENDIX A – SEPARATE ACCOUNT INVESTMENT OPTIONS”. Appendix A includes information about investment objectives and advisers. Appendix A also includes information about “closed” investment options.

Our Separate Account buys and sells the shares of each portfolio at net asset value (with no sales or surrender charge). More detailed information about the portfolios and their investment objectives, policies, risks, charges, expenses and other aspects of their operations, appear in their prospectuses and in each portfolio’s Statement of Additional Information. You should read the portfolios’ prospectuses carefully before investing, allocating or transferring money to any portfolio. You can receive a current copy of a prospectus (or summary prospectus) for each of the portfolios by contacting your registered representative or by calling our Customer Service Center at (866) 747-3421 or writing to our Customer Service Center, Midland National Life Insurance Company, P.O. Box 758547, Topeka, Kansas 66675-8547.

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

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AMOUNTS IN OUR SEPARATE ACCOUNT

The amount you have in each investment option is represented by the value of the accumulation units. The value you have in an investment option is the accumulation unit value times the number of accumulation units credited to you. Amounts allocated, transferred or added to the investment options are used to purchase accumulation units. Accumulation units of an investment option are purchased when you allocate premiums or transfer amounts to that option. Accumulation units are sold or redeemed when you make a surrender, partial withdrawal or transfer amounts from an investment option, and to pay the death benefit when the owner dies. We also redeem units to pay for certain charges.

We calculate the number of accumulation units purchased or redeemed in an investment option by dividing the dollar amount of the transaction by the investment option’s accumulation unit value at the end of that day, if it is a business day. If it is not a business day, we will use the unit value on the next business day. The number of accumulation units credited to you will not vary because of changes in accumulation unit values.

The accumulation units of each investment option have different accumulation unit values. We determine accumulation unit values for the investment options at the end of each business day. The accumulation unit value for each investment option is initially set at $10.00. Accumulation unit values fluctuate with the investment performance of the corresponding portfolios. Accumulation unit values reflect investment income, the portfolios’ realized and unrealized capital gains and losses, and the portfolios’ expenses. The accumulation unit values also reflect the daily asset charges we deduct from our Separate Account. Additional information about the accumulation unit values is contained in the SAI.

WE OWN THE ASSETS OF OUR SEPARATE ACCOUNT

We own the assets of our Separate Account and use them to support your Contract and other variable annuity contracts. We may permit charges owed to us to stay in the Separate Account. Thus, we may also participate proportionately in the Separate Account. These accumulated amounts belong to us and we may transfer them from the Separate Account to our general account. The assets in the Separate Account equal to the reserves and other liabilities of the Separate Account may not be charged with liabilities arising out of our other business. The obligations under the Contracts are our obligations. The income, gains and losses (realized and unrealized) of the Separate Account are credited to or charged against the Separate Account without regard to our other income, gains, or losses. Under certain unlikely circumstances, one investment option of the Separate Account may be liable for claims relating to the operations of another investment option.

OUR RIGHT TO CHANGE HOW WE OPERATE OUR SEPARATE ACCOUNT

We have the right to modify how we operate the Separate Account. In making any changes, we may not seek approval of owners (unless approval is required by law). We have the right to:

• add investment options to, or remove investment options from our Separate Account;

• combine two or more investment options within our Separate Account;

• withdraw assets relating to our variable annuities from one investment option and put them into another. However, if required, we would first seek approval from the Securities and Exchange Commission;

• eliminate a portfolio’s shares and substitute shares of another portfolio or another open-end, registered investment company. This may happen if the portfolio’s shares are no longer available for investment or, if in our judgment, further investment in the portfolio is inappropriate in view of the Separate Account’s purposes. However, if required, we would first seek approval from the Securities and Exchange Commission and the insurance regulator where the Contract is delivered;

• end the registration of our Separate Account under the Investment Company Act of 1940;

• operate our Separate Account under the direction of a committee or discharge such a committee at any time (the committee may be composed entirely of “interested persons” of Midland under the Investment Company Act of 1940); and

• operate our Separate Account or one or more of the investment options in any other form the law allows, including a form that allows us to make direct investments. In addition, we may disapprove any change in investment advisors or investment policies unless a law or regulation provides differently.

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If any changes are made that result in a material change to any investment option, then you will be notified. We may, for example, cause the investment option to invest in another mutual fund other than or in addition to the current portfolios.

If automatic allocations (such as premiums automatically deducted from your bank account, or dollar cost averaging or automatic rebalancing) are being made into an investment option that is removed or no longer available, and if you do not give us other instructions, then any amounts that would have gone into the removed or closed investment option will be allocated to a Money Market Fund investment option.

If you are enrolled in a dollar cost averaging, automatic rebalancing, automatic premiums, or a comparable program while an underlying investment option merger, substitution or liquidation takes place, unless otherwise noted in a communication from us, your accumulation value invested in such investment option will be transferred automatically to the designated surviving investment option in the case of mergers, the replacement investment option in the case of substitutions, and an available Money Market Fund in the case of investment option liquidations. your DCA or automatic rebalancing enrollment instructions will be automatically updated to reflect the surviving investment option, the replacement investment option or a Money Market Fund for any continued and future transfers or premium payments.

You may want to transfer the amount in that investment option as a result of changes we have made. If you do wish to transfer the amount you have in that investment option to another investment option of our Separate Account, then you may do so, without charge, by writing to our Customer Service Center. At the same time, you may also change how your premiums are allocated.

DETAILED INFORMATION ABOUT THE CONTRACT

REQUIREMENTS FOR ISSUANCE OF A CONTRACT

Any person wishing to purchase a Contract may submit an application form and an initial premium payment of at least $10,000. The sale must take place through a representative who is licensed, registered and authorized to sell the Contract. The maximum issue age for the Contract is 90 (the owner’s age).

If your application is complete and in good order (see “Administrative Procedures” on page 10), then we will accept or reject it within two business days of receipt. If the application is incomplete, then we will attempt to complete it within five business days. If it is not complete at the end of this period (or cannot be accepted for some other reason), then we will inform you of the reason for the delay and the premium payment will be returned immediately unless you let us keep the premium until the application is complete. Your initial premium is held in a non-interest bearing suspense account (which is part of our general account) until your Contract is issued or your premium is refunded. While your premium is in that account, your premium is not protected from claims of our general creditors.

We will allocate your initial premium payment according to your instructions if we receive it or accept your application (whichever is later) at our Customer Service Center before the New York Stock Exchange closes for regular trading (usually, 3:00 p.m. Central Time). We will then price the accumulation units purchased with your premium payment at the unit value determined at the close of that valuation period. If we receive your initial premium payment or accept your application (whichever is later) after the close of regular trading on the New York Stock Exchange, we will credit accumulation units at the unit value determined at the close of the next valuation period.

There may be delays in our receipt of applications that are outside of our control because of the failure of the selling registered representative to forward the application to us promptly, or because of delays in their broker dealer determining that the Contract is suitable for you. Any such delays will affect when your Contract can be issued and when your premium payment is allocated among investment options of our Separate Account.

We may offer other variable annuity contracts that have different death benefits, contract features, and optional benefits. However, these other contracts also have different charges that would affect your investment performance and accumulation value. To obtain more information about these other contracts, contact our Customer Service Center.

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FREE LOOK

You may cancel your Contract within your ten (10) day Free Look period. We deem the Free Look period to expire 10 days after you have received your Contract. Some states and situations may require a longer Free Look period. To cancel your Contract, you need to return your Contract and any other documentation that we may require, in good order, to the registered representative who sold it to you or to our Customer Service Center. If you cancel your Contract, then we will return:

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

• If greater and required by your state, your premiums minus any partial withdrawals.

TAX-FREE “SECTION 1035” EXCHANGES

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

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

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

PREMIUM PAYMENTS

You can make additional premium payments at any time prior to annuitization and in whatever amount you want, within certain limits and subject to our right to refuse any premiums. Your initial investment must be at least $10,000. You may make additional payments of $1,000 or more at any time after the free-look period. By current company practice, we will also accept additional payments via automatic bank draft in amounts of $100 or more per month. Unless you receive approval from us, the maximum amount of premium you can pay into this Contract prior to the maturity date is $2,000,000. In addition, an initial or additional premium that would cause the accumulation value or total value of all annuities that you maintain with Midland National to exceed $5,000,000 requires our prior approval. This limit is calculated for each annuitant or owner and is based on all active annuity contracts.

Premium payments will be credited as of the end of the valuation period in which they are received by us, in good order. Investments after the initial premium payment may be made at any time up to the maturity date. We may refuse to accept certain forms of premium payments (e.g., third party checks, traveler’s checks, money orders). We reserve the right to accept or reject any premium payment or form of payment. If we exercise our right to reject and/or place limitations on the acceptance and allocation of additional premiums, you may be unable or limited in your ability to increase your accumulation value through additional premiums, which, in turn, will affect the amounts that may be applied to an annuity payout option or toward any death benefit paid.

The mailing address to send premium payments to us is: Midland National Life Insurance Company, P.O. Box 758546, Topeka, Kansas 66675-8546.

Allocation of Premium Payments

You will specify your desired premium allocation on the Contract’s application form. Your instructions in your application will dictate how to allocate your premiums. Allocation percentages may be any whole number (from 0 to 100) and the sum must equal 100. The allocation instructions in your application will apply to all other premiums you pay, unless you change subsequent premium allocations by providing us with written instructions. We reserve the right to limit the number of investment options in which you can allocate your premiums or accumulation value.

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Changing Your Premium Allocation Percentages

You may change the allocation percentages of your premiums by writing to our Customer Service Center and telling us what changes you wish to make. We may offer other means to make this type of request with proper authorization and verification. These changes will affect transactions as of the date we receive your request at our Customer Service Center. Changing your allocation instructions will not change the way your existing accumulation value is allocated among the investment options. While the Dollar Cost Averaging (DCA) program is in effect, the allocation percentages that apply to any premiums received will be the DCA allocation percentages unless you specify otherwise. (See “Dollar Cost Averaging” on page 24).

YOUR ACCUMULATION VALUE

Your accumulation value is the sum of your amounts in the various investment options. Your accumulation value will vary daily to reflect the investment performance of the investment option(s) you select, any premium payments, partial withdrawals, surrenders, and charges assessed in connection with the Contract. Transaction charges are made on the effective date of the transaction. Charges against our Separate Account are reflected daily.

There is no guaranteed minimum accumulation value for amounts allocated to the investment options of our Separate Account. You bear the investment risk. An investment option’s performance will cause your accumulation value to go up or down each valuation period.

Transfers of Accumulation Value

You generally may transfer amounts among the investment options prior to maturity date, unless otherwise noted. The minimum transfer amount is $100 or 100% of the investment option if less than $100. The minimum amount does not have to come from or be transferred to just one investment option. The only requirement is that the total amount transferred that day equals the transfer minimum.

Completed transfer requests received at our Customer Service Center in good order before the New York Stock Exchange closes for regular trading (usually 3:00 p.m. Central Time) are priced at the unit value determined at the close of that valuation period. If we receive your completed transfer request in good order after the close of a valuation period, we will process the transfer request at the unit value determined at the close of the next valuation period.

For information regarding telephone or facsimile requests, see “Inquiries and Correspondence” on page 15. Transfers may be delayed under certain circumstances. See “When We Pay Proceeds from This Contract” on page 41. We currently do not charge for transfers between investment options, but reserve the right to charge $15 per transfer for transfers in excess of 15 per Contract year. If assessed, this charge will be deducted from the amount that is transferred prior to the allocation to a different investment option. The fee is waived for transfers in connection with active DCA or automatic rebalancing programs.

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

TRANSFER LIMITATIONS

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

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

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

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

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

We reserve the right to apply our market timing procedures to all of the investment options available under the Contracts, including those investment options that invest in portfolios that affirmatively permit frequent and short-term trading in other variable annuity contracts offered by us or other insurance companies. Therefore, if you allocate premiums or your accumulation value to this type of investment option, you may indirectly bear the effects of market timing or other frequent trading. These portfolios might not be appropriate for long-term investors. For a complete description of each portfolios’ trading policies, review each portfolios’ prospectus.

In addition to our own market timing procedures, managers of the investment portfolios might contact us if they believe or suspect that there is market timing or other potentially harmful trading, and if so we will take appropriate action to protect others. In particular, we may, and we reserve the right to, reverse a potentially harmful transfer. If so, we will inform the owner and/or registered representative. You will bear any investment loss involved in a reversal.

To the extent permitted by applicable law, we reserve the right to delay or reject a transfer request at any time that we are unable to purchase or redeem shares of any of the portfolios available through Separate Account C, because of any refusal or restriction on purchases or redemptions of their shares on the part of the managers of the investment portfolios as a result of their own policies and procedures on market timing activities or other potentially abusive transfers. If this occurs, we will attempt to contact you by telephone for further instructions. If we are unable to contact you within 5 business days after We have been advised that your transfer request has been refused or delayed by the investment portfolio manager, the amount intended for transfer will be retained in or returned to the originating investment option. You should also be aware that as required by Rule 22c-2 under the 1940 Act, We have entered into information sharing agreements with each of the fund companies whose portfolios are offered through the Contract. Trading information of an owner is shared under these agreements as necessary for the fund companies to monitor portfolio trading and may include personal contract information, including names and social security numbers or other tax identification numbers. As a result of this information sharing, a fund company may direct us to restrict an owner’s transactions if the fund company determines that the owner has violated the portfolio’s excessive/frequent trading policy. This could include the fund company directing us to reject any allocations of premium or Contract value to the portfolio or all portfolios within the fund family. We are contractually obligated to comply with all restrictions imposed by the portfolios. You should read the prospectuses of the portfolios for more details on their ability to refuse or restrict purchases or redemptions of their shares.

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

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We do not include transfers made pursuant to the DCA program and portfolio rebalancing program in these limitations. We may vary our market timing procedures from investment option to investment option, and may be more restrictive with regard to certain investment options than others. We may not always apply these detection methods to investment options investing in portfolios that, in our judgment, would not be particularly attractive to market timers or otherwise susceptible to harm by frequent transfers. Currently, We do not intend to apply these frequent trading detection methods or restrictions to portfolios that are open for frequent transfers, indicated by an “*” in the list shown on page 2 of this prospectus.

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

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

SURRENDERS AND PARTIAL WITHDRAWALS

You may withdraw all or part of your surrender value by sending us a written request at our Customer Service Center in good order. The surrender value is the Separate Account accumulation value minus any quarterly Contract maintenance fees, if applicable, and any applicable surrender charge, if you elect one of the Optional Value Endorsements. In some states a state premium tax charge may also be deducted. Surrenders may be restricted by a retirement plan under which you are covered. Partial withdrawals must be made in amounts of $1,000 or more (except for systematic withdrawals described below) and cannot reduce your accumulation value to less than $500. If a partial withdrawal results in your accumulation value becoming less than $500, then the entire surrender value must be withdrawn. A full surrender request, regardless of the accumulation value, must be submitted in writing. We reserve the right to change this process at any time. For a full surrender, you must send in your Contract with your surrender request or sign a lost contract statement.

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

Telephone authorization will remain in effect until we receive written notification from you to terminate this authorization. If the Contract has joint owners, both owners are required to sign the written notification to terminate telephone authorization. We, at our sole discretion, may discontinue this program at any time. There are some restrictions on telephone partial withdrawals; please call our Customer Service Center with any questions.

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

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Any required tax withholding and surrender charges, if applicable, will be deducted from the amount paid. In addition, upon full surrender a quarterly Contract maintenance fee, if applicable, (and possibly a state premium tax charge) may also be subtracted.

Completed surrender or partial withdrawal requests received in good order at our Customer Service Center before the New York Stock Exchange closes for regular trading (usually, 3:00 p.m. Central Time) are priced at the unit value determined at the close of that regular trading session of the New York Stock Exchange. If we receive your completed surrender or partial withdrawal request in good order after the close of a valuation period, we will process the surrender request at the unit value determined at the close of the next valuation period.

We will generally pay the surrender or partial withdrawal amount from the Separate Account within seven days after we receive a properly completed surrender or partial withdrawal request in good order. See “Administrative Procedures” on page 11. We may defer payment for more than seven days when:

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

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

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

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

• your premium check has not cleared your bank.

See “When We Pay Proceeds from This Contract” on page 42.

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

Unless you specify otherwise, your partial withdrawal will be deducted from all investment options in the same proportion as your accumulation value bears to each investment option.

Surrenders and partial withdrawals will generally have Federal income tax consequences that can include income tax penalties and tax withholding. Surrenders and partial withdrawals may be restricted under certain qualified contracts. You should consult with and rely on your tax advisor before making a surrender or partial withdrawal. See “FEDERAL TAX STATUS” on page 34.

SYSTEMATIC WITHDRAWALS

The systematic withdrawal feature allows you to have a portion of the accumulation value withdrawn automatically. These payments can be made only: (1) while the owner is living, (2) before the maturity date, and (3) after the Free Look period. You may elect this option by sending a properly completed service form to our Customer Service Center. You may designate the systematic withdrawal amount and the period for systematic withdrawal payments. You will also designate the desired frequency of the systematic withdrawals, which may be monthly, quarterly, semi-annually or annually. See your Contract for details on systematic withdrawal options and when each begins.

If you have elected the Optional 5-Year Value Endorsement, then a surrender charge of up to 7% (in excess of the free withdrawal amount) will be assessed. The surrender charge is based on the withdrawal amount and the amount of time that has elapsed since each payment. A surrender charge is assessed in the first 5 years following payment, even when the withdrawal is effected for systematic withdrawals. See “Free Withdrawal Amount” on page 33 for more information.

If you have elected the Optional 6-Year Value Endorsement, then a surrender charge of up to 7% (in excess of the free withdrawal amount) will be assessed. The surrender charge is based on the withdrawal amount and the amount of time that has elapsed since each payment. The surrender charge is assessed in the first 6 years following payment, even when the withdrawal is effected for systematic withdrawals. See “Free Withdrawal Amount” on page 33 for more information.

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If you have elected the Optional 7-Year Value Endorsement, then a surrender charge of up to 8% (in excess of the free withdrawal amount) will be assessed. The surrender charge is based on the withdrawal amount and the amount of time that has elapsed since each payment. A surrender charge is assessed in the first 8 years following payment, even when the withdrawal is effected for systematic withdrawals. See “Free Withdrawal Amount” on page 33 for more information.

If the New York Stock Exchange is closed for regular trading on the day when the withdrawal is to be made, then we will process your withdrawal at the unit value determined at the close of the next valuation period. The deduction caused by the systematic withdrawal will be allocated proportionately to your accumulation value in the investment options.

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

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

To the extent, if any, that there is gain in the Contract, systematic withdrawals generally are included in the owner’s gross income for tax purposes (as ordinary income) in the year in which the withdrawal occurs, and may be subject to a penalty tax of 10% before age 59 ¹⁄₂. Additional terms and conditions for the systematic withdrawal program are set forth in your Contract and in the application for the program.

DOLLAR COST AVERAGING

The Dollar Cost Averaging (DCA) program enables you to make monthly, quarterly, semi-annual or annual transfers of a predetermined dollar amount from the DCA source account (any investment option) into one or more of the investment options. your accumulation value must be at least $10,000 to initiate the DCA program. The minimum monthly amount to be transferred using DCA is $100.

This program may reduce the impact of market fluctuations by allocating monthly, as opposed to allocating the total amount at one time. This plan of investing does not insure a profit or protect against a loss in declining markets.

Only one active DCA program is allowed at a time. You must complete the proper request form and send it (in good order) to our Customer Service Center, and there must be a sufficient amount in the DCA source account. The source account must have a minimum of $1200 beginning balance to start a DCA program. For any DCA, the minimum amount of time at set-up is 3 months. There is no maximum set-up time limit. We reserve the right to limit or change the minimum and maximum timeframes for the DCA program. You can get a sufficient amount by paying a premium with the DCA request form, allocating premiums, or transferring amounts to the DCA source account. The DCA request form will specify:

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

• the total monthly amount to be transferred to the other investment options, and

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

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

If it is requested when the Contract is issued, then DCA will start on the Contract anniversary of the second Contract month. If it is requested after issue, then DCA will start on the Contract anniversary of the next Contract month after the request is received. DCA will not begin until the end of the free look period.

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You may stop the DCA program at any time by sending us written notice. We reserve the right to end the DCA program by sending you one month’s notice. You may not elect a DCA program with the Portfolio Rebalancing option.

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

PORTFOLIO REBALANCING

The Portfolio Rebalancing program allows owners to have us automatically reset the percentage of accumulation value allocated to each investment option to a pre-set percentage level on a quarterly, semi-annual, or annual basis. The Portfolio Rebalancing program is not available when there is an active DCA program on the Contract. If you elect this option, then on the Contract anniversary date, we will transfer the amounts needed to “rebalance” the accumulation value to your specified percentages. Rebalancing may result in transferring amounts from an investment option earning a relatively high return to one earning a relatively low return. Your accumulation value must be at least $10,000 to initiate a portfolio rebalancing program.

Portfolio rebalancing will remain in effect until we receive your written termination request. We reserve the right to end the portfolio rebalancing program by sending you one month’s notice. Contact us at our Customer Service Center to elect the portfolio rebalancing program.

There is no charge for portfolio rebalancing transfers.

DEATH BENEFIT

If the owner dies before the maturity date and while the Contract is still in force, we will pay the death benefit to the beneficiary once we receive (at our Customer Service Center) satisfactory proof of the owner’s death, an election of how the death benefit is to be paid, and any other documents or forms required all in good order. Once you choose a death benefit, you cannot change it.

For non-qualified contracts, if an owner dies prior to the maturity date, then the death benefit must be paid within 5 years of the owner’s death (other than amounts payable to, or for the benefit of, the surviving spouse of the owner). For joint owners the death benefit is paid upon the first death.

Spousal Continuation is available only if the spouse (1) was married to the deceased owner, as recognized by Federal law, as of the date of the deceased owner’s death, and (2) is the sole primary beneficiary. A surviving spouse may choose to treat the Contract as his/her own Contract. If your spouse chooses to continue the Contract under spousal continuance, by current company practice they will receive the death benefit. This amount would be allocated among Investment Options in accordance with the current allocations for the Contract and may be, under certain circumstances, considered earnings.

If the sole beneficiary is not the spouse, the surviving joint owner will be the designated primary beneficiary and any other beneficiaries on record will be treated as contingent beneficiaries.

When a death benefit is paid on the death of an owner or a joint owner and a payment option is selected, the payment option must be an annuity for the life of the payee or for a period extending no longer than the payee’s life expectancy, and payments must begin within one year of the date of death.

The amount of the death benefit will be calculated on the business day that our Customer Service Center receives a complete death benefit claim based on the election made at the time of application. If there are multiple beneficiaries, each beneficiary will receive their proportional share of the death proceeds as of the date we receive an election of how that beneficiary’s portion of the death benefit is to be paid (or if later, when all good order requirements are met). Payment will include interest to the extent required by law.

After the date on which we receive an original death certificate or a copy of the death certificate via facsimile, the beneficiary has the option of transferring the accumulation value to a money market investment option before the date on which the first complete death benefit claim is received. If there are multiple beneficiaries then they all must join in such a transfer request.

If any owner is a non-natural person, the death benefit is paid upon the death of an annuitant.

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If joint owners die within 24 hours of one another, they are considered to have died simultaneously and the eldest is presumed to have died first.

Naming different persons as owner and annuitant can affect whether the death benefit is payable, the amount of the benefit, and who will receive it. Use care when naming owners, annuitants, and beneficiaries, and consult your registered representative if you have questions. State premium taxes may be deducted from the death benefit proceeds.

Every state has unclaimed property laws which generally declare annuity contracts to be abandoned after a period of inactivity of 3 to 5 years from the contract’s maturity date or date the death benefit is due and payable. For example, if the payment of a death benefit has been triggered, but, if after a thorough search, we are still unable to locate the beneficiary of the death benefit, or the beneficiary does not come forward to claim the death benefit in a timely manner, the death benefit will be paid to the abandoned property division or unclaimed property office of the state in which the beneficiary or the owner last resided, as shown on our books and records, or to our state of domicile. This “escheatment” is revocable, however, and the state is obligated to pay the death benefit (without interest) if your beneficiary steps forward to claim the death benefit with the proper documentation. To prevent such escheatment, it is important that you update your beneficiary designations, including full names and complete addresses, if and as they change. Such updates should be communicated in writing, by telephone, or other approved electronic means at our Customer Service Center.

For Contracts issued prior to January 1, 2021, the return of premium death benefit is the standard death benefit for which we deduct 1.00% per annum. The amount of such death benefit would be calculated based on the greater of the accumulation value or net premiums paid on the business day that our Customer Service Center receives a complete death benefit claim. See “Return of Premium Death Benefit.”

ACCUMULATION VALUE DEATH BENEFIT

This is the default death benefit at the time of application and we deduct a 0.75% mortality and expense risk charge for this death benefit. The maximum owners issue age for this benefit is age 90 if the Optional Value Endorsement is not elected and age 85 if the Optional Value Endorsement is elected. For joint owners, the issue age is the oldest of the joint owners and for non-natural owner the issue age is based on the age of the annuitant.

If you elect this benefit, the death benefit will be the accumulation value when our Customer Service Center receives a complete death benefit claim.

The accumulation value death benefit will terminate:

1) upon death of the owner. In the case of joint owners, upon the first death. In the case of a non-natural owner, upon death of the annuitant;

2) when the Contract terminates, including if accumulation value reaches zero;

3) if you surrender or annuitize your Contract; or

4) on the maturity date of the Contract.

The daily charge will be deducted from the Contract’s accumulation value prior to the termination of the Contract.

RETURN OF PREMIUM DEATH BENEFIT

You may elect this benefit at the time of application for a 1.00% mortality and expense risk charge. The maximum owners issue age for this benefit is age 90 if the Optional Value Endorsement is not elected and is age 85 if the Optional Value Endorsement is elected. For joint owners, the issue age is the oldest of the joint owners and for non-natural owner the issue age is based on the age of the annuitant.

If you elect the return of premium death benefit, the death benefit will be the greater of:

1. The accumulation value and

2. net premium.

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Partial withdrawals including required minimum distribution will reduce the death benefit by the same proportion that the accumulation value would be reduced by the partial withdrawal. The death benefit could be reduced by more than the amount of the withdrawal and could be reduced significantly.

This benefit will terminate:

1) upon death of the owner. In the case of joint owners, upon the first death. In the case of a non-natural owner, upon death of the annuitant;

2) upon change in ownership, in which case the accumulation value death benefit will thereafter apply. Also, if the return of premium death benefit exceeds the accumulation value upon spousal continuation, the accumulation value will be increased to such higher amount and the amount of such increase will be allocated among Investment Options in accordance with the current allocations for the Contract;

3) when the Contract terminates, including if accumulation value reaches zero;

4) if you surrender or annuitize your Contract; or

5) on the maturity date of the Contract.

The daily charge will be deducted from the Contract’s accumulation value prior to the termination of the Contract. The return of premium death benefit is only available as a death benefit and is not part of the accumulation value, surrender value or available for withdrawal.

ENHANCED DEATH BENEFIT

You may elect this benefit only at the time of application for a 1.30% mortality and expense risk charge. The maximum owners issue age for this endorsement is age 80, for joint owners, the issue age is the oldest of the joint owners and for a non-natural owner the issue age is based on the age of the annuitant.

If you elect the enhanced death benefit, for the first Contract year, the death benefit equals the initial premium adjusted for any additional premiums and partial withdrawals. Each Contract anniversary thereafter, an annual step-up value will be calculated and become the new enhanced death benefit value for that Contract year. The Enhanced Death Benefit value steps up to the greatest of:

a. The accumulation value;

b. net premium; and

c. the annual step-up value from the most recent prior Contract anniversary, adjusted for any additional premiums and partial withdrawals.

The greatest of (1), (2) or (3) becomes the new enhanced death benefit value for that Contract year. The endorsement effectively sets the enhanced death benefit value at the highest Contract anniversary accumulation value, net premium or annual step-up value achieved during the step-up process period up to the current period, if no partial withdrawals were taken and no additional premiums were made.

The step-up process stops at the earlier of the age of 85 or death of the owner (or oldest owner for jointly owned Contracts). If the owner is a non-natural owner then the step-up stops at the earliest of age 85 or death of annuitant. After the step-up process stops, the enhanced death benefit value will continue to be increased for any additional premiums, and reduced pro-rata for any withdrawals. See “APPENDIX B – ENHANCED DEATH BENEFIT EXAMPLES” on page “60” for more information.

Any partial withdrawals, including required minimum distributions, will reduce the enhanced death benefit by the same proportion the accumulation value was reduced by the partial withdrawal. The death benefit could be reduced by an amount greater than the withdrawal and could be reduced significantly.

This benefit will terminate:

1) upon death of the owner. In the case of joint owners, upon the first death. In the case of a non-natural owner, upon death of the annuitant;

2) upon change in ownership, in which case the accumulation value death benefit will thereafter apply. Also, if the enhanced death benefit exceeds the accumulation value upon spousal continuation, the accumulation value will be increased to such higher amount and the amount of such increase will be allocated among Investment Options in accordance with the current allocations for the Contract;

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3) when the Contract terminates, including if the accumulation value reaches zero;

4) if you surrender or annuitize your Contract. or

5) on the maturity date of the Contract.

The daily charge will be deducted from the Contract’s accumulation value prior to the termination of the Contract. The Enhanced Death Benefit value is only available as a death benefit and is not part of the accumulation value, surrender value or available for withdrawal.

CHARGES, FEES AND DEDUCTIONS

MORTALITY AND EXPENSE RISK CHARGE

We deduct a daily charge for mortality and expense risks at an effective annual rate to 0.75%, for the accumulation value death benefit, or 1.00%, for Contracts with the return of premium death benefit and 1.30% for Contracts with the enhanced death benefit. The investment option’s accumulation unit values reflect this charge. We expect to profit from this charge. We may use the profit for any purpose including paying distribution expenses.

The mortality risk we bear arises, in part, from our obligation to make monthly annuity payments regardless of how long the annuitant or any individual may live. These payments are guaranteed in accordance with the annuity tables and other provisions contained in your Contract. This assures you that neither the longevity of the annuitant, nor an unanticipated improvement in general life expectancy, will have any adverse effect on the monthly annuity payments the annuitant will receive under the Contract. Our obligation, therefore, relieves the annuitant from the risk that he or she will outlive the funds accumulated for retirement. The mortality risk also arises, in part, because of the risk that the death benefit may be greater than the accumulation value. We also assume the risk that other expense charges may be insufficient to cover the actual expenses we incur.

ASSET BASED ADMINISTRATION CHARGE

We deduct a daily charge for asset based administration expenses at an effective annual rate of 0.35% of the accumulation values in the Separate Account. We deduct this charge proportionally from each investment option. This charge is for our record keeping and other expenses incurred in maintaining the Contracts.

QUARTERLY CONTRACT MAINTENANCE FEE

We deduct a quarterly Contract maintenance fee of $10. This fee is collected on each Contract quarter anniversary on or before the maturity date, and on surrender. If your accumulation value or net premium is greater than $50,000 on the Contract quarter anniversary, at full surrender or on the maturity date, no quarterly Contract maintenance fee is charged. If your accumulation value ever becomes insufficient to pay this charge, then your Contract will terminate without value.

TRANSFER CHARGE

We reserve the right to charge $15 per transfer for transfers in excess of 15 per Contract year. By current company practice we do not assess this charge. If assessed, this charge will be deducted from the amount that is transferred prior to the allocation to a different investment option. The fee is waived for transfers in connection with active DCA or automatic rebalancing programs.

CHARGES IN THE PORTFOLIOS

The fund companies charge their portfolios for managing investments and providing services. The portfolios may also pay operating expenses. Each portfolio’s charges and expenses vary. See the prospectus provided by the fund company for more information.

In addition, certain investment options may impose liquidity fees and redemption fees on certain transactions (pursuant to SEC rules 2a-7 and 22c-2 under the Investment Company Act of 1940). Any such fees will be passed through and charged to the applicable owners.

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STATE PREMIUM TAXES

Midland National reserves the right to deduct premium taxes from your surrender value at full surrender, death, maturity or annuitization a charge for any state premium taxes levied by a state or any other government entity. State premium taxes currently levied by certain jurisdictions vary from 0% to 3.5% and is based on your current residence state. This range is subject to change. The states currently participating in this premium tax practice are California, Maine, Nevada, South Dakota, West Virginia, Wyoming and the territory of Puerto Rico. These states and jurisdictions are subject to change.

OTHER TAXES

At the present time, we do not make any charges to the Separate Account for any federal, state, or local taxes (other than state premium taxes) that we incur which may be attributable to such Separate Account or to the Contracts. We reserve the right to make a charge for any such tax or economic burden resulting from the application of the tax laws.

OPTIONAL VALUE ENDORSEMENT – SURRENDER CHARGES

Please note: Owners who have a Contract without an Optional Value Endorsement can make withdrawals at any time and in any amount without being assessed a surrender charge.

If you elect the Optional 5-, 6- or 7-Year Value Endorsement on your application, you elect to add a 5-, 6- or 7-year surrender charge period (the number of years the surrender charge remains in effect as applied to each premium payment). In exchange for a 5-, 6- or 7-year declining surrender charge for each premium payment, we will reduce the Separate Account annual expenses by 0.10% (5-year), 0.15% (6-year) or 0.20% (7-year) which is a percentage of the average daily accumulation value. See “Fees and Expenses” on page 12. This reduction will lower the total fees deducted from your Separate Account accumulation value. Electing this endorsement will benefit owners who do not surrender the Contract or take partial withdrawals, in excess of the annual free withdrawal amount, during the surrender charge period.

If you elect the Optional Value Endorsement, we will deduct applicable surrender charges from any surrender or partial withdrawal of premiums (including a surrender to effect an annuity and on systematic withdrawals) that exceeds the free withdrawal amount. This charge partially reimburses us for the costs of selling and distributing this Contract. These include commissions and the costs of preparing sales literature and printing prospectuses. If the surrender charge is insufficient to cover all distribution expenses, then the deficiency will be met from our surplus that may be, in part, derived from mortality and expense risk charges (described above).

The surrender charge will be based on the length of time between premium payments and partial withdrawals or surrender. When determining the applicable surrender charge, the amount subject to a surrender charge will be deducted from premium payments on a First-In, First-Out (FIFO) basis. When calculating surrender charges, earnings are defined as the excess of the accumulation value over the sum of remaining premiums. Any withdrawals will be allocated to remaining premiums first on a FIFO basis and second to earnings, if any. In determining what the surrender charge is, we do not include earnings, although the actual withdrawal to pay it may come from earnings.

For purposes of calculating surrender charges, we assume that surrenders and partial withdrawals are made in the following order:

1) First from premium payments no longer subject to a surrender charge;

2) Then from the free withdrawal amount on a FIFO basis;

3) Then from premium payments subject to a surrender charge on a FIFO basis; and

4) Earnings, if any.

The length of time between each premium payment and surrender or withdrawal determines the amount of the surrender charge applied to that respective premium payment. Premium payments are considered withdrawn in the order that they were received.

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The surrender charge schedule for the Optional Value Endorsements are as follows:

Length of Time From Each Premium Payment (Number of Years)	5-Year Value Endorsement (As a Percentage of Premium Withdrawn)	6-Year Value Endorsement (As a Percentage of Premium Withdrawn)	7-Year Value Endorsement (As a Percentage of Premium Withdrawn)
0	7%	7%	8%
1	6%	6%	7%
2	5%	5%	6%
3	4%	4%	5%
4	3%	3%	4%
5	0%	2%	3%
6	0%	0%	2%
7+	0%	0%	0%

No surrender charge will be assessed upon:

(a) payment of death benefits;

(b) exercise of the free look right;

(c) withdrawal less than or equal to the free withdrawal amount.

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

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

The following examples are provided to help you better understand how the surrender charges are assessed to premium payments with the Optional Value Endorsement.

Example 1: A Contract with the Optional Value Endorsement with a single premium of $100,000, no additional premium payments and there are no partial withdrawals taken. In this example, the $10,000 shown in the calculations below is the free withdrawal amount. The surrender charge amount for a full surrender of this Contract, in the applicable time period (the first column) is given in the second column of the table below.

Length of Time From Premium Payment to Full Surrender (Number of Years)	5-Year Value Endorsement Surrender Charge
Less than one	($100,000 - $10,000) * 7% = $6,300
1 – 2	($100,000 - $10,000) * 6% = $5,400
2 – 3	($100,000 - $10,000) * 5% = $4,500
3 – 4	($100,000 - $10,000) * 4% = $3,600
4 – 5	($100,000 - $10,000) * 3% = $2,700
5+	($100,000 - $10,000) * 0% = $0

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Length of Time From Premium Payment to Full Surrender (Number of Years)	6-Year Value Endorsement Surrender Charge
Less than one	($100,000 - $10,000) * 7% = $6,300
1 – 2	($100,000 - $10,000) * 6% = $5,400
2 – 3	($100,000 - $10,000) * 5% = $4,500
3 – 4	($100,000 - $10,000) * 4% = $3,600
4 – 5	($100,000 - $10,000) * 3% = $2,700
5 – 6	($100,000 - $10,000) * 2% = $1,800
6 +	($100,000 - $10,000) * 0% = $0

Length of Time From Premium Payment to Full Surrender (Number of Years)	7-Year Value Endorsement Surrender Charge
Less than one	($100,000 - $10,000) * 8% = $7,200
1 – 2	($100,000 - $10,000) * 7% = $6,300
2 – 3	($100,000 - $10,000) * 6% = $5,400
3 – 4	($100,000 - $10,000) * 5% = $4,500
4 – 5	($100,000 - $10,000) * 4% = $3,600
5 – 6	($100,000 - $10,000) * 3% = $2,700
6 – 7	($100,000 - $10,000) * 2% = $1,800
7 +	($100,000 - $10,000) * 0% = $0

Please note that these surrender charges apply even if the accumulation value has declined to less than premium of $100,000 due to poor investment performance (and fees and expenses), since the charge is a percentage of the premium deemed withdrawn, not a percentage of the accumulation value withdrawn.

Example 2: A Contract with the Optional Value Endorsement with an initial premium of $100,000. An additional premium of $50,000 is made on the 3^nd Contract anniversary. If there are no additional premiums beyond the two premiums stated, and there are no partial withdrawals taken, then the surrender charge amount for a full surrender of this Contract, in the applicable time period (the first column), is given in the second column of the table below.

Length of Time From Contract Issue to Full Surrender (Number of Years)	5-Year Value Endorsement Surrender Charge
Less than one	($100,000 - $10,000) * 7% = $6,300
1 – 2	($100,000 - $10,000) * 6% = $5,400
2 – 3	($100,000 - $10,000) * 5% = $4,500
3 – 4	($100,000 - $15,000) * 4% + ($50,000 - $0) * 7% = $6,900
4 – 5	($100,000 - $15,000) * 3% + ($50,000 - $0) * 6% = $5,550
5 – 6	($100,000) * 0% + ($50,000 - $5,000) * 5% = $2,250
6 – 7	($100,000) * 0% + ($50,000 - $5,000) * 4% = $2,000
7 – 8	($100,000) * 0% + ($50,000 - $5,000) * 3% = $1,500
8+	($100,000) * 0% + ($50,000) * 0% = $0

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Length of Time From Contract Issue to Full Surrender (Number of Years)	6-Year Value Endorsement Surrender Charge
Less than one	($100,000 - $10,000) * 7% = $6,300
1 – 2	($100,000 - $10,000) * 6% = $5,400
2 – 3	($100,000 - $10,000) * 5% = $4,500
3 – 4	($100,000 - $15,000) * 4% + ($50,000 - $0) * 7% = $6,900
4 – 5	($100,000 - $15,000) * 3% + ($50,000 - $0) * 6% = $5,550
5 – 6	($100,000 - $15,000) * 2% + ($50,000 - $0) * 5% = $4,200
6 – 7	($100,000) * 0% + ($50,000 - $5,000) * 4% = $1,800
7 – 8	($100,000) * 0% + ($50,000 - $5,000) * 3% = $1,350
8 – 9	($100,000) * 0% + ($50,000 - $5,000) * 2% = $900
9+	($100,000) * 0% + ($50,000) * 0% = $0

Length of Time From Contract Issue to Full Surrender (Number of Years)	7-Year Value Endorsement Surrender Charge
Less than one	($100,000 - $10,000) * 8% = $7,200
1 – 2	($100,000 - $10,000) * 7% = $6,300
2 – 3	($100,000 - $10,000) * 6% = $5,400
3 – 4	($100,000 - $15,000) * 5% + ($50,000 -$0) * 8% = $8,250
4 – 5	($100,000 - $15,000) * 4% + ($50,000 -$0) * 7% = $6,900
5 – 6	($100,000 -$15,000) * 3% + ($50,000 - $0) * 6% = $5,550
6 – 7	($100,000 - $15,000) * 2% + ($50,000 -$0) * 5% = $4,200
7 – 8	($100,000) * 0% + ($50,000 - $5,000) * 4% = $1,800
8 – 9	($100,000) * 0% + ($50,000 - $5,000) * 3% = $1,350
9 – 10	($100,000) * 0% + ($50,000 - $5,000) * 2% = $900
10+	($100,000) * 0% + ($50,000) * 0% = $0

Free Withdrawal Amount

Even if you elect an Optional Value Endorsement you may withdraw up to 10% of your remaining premiums (premiums paid less partial withdrawals on a dollar for dollar basis) each Contract year without incurring a surrender charge. We will allow the free withdrawal amount to be taken in multiple withdrawals each Contract year. The free withdrawal amount is determined at the beginning of each Contract year on the Contract anniversary. If the free withdrawal amount is not withdrawn or if less than 10% is withdrawn, the amount not taken during the Contract year will not be carried over to subsequent years. A withdrawal may have Federal income tax consequences that can include income tax penalties and tax withholding. See “FEDERAL TAX STATUS” on page 34.

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

If the total withdrawals exceed the free withdrawal amount, then surrender charges are applied on the withdrawal amount in excess of the free withdrawal amount. Before taking a withdrawal, you should consult a tax advisor to consider the tax consequences of a withdrawal on your variable annuity contract. See “FEDERAL TAX STATUS” on page 34.

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FEDERAL TAX STATUS

INTRODUCTION

NOTE: We have prepared the following information on federal income taxes as a general discussion of the subject. It is not intended as tax advice to any individual. No attempt is made to consider any applicable state or other income tax laws, any state and local estate or inheritance tax, or other tax consequences of ownership or receipt of distributions under the Contract. You should consult your own tax advisor about your own circumstances. We have included an additional discussion regarding taxes in the SAI.

ANNUITY CONTRACTS IN GENERAL

Deferred annuities are a way of setting aside money for future needs like retirement. Congress recognized how important saving for retirement is and provided special rules in the Internal Revenue Code for annuities.

Simply stated, these rules provide that generally you will not be taxed on the gain, if any, on the money held in your annuity contract until you take the money out. This is referred to as tax deferral. There are different rules as to how you will be taxed depending on how you take the money out and the type of Contract – qualified or nonqualified (discussed below).

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

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

Qualified and Non-Qualified Contracts

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

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

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

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

Distributions that are rolled over to another IRA within 60 days are not immediately taxable, however only one such rollover is permitted each year. An individual can make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs that are owned. The limit will apply by aggregating all of an individual’s IRAs, including SEP and SIMPLE IRAs as well as traditional and Roth IRAs, effectively treating them as one IRA for purposes of the limit. This limit does not apply to direct trustee-to-trustee transfers or conversions of an IRA to a Roth IRA.

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Minimum Distribution Rules and Eligible Rollover Distributions

Qualified contracts have minimum distribution rules that govern the timing and amount of distributions. If you are attempting to satisfy these rules before the maturity date, the value of any enhanced death benefit may need to be included in calculating the amount required to be distributed. Consult with and rely upon your tax advisor. In addition, the income for a specified period option may not always satisfy minimum required distribution rules. Consult with and rely upon your tax advisor before electing this option. Please refer to the SAI for detailed information on when distributions must begin from qualified contracts and how death benefit proceeds must be distributed.

Diversification and Distribution Requirements

The Internal Revenue Code provides that the underlying investments for a nonqualified variable annuity must satisfy certain diversification requirements in order to be treated as an annuity. The annuity must also meet certain distribution requirements at the death of an owner (or the annuitant if the owner is a non-natural person) in order to be treated as an annuity contract. These diversification and distribution requirements are discussed in the SAI. Midland National may modify the contract to attempt to maintain favorable tax treatment.

Owner Control

In certain circumstances, a variable contract owner may be considered the owner of the assets of a segregated account, such as the Separate Account, if the IRS deems the owner to possess “ownership” in those assets, such as the ability to exercise investment control over the assets. If the contract owner is deemed to have “investor control” over the underlying investment options, then the contract owner will be taxed currently on income and recognized gains under the Contract. The IRS has issued Revenue Ruling 2003-91 providing a safe harbor when the facts of the ruling are present. The ruling goes on to state that whether a contract owner has sufficient investor control over the assets depends on the facts and circumstances. Due to the uncertainty in this area, we reserve the right to modify the contract in an attempt to maintain favorable tax treatment. However, there is no assurance that such modifications would be successful.

Surrenders and Partial Withdrawals

If you make a partial withdrawal from a Non-Qualified Contract before the annuity commencement date, the Internal Revenue Code treats that surrender as first coming from gain and then from your premium payments. When you make a partial withdrawal, you are taxed on the amount of the surrender that is gain. If you make a full surrender, you are generally taxed on the amount that your surrender proceeds exceed the “investment in the contract,” which is generally your premiums paid (adjusted for any prior partial withdrawals that came out of the premiums). Different rules apply for annuity payments. See “Annuity Payments” below.

In the case of a withdrawal under a Qualified Contract, a ratable portion of the amount received is taxable, generally based on the ratio of the “investment in the contract” to the individual’s total account balance or accrued benefit under the retirement plan. The “investment in the contract” generally equals the amount of your non-deductible premium payments. In many cases, the “investment in the contract” under a Qualified Contract is zero.

The Internal Revenue Code also provides that surrendered gain may be subject to a penalty. The amount of the penalty is equal to 10% of the amount that is includable in income. Some surrenders will be exempt from the penalty. In general, in the case of a distribution from a Non-Qualified Contract, this includes any amount:

• paid on or after the taxpayer reaches age 59¹⁄₂;

• paid after an owner dies;

• paid if the taxpayer becomes totally disabled (as that term is defined in the Internal Revenue Code);

• paid in a series of substantially equal payments made annually (or more frequently) under a lifetime annuity;

• paid under an immediate annuity; or

• which come from premium payments made prior to August 14, 1982.

Special rules may be applicable in connection with the exceptions enumerated above. Also, additional exceptions apply to distributions from a Qualified Contract. You should consult your tax adviser with regard to exceptions from the penalty tax.

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Multiple Contracts

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

Withholding

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

Annuity Payments

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

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

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

If, after annuitization, annuity payments stop because an annuitant has died, the excess (if any) of the “investment in the contract” is generally allowable as a deduction for your last taxable year.

If the owner dies on or after the maturity date, then any remaining guaranteed amounts, other than the amount payable to, or for the benefit of, the owner’s surviving spouse, must be paid at least as rapidly as the benefits were being paid at the time of the owner’s death. If an owner dies prior to the maturity date, then the death benefit must be paid within 5 years of the owner’s death (other than amounts payable to, or for the benefit of, the surviving spouse of the owner). For joint owners the death benefit is paid upon the first death. Such distribution rules apply to Non-Qualified Contracts. Other rules relating to distributions at death apply to Qualified Contracts. State premium taxes may also be deducted from all death benefit proceeds. See “Death Benefit” on page 26 for more information.

Partial Annuitization

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

Investment Income Surtax

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

Definition of Spouse under Federal Law

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

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Annuity Contracts Purchased by Nonresident Aliens and Foreign Corporations

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

Taxation of Death Benefit Proceeds

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

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

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

Transfers, Assignments or Exchange of Contracts

A transfer of ownership or absolute assignment of a Contract, the designation of an annuitant or payee or other beneficiary who is not also the owner, the selection of certain maturity dates, or a change of annuitant, may result in certain income or gift tax consequences to the owner that are beyond the scope of this discussion. An owner contemplating any such transfer, assignment, selection, or change should contact a competent tax advisor with respect to the potential tax effects of such a transaction.

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

Possible Tax Law Changes

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

Federal Estate, Gift and Generation-Skipping Transfer Taxes

While no attempt is being made to discuss the Federal estate tax implications of the Contract, a purchaser should keep in mind that the value of an annuity contract owned by a decedent and payable to a beneficiary by virtue of surviving the decedent is included in the decedent’s gross estate. Depending on the terms of the annuity contract, the value of the annuity included in the gross estate may be the value of the lump sum payment payable to the designated beneficiary or the actuarial value of the payments to be received by the beneficiary. Consult with and rely on an estate planning advisor for more information.

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

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

Annuity Purchases by Residents of Puerto Rico

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

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Foreign Tax Credits

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

MATURITY DATE

The maturity date is the date on which income payments will begin under the annuity option you have selected. The earliest possible maturity date under the Contract is the 1st Contract anniversary at which time you may annuitize your full accumulation value (less any state premium taxes). The maximum maturity date is the Contract anniversary immediately following the annuitant’s 115^th birthday. You may change the maturity date to an earlier Contract anniversary by sending written notice to our Customer Service Center. We must receive your written notice at least 30 days prior to the original maturity date. The selection of a maturity date at the annuitant’s advanced age could have tax consequences so you should consult a tax adviser.

If you have not previously specified otherwise and have not elected certain systematic withdrawal options, then on the maturity date you may:

1. take the accumulation value, less any state premium tax and any surrender charge, in one lump sum, or

2. convert the accumulation value, less any state premium tax and any surrender charge, into an annuity payable to the payee under one of the payment options as described below.

Electing an Annuity Payment Option

You may apply the proceeds of a surrender to affect an annuity payment option. Unless you choose otherwise, on the maturity date your accumulation value (less any state premium taxes and any surrender charge) will be applied to a 10 year certain and life fixed annuity payment option. The first monthly annuity payment will be made within one month after the maturity date.

Only fixed payment options are available. Variable payment options are not available under this Contract. Fixed payment options are obligations of the insurer’s general account and are subject to the insurer’s claims-paying ability.

Currently, the payment options are only available if the proceeds applied are $2,000 or more and the annual payment is more than $240. We reserve the right to change the payment frequency so that payments are at least $100.

The annuitant’s actual age will affect each payment amount for annuity payment options involving life income. The amount of each annuity payment to older annuitants will be greater than for younger annuitants because payments to older annuitants are expected to be fewer in number. For annuity payment options that do not involve life payment, the length of the payment period will affect the amount of each payment. With a shorter period, the amount of each annuity payment will be greater. Payments that occur more frequently will be smaller than those occurring less frequently.

The payee or any other person who is entitled to receive payments may name a beneficiary to receive any amount that we would otherwise pay to that person’s estate if that person died. The person who is entitled to receive payment may change the beneficiary at any time.

Annuity payment options will be subject to our rules at the time of selection. We must approve any arrangements that involve a payee who is not a natural person (for example, a corporation), or a payee who is a fiduciary or an assignee. Also, the details of all arrangements will be subject to our rules at the time the arrangements take effect. This includes:

• rules on the minimum amount we will pay under an option;

• minimum amounts for installment payments, surrender or commutation rights (your rights to receive payments over time, for which we may offer you a lump sum payment);

• the naming of people who are entitled to receive payment and their beneficiaries; and

• the ways of proving age, gender, and survival.

You must elect the payment option at least 30 days before the maturity date.

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If your Contract is a Qualified Contract, payment options without a life contingency may not satisfy minimum required distribution rules. Consult a tax advisor before electing such an option.

Fixed Payment Options

Payments under the fixed options are not affected by the investment experience of any investment option. The accumulation value (less any state premium taxes and any surrender charge) as of the maturity date will be applied to the fixed option selected. We guarantee interest under the fixed options at a rate of 1.00% a year. We may also credit interest under the fixed payment options at a rate that is above the 1.00% guaranteed rate (this is at our complete discretion). Thereafter, interest or payments are fixed according to the annuity option chosen.

Payment Options

The following four payout options are available:

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

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

3. Payment of Life Income: We will pay monthly income for life. You may choose from 1 of 2 ways to receive the income:

a. Life Annuity: We will pay monthly income for life. With a life annuity payment option, payments will only be made as long as the annuitant is alive. Therefore, if the annuitant dies after the first payment, then only one payment will be made.

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

4. Joint and Survivor Income: We will make monthly payments until the last surviving payee’s death. Therefore, if both payees die after the first payment, then only one payment will be made. The annuitant must be at least 50 years old and the beneficiary/payee must be at least 45 years old at the time of the first monthly payment.

ADDITIONAL INFORMATION

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

Midland National Life Insurance Company

8300 Mills Civic Parkway

West Des Moines, IA 50266

Phone: (877) 586-0240 (toll-free)

Please note all inquiries, correspondence and premium payments should be sent to our Customer Service Center.

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

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Our Financial Condition

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

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

We encourage both existing and prospective owners to read and understand our financial statements, which are included in the Statement of Additional Information (“SAI”). You can obtain a free copy of the SAI by writing to us at our Customer Service Center, calling us at (866) 747-3421, or faxing us at (866) 511-7038. The overnight mailing address is Midland National Customer Service Center, Mail Zone 547, 5801 SW 6^th Avenue, Topeka, Kansas 66636-1001.

PORTFOLIO VOTING RIGHTS

We invest the assets of our Separate Account investment options in shares of the portfolios. Midland National is the legal owner of the shares and has the right to vote on certain matters. Among other things, we may vote:

• to elect the Funds’ or Trust’s Board of Directors/Trustees,

• to ratify the selection of independent auditors for the portfolios,

• on any other matters described in the portfolios’ current prospectuses or requiring a vote by shareholders under the Investment Company Act of 1940, and

• in some cases, to change the investment objectives and contracts.

Even though we own the shares, we may give you the opportunity to tell us how to vote the number of shares that are allocated to your Contract.

The funds companies will determine if and how often shareholder meetings are held. As we receive notice of these meetings, we will ask for your voting instructions. The portfolios are not required to and generally do not hold a meeting in any given year.

If we do not receive instructions in time from all owners, then we currently intend to vote those shares in the same proportion as we vote shares for which we have received instructions in that portfolio. We currently intend to vote any portfolio shares that we alone are entitled to vote in the same proportions that owners vote. The effect of this proportional voting is that a small number of owners may control the outcome of a vote. If the federal securities laws or regulations or interpretations of them change so that we are permitted to vote shares of the portfolio in our own right or to restrict owner voting, then we may do so.

HOW WE DETERMINE YOUR VOTING SHARES

You may participate in voting only on matters concerning the portfolios in which your accumulation value has been invested. We determine your voting shares in each investment option by dividing the amount of your accumulation value allocated to that investment option by the net asset value of one share of the corresponding portfolio. This is determined as of the record date set by the Fund’s/Trust’s Board of Directors/Trustees for the shareholders meeting.

If you have a voting interest, then we will provide you proxy material and a form for giving us voting instructions. In certain cases, we may disregard instructions relating to changes in the portfolio’s adviser or the investment adviser contracts of the portfolios.

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VOTING PRIVILEGES OF PARTICIPANTS IN OTHER COMPANIES

Other insurance companies own shares in the portfolios to support their variable life insurance and variable annuity products. We do not foresee any disadvantage to this. Nevertheless, each Fund’s/Trust’s Board of Directors/Trustees will monitor events to identify conflicts that may arise and determine appropriate action. If we disagree with any portfolio action, then we will see that appropriate action is taken to protect our owners. If we ever believe that any of the portfolios are so large as to materially impair its investment performance, then we will examine other investment options.

OUR REPORTS TO OWNERS

We send you a quarterly report within 31 days after the end of each calendar quarter showing the Contract accumulation value, surrender value, and the death benefit as of the end of the calendar quarter. The report will also show the allocation of your accumulation value and reflects amounts deducted from or added to the accumulation value since the last report.

Confirmation notices will be sent to you for premiums, partial withdrawals, surrenders, transfers of amounts between investment options and certain other financial transactions within 5 business days of processing.

You have 30 days to notify our Customer Service Center of any errors or discrepancies. You must notify us of any errors within 30 days of the reporting. We will review and potentially correct any errors. In the absence of such notice, you shall be deemed to have accepted the reported transaction(s) and relieved us of any related claim or liability.

We also currently intend to send you semi-annual reports with financial information on the portfolios.

CONTRACT PERIODS, ANNIVERSARIES

We measure Contract years, Contract months, Contract quarters, and Contract anniversaries from the issue date shown on your Contract’s information page. Each Contract month, Contract quarter and Contract year begins on the same day in each month, quarter and year respectively. For this purpose, if that date is not a calendar date in every month, then we look forward to the first day of the next calendar month.

DIVIDENDS

We do not pay any dividends on the variable annuity Contract described in this prospectus.

CHANGE OF ADDRESS NOTIFICATION

To protect you from fraud and theft, we may verify any changes in address you request by sending a confirmation of the change to both your old and new addresses. We may also call you to verify the change of address.

MODIFICATION TO YOUR CONTRACT

Upon notice to you, we may modify your Contract to:

(a) permit the Contract or the Separate Account to comply with any applicable law or regulation issued by a government agency;

(b) assure continued qualification of the Contract under the Internal Revenue Code or other federal or state laws relating to retirement annuities or variable annuity contracts;

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

(d) provide additional investment options.

In the event of such modifications, we will make an appropriate endorsement to the Contract.

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YOUR BENEFICIARY

You name your beneficiary in your Contract application. The beneficiary is entitled to the death benefit of the Contract. A beneficiary is revocable unless otherwise stated in the beneficiary designation. You may change a revocable beneficiary during the owner’s lifetime. We must receive written notice (signed and dated) informing us of the change. Upon receipt and acceptance at our Customer Service Center, a change takes effect as of the date that the written notice is recorded by us. We will not be liable for any payment made before we receive and accept the written notice. If no primary beneficiary is living when the owner dies, the death benefit will be paid to the contingent beneficiary, if any. If no beneficiary is living when the owner dies, then we will pay the death benefit to the owner’s estate.

If the sole beneficiary is not the spouse, the surviving joint owner will be the designated primary beneficiary and any other beneficiaries on record will be treated as contingent beneficiaries.

ASSIGNING YOUR CONTRACT

You may assign your rights in a Non-Qualified Contract. You must send a copy of the assignment to our Customer Service Center. The assignment does not take effect until we accept and approve it. We reserve the right, except to the extent prohibited by applicable laws, regulations, or actions of the state insurance commissioner, to refuse assignments or transfers at any time on a non-discriminatory basis. We are not responsible for the validity of the assignment or for any payment we make or any action we take before we record notice of the assignment. An absolute assignment is a change of ownership. There may be tax consequences.

This Contract is not designed for resale, speculation, arbitrage, viatical settlements or any other type of collective investment scheme. This Contract may not be traded on any stock exchange or secondary market.

WHEN WE PAY PROCEEDS FROM THIS CONTRACT

We will generally pay any death benefits, withdrawals, or surrenders within seven days after receiving the required form(s) in good order at our Customer Service Center.

We may delay payment or transfers for one or more of the following reasons:

• We cannot determine the amount of the payment,

• the New York Stock Exchange is closed,

• trading in securities has been restricted by the SEC,

• an emergency exists or if for any reason it is not reasonably practicable to dispose of or fairly value the securities held in an investment option,

• The SEC by order permits us to delay payment to protect our owners, or

• Your premium check(s) have not cleared your bank.

If, pursuant to SEC rules, any portfolio suspends payment of redemption proceeds including, in the case of a money market fund investment option, in connection with liquidation of the underlying portfolio or as a result of portfolio liquidity levels then we will delay payment of any transfer (including a transfer under a DCA program), partial withdrawal, surrender, or death benefit from the corresponding investment option until the suspension of redemptions is lifted or the portfolio pays redemption proceeds.

Federal laws designed to counter terrorism and prevent money laundering by criminals might in certain circumstances require us to reject a premium payment and/or “freeze” an owner’s account. If these laws apply in a particular situation, we would not be allowed to process any request for withdrawals, surrenders, or death benefits, make transfers, or continue making annuity payments. If a Contract or investment option is frozen, the applicable accumulation value would be moved to a special segregated interest bearing account and held in that account until we receive instructions from the appropriate federal regulator. We may also be required to provide information about you and your Contract to the government agencies and departments.

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DISTRIBUTION OF THE CONTRACTS

We have entered into a distribution agreement with our affiliate, Sammons Financial Network, LLC (“Sammons Financial Network”) for the distribution and sale of the Contracts. Sammons Financial Network is a Delaware limited liability company and its principal office is located at 8300 Mills Civic Parkway, West Des Moines, IA 50266. Sammons Financial Network is an indirect wholly owned subsidiary of Sammons Enterprises, Inc., of Dallas, Texas, the ultimate parent company of Midland National Life Insurance Company. Sammons Financial Network may enter into written sales agreements with other broker-dealers (“selling firms”) for the sale of the Contracts. We pay commissions to Sammons Financial Network for sales of the Contracts.

Sales commissions may vary, but the maximum commission payable in the first year for contract sales with the optional value endorsement is up to 6.50%. If you do not elect an Optional Value Endorsement we will pay up to 1.00% of premium payments and a 1.00% trail commission is also paid starting in the second year of the Contract based on the accumulation value. Where lower commissions may be paid on premium payments, we may also pay trail commissions. We may also pay additional amounts and reimburse additional expenses of Sammons Financial Network based on various factors.

We also pay for Sammons Financial Network’s operating and other expenses, including the following sales expenses: sales representative training allowances; compensation and bonuses for the Sammons Financial Network’s management team; advertising expenses; and all other expenses of distributing the Contracts.

Sammons Financial Network pays selling firms all or a portion of the commissions received for their sales of the Contract. Registered representatives and their managers are also eligible for various cash benefits, such as bonuses, insurance benefits and financing arrangements, and non-cash compensation items that we may provide jointly with Sammons Financial Network.

Non-cash items that we and Sammons Financial Network may provide include conferences, seminars and trips (including travel, lodging and meals in connection therewith), entertainment, merchandise and other similar items.

A portion of the payments made to selling firms may be passed on to their registered representatives in accordance with their internal compensation programs. Those programs may also include other types of cash and non-cash compensation and other benefits. Ask your registered representative for further information about what your registered representative and the selling firm for which he or she works may receive in connection with your purchase of a Contract.

In addition to ordinary commissions, Sammons Financial Network operating and other expenses and non-cash items, we provide payments to certain third parties for training, product development, marketing and development efforts with selling firms, and other wholesaling and relationship management services.

We intend to recoup commissions and other sales expenses indirectly through the following fees and charges deducted under the Contract: (a) the mortality and expense risks charge; (b) asset based administration charges, and (c) payments, if any, received from the investment options, their distributors, service providers and/or managers. Commissions and other incentives or payments described above are not charged directly to you or the Separate Account but they are reflected in the fees and charges that you do pay directly or indirectly.

REGULATION

We are regulated and supervised by the Iowa Insurance Department. We are subject to the insurance laws and regulations in every jurisdiction where we sell insurance and annuity contracts. The provisions of this Contract may vary somewhat from jurisdiction to jurisdiction.

We submit annual reports on our operations and finances to insurance officials in all the jurisdictions where we sell insurance and annuity contracts. The officials are responsible for reviewing our reports to be sure that we are financially sound and are complying with the applicable laws and regulations. We are also subject to various federal securities laws and regulations.

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CYBERSECURITY RISKS

We rely heavily on interconnected computer systems and digital data to conduct our variable product business activities. Because our variable product business is highly dependent upon the effective operation of our computer systems and those of our business partners, our business is potentially vulnerable to disruptions from utility outages and other problems, and susceptible to operational and information security risks resulting from information systems failure (e.g., hardware and software malfunctions) and cyberattacks. These risks include, among other things, the theft, misuse, corruption and destruction of data maintained online or digitally, interference with or denial of service, attacks on websites and other operational disruption, and unauthorized release of confidential customer information. Such systems failures and cyberattacks affecting us, Sammons Financial Network, LLC, the underlying portfolios, intermediaries and other affiliated or third-party service providers may adversely affect us and your accumulation value. For instance, cyberattacks may: interfere with our processing of Contract transactions, including the processing internet transactions or with the underlying portfolios; impact our ability to calculate accumulation unit values; cause the release and possible destruction of confidential customer or business information; impede order processing; subject us and/or our service providers and intermediaries to regulatory fines and financial losses; and/or cause reputational damage. Cybersecurity risks may also impact the issuers of securities in which the underlying portfolios invest, which may cause the funds underlying your Contract to lose value. There can be no assurance that we or the underlying portfolios or our service providers will avoid losses affecting your Contract due to cyberattacks or information security breaches in the future.

CATASTROPHIC EVENTS

Catastrophic event risks such as terrorist attacks, floods, severe storms or hurricanes, computer cyber-terrorism, or a pandemic disease like the novel coronavirus known as COVID-19, could have a material and adverse effect on our business in several respects by:

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

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

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

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

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

LEGAL PROCEEDINGS

Midland National Life Insurance Company and its subsidiaries, like other life insurance companies, may be involved in lawsuits, including class action lawsuits. In some class action and other lawsuits involving insurers, substantial damages have been sought and/or material settlement payments have been made. Although the outcome of any litigation cannot be predicted with certainty, Midland National Life Insurance Company believes that, as of the date of this prospectus, there are no pending or threatened lawsuits that will have a materially adverse impact on the Separate Account, on the ability of Sammons Financial Network, LLC to perform under its distribution agreement, or on the ability of the Company to meet its obligations under the Contract.

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STATEMENT OF ADDITIONAL INFORMATION

A free copy of the SAI is available which contains more details concerning the subjects discussed in this prospectus. You can get this SAI by checking the appropriate box on the application form, by writing our Customer Service Center, or by calling our Customer Service Center’s Toll Free number at 1-866-747-3421. The following is the Table of Contents for the SAI:

TABLE OF CONTENTS

	Page
THE CONTRACT		3
Entire Contract		3
Changes to the Contract		3
Incontestability		3
Misstatement of Age or Sex		3
Non-participating		3
Claims of Creditors		3
Minimum Benefits		3
Ownership		4
Assignment		4
Accumulation Unit Value		4
Annuity Payments		5
FEDERAL TAX MATTERS		5
Tax-Free Exchanges (Section 1035)		5
Required Distributions		5
Non-Natural Person owners		6
Diversification Requirements		6
Owner Control		6
Taxation of Qualified Contracts		6
DISTRIBUTION OF THE CONTRACTS		8
SAFEKEEPING OF ACCOUNT ASSETS		9
STATE REGULATION		9
RECORDS AND REPORTS		9
LEGAL MATTERS		9
EXPERTS		9
OTHER INFORMATION		10
CONDENSED FINANCIALS		10
FINANCIAL STATEMENTS		64

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APPENDIX A – SEPARATE ACCOUNT INVESTMENT OPTIONS

The Separate Account has a number of investment options, each of which invests in the shares of a corresponding portfolio. More detailed information about the portfolios and their investment objectives, policies, risks, expenses and other aspects of their operations appear in the portfolio prospectuses.

Certain portfolios may invest substantially all of their assets in other mutual funds. As a result, you will pay fees and expenses at both portfolio levels. This will reduce your investment return. These arrangements are referred to as “funds of funds” or “master-feeder funds.” Funds of funds or master-feeder structures may have higher expenses than portfolios that invest directly in debt or equity securities.

Certain portfolios invest in positions that emphasize alternative investment strategies and/or nontraditional asset classes. Alternative investment strategies may be riskier than traditional investment strategies and may involve leverage or use various complex hedging techniques, like options and derivatives. These alternative investments create a mix of strategies that offers potential diversification benefits beyond traditional investment strategies. Certain portfolios may employ volatility management strategies to provide for downside protection during sharp downward movements in equity markets. The cost of these hedging strategies could limit the upside participation of the portfolio in rising equity markets relative to other portfolios. There is no guarantee that a portfolio using a volatility management strategy can achieve or maintain its optimal risk targets, and the portfolio may not perform as expected.

You should consult with your registered representative to determine which combination of investment choices is appropriate for you.

INVESTMENT POLICIES OF THE PORTFOLIOS

Each portfolio tries to achieve a specified investment objective by following certain investment policies. No one can promise that any portfolio will meet its investment objective. A portfolio’s objectives and policies affect its returns and risks. Each investment option’s performance depends on the experience of the corresponding portfolio. You bear the risk that the underlying portfolios you have allocated amounts to will not meet their investment objectives. The objectives of the portfolios are as follows:

Portfolio	Investment Objective	Investment Adviser
AB Variable Product Series Fund, Inc.
AB VPS Dynamic Asset Allocation Portfolio B	Seeks to maximize total return consistent with the Adviser’s determination of reasonable risk.	AllianceBernstein L.P.
AB VPS Small Cap Growth Portfolio1	Seeks long-term growth of capital.	AllianceBernstein L.P.
AB VPS Small/Mid Cap Value Portfolio B	Seeks long-term growth of capital.	AllianceBernstein L.P.
AIM Variable Insurance Funds (Invesco Variable Insurance Funds)
Invesco V.I. Balanced-Risk Allocation Fund - Series II Shares	Seeks total return with a low to moderate correlation to traditional financial market indices.	Invesco Advisers, Inc.
Invesco V.I. Core Bond Fund - Series II Shares (Formerly Invesco Oppenheimer Total Return Bond Fund)	Seeks total return.	Invesco Advisers, Inc.
Invesco V.I. Core Plus Bond Fund - Series II Shares	Seeks total return, comprised of current income and capital appreciation.	Invesco Advisers, Inc.
Invesco V.I. Discovery Mid Cap Growth Fund - Series II Shares (Formerly Invesco Oppenheimer Discovery Mid Cap Growth Fund)	Seeks capital appreciation.	Invesco Advisers, Inc.

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Portfolio	Investment Objective	Investment Adviser
Invesco V.I. Diversified Dividend Fund - Series II Shares	Seeks to provide reasonable current income and long-term growth of income and capital.	Invesco Advisers, Inc.
Invesco V.I. Equity and Income Fund - Series II Shares	Seeks both capital appreciation and current income.	Invesco Advisers, Inc.
Invesco V.I. Global Fund - Series II Shares (Formerly Invesco Oppenheimer Global Fund)	Seeks capital appreciation.	Invesco Advisers, Inc.
Invesco V.I. International Growth Fund - Series II Shares (Formerly Invesco Oppenheimer International Growth Fund)	Seeks capital appreciation.	Invesco Advisers, Inc.
Invesco V.I. Main Street Fund - Series II Shares (Formerly Invesco Oppenheimer Main Street Fund Fund)	Seeks capital appreciation.	Invesco Advisers, Inc.
Invesco V.I. Main Street Small Cap Fund® - Series II Shares (Formerly Invesco Oppenheimer Main Street Small Cap Fund)	Seeks capital appreciation.	Invesco Advisers, Inc.
Invesco V.I. Small Cap Equity Fund - Series II Shares	Seeks long-term growth of capital.	Invesco Advisers, Inc.
The Alger Portfolios
Alger Capital Appreciation Portfolio Class S	Seeks long-term capital appreciation.	Fred Alger Management, Inc.
ALPS Variable Investment Trust
ALPS | Alerian Energy Infrastructure Portfolio Class III	Seeks investment results that correspond generally to the price and yield performance of its underlying index, the Alerian Energy Infrastructure Index.	ALPS Advisors, Inc.
ALPS | Red Rocks Global Opportunity Portfolio Class III	Seeks to maximize total return, which consists of appreciation on its investments and a variable income stream.	ALPS Advisors, Inc.; Red Rocks Capital LLC serves as sub-adviser
American Century Variable Portfolios, Inc.
American Century VP Balanced Fund II	Seeks long-term capital growth and current income by investing approximately 60% of its assets in equity securities and the remainder in bonds and other fixed-income securities.	American Century Investment Management, Inc.
American Century VP Disciplined Core Value Fund II	Seeks capital growth by investing in common stocks. Income is a secondary objective.	American Century Investment Management, Inc.
American Century VP Inflation Protection Fund II	Seeks long-term total return using a strategy that seeks to protect against U.S. inflation.	American Century Investment Management, Inc.
American Century VP Mid Cap Value Fund II	Seeks long-term capital growth. Income is a secondary objective.	American Century Investment Management, Inc.
American Century VP Ultra Fund II	Seeks long-term capital growth.	American Century Investment Management, Inc.
American Century VP Value Fund II	Seeks long-term capital growth. Income is a secondary objective.	American Century Investment Management, Inc.
American Funds Insurance Series®
American Funds IS Asset Allocation Fund Class 4	Seeks to provide high total return (including income and capital gains) consistent with preservation of capital over the long term.	Capital Research and Management CompanySM

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Portfolio	Investment Objective	Investment Adviser
American Funds IS Capital Income Builder® Class 4	The fund has two primary investment objectives. It seeks (1) to provide a level of current income that exceeds the average yield on US stocks generally and (2) to provide a growing stream of income over the years. The fund’s secondary objective is to provide growth of capital.	Capital Research and Management CompanySM
American Funds IS Capital World Growth and Income Fund Class 4 (Formerly American Funds IS Global Growth and Income Fund)	Seeks to provide long-term growth of capital while providing current income.	Capital Research and Management CompanySM
American Funds IS Global Growth Fund Class 4	Seeks to provide long-term growth of capital.	Capital Research and Management CompanySM
American Funds IS Global Small Capitalization Fund Class 4	Seeks to provide long-term growth of capital.	Capital Research and Management CompanySM
American Funds IS Growth Fund Class 4	Seeks to provide growth of capital.	Capital Research and Management CompanySM
American Funds IS Growth-Income Fund Class 4	Seeks to achieve long-term growth of capital and income.	Capital Research and Management CompanySM
American Funds IS International Fund Class 4	Seeks to provide long-term growth of capital.	Capital Research and Management CompanySM
American Funds IS International Growth and Income Fund Class 4	Seeks to provide long-term growth of capital while providing current income.	Capital Research and Management CompanySM
American Funds IS New World Fund® Class 4	Seeks long-term capital appreciation.	Capital Research and Management CompanySM
American Funds IS U.S. Government Securities Fund Class 4 (Formerly American Funds IS U.S. Government/AAA-Rated Securities Fund)	Seeks to provide a high level of current income consistent with preservation of capital.	Capital Research and Management CompanySM
American Funds IS Ultra-Short Bond Fund Class 4	Seeks to provide current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity.	Capital Research and Management CompanySM
American Funds IS Washington Mutual Investors Fund Class 4 (Formerly American Funds IS Blue Chip Income and Growth Fund)	Seeks to produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing.	Capital Research and Management CompanySM
BlackRock Variable Series Funds, Inc.
BlackRock Advantage Large Cap Core V.I. Fund4 Class III	Seeks high total investment return.	BlackRock Advisors, LLC
BlackRock Basic Value V.I. Fund Class III	Seeks capital appreciation and, secondarily, income.	BlackRock Advisors, LLC
BlackRock Capital Appreciation V.I. Fund4 Class III	Seeks long-term growth of capital.	BlackRock Advisors, LLC
BlackRock Equity Dividend V.I. Fund Class III	Seeks long-term total return and current income.	BlackRock Advisors, LLC
BlackRock Global Allocation V.I. Fund Class III	Seeks high total investment return.	BlackRock Advisors, LLC
BlackRock 60/40 Target Allocation ETF V.I. Fund	Seeks to provide total return.	BlackRock Advisors, LLC

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Portfolio	Investment Objective	Investment Adviser
BlackRock Large Cap Focus Growth V.I. Fund Class III	Seeks long-term capital growth.	BlackRock Advisors, LLC
Calvert Variable Products, Inc.
Calvert VP S&P 500 Index Portfolio2	Seeks investment results that correspond to the total return performance of U.S. common stocks, as represented by the S&P 500 Index.	Calvert Research and Management; Ameritas Investment Partners, Inc. serves as sub-adviser
Calvert Variable Series, Inc.
Calvert VP SRI Balanced Portfolio	Seeks to provide a competitive total return through an actively managed portfolio of stocks, bonds, and money market instruments which offer income and capital growth opportunity.	Calvert Research and Management
Calvert VP SRI Mid Cap Portfolio	Seeks to provide long-term capital appreciation by investing primarily in a portfolio of the equity securities of mid-sized companies that are undervalued but demonstrate a potential for growth.	Calvert Research and Management
Columbia Funds Variable Insurance Trust
Columbia Variable Portfolio—Contrarian Core Fund Class 2	Seeks total return, consisting of long-term capital appreciation and current income.	Columbia Management Investment Advisers, LLC
Columbia Funds Variable Series Trust II
Columbia Variable Portfolio—Dividend Opportunity Fund Class 2	Seeks to provide shareholders with a high level of current income and, as a secondary objective, growth of income and capital.	Columbia Management Investment Advisers, LLC
Columbia Variable Portfolio—Emerging Markets Fund Class 2	Seeks to provide shareholders with long-term capital growth.	Columbia Management Investment Advisers, LLC
Columbia Variable Portfolio—Emerging Markets Bond Fund Class 2	Seeks to provide shareholders with high total return through current income and, secondarily, through capital appreciation.	Columbia Management Investment Advisers, LLC
Columbia Variable Portfolio—High Yield Bond Fund Class 2	Seeks to provide shareholders with a high level of current income as its primary objective and, as its secondary objective, capital growth.	Columbia Management Investment Advisers, LLC
Columbia Variable Portfolio—Select Large-Cap Value Fund Class 2	Seeks long-term growth of capital.	Columbia Management Investment Advisers, LLC
Columbia Variable Portfolio—Seligman Global Tech Fund Class 2	Seeks to provide long-term capital appreciation.	Columbia Management Investment Advisers, LLC
Columbia Variable Portfolio—Strategic Income Fund Class 2	Seeks total return, consisting of current income and capital appreciation.	Columbia Management Investment Advisers, LLC
Columbia Variable Portfolio—U.S. Government Mortgage Fund Class 2	Seeks to provide current income as its primary objective and, as its secondary objective, preservation of capital.	Columbia Management Investment Advisers, LLC
Delaware VIP® Trust Formerly First Investors Life Series Funds
Delaware VIP International Series8	Seeks long-term capital growth.	Delaware Management Company, a series of Macquarie Investment Management Business Trust
Delaware VIP Opportunity Series8	Seeks long-term capital growth.	Delaware Management Company, a series of Macquarie Investment Management Business Trust
Delaware VIP Total Return Series8	Seeks high, long-term total investment return consistent with moderate investment risk.	Delaware Management Company, a series of Macquarie Investment Management Business Trust\

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Portfolio	Investment Objective	Investment Adviser
DWS Variable Insurance Portfolios
DWS Alternative Asset Allocation VIP-B	Seeks capital appreciation.	DWS Investment Management Americas Inc.; RREEF America L.L.C serves as sub-adviser
DWS CROCI® U.S. 4 VIP-B	Seeks to achieve a high rate of total return.	DWS Investment Management Americas Inc.
DWS Equity 500 Index VIP-B	Seeks to replicate, as closely as possible, before the deduction of expenses, the performance of the Standard & Poor’s 500 Composite Stock Price Index (the “S&P 500® Index”), which emphasizes stocks of large US companies.	DWS Investment Management Americas Inc.; Northern Trust Investments, Inc. serves as sub-adviser
DWS Global Small Cap5 VIP-B	Seeks above-average capital appreciation over the long term.	DWS Investment Management Americas Inc.
DWS High Income VIP-B	Seeks a high level of current income.	DWS Investment Management Americas Inc.
DWS Small Cap Index VIP-B	Seeks to replicate, as closely as possible, before the deduction of expenses, the performance of the Russell 2000® Index, which emphasizes stocks of small US companies.	DWS Investment Management Americas Inc.; Northern Trust Investments, Inc. serves as sub-adviser
DWS Small Mid Cap Value10 VIP-B	Seeks long-term capital appreciation.	DWS Investment Management Americas Inc.
Eaton Vance Variable Trust
Eaton Vance VT Floating-Rate Income Fund	Seeks to provide a high level of current income.	Eaton Vance Management
Federated Hermes Insurance Series
Federated Hermes High Income Bond II, Service	Seeks high current income.	Federated Equity Management Company
Federated Hermes Kaufmann Fund II, Service	Seeks capital appreciation.	Federated Equity Management Company of Pennsylvania; Federated Global Investment Management Corp serves as sub-adviser
Federated Hermes Managed Volatility II, Service	Seeks to achieve high current income and moderate capital appreciation.	Federated Global Investment Management Corp. (“Fed Global”) Federated Investment Management Company (FIMCO) and Federated Equity Management Company of Pennsylvania (FEMCOPA)
Fidelity® Variable Insurance Products
Fidelity® VIP Contrafund® Portfolio Service Class 2	Seeks long-term capital appreciation.	Fidelity Management & Research Company (FMR); FMR Co., Inc. (FMRC) and other investment advisers serve as sub-advisers
Fidelity® VIP Emerging Markets Portfolio Service Class 2	Seeks capital appreciation.	Fidelity Management & Research Company (FMR); FMR Co., Inc. (FMRC) and other investment advisers serve as sub-advisers
Fidelity® VIP FundsManager 50% Portfolio Service Class 2	Seeks high total return.	Fidelity Management & Research Company (FMR); FMR Co., Inc. (FMRC) and other investment advisers serve as sub-advisers

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Portfolio	Investment Objective	Investment Adviser
Fidelity® VIP FundsManager 70% Portfolio Service Class 2	Seeks high total return.	Fidelity Management & Research Company (FMR); FMR Co., Inc. (FMRC) and other investment advisers serve as sub-advisers
Fidelity® VIP FundsManager 85% Portfolio Service Class 2	Seeks high total return.	Fidelity Management & Research Company (FMR); FMR Co., Inc. (FMRC) and other investment advisers serve as sub-advisers
Fidelity® VIP Government Money Market Portfolio*,3 Service Class 2	Seeks as high a level of current income as is consistent with preservation of capital and liquidity.	Fidelity Management & Research Company (FMR); Fidelity Investments Money Management, Inc. (FIMM) and other affiliates serve as sub-advisers
Fidelity® VIP Growth Opportunities Portfolio Service Class 2	Seeks to provide capital growth.	Fidelity Management & Research Company (FMR); FMR Co., Inc. (FMRC) and other investment advisers serve as sub-advisers
Fidelity® VIP High Income Portfolio10 Service Class 2	Seeks a high level of current income, while also considering growth of capital.	Fidelity Management & Research Company (FMR); FMR Co., Inc. (FMRC) and other investment advisers serve as sub-advisers
Fidelity® VIP International Capital Appreciation Portfolio Service Class 2	Seeks capital appreciation.	Fidelity Management & Research Company (FMR); FMR Co., Inc. (FMRC) and other investment advisers serve as sub-advisers
Fidelity® VIP Investment Grade Bond Portfolio Service Class 2	Seeks as high a level of current income as is consistent with the preservation of capital.	Fidelity Management & Research Company (FMR); FMR Co., Inc. (FMRC) and other investment advisers serve as sub-advisers
Fidelity® VIP Mid Cap Portfolio Service Class 2	Seeks long-term growth of capital.	Fidelity Management & Research Company (FMR); FMR Co., Inc. (FMRC) and other investment advisers serve as sub-advisers
Fidelity® VIP Overseas Portfolio5 Service Class 2	Seeks long-term growth of capital.	Fidelity Management & Research Company (FMR); FMR Co., Inc. (FMRC) and other investment advisers serve as sub-advisers
Fidelity® VIP Real Estate Portfolio Service Class 2	Seeks above-average income and long-term capital growth, consistent with reasonable investment risk. The fund seeks to provide a yield that exceeds the composite yield of the S&P 500® Index.	Fidelity SelectCo, LLC (SelectCo); Fidelity Management & Research Company (FMR), FMR Co., Inc. (FMRC) and other investment advisers serve as sub-advisers
Fidelity® VIP Strategic Income Portfolio Service Class 2	Seeks a high level of current income. The fund may also seek capital appreciation.	Fidelity Management & Research Company (FMR); Fidelity Investments Money Management, Inc. (FIMM), FMR Co., Inc. (FMRC), FIL Investment Advisors (UK) Limited (FIA(UK)) and other investment advisers serve as sub-advisers
Fidelity® VIP Value Strategies Portfolio7 Service Class 2	Seeks capital appreciation.	Fidelity Management & Research Company (FMR); FMR Co., Inc. (FMRC) and other investment advisers serve as sub-advisers

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Portfolio	Investment Objective	Investment Adviser
Franklin Templeton Variable Insurance Products Trust
Franklin Income VIP Fund Class 2	Seeks to maximize income while maintaining prospects for capital appreciation.	Franklin Advisers, Inc.
Franklin Mutual Global Discovery VIP Fund10 Class 2	Seeks capital appreciation.	Franklin Mutual Advisers, LLC
Franklin Mutual Shares VIP Fund10 Class 2	Seeks capital appreciation, with income as a secondary goal.	Franklin Mutual Advisers, LLC
Franklin Rising Dividends VIP Fund Class 2	Seeks long-term capital appreciation, with preservation of capital as an important consideration.	Franklin Advisory Services, LLC
Templeton Developing Markets VIP Fund Class 2	Seeks long-term capital appreciation.	Templeton Asset Management Ltd.
Templeton Foreign VIP Fund Class 2	Seeks long-term capital growth.	Templeton Investment Counsel, LLC
Templeton Global Bond VIP Fund Class 2	Seeks high current income, consistent with preservation of capital, with capital appreciation as a secondary consideration.	Franklin Advisers, Inc.
Guggenheim Variable Insurance Funds
Guggenheim VIF Global Managed Futures Strategy Fund	Seeks to generate positive total returns over time.	Guggenheim Investments (an affiliate of the Company)
Guggenheim VIF Long Short Equity Fund	Seeks long-term capital appreciation.	Guggenheim Investments (an affiliate of the Company)
Guggenheim VIF Multi-Hedge Strategies Fund	Seeks long-term capital appreciation with less risk than traditional equity funds.	Guggenheim Investments (an affiliate of the Company)
Guggenheim VIF Small Cap Value Fund Series Q	Seeks long-term capital appreciation.	Guggenheim Investments (an affiliate of the Company)
Rydex VIF Biotechnology Fund7	Seeks capital appreciation by investing in companies that are involved in the biotechnology industry, including companies involved in research and development, genetic or other biological engineering, and in the design, manufacture, or sale of related biotechnology products or services.	Guggenheim Investments (an affiliate of the Company)
Rydex VIF S&P 500 Pure Growth Fund	Seeks to provide investment results that match, before fees and expenses, the performance of a benchmark for large-cap growth securities on a daily basis. The fund’s current benchmark is the S&P 500 Pure Growth Index.	Guggenheim Investments (an affiliate of the Company)
Rydex VIF S&P MidCap 400 Pure Growth Fund7	Seeks to provide investment results that match, before fees and expenses, the performance of a benchmark for mid-cap growth securities on a daily basis. The fund’s current benchmark is the S&P MidCap 400 Pure Growth Index.	Guggenheim Investments (an affiliate of the Company)
Ivy Variable Insurance Portfolios
Ivy VIP Asset Strategy5	Seeks to provide total return.	Ivy Investment Management Company
Ivy VIP Balanced6	Seeks to provide total return through a combination of capital appreciation and current income.	Ivy Investment Management Company
Ivy VIP Energy10	Seeks to provide capital growth and appreciation.	Ivy Investment Management Company

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Portfolio	Investment Objective	Investment Adviser
Ivy VIP Global Bond10	Seeks to provide a high level of current income. Capital appreciation is a secondary objective.	Ivy Investment Management Company
Ivy VIP Global Equity Income5	Seeks to provide total return.	Ivy Investment Management Company
Ivy VIP Global Growth5	Seeks to provide growth of capital.	Ivy Investment Management Company
Ivy VIP Growth10	Seeks to provide growth of capital.	Ivy Investment Management Company
Ivy VIP High Income10	Seeks to provide total return through a combination of high current income and capital appreciation	Ivy Investment Management Company
Ivy VIP International Core Equity10	Seeks to provide capital growth and appreciation.	Ivy Investment Management Company
Ivy VIP Mid Cap Growth10	Seeks to provide growth of capital.	Ivy Investment Management Company
Ivy VIP Natural Resources10	Seeks to provide capital growth and appreciation.	Ivy Investment Management Company
Ivy VIP Science and Technology10	Seeks to provide growth of capital.	Ivy Investment Management Company
Ivy VIP Small Cap Core10	Seeks to provide capital appreciation.	Ivy Investment Management Company
Ivy VIP Small Cap Growth10	Seeks to provide growth of capital.	Ivy Investment Management Company
Janus Aspen Series
Janus Henderson Balanced Portfolio Service Shares	Seeks long-term capital growth, consistent with preservation of capital and balanced by current income.	Janus Capital Management LLC
Janus Henderson Enterprise Portfolio Service Shares	Seeks long-term growth of capital.	Janus Capital Management LLC
Janus Henderson Flexible Bond Portfolio Service Shares	Seeks to obtain maximum total return, consistent with preservation of capital.	Janus Capital Management LLC
Janus Henderson Global Research Portfolio Service Shares	Seeks long-term growth of capital.	Janus Capital Management LLC
Janus Henderson Global Technology and Innovation Portfolio Service Shares	Seeks long-term growth of capital.	Janus Capital Management LLC
Janus Henderson Mid Cap Value Portfolio Service Shares	Seeks capital appreciation.	Janus Capital Management LLC; Perkins Investment Management LLC serves as sub-adviser
Janus Henderson Overseas Portfolio Service Shares	Seeks long-term growth of capital.	Janus Capital Management LLC
Janus Henderson Research Portfolio5 Service Shares	Seeks long-term growth of capital.	Janus Capital Management LLC
John Hancock Variable Insurance Trust
John Hancock VIT Financial Industries Trust Series II	Seeks growth of capital.	John Hancock Investment Management Services, LLC; John Hancock Asset Management a division of Manulife Asset Management (US) LLC serves as sub-adviser

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Portfolio	Investment Objective	Investment Adviser
John Hancock Variable Insurance Trust
John Hancock VIT Fundamental All Cap Core Trust Series II7	Seeks long-term growth of capital.	John Hancock Investment Management Services, LLC; John Hancock Asset Management a division of Manulife Asset Management (US) LLC serves as sub-adviser
John Hancock VIT Select Bond Trust Series II	Seeks income and capital appreciation.	John Hancock Investment Management Services, LLC; John Hancock Asset Management a division of Manulife Asset Management (US) LLC serves as sub-adviser
John Hancock VIT Strategic Income Opportunities Trust Series II	Seeks a high level of current income.	John Hancock Investment Management Services, LLC; John Hancock Asset Management a division of Manulife Asset Management (US) LLC serves as sub-adviser
Lazard Retirement Series, Inc.
Lazard Retirement Global-Dynamic Multi Asset Portfolio Service Shares	Seeks total return.	Lazard Asset Management LLC
Lazard Retirement International Equity Portfolio Service Shares	Seeks long-term capital appreciation.	Lazard Asset Management LLC
Legg Mason Partners Variable Equity Trust
ClearBridge Variable Aggressive Growth7 Class II	Seeks capital appreciation.	Legg Mason Partners Fund Advisor, LLC, investment manager; ClearBridge Investments, LLC, sub-adviser. (Western Asset Management Company manages the portion of the fund’s cash and short term investments allocated to it)
ClearBridge Variable Dividend Strategy Portfolio Class II	Seeks dividend income, growth of dividend income and long-term capital appreciation.	Legg Mason Partners Fund Advisor, LLC, investment manager; ClearBridge Investments, LLC, sub-adviser. (Western Asset Management Company manages the portion of the fund’s cash and short term investments allocated to it)
ClearBridge Variable Large Cap Growth II	Seeks long-term growth of capital.	Legg Mason Partners Fund Advisor, LLC, investment manager; ClearBridge Investments, LLC, sub-adviser.
ClearBridge Variable Mid Cap Portfolio Class II	Seeks long-term growth of capital.	Legg Mason Partners Fund Advisor, LLC, investment manager; ClearBridge Investments, LLC, sub-adviser. (Western Asset Management Company manages the portion of the fund’s cash and short term investments allocated to it)

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Portfolio	Investment Objective	Investment Adviser
ClearBridge Variable Small Cap Growth Portfolio Class II	Seeks long-term growth of capital.	Legg Mason Partners Fund Advisor, LLC, investment manager; ClearBridge Investments, LLC, sub-adviser. (Western Asset Management Company manages the portion of the fund’s cash and short term investments allocated to it)
Legg Mason Partners Variable Income Trust
Western Asset Core Bond Plus VIT Portfolio Class II	Seeks to maximize total return, consistent with prudent investment management and liquidity needs, by investing to obtain an average duration within 30% of the average duration of the domestic bond market as a whole.	Legg Mason Partners Fund Advisor, LLC, investment manager; Western Asset Management Company, Western Asset Management Company Limited, Western Asset Management Company Ltd. and Western Asset Management Company Pte Ltd., sub-advisers
Western Asset Variable Global High Yield Bond Portfolio Class II	Seeks to maximize total return.	Legg Mason Partners Fund Advisor, LLC, investment manager; Western Asset Management Company, Western Asset Management Company Limited & Western Asset Management Company Pte. Ltd., sub-advisers
QS Legg Mason Dynamic Multi-Strategy VIT Portfolio5 Class II	Seeks the highest total return (that is, a combination of income and long-term capital appreciation) over time consistent with its asset mix. The portfolio will seek to reduce volatility as a secondary objective.	Legg Mason Partners Fund Advisor, LLC, investment manager; QS Investors, LLC, Western Asset Management Company, sub-advisers
Lord Abbett Series Fund, Inc.
Lord Abbett Series Fund Bond Debenture Portfolio VC	Seeks high current income and the opportunity for capital appreciation to produce a high total return.	Lord, Abbett & Co. LLC
Lord Abbett Series Fund Developing Growth Portfolio10 VC	Seeks long-term growth of capital.	Lord, Abbett & Co. LLC
Lord Abbett Series Fund Fundamental Equity Portfolio VC	Seeks long-term growth of capital and income without excessive fluctuations in market value.	Lord, Abbett & Co. LLC
Lord Abbett Series Fund Short Duration Income Portfolio VC	Seeks a high level of income consistent with preservation of capital.	Lord, Abbett & Co. LLC
MFS® Variable Insurance Trust
MFS New Discovery Series Service Class	Seeks capital appreciation.	Massachusetts Financial Services Company
MFS Utilities Series Service Class	Seeks total return.	Massachusetts Financial Services Company
MFS® Variable Insurance Trust II
MFS Blended Research Core Equity Portfolio Service Class	Seeks capital appreciation.	Massachusetts Financial Services Company
MFS Corporate Bond Portfolio Service Class	Seeks total return with an emphasis on current income, but also considering capital appreciation.	Massachusetts Financial Services Company

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Portfolio	Investment Objective	Investment Adviser
MFS Emerging Markets Equity Portfolio Service Class	Seeks capital appreciation.	Massachusetts Financial Services Company
MFS Global Tactical Allocation Portfolio Service Class	Seeks total return.	Massachusetts Financial Services Company
MFS International Intrinsic Value Portfolio Service Class	Seeks capital appreciation.	Massachusetts Financial Services Company
MFS Technology Portfolio Service Class	Seeks capital appreciation.	Massachusetts Financial Services Company
MFS® Variable Insurance Trust III
MFS VIT III Global Real Estate Service Class	Seeks total return.	Massachusetts Financial Services Company
Northern Lights Trust
Power Dividend Index VIT Fund9 Class 1	Seeks total return from income and capital appreciation. Capital preservation is a secondary objective.	W.E. Donoghue & Co., LLC
PIMCO Variable Insurance Trust
PIMCO VIT All Asset Portfolio Advisor Class	Seeks maximum real return, consistent with preservation of real capital and prudent investment management.	Pacific Investment Management Company LLC
PIMCO VIT CommodityRealReturn® Strategy Portfolio Advisor Class	Seeks maximum real return consistent with prudent investment management.	Pacific Investment Management Company LLC
PIMCO VIT Dynamic Bond Portfolio Advisor Class	Seeks maximum long-term return, consistent with preservation of capital and prudent investment management.	Pacific Investment Management Company LLC
PIMCO VIT Emerging Markets Bond Portfolio Advisor Class	Seeks maximum total return, consistent with preservation of capital and prudent investment management.	Pacific Investment Management Company LLC
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) Advisor Class	Seeks maximum total return, consistent with preservation of capital and prudent investment management.	Pacific Investment Management Company LLC
PIMCO VIT Global Bond Opportunities Portfolio (Unhedged) Advisor Class	Seeks maximum total return, consistent with preservation of capital and prudent investment management.	Pacific Investment Management Company LLC
PIMCO VIT Global Managed Asset Allocation Portfolio	Seeks total return which exceeds that of a blend of 60% MSCI World Index/40% Barclays U.S. Aggregate Index.	Pacific Investment Management Company LLC
PIMCO VIT High Yield Portfolio Advisor Class	Seeks maximum total return, consistent with preservation of capital and prudent investment management.	Pacific Investment Management Company LLC
PIMCO VIT Income Portfolio Advisor Class	Seeks maximum current income with long-term capital appreciation as a secondary objective.	Pacific Investment Management Company LLC
PIMCO VIT Low Duration Portfolio Advisor Class	Seeks maximum total return, consistent with preservation of capital and prudent investment management.	Pacific Investment Management Company LLC
PIMCO VIT Real Return Portfolio Advisor Class	Seeks maximum real return, consistent with preservation of real capital and prudent investment management.	Pacific Investment Management Company LLC
PIMCO VIT Short-Term Portfolio Advisor Class	Seeks maximum current income, consistent with preservation of capital and daily liquidity.	Pacific Investment Management Company LLC
PIMCO VIT Total Return Portfolio Advisor Class	Seeks maximum total return, consistent with preservation of capital and prudent investment management.	Pacific Investment Management Company LLC

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Portfolio	Investment Objective	Investment Adviser
Pioneer Variable Contracts Trust
Pioneer Bond VCT Portfolio Class II	Seeks current income from an investment grade portfolio with due regard to preservation of capital and prudent investment risk. The portfolio also seeks a relatively stable level of dividends; however, the level of dividends will be maintained only if consistent with preserving the investment grade quality of the portfolio.	Amundi Investment Management, Inc.
Pioneer Equity Income VCT Portfolio Class II	Seeks current income and long-term growth of capital from a portfolio consisting primarily of income producing equity securities of U.S. corporations.	Amundi Investment Management, Inc.
Pioneer Fund VCT Portfolio Class II	Seeks reasonable income and capital growth.	Amundi Investment Management, Inc.
Pioneer High Yield VCT5 Portfolio Class II	Seeks to maximize total return through a combination of income and capital appreciation.	Amundi Investment Management, Inc.
Pioneer Strategic Income VCT Portfolio Class II	Seeks a high level of current income.	Amundi Investment Management, Inc.
Principal Variable Contract Trust
Principal VC Blue Chip 3	Seeks long-term growth of capital.	Principal Global Investors, LLC
Principal VC Equity Income 3	Seeks to provide current income and long-term growth of income and capital.	Principal Global Investors, LLC
Principal VC Diversified Balanced 3	Seeks to provide as high a level of total return (consisting of reinvested income and capital appreciation) as is consistent with reasonable risk.	Principal Global Investors, LLC
Principal VC Diversified Growth 3	Seeks to provide long-term capital appreciation.	Principal Global Investors, LLC
Principal VC Diversified Income 3	Seeks to provide a high level of total return (consisting of reinvestment of income with some capital appreciation).	Principal Global Investors, LLC
The Prudential Series Fund
Prudential Series Fund Jennison 20/20 Focus Portfolio3 Class II	Seeks long-term growth of capital.	PGIM Investments LLC
Prudential Series Fund Natural Resources Portfolio6 Class II	Seeks long-term growth of capital.	PGIM Investments LLC
Prudential Series Fund SP Prudential U.S. Emerging Growth Portfolio6 Class II	Seeks long-term capital appreciation.	PGIM Investments LLC
Royce Capital Fund
Royce Capital Fund - Micro-Cap Portfolio5 Service Class	Seeks long-term growth of capital.	Royce & Associates, LLC
Royce Capital Fund - Small-Cap Portfolio Service Class	Seeks long-term growth of capital.	Royce & Associates, LLC
T. Rowe Price
T. Rowe Price Blue Chip Growth Portfolio-II	Seeks to provide long-term capital growth; income is a secondary objective.	T. Rowe Price Associates, Inc.
T. Rowe Price Health Sciences Portfolio-II	Seeks long-term capital appreciation.	T. Rowe Price Associates, Inc.
VanEck VIP Trust
VanEck VIP Global Resources Fund S (Formerly VanEck VIP Global Hard Assets Fund S)	Seeks long-term capital appreciation by investing primarily in hard asset securities. Income is a secondary consideration.	Van Eck Associates Corporation

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* During periods of low interest rates, the yields of the money market investment option may become extremely low and possibly negative.

¹  This Investment Option was closed to new investors as of January 1, 2013. If you had money invested in this Investment Option as of the close of business on December 31, 2012, you may continue to make additional investments into the portfolio. However, if you redeem or transfer completely out of this Investment Option after this date, you will not be able to reinvest in the portfolio.

²  This Investment Option was closed to new investors as of May 1, 2014. If you had money invested in this Investment Option as of the close of business on April 30, 2014, you may continue to make additional investments into the portfolio. However, if you redeem or transfer completely out of this Investment Option after this date, you will not be able to reinvest in the portfolio.

³  This Investment Option was closed to new investors as of August 1, 2014. If you had money invested in this Investment Option as of the close of business on July 31, 2014, you may continue to make additional investments into the portfolio. However, if you redeem or transfer completely out of this Investment Option after this date, you will not be able to reinvest in the portfolio.

⁴  This Investment Option was closed to new investors as of August 3, 2015. If you had money invested in this Investment Option as of the close of business on July 31, 2015, you may continue to make additional investments into the portfolio. However, if you redeem or transfer completely out of this Investment Option after this date, you will not be able to reinvest in the portfolio.

⁵  This Investment Option was closed to new investors as of August 1, 2017. If you had money invested in this Investment Option as of the close of business on July 31, 2017, you may continue to make additional investments into the portfolio. However, if you redeem or transfer completely out of this Investment Option after this date, you will not be able to reinvest in the portfolio.

⁶  This Investment Option was closed to new investors as of April 30, 2018. If you had money invested in this Investment Option as of the close of business on April 30, 2018, you may continue to make additional investments into the portfolio. However, if you redeem or transfer completely out of this Investment Option after this date, you will not be able to reinvest in the portfolio.

⁷  This Investment Option was closed to new investors as of April 30, 2019. If you had money invested in this Investment Option as of the close of business on April 30, 2019, you may continue to make additional investments into the portfolio. However, if you redeem or transfer completely out of this Investment Option after this date, you will not be able to reinvest in the portfolio.

⁸  This Investment Option was closed to new investors as of October 4, 2019. If you had money invested in this Investment Option as of the close of business on October 4, 2019, you may continue to make additional investments into the portfolio. However, if you redeem or transfer completely out of this Investment Option after this date, you will not be able to reinvest in the portfolio.

⁹  This Investment Option was closed to new investors as of May 1, 2020. If you had money invested in this Investment Option as of the close of business on May 1, 2020, you may continue to make additional investments into the portfolio. However, if you redeem or transfer completely out of this Investment Option after this date, you will not be able to reinvest in the portfolio.

¹⁰  This Investment Option was closed to new investors as of May 1, 2021. If you had money invested in this Investment Option as of the close of business on May 1, 2021, you may continue to make additional investments into the portfolio. However, if you redeem or transfer completely out of this Investment Option after this date, you will not be able to reinvest in the portfolio.

The portfolios may make a material change in their investment policies. In that case, we will send you notice of the change. Within 60 days after you receive the notice, or within 60 days after the effective date of the change, if later, you may transfer any amount that you have in that investment option to another investment option. See “Transfers of Accumulation Value” on page 20.

The portfolios sell their shares to Separate Accounts of various insurance companies to support both variable life insurance and variable annuity contracts, and to qualified retirement plans. We currently do not foresee any disadvantages to our owners arising from this use of the portfolios for this type of mixed and shared funding. The funds companies will monitor for possible conflicts arising out of this practice. If any such conflict or disadvantage does arise, we and/or the applicable fund companies may take appropriate action to protect your interests.

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

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

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

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

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

You bear the entire risk for the allocation of your premiums and accumulation value among the investment options whether or not you use the service of an adviser. We are not responsible for any investment or other advice or services that you may receive.

You bear the risk of any decline in the accumulation value of your Contract resulting from the performance of the investment options you have chosen.

We do not recommend or endorse any particular portfolio or portfolios and we do not provide investment advice.

Availability of the Portfolios

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

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

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APPENDIX B – ENHANCED DEATH BENEFIT EXAMPLES

Enhanced Death Benefit Value Examples

Enhanced death benefit value refers to the enhanced death benefit death benefit value. The enhanced death benefit value is only available as a death benefit and is not available as a surrender value.

The initial enhanced death benefit value on the Contract issue date is equal to the initial premium of the Contract that the endorsement is attached.

Example 1:

This example demonstrates the impact of the enhanced death benefit following a decline in the accumulation value due to negative investment performance. During the enhanced death benefit step-up, on the contract anniversary, the accumulation value is $85,000, the Contract’s death benefit is $85,000, and the enhanced death benefit value (prior to the step-up) is $95,000.

The enhanced death benefit value after the step-up on the contract anniversary would stay $95,000, as the current enhanced death benefit is the greater of:

1) $85,000 accumulation value

2) $85,000 Contract death benefit

3) $95,000 enhanced death benefit immediately prior to contract anniversary

Example 2:

During the enhanced death benefit step-up period, on the contract anniversary, the accumulation value is $100,000, the Contract’s death benefit is $80,000, and the enhanced death benefit current value (prior to the step-up) is $85,000.

The enhanced death benefit after the step-up on the contract anniversary would be $100,000 the accumulation value, which is the greater of:

1) $100,000 accumulation value

2) $80,000 Contract death benefit

3) $85,000 enhanced death benefit immediately prior to contract anniversary

Example 3:

After the enhanced death benefit step-up period has ended, on the contract anniversary, the accumulation value is $185,000, the Contract’s death benefit is $110,000, and the enhanced death benefit value (prior to the step-up) is $115,000.

The enhanced death benefit value would not change and stay at $115,000. In this case, the step-up in the enhanced death benefit is no longer available, since the enhanced death benefit step-up period has ended.

Effects of a Partial Withdrawal on the Enhanced Death Benefit Value Examples

Any gross partial surrender amount(s), including required minimum distributions, will reduce the enhanced death benefit value by the same proportion as the reduction to the accumulation value.

Example 1:

A contract owner takes a partial withdrawal in the amount of $10,000. At the time of the partial withdrawal, prior to the partial withdrawal, the accumulation value is $100,000 and the enhanced death benefit value is $85,000.

After the partial withdrawal, the enhanced death benefit value is $76,500, which equals; the enhanced death benefit prior to the withdrawal times one minus the withdrawal amount divided by the accumulation value prior to the withdrawal which equals $85,000 [enhanced death benefit prior to the withdrawal] times (1 – ($10,000 [withdrawal amount] divided by $100,000 [accumulation value prior to withdrawal[)) = $76,500. The accumulation value, after the partial withdrawal, is $90,000 = $100,000 - $10,000.

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Example 2:

A contract owner takes a partial withdrawal in the amount of $10,000. At the time of the Partial Withdrawal, prior to the Partial Withdrawal, the accumulation value is $100,000 and the enhanced death benefit value is $200,000. After the partial withdrawal, the enhanced death benefit value is $180,000, which equals; the enhanced death benefit prior to the withdrawal times one minus the withdrawal amount divided by the accumulation value prior to the withdrawal which equals $200,000 [enhanced death benefit prior to the withdrawal] times (1 – ($10,000 [withdrawal amount] divided by $100,000 [accumulation value prior to withdrawal])). The accumulation value, after the partial withdrawal, is $90,000 = $100,000 - $10,000.

Example 3:

A contract owner takes a partial withdrawal in the amount of $10,000. At the time of the partial withdrawal, prior to the partial withdrawal, the accumulation value is $100,000 and the enhanced death benefit value is $100,000. After the partial withdrawal, the enhanced death benefit value is $90,000, which equals; the enhanced death benefit prior to the withdrawal times one minus the withdrawal amount divided by the accumulation value prior to the withdrawal which equals $100,000 [enhanced death benefit prior to the withdrawal] times (1 – ($10,000 [withdrawal amount] divided by $100,000 [accumulation value prior to withdrawal])). The accumulation value, after the partial withdrawal, is $90,000 = $100,000 - $10,000.

Effects of Additional Premium on the Enhanced Death Benefit Value Examples

Each time any additional premium is received, the enhanced death benefit value will increase by the amount of the additional premium on dollar for dollar basis. This is true even after the annual step-up period has expired.

Example 1:

During the enhanced death benefit value step-up period, a contract owner makes an additional premium payment of $10,000. At the time of the premium payment, the enhanced death benefit value is $100,000. After the additional premium payment, the enhanced death benefit value is $110,000 = $100,000 + $10,000.

Example 2:

After the enhanced death benefit value step-up period has ended, a contract owner makes an additional premium payment of $10,000. At the time of the premium payment, the enhanced death benefit value is $100,000. After the additional premium payment, the enhanced death benefit value is $110,000 = $100,000 + $10,000.

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APPENDIX C – STATE VARIATIONS

Certain contract features described in this Prospectus may vary or may not be available in your state. The state in which your Contract is issued governs whether or not certain features, riders, charges or fees are available or will vary under your Contract. These variations are reflected in your Contract and in riders or endorsements to your Contract.

This Appendix C contains an overview of state specific variations.

For Contracts issued in the state of Arizona, the following variations apply:

On written request we are required to provide within reasonable time, reasonable factual information regarding the benefits and provisions of your annuity.

If for any reason you are not satisfied with the annuity, you may return the annuity within 10 days or within 30 days if you are 65 years of age or older on the date of the application and receive a refund of the full Accumulation Value plus any fees or charges deducted from the Contract as of the date the returned Contract is received by the insurer or its insurance producer, or if greater and required by state law, premiums paid as of the date the returned Contract is received by the insured or insurance producer.

For Contracts issued in the state of California, the following variations apply:

For Owners in the state of California 60 years or older – the Free Look period is a 30-day period beginning on the day you receive your Contact. Your money will be placed in a fixed account or money market fund, unless you direct that premium to be invested in an underlying stock or bond fund portfolio during that 30-day period. If you do not direct that premium be invested in a stock or bond portfolio and you return the Contract within the 30-day period, you will be entitled to a refund of the premium and Contract fees. If you do direct that the premium be invested in a stock or bond portfolio during the 30-day period and you return the Contract during that period, you will be entitled to a refund of the Contract’s account value on the day the Contract is received by the insurance company or agent who sold you this Contract which could be less that the premium you paid for the Contract, plus any Contract fee paid. A return of the Contract after 30 days may result in a substantial penalty, known as a surrender charge, if you elect the Optional Value Endorsement.

For Contracts issued in the state of Connecticut, the following variations apply:

During the right to examine period if cancellation is made prior to delivery of the Contract we will refund all premiums paid.

Also, we currently define excessive/frequent trading as: (a) two or more “round trips” involving the same investment option within a 60-calendar day period; or (b) six or more “round trips” involving the same investment option within a twelve month period. “Round trip” means more than one purchase and sale of the same investment option within a 60-calendar day period. We reserve the right to revise our market timing procedures as we deem necessary or appropriate to more effectively detect and prevent market timing. Any exercise of our right to delay, restrict or reject trading activity will be applied equally and in a non-discriminatory manner to all owners.

For Contracts issued in the state of Florida, the following variations apply:

The cover page of the Contract contains a clear statement that death benefit and accumulation values will reflect the investment experience of our separate account, which may cause them to increase or decrease and are not guaranteed as to the fixed dollar amount. To obtain additional Contract information and/or to receive assistance in resolving complaints, our 800 number is listed in a bold face type. We have omitted the right to limit investment options in which premiums are invested.

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For Contracts issued in the state of Illinois, the following variations apply:

The cover page of the Contract includes contact information to contact us or the Illinois Department of Insurance should you have any complaints arise regarding your annuity.

Illinois Department of Insurance Consumer Division or Public Service Section Springfield, Illinois 62767 Midland National Life Insurance Company Annuity Division P.O. Box 79907 Des Moines, Iowa 50325-0985 Toll Free Telephone: 1-877-586-0244

For Contracts issued in the state of Montana, the following variations apply:

Death proceeds will be paid within 60 days of receiving due proof of the Owner’s death. If payment is made after the first 30 days, we agree to pay interest on the death proceeds from the 30^th day until the date of payment. The interest will be at an annual interest rate determined by us not to be less than the rate required by the state of Montana.

Gender will not play a role in determining payout rates; any reference to gender has been removed.

The provisions of this Contract conform to the minimum requirements of Montana law and control over any conflicting statutes of any state in which you live on or after the Contract Effective Date.

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APPENDIX D – CONDENSED FINANCIAL INFORMATION

The following tables of condensed financial information show accumulation unit values for each investment option for the period since the investment option started operation. An accumulation unit value is the unit we use to calculate the value of your interest in a subaccount. The tables below show two sets of accumulation unit values that reflect the current level of Separate Account annual expenses available under the Contract. One set of tables reflects the lowest Annual Asset Charge of 1.15% (for Contracts with the return of premium death benefit and the 7-Year Optional Value Endorsement) and the other set reflects the Asset Charge of 1.35% (for Contracts with the return of premium death benefit and without the Optional Value Endorsement ). No condensed financial information is shown for contracts with the accumulation value death benefit because no units reflecting that option were outstanding throughout 2020. Tables reflecting the other Annual Asset Charges are included in the SAI.

Table 1—Contract with 7-Year Optional Value Endorsement – 1.15% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
2020
AB VPS Dynamic Asset Allocation Portfolio B	$	13.57	$	14.07		27,522.37
AB VPS Small Cap Growth Portfolio B	$	24.14	$	36.67		48.12
AB VPS Small/Mid Cap Value Portfolio B	$	19.58	$	19.94		40,723.23
Alger Capital Appreciation Portfolio Class S	$	26.74	$	37.38		176,576.77
ALPS | Alerian Energy Infrastructure Portfolio Class III	$	7.63	$	5.64		86,526.13
ALPS | Red Rocks Listed Private Equity Class III	$	14.37	$	15.52		30,845.66
American Century VP Balanced Fund II	$	10.66	$	11.83		23,691.17
American Century VP Income & Growth Fund II	$	10.73	$	18.31		212,542.98
American Century VP Inflation Protection Fund II	$	9.75	$	21.59		412,203.03
American Century VP Mid Cap Value Fund II	$	21.60	$	39.31		45,987.82
American Century VP Ultra Fund II	$	26.59	$	19.70		1,667,121.86
American Century VP Value Fund II	$	19.76	$	21.59		412,203.03
American Funds IS Asset Allocation Fund Class 4	$	14.10	$	15.64		525,212.67
American Funds IS Blue Chip Income and Growth Fund Class 4	$	14.68	$	15.75		696,406.51
American Funds IS Capital Income Builder® Class 4	$	11.56	$	11.90		411,436.06
American Funds IS Global Growth and Income Fund Class 4	$	14.61	$	15.68		178,549.26
American Funds IS Global Growth Fund Class 4	$	16.13	$	28.11		110,455.29
American Funds IS Global Small Capitalization Fund Class 4	$	13.77	$	17.61		55,724.54
American Funds IS Growth Fund Class 4	$	18.75	$	28.11		110,455.29
American Funds IS Growth-Income Fund Class 4	$	16.35	$	18.31		212,542.98
American Funds IS International Fund Class 4	$	12.19	$	13.70		106,814.82
American Funds IS International Growth and Income Fund Class 4	$	11.18	$	11.69		74,472.38
American Funds IS New World Fund® Class 4	$	11.91	$	14.51		408,754.40
American Funds IS U.S. Government/AAA-Rated Securities Fund Class 4	$	10.42	$	11.28		1,186,426.09
American Funds IS Ultra-Short Bond Fund Class 4	$	9.51	$	9.38		564,226.44
BlackRock 60/40 Target Allocation ETF V.I. Fund Formerly BlackRock iShares® Dynamic Allocation V.I. Fund Class III	$	12.49	$	14.11		118,338.12
BlackRock Advantage Large Cap Core V.I. Fund Class III	$	22.35	$	26.40		4,130.62
BlackRock Basic Value V.I. Fund Class III	$	19.15	$	19.52		83,775.12
BlackRock Capital Appreciation V.I. Fund Class III	$	25.52	$	35.70		93,043.73
BlackRock Equity Dividend V.I. Fund Class III	$	20.56	$	21.05		260,381.49
BlackRock Global Allocation V.I. Fund Class III	$	13.72	$	16.38		191,843.04
BlackRock Large Cap Focus Growth V.I. Fund Class III	$	27.11	$	38.43		137,943.14
Calvert VP S&P 500 Index Portfolio	$	23.31	$	27.21		710.02
Calvert VP SRI Balanced Portfolio	$	11.92	$	13.52		262,040.20
Calvert VP SRI Mid Cap Portfolio	$	19.27	$	21.38		30,679.40

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Table 1—Contract with 7-Year Optional Value Endorsement – 1.15% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
ClearBridge Variable Aggressive Growth Portfolio Class II	$	11.80	$	13.74		5,810.85
ClearBridge Variable Dividend Strategy Portfolio Class II	$	21.27	$	22.61		196,202.57
ClearBridge Variable Large Cap Growth II	$	14.05	$	18.12		113,422.04
ClearBridge Variable Mid Cap Portfolio Class II	$	20.24	$	23.03		116,473.46
ClearBridge Variable Small Cap Growth Portfolio Class II	$	22.70	$	32.08		23,468.41
Columbia Variable Portfolio - Contrarian Core Fund Share Class 2	$	18.65	$	22.49		41,632.65
Columbia Variable Portfolio - Dividend Opportunity Fund Share Class 2	$	15.79	$	15.75		54,407.01
Columbia Variable Portfolio - Emerging Markets Bond Fund Share Class 2	$	11.92	$	12.63		201,502.02
Columbia Variable Portfolio - High Yield Bond Fund Share Class 2	$	12.91	$	13.56		148,044.48
Columbia Variable Portfolio - Select Large-Cap Value Fund Class 2	$	12.10	$	12.77		6,341.55
Columbia Variable Portfolio - Seligman Global Tech Fund Class 2	$	15.01	$	21.63		30,346.18
Columbia Variable Portfolio - Strategic Income Fund Class 2 (added 5/1/2020)	$	10.00	$	11.42		11,985.69
Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2	$	10.54	$	10.92		6,883.70
Delaware VIP International Series Formerly First Investors Life Series International Fund	$	13.97	$	14.79		14,075.56
Delaware VIP Opportunity Series Formerly First Investors Life Series Opportunity Fund	$	13.54	$	14.83		302,426.93
Delaware VIP Total Return Series Formerly First Investors Life Series Total Return Fund	$	13.34	$	13.31		1,248.61
DWS Alternative Asset Allocation VIP-B	$	10.70	$	11.14		19,447.43
DWS CROCI® U.S. VIP-B	$	17.10	$	14.81		2,159.42
DWS Equity 500 Index VIP-B	$	22.87	$	26.59		334,851.62
DWS Global Small Cap VIP-B	$	14.12	$	16.32		8,935.88
DWS Small Cap Index VIP-B	$	19.46	$	22.91		78,117.39
DWS Small Mid Cap Value VIP-B	$	16.59	$	16.22		112,221.98
Eaton Vance VT Floating-Rate Income Fund	$	11.90	$	11.99		370,105.44
Federated Hermes High Income Bond II, Service Formerly Federated High Income Bond II, Service	$	10.39	$	10.83		14,431.47
Federated Hermes Kaufmann Fund II, Service Formerly Federated Kaufmann Fund II, Service	$	10.92	$	13.88		40,571.35
Federated Hermes Managed Volatility II, Service Formerly Federated Managed Volatility II, Service	$	10.72	$	10.67		966.35
Fidelity® VIP Contrafund® Portfolio Service Class 2	$	22.51	$	28.97		136,713.94
Fidelity® VIP Emerging Markets Portfolio Service Class 2	$	13.82	$	17.88		82,211.61
Fidelity® VIP FundsManager 50% Portfolio Service Class 2	$	14.71	$	16.56		200,060.83
Fidelity® VIP FundsManager 70% Portfolio Service Class 2	$	16.74	$	19.19		106,769.63
Fidelity® VIP FundsManager 85% Portfolio Service Class 2	$	18.51	$	21.46		5,894.97
Fidelity® VIP Government Money Market Portfolio Service Class 2	$	9.43	$	9.34		670,000.39
Fidelity® VIP Growth Opportunities Portfolio Service Class 2	$	10.95	$	18.22		42,932.74
Fidelity® VIP High Income Portfolio Service Class 2	$	13.64	$	13.81		182,541.85
Fidelity® VIP International Capital Appreciation Portfolio Service Class 2 (added 5/1/2020)	$	10.00	$	13.89		13,184.55
Fidelity® VIP Mid Cap Portfolio Service Class 2	$	18.59	$	21.67		114,770.91
Fidelity® VIP Overseas Portfolio Service Class 2	$	15.75	$	17.96		13,025.13
Fidelity® VIP Real Estate Portfolio Service Class 2	$	17.37	$	16.01		304,386.25
Fidelity® VIP Strategic Income Portfolio Service Class 2	$	12.28	$	13.01		207,997.57
Fidelity® VIP Value Strategies Portfolio Service Class 2	$	19.54	$	20.87		68,555.26
Franklin Income VIP Fund Class 2	$	14.35	$	14.29		322,553.25
Franklin Mutual Global Discovery VIP Fund Class 2	$	16.22	$	15.32		72,864.82
Franklin Mutual Shares VIP Fund Class 2	$	17.70	$	16.62		64,352.34
Franklin Rising Dividends VIP Fund Class 2	$	22.69	$	26.01		179,870.93

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Table 1—Contract with 7-Year Optional Value Endorsement – 1.15% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
Guggenheim VIF Global Managed Futures Strategy Fund	$	8.63	$	8.75		4,299.23
Guggenheim VIF Long Short Equity Fund	$	11.72	$	12.16		21,222.72
Guggenheim VIF Multi-Hedge Strategies Fund	$	10.25	$	10.88		26,056.65
Guggenheim VIF Small Cap Value Series Q	$	16.65	$	16.30		23,416.89
Invesco Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class Formerly Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class	$	17.98	$	24.92		12,432.63
Invesco Oppenheimer Global Fund/VA Service Class Formerly Oppenheimer Global Fund/VA Service Class	$	14.86	$	18.71		25,322.06
Invesco Oppenheimer International Growth Fund/VA Service Class Formerly Oppenheimer International Growth Fund/VA Service Class	$	11.41	$	13.65		1,315,511.47
Invesco Oppenheimer Main Street Fund/VA Service Class Formerly Oppenheimer Main Street Fund/VA Service Class	$	15.78	$	17.74		44,324.63
Invesco Oppenheimer Main Street Small Cap Fund/VA Service Class Formerly Oppenheimer Main Street Small Cap Fund/VA Service Class	$	14.63	$	17.30		49,322.56
Invesco Oppenheimer Total Return Bond Fund/VA Service Class Formerly Oppenheimer Total Return Bond Fund/VA Service Class	$	11.17	$	12.08		116,730.57
Ivy VIP Asset Strategy	$	13.75	$	15.48		39,540.96
Ivy VIP Balanced	$	16.29	$	18.37		218,997.03
Ivy VIP Energy	$	5.84	$	3.65		96,007.69
Ivy VIP Global Bond	$	11.20	$	11.97		39,956.46
Ivy VIP Global Equity Income	$	17.71	$	18.06		70,139.06
Ivy VIP Global Growth	$	17.19	$	20.48		115,113.92
Ivy VIP Growth	$	28.07	$	36.22		138,099.80
Ivy VIP High Income	$	12.43	$	13.03		953,543.40
Ivy VIP International Core Equity	$	14.09	$	14.93		187,539.13
Ivy VIP Mid Cap Growth	$	22.63	$	33.33		238,794.15
Ivy VIP Natural Resources	$	6.36	$	5.53		29,512.75
Ivy VIP Science and Technology	$	29.54	$	39.53		159,493.61
Ivy VIP Small Cap Core	$	21.31	$	22.55		290,743.74
Ivy VIP Small Cap Growth	$	18.43	$	25.08		154,889.53
Janus Henderson Balanced Portfolio Service Shares	$	18.78	$	21.17		214,679.26
Janus Henderson Enterprise Portfolio Service Shares	$	22.63	$	26.66		71,089.87
Janus Henderson Flexible Bond Portfolio Service Shares	$	11.40	$	12.43		189,052.80
Janus Henderson Global Research Portfolio Service Shares	$	19.64	$	23.25		8,956.78
Janus Henderson Global Technology and Innovation Portfolio Service Shares Formerly Janus Henderson Global Technology Portfolio Service Shares	$	34.99	$	52.13		158,527.92
Janus Henderson Mid Cap Value Portfolio Service Shares	$	18.29	$	17.86		69,111.46
Janus Henderson Overseas Portfolio Service Shares	$	10.02	$	11.49		3,829.09
Janus Henderson Research Portfolio Service Shares	$	24.61	$	32.25		2,405.76
John Hancock VIT Financial Industries Trust Series II	$	10.88	$	10.96		16,650.09
John Hancock VIT Fundamental All Cap Core Trust Series II	$	11.81	$	14.78		0.00
John Hancock VIT Select Bond Trust Series II	$	10.85	$	11.67		8,084.96
John Hancock VIT Strategic Income Opportunities Trust Series II	$	10.40	$	11.14		3,672.56
Lazard Retirement Global Dynamic Multi Asset Portfolio Service Shares	$	15.42	$	15.37		41,514.15
Lazard Retirement International Equity Portfolio Service Shares	$	13.88	$	14.85		7,306.40
Lord Abbett Series Fund Bond Debenture Portfolio VC	$	13.88	$	14.72		502,061.99
Lord Abbett Series Fund Developing Growth Portfolio VC	$	22.83	$	38.96		37,500.09
Lord Abbett Series Fund Fundamental Equity Portfolio VC	$	18.94	$	19.06		47,362.47
Lord Abbett Series Fund Short Duration Income Portfolio VC	$	10.61	$	10.82		218,064.70
MFS VIT II Blended Research Core Equity Portfolio Service Class	$	14.21	$	16.16		7,469.62
MFS VIT II Corporate Bond Portfolio Service Class	$	12.08	$	13.18		109,044.92

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Table 1—Contract with 7-Year Optional Value Endorsement – 1.15% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
MFS VIT II Emerging Markets Equity Portfolio Service Class	$	11.43	$	12.47		60,788.89
MFS VIT II Global Tactical Allocation Portfolio Service Class	$	13.49	$	14.13		28,899.76
MFS VIT II International Value Portfolio Service Class	$	20.27	$	24.09		154,745.77
MFS VIT II Technology Portfolio Service Class	$	30.56	$	44.24		111,001.18
MFS VIT III Global Real Estate Service Class	$	10.94	$	10.94		2,481.01
MFS VIT New Discovery Portfolio Service Class	$	22.96	$	33.04		69,160.74
MFS VIT Utilities Portfolio Service Class	$	18.30	$	19.11		136,764.36
PIMCO All Asset Portfolio Advisor Class	$	12.12	$	12.93		52,872.01
PIMCO CommodityRealReturn® Strategy Portfolio Advisor Class	$	5.08	$	5.09		242,213.60
PIMCO Dynamic Bond Portfolio Advisor Class	$	10.76	$	11.13		53,784.31
PIMCO Emerging Markets Bond Portfolio Advisor Class	$	12.73	$	13.42		33,685.48
PIMCO Global Multi-Asset Managed Allocation Portfolio Advisor Class	$	11.64	$	13.43		707.53
PIMCO High Yield Portfolio Advisor Class	$	14.15	$	14.78		101,344.63
PIMCO Income Portfolio Advisor Class	$	10.77	$	11.33		213,246.38
PIMCO International Bond Portfolio (U.S. Dollar-Hedged) Advisor Class	$	11.35	$	11.83		20,901.77
PIMCO Low Duration Portfolio Advisor Class	$	10.20	$	10.37		542,224.73
PIMCO Real Return Portfolio Advisor Class	$	10.08	$	11.12		370,832.55
PIMCO Short-Term Portfolio Advisor Class	$	10.29	$	10.39		1,136,919.31
PIMCO Total Return Portfolio Advisor Class	$	11.50	$	12.34		422,832.90
PIMCO VIT Global Bond Opportunities Portfolio (Unhedged) Advisor Class	$	9.88	$	10.75		1,260.05
Pioneer Bond VCT Portfolio Class II	$	11.96	$	12.82		1,130,960.53
Pioneer Equity Income VCT Portfolio Class II	$	21.61	$	21.30		162,757.33
Pioneer Fund VCT Portfolio Class II	$	23.18	$	28.41		21,749.96
Pioneer High Yield VCT Portfolio Class II	$	13.94	$	14.05		19,892.75
Pioneer Strategic Income VCT Portfolio Class II	$	12.11	$	12.85		315,897.35
Power Dividend Index VIT Fund Class 1	$	9.33	$	8.56		21,486.77
Prudential Series Fund Jennison 20/20 Focus Portfolio Class II	$	20.69	$	26.67		0.00
Prudential Series Fund Natural Resources Portfolio Class II	$	5.39	$	5.96		7,845.93
Prudential Series Fund SP Prudential U.S. Emerging Growth Portfolio Class II	$	20.37	$	29.58		2,920.12
QS Legg Mason Dynamic Multi-Strategy VIT Portfolio Class II	$	13.36	$	12.11		5,258.47
Royce Capital Fund - Micro-Cap Portfolio Service Class	$	11.78	$	14.39		15,673.79
Royce Capital Fund - Small-Cap Portfolio Service Class	$	15.64	$	14.33		416,492.88
Rydex VIF Biotechnology Fund	$	22.88	$	27.44		27,520.81
Rydex VIF S&P 500 Pure Growth Fund	$	22.85	$	28.76		26,085.16
Rydex VIF S&P MidCap 400 Pure Growth Fund	$	14.89	$	19.20		19,875.40
T. Rowe Price Blue Chip Growth Portfolio-II	$	16.99	$	22.49		313,952.29
T. Rowe Price Health Sciences Portfolio-II	$	12.80	$	16.35		137,023.49
Templeton Developing Markets Fund Class 2	$	11.66	$	14.29		322,553.25
Templeton Foreign VIP Fund Class 2	$	11.78	$	15.32		72,864.82
Templeton Global Bond VIP Fund Class 2	$	10.59	$	16.62		64,352.34
VanEck VIP Global Resources Fund S (Formerly VanEck VIP Global Hard Assets Fund S)	$	6.03	$	7.08		53,363.64
Western Asset Core Bond Plus Portfolio Class II	$	11.27	$	12.15		2,559,740.27
Western Asset Variable Global High Yield Bond Portfolio Class II	$	13.55	$	14.34		73,009.87

66

LiveWell Variable Annuity

Table 2—Contract Only – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
2020
AB VPS Dynamic Asset Allocation Portfolio B	$	13.43	$	13.89		191,934.74
AB VPS Small Cap Growth Portfolio B	$	23.88	$	36.20		917.83
AB VPS Small/Mid Cap Value Portfolio B	$	19.36	$	19.69		110,663.78
Alger Capital Appreciation Portfolio Class S	$	26.46	$	36.91		341,600.42
ALPS | Alerian Energy Infrastructure Portfolio Class III	$	7.54	$	5.57		120,948.84
ALPS | Red Rocks Listed Private Equity Class III	$	14.24	$	15.35		71,525.41
American Century VP Balanced Fund II	$	10.64	$	11.79		139,994.92
American Century VP Income & Growth Fund II	$	10.71	$	11.78		104,212.62
American Century VP Inflation Protection Fund II	$	9.64	$	10.42		203,689.72
American Century VP Mid Cap Value Fund II	$	21.37	$	21.31		956,980.26
American Century VP Ultra Fund II	$	26.30	$	38.80		76,693.15
American Century VP Value Fund II	$	19.55	$	19.45		3,478,161.68
American Funds IS Asset Allocation Fund Class 4	$	13.95	$	15.44		1,776,817.42
American Funds IS Blue Chip Income and Growth Fund Class 4	$	14.53	$	15.54		1,478,248.03
American Funds IS Capital Income Builder® Class 4	$	11.44	$	11.75		1,044,241.16
American Funds IS Global Growth and Income Fund Class 4	$	14.45	$	15.48		656,105.78
American Funds IS Global Growth Fund Class 4	$	15.96	$	20.49		273,989.70
American Funds IS Global Small Capitalization Fund Class 4	$	13.62	$	17.39		117,640.36
American Funds IS Growth Fund Class 4	$	18.54	$	27.76		229,382.21
American Funds IS Growth-Income Fund Class 4	$	16.18	$	18.07		497,984.45
American Funds IS International Fund Class 4	$	12.06	$	13.52		245,376.38
American Funds IS International Growth and Income Fund Class 4	$	11.06	$	11.54		294,224.44
American Funds IS New World Fund® Class 4	$	11.78	$	14.33		703,986.14
American Funds IS U.S. Government/AAA-Rated Securities Fund Class 4	$	10.31	$	11.13		1,275,754.10
American Funds IS Ultra-Short Bond Fund Class 4	$	9.41	$	9.26		1,370,472.14
BlackRock 60/40 Target Allocation ETF V.I. Fund Formerly BlackRock iShares® Dynamic Allocation V.I. Fund Class III	$	12.35	$	13.93		303,590.42
BlackRock Advantage Large Cap Core V.I. Fund Class III	$	22.11	$	26.07		13,263.19
BlackRock Basic Value V.I. Fund Class III	$	18.94	$	19.27		107,481.11
BlackRock Capital Appreciation V.I. Fund Class III	$	25.24	$	35.25		30,716.38
BlackRock Equity Dividend V.I. Fund Class III	$	20.34	$	20.78		1,370,249.40
BlackRock Global Allocation V.I. Fund Class III	$	13.58	$	16.17		802,205.60
BlackRock Large Cap Focus Growth V.I. Fund Class III	$	26.82	$	37.94		308,134.17
Calvert VP S&P 500 Index Portfolio	$	23.06	$	26.86		3,248.87
Calvert VP SRI Balanced Portfolio	$	11.88	$	13.45		704,791.85
Calvert VP SRI Mid Cap Portfolio	$	19.06	$	21.11		48,095.44
ClearBridge Variable Aggressive Growth Portfolio Class II	$	11.70	$	13.59		25,977.39
ClearBridge Variable Dividend Strategy Portfolio Class II	$	21.04	$	22.32		1,128,926.64
ClearBridge Variable Large Cap Growth II	$	13.99	$	17.99		350,910.11
ClearBridge Variable Mid Cap Portfolio Class II	$	20.02	$	22.73		259,656.87
ClearBridge Variable Small Cap Growth Portfolio Class II	$	22.46	$	31.67		105,418.78
Columbia Variable Portfolio - Contrarian Core Fund Share Class 2	$	18.45	$	22.20		89,784.30
Columbia Variable Portfolio - Dividend Opportunity Fund Share Class 2	$	15.62	$	15.55		85,881.97
Columbia Variable Portfolio - Emerging Markets Bond Fund Share Class 2	$	11.79	$	12.47		437,747.26
Columbia Variable Portfolio - High Yield Bond Fund Share Class 2	$	12.77	$	13.39		554,757.96
Columbia Variable Portfolio - Select Large-Cap Value Fund Class 2	$	12.04	$	12.69		16,536.86
Columbia Variable Portfolio - Seligman Global Tech Fund Class 2	$	14.94	$	21.48		99,966.55
Columbia Variable Portfolio - Strategic Income Fund Class 2 (added 5/1/2020)	$	10.00	$	11.40		47,083.91
Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2	$	10.49	$	10.85		205,525.95

67

LiveWell Variable Annuity

Table 2—Contract Only – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
Delaware VIP International Series Formerly First Investors Life Series International Fund	$	13.81	$	14.60		44,808.58
Delaware VIP Opportunity Series Formerly First Investors Life Series Opportunity Fund	$	13.39	$	14.64		360,802.07
Delaware VIP Total Return Series Formerly First Investors Life Series Total Return Fund	$	13.20	$	13.14		25,470.89
DWS Alternative Asset Allocation VIP-B	$	10.58	$	11.00		67,160.36
DWS CROCI® U.S. VIP-B	$	16.92	$	14.62		10,855.07
DWS Equity 500 Index VIP-B	$	22.62	$	26.25		1,060,812.87
DWS Global Small Cap VIP-B	$	13.97	$	16.11		22,493.80
DWS Small Cap Index VIP-B	$	19.25	$	22.62		271,918.44
DWS Small Mid Cap Value VIP-B	$	16.41	$	16.01		275,927.06
Eaton Vance VT Floating-Rate Income Fund	$	11.77	$	11.84		1,480,624.96
Federated Hermes High Income Bond II, Service Formerly Federated High Income Bond II, Service	$	10.37	$	10.79		25,934.69
Federated Hermes Kaufmann Fund II, Service Formerly Federated Kaufmann Fund II, Service	$	10.91	$	13.83		120,593.49
Federated Hermes Managed Volatility II, Service Formerly Federated Managed Volatility II, Service	$	10.71	$	10.64		5,236.88
Fidelity® VIP Contrafund® Portfolio Service Class 2	$	22.26	$	28.60		369,048.36
Fidelity® VIP Emerging Markets Portfolio Service Class 2	$	13.67	$	17.65		272,290.19
Fidelity® VIP FundsManager 50% Portfolio Service Class 2	$	14.55	$	16.35		521,641.82
Fidelity® VIP FundsManager 70% Portfolio Service Class 2	$	16.56	$	18.95		174,968.01
Fidelity® VIP FundsManager 85% Portfolio Service Class 2	$	18.31	$	21.18		56,565.69
Fidelity® VIP Government Money Market Portfolio Service Class 2	$	9.33	$	9.22		3,687,276.47
Fidelity® VIP Growth Opportunities Portfolio Service Class 2	$	10.94	$	18.16		101,835.82
Fidelity® VIP High Income Portfolio Service Class 2	$	13.49	$	13.63		494,494.85
Fidelity® VIP International Capital Appreciation Portfolio Service Class 2 (added 5/1/2020)	$	10.00	$	13.87		12,732.36
Fidelity® VIP Mid Cap Portfolio Service Class 2	$	18.39	$	21.39		203,374.30
Fidelity® VIP Overseas Portfolio Service Class 2	$	15.58	$	17.73		26,384.04
Fidelity® VIP Real Estate Portfolio Service Class 2	$	17.18	$	15.80		752,403.55
Fidelity® VIP Strategic Income Portfolio Service Class 2	$	12.15	$	12.84		847,435.93
Fidelity® VIP Value Strategies Portfolio Service Class 2	$	19.33	$	20.60		111,965.77
Franklin Income VIP Fund Class 2	$	14.20	$	14.10		1,050,657.26
Franklin Mutual Global Discovery VIP Fund Class 2	$	16.04	$	15.12		279,066.69
Franklin Mutual Shares VIP Fund Class 2	$	17.51	$	16.41		283,446.13
Franklin Rising Dividends VIP Fund Class 2	$	22.44	$	25.68		522,929.68
Guggenheim VIF Global Managed Futures Strategy Fund	$	8.53	$	8.64		13,469.31
Guggenheim VIF Long Short Equity Fund	$	11.60	$	12.01		35,750.17
Guggenheim VIF Multi-Hedge Strategies Fund	$	10.14	$	10.74		49,091.47
Guggenheim VIF Small Cap Value Series Q	$	16.47	$	16.09		53,972.62
Invesco Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class Formerly Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class	$	17.78	$	24.60		21,812.47
Invesco Oppenheimer Global Fund/VA Service Class Formerly Oppenheimer Global Fund/VA Service Class	$	14.70	$	18.47		78,657.72
Invesco Oppenheimer International Growth Fund/VA Service Class Formerly Oppenheimer International Growth Fund/VA Service Class	$	11.29	$	13.48		3,423,208.00
Invesco Oppenheimer Main Street Fund/VA Service Class Formerly Oppenheimer Main Street Fund/VA Service Class	$	15.61	$	17.51		145,035.38
Invesco Oppenheimer Main Street Small Cap Fund/VA Service Class Formerly Oppenheimer Main Street Small Cap Fund/VA Service Class	$	14.47	$	17.08		124,685.05
Invesco Oppenheimer Total Return Bond Fund/VA Service Class	$	11.05	$	11.93		349,280.91

68

LiveWell Variable Annuity

Table 2—Contract Only – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
Formerly Oppenheimer Total Return Bond Fund/VA Service Class
Ivy VIP Asset Strategy	$	13.60	$	15.28		334,917.09
Ivy VIP Balanced	$	16.11	$	18.14		635,707.51
Ivy VIP Energy	$	5.78	$	3.60		186,122.11
Ivy VIP Global Bond	$	11.08	$	11.82		151,877.32
Ivy VIP Global Equity Income	$	17.52	$	17.83		111,587.07
Ivy VIP Global Growth	$	17.00	$	20.22		91,331.49
Ivy VIP Growth	$	27.76	$	35.76		184,908.88
Ivy VIP High Income	$	12.30	$	12.86		3,052,595.23
Ivy VIP International Core Equity	$	13.94	$	14.74		267,458.26
Ivy VIP Mid Cap Growth	$	22.38	$	32.90		442,526.18
Ivy VIP Natural Resources	$	6.29	$	5.46		138,933.08
Ivy VIP Science and Technology	$	29.22	$	39.02		246,678.42
Ivy VIP Small Cap Core	$	21.08	$	22.26		545,028.97
Ivy VIP Small Cap Growth	$	18.23	$	24.76		366,599.90
Janus Henderson Balanced Portfolio Service Shares	$	18.58	$	20.90		944,912.04
Janus Henderson Enterprise Portfolio Service Shares	$	22.38	$	26.32		256,216.85
Janus Henderson Flexible Bond Portfolio Service Shares	$	11.28	$	12.27		396,456.33
Janus Henderson Global Research Portfolio Service Shares	$	19.43	$	22.95		7,915.59
Janus Henderson Global Technology and Innovation Portfolio Service Shares Formerly Janus Henderson Global Technology Portfolio Service Shares	$	34.61	$	51.47		350,526.57
Janus Henderson Mid Cap Value Portfolio Service Shares	$	18.09	$	17.63		147,337.23
Janus Henderson Overseas Portfolio Service Shares	$	9.91	$	11.34		9,197.76
Janus Henderson Research Portfolio Service Shares	$	24.34	$	31.84		9,345.25
John Hancock VIT Financial Industries Trust Series II	$	10.84	$	10.91		34,587.08
John Hancock VIT Fundamental All Cap Core Trust Series II	$	11.77	$	14.70		2,844.03
John Hancock VIT Select Bond Trust Series II	$	10.81	$	11.61		13,620.78
John Hancock VIT Strategic Income Opportunities Trust Series II	$	10.37	$	11.09		26,547.41
Lazard Retirement Global Dynamic Multi Asset Portfolio Service Shares	$	15.26	$	15.17		48,282.30
Lazard Retirement International Equity Portfolio Service Shares	$	13.73	$	14.66		97,629.95
Lord Abbett Series Fund Bond Debenture Portfolio VC	$	13.73	$	14.53		1,261,443.54
Lord Abbett Series Fund Developing Growth Portfolio VC	$	22.59	$	38.46		84,676.92
Lord Abbett Series Fund Fundamental Equity Portfolio VC	$	18.74	$	18.81		47,445.04
Lord Abbett Series Fund Short Duration Income Portfolio VC	$	10.52	$	10.70		1,039,743.90
MFS VIT II Blended Research Core Equity Portfolio Service Class	$	14.08	$	15.99		22,457.60
MFS VIT II Corporate Bond Portfolio Service Class	$	11.95	$	13.01		333,234.60
MFS VIT II Emerging Markets Equity Portfolio Service Class	$	11.31	$	12.31		157,418.66
MFS VIT II Global Tactical Allocation Portfolio Service Class	$	13.34	$	13.95		60,750.92
MFS VIT II International Value Portfolio Service Class	$	20.05	$	23.78		323,158.18
MFS VIT II Technology Portfolio Service Class	$	30.23	$	43.67		191,227.29
MFS VIT III Global Real Estate Service Class	$	10.93	$	10.90		8,638.09
MFS VIT New Discovery Portfolio Service Class	$	22.71	$	32.62		196,600.85
MFS VIT Utilities Portfolio Service Class	$	18.11	$	18.87		171,804.47
PIMCO All Asset Portfolio Advisor Class	$	11.99	$	12.76		276,152.09
PIMCO CommodityRealReturn® Strategy Portfolio Advisor Class	$	5.03	$	5.02		558,518.54
PIMCO Dynamic Bond Portfolio Advisor Class	$	10.66	$	11.01		160,541.14
PIMCO Emerging Markets Bond Portfolio Advisor Class	$	12.59	$	13.24		113,274.48
PIMCO Global Multi-Asset Managed Allocation Portfolio Advisor Class	$	11.51	$	10.61		13,970.47
PIMCO High Yield Portfolio Advisor Class	$	14.00	$	13.26		66,846.79
PIMCO Income Portfolio Advisor Class	$	10.72	$	11.25		2,286,860.09

69

LiveWell Variable Annuity

Table 2—Contract Only – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
PIMCO Low Duration Portfolio Advisor Class	$	10.09	$	10.24		2,036,423.46
PIMCO Real Return Portfolio Advisor Class	$	9.97	$	10.97		1,189,653.19
PIMCO Short-Term Portfolio Advisor Class	$	10.18	$	10.26		4,262,065.99
PIMCO Total Return Portfolio Advisor Class	$	11.38	$	12.18		2,480,897.92
PIMCO VIT Global Bond Opportunities Portfolio (Unhedged) Advisor Class	$	9.77	$	10.61		13,970.47
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) Advisor Class	$	11.25	$	11.70		182,054.09
Pioneer Bond VCT Portfolio Class II	$	11.83	$	12.65		2,919,894.22
Pioneer Equity Income VCT Portfolio Class II	$	21.37	$	21.03		570,507.27
Pioneer Fund VCT Portfolio Class II	$	22.93	$	28.04		26,646.42
Pioneer High Yield VCT Portfolio Class II	$	13.79	$	13.87		92,853.11
Pioneer Strategic Income VCT Portfolio Class II	$	11.98	$	12.69		912,476.14
Power Dividend Index VIT Fund Class 1	$	9.29	$	8.50		45,097.92
Prudential Series Fund Jennison 20/20 Focus Portfolio Class II	$	20.47	$	26.33		10,292.13
Prudential Series Fund Natural Resources Portfolio Class II	$	5.33	$	5.88		13,165.18
Prudential Series Fund SP Prudential U.S. Emerging Growth Portfolio Class II	$	20.15	$	29.20		7,565.79
QS Legg Mason Dynamic Multi-Strategy VIT Portfolio Class II	$	13.21	$	11.95		27,793.74
Royce Capital Fund - Micro-Cap Portfolio Service Class	$	11.65	$	14.21		17,613.96
Royce Capital Fund - Small-Cap Portfolio Service Class	$	15.47	$	14.14		656,106.49
Rydex VIF Biotechnology Fund	$	22.63	$	27.09		34,940.46
Rydex VIF S&P 500 Pure Growth Fund	$	22.61	$	28.40		39,922.69
Rydex VIF S&P MidCap 400 Pure Growth Fund	$	14.73	$	18.96		16,059.28
T. Rowe Price Blue Chip Growth Portfolio-II	$	16.84	$	22.25		718,317.32
T. Rowe Price Health Sciences Portfolio-II	$	12.68	$	16.18		228,078.79
Templeton Developing Markets Fund Class 2	$	11.54	$	13.34		260,270.55
Templeton Foreign VIP Fund Class 2	$	11.65	$	11.36		1,865,399.06
Templeton Global Bond VIP Fund Class 2	$	10.48	$	9.79		1,419,092.45
VanEck VIP Global Resources Fund S (Formerly VanEck VIP Global Hard Assets Fund S)	$	5.96	$	6.99		33,920.55
Western Asset Core Bond Plus Portfolio Class II	$	11.17	$	12.01		8,565,175.06
Western Asset Variable Global High Yield Bond Portfolio Class II	$	13.40	$	14.16		111,020.91
Table 1—Contract with 7-Year Optional Value Endorsement – 1.15% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2018)		Accumulation Unit Value at End of Period (12/31/2019)		Number of Accumulation Units at End of Period
2019
AB VPS Dynamic Asset Allocation Portfolio B	$	11.91	$	13.57		20,612.12
AB VPS Small Cap Growth Portfolio B	$	17.96	$	24.14		1,018.48
AB VPS Small/Mid Cap Value Portfolio B	$	16.51	$	19.58		39,917.67
Alger Capital Appreciation Portfolio Class S	$	20.30	$	26.74		490,028.85
ALPS | Alerian Energy Infrastructure Portfolio Class III	$	6.41	$	7.63		89,279.43
ALPS | Red Rocks Listed Private Equity Class III	$	10.39	$	14.37		17,611.76
American Century VP Balanced Fund II	$	10.00	$	10.66		1,419.60
American Century VP Income & Growth Fund II	$	10.00	$	10.73		2,177.67
American Century VP Inflation Protection Fund II	$	9.06	$	9.75		74,900.07
American Century VP Mid Cap Value Fund II	$	16.94	$	21.60		374,515.73
American Century VP Ultra Fund II	$	20.00	$	26.59		35,574.88
American Century VP Value Fund II	$	15.75	$	19.76		922,174.86

70

LiveWell Variable Annuity

Table 1—Contract with 7-Year Optional Value Endorsement – 1.15% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2018)		Accumulation Unit Value at End of Period (12/31/2019)		Number of Accumulation Units at End of Period
American Funds IS Asset Allocation Fund Class 4	$	11.80	$	14.10		812,242.93
American Funds IS Blue Chip Income and Growth Fund Class 4	$	12.27	$	14.68		602,755.88
American Funds IS Capital Income Builder® Class 4	$	9.94	$	11.56		386,444.53
American Funds IS Global Growth and Income Fund Class 4	$	11.30	$	14.61		158,904.33
American Funds IS Global Growth Fund Class 4	$	12.10	$	16.13		170,464.88
American Funds IS Global Small Capitalization Fund Class 4	$	10.61	$	13.77		100,613.22
American Funds IS Growth Fund Class 4	$	14.54	$	18.75		432,601.98
American Funds IS Growth-Income Fund Class 4	$	13.14	$	16.35		585,146.45
American Funds IS International Fund Class 4	$	10.05	$	12.19		193,136.51
American Funds IS International Growth and Income Fund Class 4	$	9.24	$	11.18		123,650.73
American Funds IS New World Fund® Class 4	$	9.35	$	11.91		872,565.53
American Funds IS U.S. Government/AAA-Rated Securities Fund Class 4	$	10.02	$	10.42		1,019,814.02
American Funds IS Ultra-Short Bond Fund Class 4	$	9.49	$	9.51		229,269.45
BlackRock 60/40 Target Allocation ETF V.I. Fund Formerly BlackRock iShares® Dynamic Allocation V.I. Fund Class III	$	10.42	$	12.49		120,846.10
BlackRock Advantage Large Cap Core V.I. Fund Class III	$	17.59	$	22.35		9,085.26
BlackRock Basic Value V.I. Fund Class III	$	15.68	$	19.15		73,170.27
BlackRock Capital Appreciation V.I. Fund Class III	$	19.62	$	25.52		25,867.05
BlackRock Equity Dividend V.I. Fund Class III	$	16.32	$	20.56		129,695.06
BlackRock Global Allocation V.I. Fund Class III	$	11.79	$	13.72		238,162.38
BlackRock Large Cap Focus Growth V.I. Fund Class III	$	20.72	$	27.11		62,754.57
Calvert VP S&P 500 Index Portfolio	$	17.98	$	23.31		3,988.97
Calvert VP SRI Balanced Portfolio	$	9.70	$	11.92		31,785.40
Calvert VP SRI Mid Cap Portfolio	$	14.84	$	19.27		45,911.16
ClearBridge Variable Aggressive Growth Portfolio Class II	$	9.57	$	11.80		16,432.31
ClearBridge Variable Dividend Strategy Portfolio Class II	$	16.38	$	21.27		192,870.43
ClearBridge Variable Large Cap Growth II	$	10.78	$	14.05		212,408.53
ClearBridge Variable Mid Cap Portfolio Class II	$	15.43	$	20.24		113,953.50
ClearBridge Variable Small Cap Growth Portfolio Class II	$	18.15	$	22.70		39,827.47
Columbia Variable Portfolio - Contrarian Core Fund Share Class 2	$	14.20	$	18.65		50,378.06
Columbia Variable Portfolio - Dividend Opportunity Fund Share Class 2	$	12.91	$	15.79		104,551.69
Columbia Variable Portfolio - Emerging Markets Bond Fund Share Class 2	$	10.76	$	11.92		185,759.56
Columbia Variable Portfolio - High Yield Bond Fund Share Class 2	$	11.21	$	12.91		85,417.74
Columbia Variable Portfolio - Select Large-Cap Value Fund Class 2	$	9.68	$	12.10		16,034.07
Columbia Variable Portfolio - Seligman Global Tech Fund Class 2	$	9.80	$	15.01		49,530.81
Columbia Variable Portfolio - Strategic Income Fund Class 2 (added 5/1/2020)		—		—		—
Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2	$	10.01	$	10.54		5,490.80
Delaware VIP Covered Call Strategy Series Formerly First Investors Life Series Covered Call Strategy Fund	$	9.33	$	11.19		2,815.93
Delaware VIP International Series Formerly First Investors Life Series International Fund	$	11.31	$	13.97		25,680.76
Delaware VIP Opportunity Series Formerly First Investors Life Series Opportunity Fund	$	10.52	$	13.54		383,808.08
Delaware VIP Total Return Series Formerly First Investors Life Series Total Return Fund	$	11.35	$	13.34		1,221.20
DWS Alternative Asset Allocation VIP-B	$	9.47	$	10.70		39,513.73
DWS CROCI® U.S. VIP-B	$	13.06	$	17.10		4,481.72
DWS Equity 500 Index VIP-B	$	17.70	$	22.87		307,350.61
DWS Global Small Cap VIP-B	$	11.80	$	14.12		9,300.23
DWS Small Cap Index VIP-B	$	15.76	$	19.46		55,688.30

71

LiveWell Variable Annuity

Table 1—Contract with 7-Year Optional Value Endorsement – 1.15% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2018)		Accumulation Unit Value at End of Period (12/31/2019)		Number of Accumulation Units at End of Period
DWS Small Mid Cap Value VIP-B	$	13.87	$	16.59		92,021.28
Eaton Vance VT Floating-Rate Income Fund	$	11.24	$	11.90		376,078.59
Federated Hermes High Income Bond II, Service Formerly Federated High Income Bond II, Service	$	10.00	$	10.39		0.00
Federated Hermes Kaufmann Fund II, Service Formerly Federated Kaufmann Fund II, Service	$	10.00	$	10.92		16,946.17
Federated Hermes Managed Volatility II, Service Formerly Federated Managed Volatility II, Service	$	10.00	$	10.72		1,064.92
Fidelity® VIP Contrafund® Portfolio Service Class 2	$	17.34	$	22.51		220,617.82
Fidelity® VIP Emerging Markets Portfolio Service Class 2	$	10.82	$	13.82		68,592.55
Fidelity® VIP FundsManager 50% Portfolio Service Class 2	$	12.64	$	14.71		119,466.01
Fidelity® VIP FundsManager 70% Portfolio Service Class 2	$	13.83	$	16.74		76,427.37
Fidelity® VIP FundsManager 85% Portfolio Service Class 2	$	14.84	$	18.51		10,434.63
Fidelity® VIP Government Money Market Portfolio Service Class 2	$	9.37	$	9.43		85,184.18
Fidelity® VIP Growth Opportunities Portfolio Service Class 2	$	10.00	$	10.95		73,830.48
Fidelity® VIP High Income Portfolio Service Class 2	$	12.02	$	13.64		97,951.91
Fidelity® VIP International Capital Appreciation Portfolio Service Class 2 (added 5/1/2020)		—		—		—
Fidelity® VIP Mid Cap Portfolio Service Class 2	$	15.27	$	18.59		218,715.14
Fidelity® VIP Overseas Portfolio Service Class 2	$	12.50	$	15.75		23,703.70
Fidelity® VIP Real Estate Portfolio Service Class 2	$	14.29	$	17.37		314,684.15
Fidelity® VIP Strategic Income Portfolio Service Class 2	$	11.23	$	12.28		171,286.62
Fidelity® VIP Value Strategies Portfolio Service Class 2	$	14.74	$	19.54		53,247.49
Franklin Income VIP Fund Class 2	$	12.51	$	14.35		371,149.76
Franklin Mutual Global Discovery VIP Fund Class 2	$	13.19	$	16.22		100,545.14
Franklin Mutual Shares VIP Fund Class 2	$	14.61	$	17.70		88,548.82
Franklin Rising Dividends VIP Fund Class 2	$	17.76	$	22.69		217,993.09
Guggenheim VIF Global Managed Futures Strategy Fund	$	8.07	$	8.63		11,344.01
Guggenheim VIF Long Short Equity Fund	$	11.24	$	11.72		18,441.51
Guggenheim VIF Multi-Hedge Strategies Fund	$	9.88	$	10.25		56,262.36
Guggenheim VIF Small Cap Value Series Q	$	13.74	$	16.65		49,318.93
Invesco Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class Formerly Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class	$	13.08	$	17.98		38,540.89
Invesco Oppenheimer Global Fund/VA Service Class Formerly Oppenheimer Global Fund/VA Service Class	$	11.44	$	14.86		71,730.50
Invesco Oppenheimer International Growth Fund/VA Service Class Formerly Oppenheimer International Growth Fund/VA Service Class	$	9.02	$	11.41		261,148.94
Invesco Oppenheimer Main Street Fund/VA Service Class Formerly Oppenheimer Main Street Fund/VA Service Class	$	11.73	$	15.78		81,774.39
Invesco Oppenheimer Main Street Small Cap Fund/VA Service Class Formerly Oppenheimer Main Street Small Cap Fund/VA Service Class	$	12.12	$	14.63		102,650.64
Invesco Oppenheimer Total Return Bond Fund/VA Service Class Formerly Oppenheimer Total Return Bond Fund/VA Service Class	$	10.34	$	11.17		52,105.59
Ivy VIP Asset Strategy	$	11.42	$	13.75		48,802.03
Ivy VIP Balanced	$	13.49	$	16.29		119,206.42
Ivy VIP Energy	$	5.71	$	5.84		52,551.71
Ivy VIP Global Bond	$	10.35	$	11.20		25,225.09
Ivy VIP Global Equity Income	$	14.55	$	17.71		23,205.04

72

LiveWell Variable Annuity

Table 1—Contract with 7-Year Optional Value Endorsement – 1.15% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2018)		Accumulation Unit Value at End of Period (12/31/2019)		Number of Accumulation Units at End of Period
Ivy VIP Global Growth	$	13.80	$	17.19		26,294.79
Ivy VIP Growth	$	20.79	$	28.07		38,785.17
Ivy VIP High Income	$	11.31	$	12.43		317,229.20
Ivy VIP International Core Equity	$	12.01	$	14.09		209,493.67
Ivy VIP Mid Cap Growth	$	16.59	$	22.63		126,818.50
Ivy VIP Natural Resources	$	5.87	$	6.36		30,851.61
Ivy VIP Science and Technology	$	19.99	$	29.54		118,151.39
Ivy VIP Small Cap Core	$	17.34	$	21.31		175,130.86
Ivy VIP Small Cap Growth	$	15.11	$	18.43		84,179.73
Janus Henderson Balanced Portfolio Service Shares	$	15.54	$	18.78		364,669.80
Janus Henderson Enterprise Portfolio Service Shares	$	16.93	$	22.63		226,828.28
Janus Henderson Flexible Bond Portfolio Service Shares	$	10.56	$	11.40		191,300.25
Janus Henderson Global Research Portfolio Service Shares	$	15.43	$	19.64		22,820.65
Janus Henderson Global Technology and Innovation Portfolio Service Shares Formerly Janus Henderson Global Technology Portfolio Service Shares	$	24.44	$	34.99		40,773.27
Janus Henderson Mid Cap Value Portfolio Service Shares	$	14.22	$	18.29		59,356.62
Janus Henderson Overseas Portfolio Service Shares	$	8.00	$	10.02		11,095.30
Janus Henderson Research Portfolio Service Shares	$	18.41	$	24.61		5,676.05
John Hancock VIT Financial Industries Trust Series II	$	8.37	$	10.88		12,262.45
John Hancock VIT Fundamental All Cap Core Trust Series II	$	8.77	$	11.81		0.00
John Hancock VIT Select Bond Trust Series II	$	10.09	$	10.85		6,698.96
John Hancock VIT Strategic Income Opportunities Trust Series II	$	9.50	$	10.40		3,017.88
Lazard Retirement Global Dynamic Multi Asset Portfolio Service Shares	$	13.25	$	15.42		29,658.64
Lazard Retirement International Equity Portfolio Service Shares	$	11.60	$	13.88		2,059.85
Lord Abbett Series Fund Bond Debenture Portfolio VC	$	12.38	$	13.88		401,302.52
Lord Abbett Series Fund Developing Growth Portfolio VC	$	17.53	$	22.83		34,008.12
Lord Abbett Series Fund Fundamental Equity Portfolio VC	$	15.77	$	18.94		38,874.26
Lord Abbett Series Fund Short Duration Income Portfolio VC	$	10.22	$	10.61		470,106.23
MFS VIT II Blended Research Core Equity Portfolio Service Class	$	11.15	$	14.21		27,443.69
MFS VIT II Corporate Bond Portfolio Service Class	$	10.68	$	12.08		85,850.41
MFS VIT II Emerging Markets Equity Portfolio Service Class	$	9.62	$	11.43		73,588.28
MFS VIT II Global Tactical Allocation Portfolio Service Class	$	11.94	$	13.49		25,961.66
MFS VIT II International Value Portfolio Service Class	$	16.32	$	20.27		260,243.19
MFS VIT II Technology Portfolio Service Class	$	22.75	$	30.56		48,537.18
MFS VIT III Global Real Estate Service Class	$	10.00	$	10.94		12,363.16
MFS VIT New Discovery Portfolio Service Class	$	16.44	$	22.96		37,450.15
MFS VIT Utilities Portfolio Service Class	$	14.84	$	18.30		239,408.03
PIMCO All Asset Portfolio Advisor Class	$	10.97	$	12.12		45,491.44
PIMCO CommodityRealReturn® Strategy Portfolio Advisor Class	$	4.62	$	5.08		312,492.37
PIMCO Dynamic Bond Portfolio Advisor Class	$	10.38	$	10.76		57,317.70
PIMCO Emerging Markets Bond Portfolio Advisor Class	$	11.23	$	12.73		32,896.36
PIMCO Global Multi-Asset Managed Allocation Portfolio Advisor Class	$	10.07	$	11.64		690.04
PIMCO High Yield Portfolio Advisor Class	$	12.49	$	14.15		66,812.57
PIMCO Income Portfolio Advisor Class	$	10.04	$	10.77		173,762.81
PIMCO International Bond Portfolio (U.S. Dollar-Hedged) Advisor Class	$	10.74	$	11.35		21,864.48
PIMCO Low Duration Portfolio Advisor Class	$	9.92	$	10.20		480,739.94
PIMCO Real Return Portfolio Advisor Class	$	9.41	$	10.08		508,361.37
PIMCO Short-Term Portfolio Advisor Class	$	10.13	$	10.29		1,009,678.96
PIMCO Total Return Portfolio Advisor Class	$	10.75	$	11.50		405,668.26

73

LiveWell Variable Annuity

Table 1—Contract with 7-Year Optional Value Endorsement – 1.15% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2018)		Accumulation Unit Value at End of Period (12/31/2019)		Number of Accumulation Units at End of Period
PIMCO VIT Global Bond Opportunities Portfolio (Unhedged) Advisor Class	$	9.43	$	9.88		14,613.15
Pioneer Bond VCT Portfolio Class II	$	11.11	$	11.96		1,063,790.93
Pioneer Equity Income VCT Portfolio Class II	$	17.45	$	21.61		145,814.19
Pioneer Fund VCT Portfolio Class II	$	17.90	$	23.18		12,493.01
Pioneer High Yield VCT Portfolio Class II	$	12.34	$	13.94		26,040.55
Pioneer Strategic Income VCT Portfolio Class II	$	11.19	$	12.11		301,038.72
Power Dividend Index VIT Fund Class 1	$	9.72	$	9.33		36,524.30
Power Income VIT Fund Class 2	$	9.63	$	10.25		3,375.96
Prudential Series Fund Jennison 20/20 Focus Portfolio Class II	$	16.30	$	20.69		0.00
Prudential Series Fund Natural Resources Portfolio Class II	$	4.95	$	5.39		39,013.97
Prudential Series Fund SP Prudential U.S. Emerging Growth Portfolio Class II	$	15.02	$	20.37		8,578.68
QS Legg Mason Dynamic Multi-Strategy VIT Portfolio Class II	$	11.70	$	13.36		5,756.58
Royce Capital Fund - Micro-Cap Portfolio Service Class	$	10.00	$	11.78		15,329.89
Royce Capital Fund - Small-Cap Portfolio Service Class	$	13.36	$	15.64		208,907.19
Rydex VIF Biotechnology Fund	$	18.56	$	22.88		111,765.91
Rydex VIF S&P 500 Pure Growth Fund	$	18.26	$	22.85		67,406.96
Rydex VIF S&P MidCap 400 Pure Growth Fund	$	13.05	$	14.89		53,577.85
T. Rowe Price Blue Chip Growth Portfolio-II	$	13.26	$	16.99		614,607.73
T. Rowe Price Health Sciences Portfolio-II	$	10.06	$	12.80		391,686.73
Templeton Developing Markets Fund Class 2	$	9.31	$	11.66		37,098.22
Templeton Foreign VIP Fund Class 2	$	10.59	$	11.78		892,189.97
Templeton Global Bond VIP Fund Class 2	$	10.50	$	10.59		857,071.35
VanEck VIP Global Hard Assets Fund S	$	5.47	$	6.03		156,430.26
Western Asset Core Bond Plus Portfolio Class II	$	10.19	$	11.27		1,174,846.07
Western Asset Variable Global High Yield Bond Portfolio Class II	$	12.02	$	13.55		39,165.18
Table 2—Contract Only – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2018)		Accumulation Unit Value at End of Period (12/31/2019)		Number of Accumulation Units at End of Period
2019
AB VPS Dynamic Asset Allocation Portfolio B	$	11.81	$	13.43		183,187.68
AB VPS Small Cap Growth Portfolio B	$	17.80	$	23.88		1,851.96
AB VPS Small/Mid Cap Value Portfolio B	$	16.37	$	19.36		96,072.14
Alger Capital Appreciation Portfolio Class S	$	20.13	$	26.46		1,067,778.31
ALPS | Alerian Energy Infrastructure Portfolio Class III	$	6.35	$	7.54		128,680.48
ALPS | Red Rocks Listed Private Equity Class III	$	10.32	$	14.24		84,492.65
American Century VP Balanced Fund II	$	10.00	$	10.64		32,133.65
American Century VP Income & Growth Fund II	$	10.00	$	10.71		23,862.75
American Century VP Inflation Protection Fund II	$	8.98	$	9.64		162,275.45
American Century VP Mid Cap Value Fund II	$	16.79	$	21.37		873,493.47
American Century VP Ultra Fund II	$	19.83	$	26.30		71,401.84
American Century VP Value Fund II	$	15.61	$	19.55		1,927,958.77
American Funds IS Asset Allocation Fund Class 4	$	11.69	$	13.95		2,921,328.18
American Funds IS Blue Chip Income and Growth Fund Class 4	$	12.16	$	14.53		1,425,468.17
American Funds IS Capital Income Builder® Class 4	$	9.86	$	11.44		1,057,629.62
American Funds IS Global Growth and Income Fund Class 4	$	11.21	$	14.45		551,089.30
American Funds IS Global Growth Fund Class 4	$	11.99	$	15.96		506,456.56
American Funds IS Global Small Capitalization Fund Class 4	$	10.52	$	13.62		219,633.36
American Funds IS Growth Fund Class 4	$	14.41	$	18.54		1,013,450.54
American Funds IS Growth-Income Fund Class 4	$	13.03	$	16.18		1,496,366.63

74

LiveWell Variable Annuity

Table 2—Contract Only – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2018)		Accumulation Unit Value at End of Period (12/31/2019)		Number of Accumulation Units at End of Period
American Funds IS International Fund Class 4	$	9.96	$	12.06		402,721.70
American Funds IS International Growth and Income Fund Class 4	$	9.16	$	11.06		452,177.57
American Funds IS New World Fund® Class 4	$	9.27	$	11.78		1,577,602.15
American Funds IS U.S. Government/AAA-Rated Securities Fund Class 4	$	9.93	$	10.31		357,485.75
American Funds IS Ultra-Short Bond Fund Class 4	$	9.41	$	9.41		877,581.45
BlackRock 60/40 Target Allocation ETF V.I. Fund Formerly BlackRock iShares® Dynamic Allocation V.I. Fund Class III	$	10.33	$	12.35		143,464.52
BlackRock Advantage Large Cap Core V.I. Fund Class III	$	17.43	$	22.11		21,380.24
BlackRock Basic Value V.I. Fund Class III	$	15.54	$	18.94		97,951.95
BlackRock Capital Appreciation V.I. Fund Class III	$	19.45	$	25.24		10,334.11
BlackRock Equity Dividend V.I. Fund Class III	$	16.18	$	20.34		638,698.78
BlackRock Global Allocation V.I. Fund Class III	$	11.69	$	13.58		831,946.82
BlackRock Large Cap Focus Growth V.I. Fund Class III	$	20.54	$	26.82		141,352.41
Calvert VP S&P 500 Index Portfolio	$	17.82	$	23.06		15,661.87
Calvert VP SRI Balanced Portfolio	$	9.69	$	11.88		49,687.45
Calvert VP SRI Mid Cap Portfolio	$	14.71	$	19.06		67,851.08
ClearBridge Variable Aggressive Growth Portfolio Class II	$	9.51	$	11.70		72,777.96
ClearBridge Variable Dividend Strategy Portfolio Class II	$	16.23	$	21.04		853,272.47
ClearBridge Variable Large Cap Growth II	$	10.75	$	13.99		726,654.42
ClearBridge Variable Mid Cap Portfolio Class II	$	15.30	$	20.02		303,957.12
ClearBridge Variable Small Cap Growth Portfolio Class II	$	17.99	$	22.46		122,083.33
Columbia Variable Portfolio - Contrarian Core Fund Share Class 2	$	9.98	$	18.45		141,299.54
Columbia Variable Portfolio - Dividend Opportunity Fund Share Class 2	$	14.08	$	15.62		152,912.98
Columbia Variable Portfolio - Emerging Markets Bond Fund Share Class 2	$	12.80	$	11.79		414,056.58
Columbia Variable Portfolio - High Yield Bond Fund Share Class 2	$	10.66	$	12.77		272,353.02
Columbia Variable Portfolio - Select Large-Cap Value Fund Class 2	$	11.11	$	12.04		94,017.17
Columbia Variable Portfolio - Seligman Global Tech Fund Class 2	$	9.65	$	14.94		110,455.20
Columbia Variable Portfolio - Strategic Income Fund Class 2 (added 5/1/2020)		—		—		—
Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2	$	9.77	$	10.49		60,292.20
Delaware VIP Covered Call Strategy Series Formerly First Investors Life Series Covered Call Strategy Fund	$	9.30	$	11.14		6,155.84
Delaware VIP International Series Formerly First Investors Life Series International Fund	$	11.21	$	13.81		75,980.11
Delaware VIP Opportunity Series Formerly First Investors Life Series Opportunity Fund	$	10.43	$	13.39		496,209.27
Delaware VIP Total Return Series Formerly First Investors Life Series Total Return Fund	$	11.25	$	13.20		29,973.01
DWS Alternative Asset Allocation VIP-B	$	9.38	$	10.58		96,737.64
DWS CROCI® U.S. VIP-B	$	12.94	$	16.92		11,188.66
DWS Equity 500 Index VIP-B	$	17.55	$	22.62		907,117.61
DWS Global Small Cap VIP-B	$	11.69	$	13.97		20,061.92
DWS Small Cap Index VIP-B	$	15.62	$	19.25		214,239.67
DWS Small Mid Cap Value VIP-B	$	13.75	$	16.41		208,918.88
Eaton Vance VT Floating-Rate Income Fund	$	11.14	$	11.77		1,665,269.86
Federated Hermes High Income Bond II, Service Formerly Federated High Income Bond II, Service	$	10.00	$	10.37		17,900.84
Federated Hermes Kaufmann Fund II, Service Formerly Federated Kaufmann Fund II, Service	$	10.00	$	10.91		45,869.43
Federated Hermes Managed Volatility II, Service Formerly Federated Managed Volatility II, Service	$	10.00	$	10.71		1,360.06
Fidelity® VIP Contrafund® Portfolio Service Class 2	$	17.19	$	22.26		624,892.02
Fidelity® VIP Emerging Markets Portfolio Service Class 2	$	10.73	$	13.67		218,489.17

75

LiveWell Variable Annuity

Table 2—Contract Only – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2018)		Accumulation Unit Value at End of Period (12/31/2019)		Number of Accumulation Units at End of Period
Fidelity® VIP FundsManager 50% Portfolio Service Class 2	$	12.53	$	14.55		212,593.93
Fidelity® VIP FundsManager 70% Portfolio Service Class 2	$	13.71	$	16.56		112,012.40
Fidelity® VIP FundsManager 85% Portfolio Service Class 2	$	14.71	$	18.31		28,778.56
Fidelity® VIP Government Money Market Portfolio Service Class 2	$	9.29	$	9.33		319,474.96
Fidelity® VIP Growth Opportunities Portfolio Service Class 2	$	10.00	$	10.94		39,902.53
Fidelity® VIP High Income Portfolio Service Class 2	$	11.91	$	13.49		193,553.19
Fidelity® VIP International Capital Appreciation Portfolio Service Class 2 (added 5/1/2020)		—		—		—
Fidelity® VIP Mid Cap Portfolio Service Class 2	$	15.14	$	18.39		367,526.04
Fidelity® VIP Overseas Portfolio Service Class 2	$	12.39	$	15.58		41,038.52
Fidelity® VIP Real Estate Portfolio Service Class 2	$	14.17	$	17.18		782,339.08
Fidelity® VIP Strategic Income Portfolio Service Class 2	$	11.13	$	12.15		736,588.63
Fidelity® VIP Value Strategies Portfolio Service Class 2	$	14.61	$	19.33		114,457.45
Franklin Income VIP Fund Class 2	$	12.40	$	14.20		1,216,546.99
Franklin Mutual Global Discovery VIP Fund Class 2	$	13.08	$	16.04		331,906.08
Franklin Mutual Shares VIP Fund Class 2	$	14.48	$	17.51		299,876.14
Franklin Rising Dividends VIP Fund Class 2	$	17.60	$	22.44		683,459.95
Guggenheim VIF Global Managed Futures Strategy Fund	$	8.00	$	8.53		29,261.22
Guggenheim VIF Long Short Equity Fund	$	11.14	$	11.60		36,608.11
Guggenheim VIF Multi-Hedge Strategies Fund	$	9.79	$	10.14		140,464.02
Guggenheim VIF Small Cap Value Series Q	$	13.62	$	16.47		114,077.63
Invesco Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class Formerly Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class	$	12.97	$	17.78		91,825.79
Invesco Oppenheimer Global Fund/VA Service Class Formerly Oppenheimer Global Fund/VA Service Class	$	11.34	$	14.70		239,969.33
Invesco Oppenheimer International Growth Fund/VA Service Class Formerly Oppenheimer International Growth Fund/VA Service Class	$	8.94	$	11.29		674,358.23
Invesco Oppenheimer Main Street Fund/VA Service Class Formerly Oppenheimer Main Street Fund/VA Service Class	$	11.63	$	15.61		358,570.75
Invesco Oppenheimer Main Street Small Cap Fund/VA Service Class Formerly Oppenheimer Main Street Small Cap Fund/VA Service Class	$	12.01	$	14.47		208,081.87
Invesco Oppenheimer Total Return Bond Fund/VA Service Class Formerly Oppenheimer Total Return Bond Fund/VA Service Class	$	10.25	$	11.05		172,256.71
Ivy VIP Asset Strategy	$	11.32	$	13.60		286,469.26
Ivy VIP Balanced	$	13.37	$	16.11		373,775.82
Ivy VIP Energy	$	5.66	$	5.78		185,566.83
Ivy VIP Global Bond	$	10.26	$	11.08		73,129.40
Ivy VIP Global Equity Income	$	14.42	$	17.52		45,723.05
Ivy VIP Global Growth	$	13.68	$	17.00		22,239.78
Ivy VIP Growth	$	20.60	$	27.76		83,641.24
Ivy VIP High Income	$	11.21	$	12.30		776,364.12
Ivy VIP International Core Equity	$	11.90	$	13.94		318,627.93
Ivy VIP Mid Cap Growth	$	16.45	$	22.38		178,392.51
Ivy VIP Natural Resources	$	5.82	$	6.29		104,168.09
Ivy VIP Science and Technology	$	19.81	$	29.22		230,231.42
Ivy VIP Small Cap Core	$	17.19	$	21.08		365,097.59
Ivy VIP Small Cap Growth	$	14.98	$	18.23		239,209.77
Janus Henderson Balanced Portfolio Service Shares	$	15.40	$	18.58		1,778,245.26
Janus Henderson Enterprise Portfolio Service Shares	$	16.79	$	22.38		811,014.40
Janus Henderson Flexible Bond Portfolio Service Shares	$	10.46	$	11.28		347,022.79
Janus Henderson Global Research Portfolio Service Shares	$	15.30	$	19.43		25,123.87

76

LiveWell Variable Annuity

Table 2—Contract Only – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2018)		Accumulation Unit Value at End of Period (12/31/2019)		Number of Accumulation Units at End of Period
Janus Henderson Global Technology and Innovation Portfolio Service Shares Formerly Janus Henderson Global Technology Portfolio Service Shares	$	24.22	$	34.61		111,274.88
Janus Henderson Mid Cap Value Portfolio Service Shares	$	14.10	$	18.09		121,582.11
Janus Henderson Overseas Portfolio Service Shares	$	7.93	$	9.91		35,218.15
Janus Henderson Research Portfolio Service Shares	$	18.25	$	24.34		16,285.14
John Hancock VIT Financial Industries Trust Series II	$	8.35	$	10.84		23,608.00
John Hancock VIT Fundamental All Cap Core Trust Series II	$	8.76	$	11.77		5,833.72
John Hancock VIT Select Bond Trust Series II	$	10.08	$	10.81		7,997.54
John Hancock VIT Strategic Income Opportunities Trust Series II	$	9.49	$	10.37		24,200.00
Lazard Retirement Global Dynamic Multi Asset Portfolio Service Shares	$	13.13	$	15.26		55,994.55
Lazard Retirement International Equity Portfolio Service Shares	$	11.50	$	13.73		72,634.06
Lord Abbett Series Fund Bond Debenture Portfolio VC	$	12.27	$	13.73		1,188,303.36
Lord Abbett Series Fund Developing Growth Portfolio VC	$	17.37	$	22.59		91,183.88
Lord Abbett Series Fund Fundamental Equity Portfolio VC	$	15.63	$	18.74		50,671.62
Lord Abbett Series Fund Short Duration Income Portfolio VC	$	10.15	$	10.52		1,338,395.04
MFS VIT II Blended Research Core Equity Portfolio Service Class	$	11.08	$	14.08		99,637.31
MFS VIT II Corporate Bond Portfolio Service Class	$	10.58	$	11.95		197,527.99
MFS VIT II Emerging Markets Equity Portfolio Service Class	$	9.54	$	11.31		221,786.59
MFS VIT II Global Tactical Allocation Portfolio Service Class	$	11.83	$	13.34		73,273.33
MFS VIT II International Value Portfolio Service Class	$	16.18	$	20.05		453,426.53
MFS VIT II Technology Portfolio Service Class	$	22.55	$	30.23		90,240.78
MFS VIT III Global Real Estate Service Class	$	10.00	$	10.93		18,480.51
MFS VIT New Discovery Portfolio Service Class	$	16.29	$	22.71		104,764.22
MFS VIT Utilities Portfolio Service Class	$	14.71	$	18.11		352,136.07
PIMCO All Asset Portfolio Advisor Class	$	10.88	$	11.99		289,778.11
PIMCO CommodityRealReturn® Strategy Portfolio Advisor Class	$	4.58	$	5.03		725,879.33
PIMCO Dynamic Bond Portfolio Advisor Class	$	10.31	$	10.66		177,517.86
PIMCO Emerging Markets Bond Portfolio Advisor Class	$	11.13	$	12.59		105,653.13
PIMCO Global Multi-Asset Managed Allocation Portfolio Advisor Class	$	9.98	$	11.51		48,784.69
PIMCO High Yield Portfolio Advisor Class	$	12.38	$	14.00		503,378.67
PIMCO Income Portfolio Advisor Class	$	10.01	$	10.72		2,867,254.38
PIMCO Low Duration Portfolio Advisor Class	$	9.84	$	10.09		1,857,094.94
PIMCO Real Return Portfolio Advisor Class	$	9.33	$	9.97		1,512,410.07
PIMCO Short-Term Portfolio Advisor Class	$	10.05	$	10.18		3,248,482.37
PIMCO Total Return Portfolio Advisor Class	$	10.65	$	11.38		2,744,038.16
PIMCO VIT Global Bond Opportunities Portfolio (Unhedged) Advisor Class	$	9.34	$	9.77		21,212.33
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) Advisor Class	$	10.66	$	11.25		149,846.14
Pioneer Bond VCT Portfolio Class II	$	11.01	$	11.83		2,717,739.90
Pioneer Equity Income VCT Portfolio Class II	$	17.30	$	21.37		449,407.58
Pioneer Fund VCT Portfolio Class II	$	17.74	$	22.93		17,415.52
Pioneer High Yield VCT Portfolio Class II	$	12.23	$	13.79		63,009.99
Pioneer Strategic Income VCT Portfolio Class II	$	11.09	$	11.98		768,716.24
Power Dividend Index VIT Fund Class 1	$	9.69	$	9.29		842,861.22
Power Income VIT Fund Class 2	$	9.54	$	10.14		74,055.28
Prudential Series Fund Jennison 20/20 Focus Portfolio Class II	$	16.16	$	20.47		19,300.29
Prudential Series Fund Natural Resources Portfolio Class II	$	4.90	$	5.33		125,424.70
Prudential Series Fund SP Prudential U.S. Emerging Growth Portfolio Class II	$	14.89	$	20.15		9,711.19
QS Legg Mason Dynamic Multi-Strategy VIT Portfolio Class II	$	11.59	$	13.21		26,741.80
Royce Capital Fund - Micro-Cap Portfolio Service Class	$	9.91	$	11.65		25,117.95
Royce Capital Fund - Small-Cap Portfolio Service Class	$	13.24	$	15.47		359,098.07

77

LiveWell Variable Annuity

Table 2—Contract Only – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2018)		Accumulation Unit Value at End of Period (12/31/2019)		Number of Accumulation Units at End of Period
Rydex VIF Biotechnology Fund	$	18.40	$	22.63		144,981.26
Rydex VIF S&P 500 Pure Growth Fund	$	18.10	$	22.61		111,278.73
Rydex VIF S&P MidCap 400 Pure Growth Fund	$	12.94	$	14.73		49,530.18
T. Rowe Price Blue Chip Growth Portfolio-II	$	13.17	$	16.84		1,655,451.16
T. Rowe Price Health Sciences Portfolio-II	$	10.00	$	12.68		740,065.97
Templeton Developing Markets Fund Class 2	$	9.23	$	11.54		284,275.08
Templeton Foreign VIP Fund Class 2	$	10.50	$	11.65		2,211,673.08
Templeton Global Bond VIP Fund Class 2	$	10.41	$	10.48		2,038,516.32
VanEck VIP Global Hard Assets Fund S	$	5.42	$	5.96		90,967.28
Western Asset Core Bond Plus Portfolio Class II	$	10.12	$	11.17		4,661,790.41
Western Asset Variable Global High Yield Bond Portfolio Class II	$	11.91	$	13.40		49,713.80
Table 1—Contract with 7-Year Optional Value Endorsement – 1.15% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2017)		Accumulation Unit Value at End of Period (12/31/2018)		Number of Accumulation Units at End of Period
2018
AB VPS Dynamic Asset Allocation Portfolio B	$	13.01	$	11.91		20,711.10
AB VPS Small Cap Growth Portfolio B	$	18.37	$	17.96		775.99
AB VPS Small/Mid Cap Value Portfolio B	$	19.72	$	16.51		34,210.24
Alger Capital Appreciation Portfolio Class S	$	20.62	$	20.30		517,253.13
ALPS | Alerian Energy Infrastructure Portfolio Class III	$	8.00	$	6.41		112,722.06
ALPS | Red Rocks Listed Private Equity Class III	$	12.02	$	10.39		12,456.94
American Century VP Inflation Protection Fund II	$	9.43	$	9.06		50,363.47
American Century VP Mid Cap Value Fund II	$	19.69	$	16.94		314,304.09
American Century VP Ultra Fund II	$	20.11	$	20.00		46,146.61
American Century VP Value Fund II	$	17.56	$	15.75		877,365.06
American Funds IS Asset Allocation Fund Class 4	$	12.54	$	11.80		802,623.81
American Funds IS Blue Chip Income and Growth Fund Class 4	$	13.63	$	12.27		533,557.27
American Funds IS Capital Income Builder® Class 4	$	10.85	$	9.94		351,383.47
American Funds IS Global Growth and Income Fund Class 4	$	12.69	$	11.30		175,462.50
American Funds IS Global Growth Fund Class 4	$	13.48	$	12.10		124,134.68
American Funds IS Global Small Capitalization Fund Class 4	$	12.04	$	10.61		102,838.38
American Funds IS Growth Fund Class 4	$	14.78	$	14.54		403,597.26
American Funds IS Growth-Income Fund Class 4	$	13.58	$	13.14		555,944.36
American Funds IS International Fund Class 4	$	11.74	$	10.05		211,438.48
American Funds IS International Growth and Income Fund Class 4	$	10.56	$	9.24		104,574.51
American Funds IS New World Fund® Class 4	$	11.03	$	9.35		833,906.02
American Funds IS U.S. Government/AAA-Rated Securities Fund Class 4	$	10.09	$	10.02		707,741.15
American Funds IS Ultra-Short Bond Fund Class 4	$	9.49	$	9.49		241,669.87
BlackRock Advantage Large Cap Core V.I. Fund Class III	$	18.83	$	17.59		18,837.87
BlackRock Basic Value V.I. Fund Class III	$	17.26	$	15.68		78,685.43
BlackRock Capital Appreciation V.I. Fund Class III	$	19.44	$	19.62		33,101.38
BlackRock Equity Dividend V.I. Fund Class III	$	17.83	$	16.32		119,401.06
BlackRock Global Allocation V.I. Fund Class III	$	12.91	$	11.79		279,876.54
BlackRock iShares® Dynamic Allocation V.I. Fund Class III	$	11.12	$	10.42		28,460.68
BlackRock Large Cap Focus Growth V.I. Fund Class III	$	20.40	$	20.72		34,231.54
Calvert VP S&P 500 Index Portfolio	$	19.09	$	17.98		4,617.22

78

LiveWell Variable Annuity

Table 1—Contract with 7-Year Optional Value Endorsement – 1.15% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2017)		Accumulation Unit Value at End of Period (12/31/2018)		Number of Accumulation Units at End of Period
Calvert VP SRI Balanced Portfolio (Added May 1, 2018)	$	10.00	$	9.70		21,499.30
Calvert VP SRI Mid Cap Portfolio	$	15.71	$	14.84		39,163.85
ClearBridge Variable Aggressive Growth Portfolio Class II	$	10.59	$	9.57		13,185.93
ClearBridge Variable Dividend Strategy Portfolio Class II	$	17.44	$	16.38		169,913.10
ClearBridge Variable Large Cap Growth II	$	10.93	$	10.78		162,321.30
ClearBridge Variable Mid Cap Portfolio Class II	$	17.91	$	15.43		105,687.84
ClearBridge Variable Small Cap Growth Portfolio Class II	$	17.79	$	18.15		24,273.84
Columbia Variable Portfolio Contrarian Core Fund Share Class 2	$	15.81	$	14.20		47,808.24
Columbia Variable Portfolio Dividend Opportunity Fund Share Class 2	$	13.89	$	12.91		83,146.03
Columbia Variable Portfolio Emerging Markets Bond Fund Share Class 2	$	11.75	$	10.76		194,247.14
Columbia Variable Portfolio High Yield Bond Fund Share Class 2	$	11.81	$	11.21		91,836.65
Columbia Variable Portfolio Select Large-Cap Value Fund Class 2	$	11.18	$	9.68		14,568.73
Columbia Variable Portfolio Seligman Global Tech Fund Class 2	$	10.82	$	9.80		18,792.01
Columbia Variable Portfolio US Government Mortgage Fund Class 2	$	9.97	$	10.01		110.02
DWS Alternative Asset Allocation VIP-B	$	10.56	$	9.47		57,956.21
DWS CROCI® U.S. VIP-B	$	14.79	$	13.06		4,558.87
DWS Equity 500 Index VIP-B	$	18.84	$	17.70		270,362.02
DWS Global Small Cap VIP-B	$	15.06	$	11.80		6,785.29
DWS Small Cap Index VIP-B	$	18.00	$	15.76		55,166.58
DWS Small Mid Cap Value VIP-B	$	16.77	$	13.87		91,027.43
Eaton Vance VT Floating-Rate Income Fund	$	11.38	$	11.24		328,056.96
Fidelity® VIP Contrafund® Portfolio Service Class 2	$	18.79	$	17.34		202,305.87
Fidelity® VIP Emerging Markets Portfolio Service Class 2	$	13.38	$	10.82		64,511.28
Fidelity® VIP FundsManager 50% Portfolio Service Class 2	$	13.52	$	12.64		110,750.52
Fidelity® VIP FundsManager 70% Portfolio Service Class 2	$	15.15	$	13.83		77,831.66
Fidelity® VIP FundsManager 85% Portfolio Service Class 2	$	16.52	$	14.84		20,527.14
Fidelity® VIP Government Money Market Portfolio Service Class 2	$	9.35	$	9.37		31,938.95
Fidelity® VIP High Income Portfolio Service Class 2	$	12.62	$	12.02		53,042.53
Fidelity® VIP Mid Cap Portfolio Service Class 2	$	18.13	$	15.27		204,329.82
Fidelity® VIP Overseas Portfolio Service Class 2	$	14.88	$	12.50		24,661.60
Fidelity® VIP Real Estate Portfolio Service Class 2	$	15.46	$	14.29		286,534.22
Fidelity® VIP Strategic Income Portfolio Service Class 2	$	11.69	$	11.23		171,076.06
Fidelity® VIP Value Strategies Portfolio Service Class 2	$	18.07	$	14.74		57,045.91
First Investors Life Series Covered Call Strategy Fund	$	10.48	$	9.33		2,788.41
First Investors Life Series International Fund	$	13.02	$	11.31		27,496.68
First Investors Life Series Opportunity Fund	$	12.58	$	10.52		419,513.79
First Investors Life Series Total Return Fund	$	12.44	$	11.35		1,600.80
Franklin Income VIP Fund Class 2	$	13.22	$	12.51		357,605.32
Franklin Mutual Global Discovery VIP Fund Class 2	$	15.03	$	13.19		103,468.04
Franklin Mutual Shares VIP Fund Class 2	$	16.25	$	14.61		89,583.14
Franklin Rising Dividends VIP Fund Class 2	$	18.92	$	17.76		214,686.09
Guggenheim VIF Global Managed Futures Strategy Fund	$	8.97	$	8.07		11,478.85
Guggenheim VIF Long Short Equity Fund	$	13.06	$	11.24		15,912.56
Guggenheim VIF Multi-Hedge Strategies Fund	$	10.52	$	9.88		60,910.67
Guggenheim VIF Small Cap Value Series Q	$	15.91	$	13.74		48,520.90
Ivy VIP Asset Strategy	$	12.22	$	11.42		52,153.93
Ivy VIP Balanced	$	14.11	$	13.49		118,980.74
Ivy VIP Energy	$	8.77	$	5.71		51,536.66
Ivy VIP Global Bond	$	10.49	$	10.35		31,545.70

79

LiveWell Variable Annuity

Table 1—Contract with 7-Year Optional Value Endorsement – 1.15% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2017)		Accumulation Unit Value at End of Period (12/31/2018)		Number of Accumulation Units at End of Period
Ivy VIP Global Equity Income	$	16.66	$	14.55		23,923.48
Ivy VIP Global Growth	$	14.90	$	13.80		18,536.28
Ivy VIP Growth	$	20.56	$	20.79		39,150.91
Ivy VIP High Income	$	11.69	$	11.31		300,072.88
Ivy VIP International Core Equity	$	14.78	$	12.01		221,987.66
Ivy VIP Mid Cap Growth	$	16.80	$	16.59		114,241.66
Ivy VIP Natural Resources	$	7.74	$	5.87		19,327.31
Ivy VIP Science and Technology	$	21.34	$	19.99		111,940.96
Ivy VIP Small Cap Core	$	19.60	$	17.34		163,614.85
Ivy VIP Small Cap Growth	$	15.94	$	15.11		61,549.08
Janus Henderson Balanced Portfolio Service Shares	$	15.65	$	15.54		231,473.77
Janus Henderson Enterprise Portfolio Service Shares	$	17.25	$	16.93		196,400.30
Janus Henderson Flexible Bond Portfolio Service Shares	$	10.82	$	10.56		144,544.35
Janus Henderson Global Research Portfolio Service Shares	$	16.80	$	15.43		14,425.91
Janus Henderson Global Technology Portfolio Service Shares	$	24.50	$	24.44		36,590.26
Janus Henderson Global Unconstrained Bond Portfolio Service Shares	$	10.07	$	9.58		10,352.47
Janus Henderson Mid Cap Value Portfolio Service Shares	$	16.70	$	14.22		59,797.82
Janus Henderson Overseas Portfolio Service Shares	$	9.53	$	8.00		11,382.14
Janus Henderson Research Portfolio Service Shares	$	19.17	$	18.41		8,888.24
John Hancock VIT Financial Industries Trust Series II (Added May 1, 2018)	$	10.00	$	8.37		6,158.33
John Hancock VIT Fundamental All Cap Core Trust Series II (Added May 1, 2018)	$	10.00	$	8.77		0.00
John Hancock VIT Select Bond Trust Series II (Added May 1, 2018)	$	10.00	$	10.09		0.00
John Hancock VIT Strategic Income Opportunities Trust Series II (Added May 1, 2018)	$	10.00	$	9.50		3,017.88
Lazard Retirement Global Dynamic Multi Asset Portfolio Service Shares	$	14.34	$	13.25		32,994.36
Lazard Retirement International Equity Portfolio Service Shares	$	13.63	$	11.60		2,435.62
Lord Abbett Series Fund Bond Debenture Portfolio VC	$	13.05	$	12.38		396,530.37
Lord Abbett Series Fund Developing Growth Portfolio VC	$	16.91	$	17.53		50,034.17
Lord Abbett Series Fund Fundamental Equity Portfolio VC	$	17.37	$	15.77		42,619.16
Lord Abbett Series Fund Short Duration Income Portfolio VC	$	10.22	$	10.22		282,838.46
MFS VIT II Blended Research Core Equity Portfolio Service Class	$	12.26	$	11.15		27,824.42
MFS VIT II Corporate Bond Portfolio Service Class	$	11.17	$	10.68		73,483.67
MFS VIT II Emerging Markets Equity Portfolio Service Class	$	11.34	$	9.62		65,824.87
MFS VIT II Global Tactical Allocation Portfolio Service Class	$	12.69	$	11.94		27,939.53
MFS VIT II International Value Portfolio Service Class	$	18.29	$	16.32		230,901.83
MFS VIT II Technology Portfolio Service Class	$	22.67	$	22.75		51,050.55
MFS VIT New Discovery Portfolio Service Class	$	16.92	$	16.44		30,684.60
MFS VIT Utilities Portfolio Service Class	$	14.89	$	14.84		190,419.31
Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class	$	14.12	$	13.08		25,052.67
Oppenheimer Global Fund/VA Service Class	$	13.36	$	11.44		92,875.36
Oppenheimer International Growth Fund/VA Service Class	$	11.34	$	9.02		175,552.96
Oppenheimer Main Street Fund/VA Service Class	$	13.26	$	11.73		107,143.63
Oppenheimer Main Street Small Cap Fund/VA Service Class	$	13.34	$	12.12		72,307.94
Oppenheimer Total Return Bond Fund/VA Service Class	$	10.60	$	10.34		44,299.42

80

LiveWell Variable Annuity

Table 1—Contract with 7-Year Optional Value Endorsement – 1.15% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2017)		Accumulation Unit Value at End of Period (12/31/2018)		Number of Accumulation Units at End of Period
PIMCO All Asset Portfolio Advisor Class	$	11.74	$	10.97		60,415.71
PIMCO CommodityRealReturn® Strategy Portfolio Advisor Class	$	5.44	$	4.62		336,342.80
PIMCO Dynamic Bond Portfolio Advisor Class Formerly PIMCO VIT Unconstrained Bond Portfolio Advisor Class	$	10.40	$	10.38		54,347.75
PIMCO Emerging Markets Bond Portfolio Advisor Class	$	11.94	$	11.23		34,079.19
PIMCO Global Multi-Asset Managed Allocation Portfolio Advisor Class	$	10.79	$	10.07		687.39
PIMCO High Yield Portfolio Advisor Class	$	12.99	$	12.49		58,722.15
PIMCO Income Portfolio Advisor Class	$	10.13	$	10.04		76,436.13
PIMCO International Bond Portfolio (U.S. Dollar-Hedged) Advisor Class Formerly PIMCO VIT Foreign Bond (USD-Hedged) Portfolio	$	10.65	$	10.74		20,582.04
PIMCO Low Duration Portfolio Advisor Class	$	10.02	$	9.92		476,047.99
PIMCO Real Return Portfolio Advisor Class	$	9.74	$	9.41		493,556.19
PIMCO Short-Term Portfolio Advisor Class	$	10.11	$	10.13		961,834.97
PIMCO Total Return Portfolio Advisor Class	$	10.94	$	10.75		353,873.31
PIMCO VIT Global Bond Opportunities Portfolio (Unhedged) Advisor Class Formerly PIMCO VIT Global Bond Portfolio (Unhedged) Advisor Class	$	9.97	$	9.43		14,179.64
Pioneer Bond VCT Portfolio Class II	$	11.35	$	11.11		1,014,051.66
Pioneer Equity Income VCT Portfolio Class II	$	19.35	$	17.45		130,572.20
Pioneer Fund VCT Portfolio Class II	$	18.43	$	17.90		12,606.42
Pioneer High Yield VCT Portfolio Class II	$	13.00	$	12.34		26,259.75
Pioneer Strategic Income VCT Portfolio Class II	$	11.54	$	11.19		261,815.34
Power Dividend Index VIT Fund Class 1	$	10.69	$	9.72		44,353.91
Power Income VIT Fund Class 2	$	10.08	$	9.63		777.76
Prudential Series Fund Jennison 20/20 Focus Portfolio Class II	$	17.49	$	16.30		0.00
Prudential Series Fund Natural Resources Portfolio Class II	$	6.13	$	4.95		36,437.16
Prudential Series Fund SP Prudential U.S. Emerging Growth Portfolio Class II	$	16.55	$	15.02		8,946.62
QS Legg Mason Dynamic Multi-Strategy VIT Portfolio Class II	$	12.76	$	11.70		5,846.11
Royce Capital Fund - Micro-Cap Portfolio Service Class	$	11.15	$	10.00		14,430.17
Royce Capital Fund - Small-Cap Portfolio Service Class	$	14.77	$	13.36		215,153.24
Rydex VIF Biotechnology Fund	$	20.74	$	18.56		119,663.26
Rydex VIF S&P 500 Pure Growth Fund	$	19.58	$	18.26		80,828.33
Rydex VIF S&P MidCap 400 Pure Growth Fund	$	15.50	$	13.05		52,788.39
T. Rowe Price Blue Chip Growth Portfolio-II	$	13.20	$	13.26		446,357.38
T. Rowe Price Health Sciences Portfolio-II	$	10.09	$	10.06		298,644.03
Templeton Developing Markets Fund Class 2	$	11.19	$	9.31		51,164.13
Templeton Foreign VIP Fund Class 2	$	12.67	$	10.59		836,221.23
Templeton Global Bond VIP Fund Class 2	$	10.42	$	10.50		755,238.70
VanEck VIP Global Hard Assets Fund S	$	7.73	$	5.47		152,281.55
Western Asset Core Bond Plus Portfolio Class II	$	10.59	$	10.19		1,044,739.04
Western Asset Variable Global High Yield Bond Portfolio Class II	$	12.69	$	12.02		18,335.09

Table 2 - Contract Only – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2017)		Accumulation Unit Value at End of Period (12/31/2018)		Number of Accumulation Units at End of Period
2018
AB VPS Dynamic Asset Allocation Portfolio B	$	12.92	$	11.81		54,169.88
AB VPS Small Cap Growth Portfolio B	$	18.24	$	17.80		1,742.86
AB VPS Small/Mid Cap Value Portfolio B	$	19.59	$	16.37		89,156.72
Alger Capital Appreciation Portfolio Class S	$	20.48	$	20.13		1,189,214.01
ALPS | Alerian Energy Infrastructure Portfolio Class III	$	7.94	$	6.35		128,625.20
ALPS | Red Rocks Listed Private Equity Class III	$	11.96	$	10.32		94,521.60

81

LiveWell Variable Annuity

Table 2—Contract Only – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2017)		Accumulation Unit Value at End of Period (12/31/2018)		Number of Accumulation Units at End of Period
American Century VP Inflation Protection Fund II	$	9.36	$	8.98		154,745.27
American Century VP Mid Cap Value Fund II	$	19.55	$	16.79		765,443.19
American Century VP Ultra Fund II	$	19.98	$	19.83		80,670.60
American Century VP Value Fund II	$	17.44	$	15.61		1,834,463.77
American Funds IS Asset Allocation Fund Class 4	$	12.46	$	11.69		2,513,200.55
American Funds IS Blue Chip Income and Growth Fund Class 4	$	13.54	$	12.16		1,376,983.16
American Funds IS Capital Income Builder® Class 4	$	10.77	$	9.86		1,006,261.77
American Funds IS Global Growth and Income Fund Class 4	$	12.61	$	11.21		574,827.25
American Funds IS Global Growth Fund Class 4	$	13.39	$	11.99		409,886.54
American Funds IS Global Small Capitalization Fund Class 4	$	11.96	$	10.52		166,977.86
American Funds IS Growth Fund Class 4	$	14.68	$	14.41		960,095.51
American Funds IS Growth-Income Fund Class 4	$	13.48	$	13.03		1,206,294.29
American Funds IS International Fund Class 4	$	11.66	$	9.96		377,723.28
American Funds IS International Growth and Income Fund Class 4	$	10.48	$	9.16		401,151.26
American Funds IS New World Fund® Class 4	$	10.96	$	9.27		1,468,560.07
American Funds IS U.S. Government/AAA-Rated Securities Fund Class 4	$	10.02	$	9.93		259,536.80
American Funds IS Ultra-Short Bond Fund Class 4	$	9.43	$	9.41		902,393.50
BlackRock Advantage Large Cap Core V.I. Fund Class III	$	18.70	$	17.43		24,262.81
BlackRock Basic Value V.I. Fund Class III	$	17.15	$	15.54		124,868.31
BlackRock Capital Appreciation V.I. Fund Class III	$	19.31	$	19.45		12,289.31
BlackRock Equity Dividend V.I. Fund Class III	$	17.71	$	16.18		567,362.94
BlackRock Global Allocation V.I. Fund Class III	$	12.82	$	11.69		921,672.88
BlackRock iShares® Dynamic Allocation V.I. Fund Class III	$	11.04	$	10.33		79,804.68
BlackRock Large Cap Focus Growth V.I. Fund Class III	$	20.26	$	20.54		102,222.05
Calvert VP S&P 500 Index Portfolio	$	18.96	$	17.82		28,212.98
Calvert VP SRI Balanced Portfolio (Added May 1, 2018)	$	10.00	$	9.69		4,901.22
Calvert VP SRI Mid Cap Portfolio	$	15.60	$	14.71		59,900.69
ClearBridge Variable Aggressive Growth Portfolio Class II	$	10.54	$	9.51		76,296.79
ClearBridge Variable Dividend Strategy Portfolio Class II	$	17.32	$	16.23		472,279.18
ClearBridge Variable Large Cap Growth II	$	10.92	$	10.75		560,699.58
ClearBridge Variable Mid Cap Portfolio Class II	$	17.78	$	15.30		312,761.82
ClearBridge Variable Small Cap Growth Portfolio Class II	$	17.67	$	17.99		133,467.11
Columbia Variable Portfolio Contrarian Core Fund Share Class 2	$	15.71	$	9.98		13,236.90
Columbia Variable Portfolio Dividend Opportunity Fund Share Class 2	$	13.80	$	14.08		156,697.74
Columbia Variable Portfolio Emerging Markets Bond Fund Share Class 2	$	11.67	$	12.80		156,858.18
Columbia Variable Portfolio High Yield Bond Fund Share Class 2	$	11.73	$	10.66		504,526.17
Columbia Variable Portfolio Select Large-Cap Value Fund Class 2	$	11.18	$	11.11		258,958.02
Columbia Variable Portfolio Seligman Global Tech Fund Class 2	$	10.82	$	9.65		78,096.43
Columbia Variable Portfolio US Government Mortgage Fund Class 2	$	9.96	$	9.77		79,023.00
DWS Alternative Asset Allocation VIP-B	$	10.49	$	9.38		123,040.27
DWS CROCI® U.S. VIP-B	$	14.69	$	12.94		14,996.76
DWS Equity 500 Index VIP-B	$	18.71	$	17.55		657,917.90
DWS Global Small Cap VIP-B	$	14.95	$	11.69		20,465.54
DWS Small Cap Index VIP-B	$	17.88	$	15.62		147,731.44
DWS Small Mid Cap Value VIP-B	$	16.66	$	13.75		239,355.99
Eaton Vance VT Floating-Rate Income Fund	$	11.30	$	11.14		1,756,901.98
Fidelity® VIP Contrafund® Portfolio Service Class 2	$	18.66	$	17.19		611,121.82
Fidelity® VIP Emerging Markets Portfolio Service Class 2	$	13.29	$	10.73		225,418.63
Fidelity® VIP FundsManager 50% Portfolio Service Class 2	$	13.42	$	12.53		150,574.42
Fidelity® VIP FundsManager 70% Portfolio Service Class 2	$	15.05	$	13.71		76,226.91

82

LiveWell Variable Annuity

Table 2 - Contract Only – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2017)		Accumulation Unit Value at End of Period (12/31/2018)		Number of Accumulation Units at End of Period
Fidelity® VIP FundsManager 85% Portfolio Service Class 2	$	16.40	$	14.71		29,799.95
Fidelity® VIP Government Money Market Portfolio Service Class 2	$	9.29	$	9.29		242,353.71
Fidelity® VIP High Income Portfolio Service Class 2	$	12.53	$	11.91		141,678.66
Fidelity® VIP Mid Cap Portfolio Service Class 2	$	18.00	$	15.14		393,704.92
Fidelity® VIP Overseas Portfolio Service Class 2	$	14.78	$	12.39		53,654.41
Fidelity® VIP Real Estate Portfolio Service Class 2	$	15.35	$	14.17		671,282.41
Fidelity® VIP Strategic Income Portfolio Service Class 2	$	11.61	$	11.13		648,871.64
Fidelity® VIP Value Strategies Portfolio Service Class 2	$	17.95	$	14.61		130,071.71
First Investors Life Series Covered Call Strategy Fund	$	10.48	$	9.30		5,505.11
First Investors Life Series International Fund	$	12.94	$	11.21		75,333.54
First Investors Life Series Opportunity Fund	$	12.50	$	10.43		568,848.21
First Investors Life Series Total Return Fund	$	12.35	$	11.25		25,832.07
Franklin Income VIP Fund Class 2	$	13.13	$	12.40		1,172,525.15
Franklin Mutual Global Discovery VIP Fund Class 2	$	14.93	$	13.08		360,209.82
Franklin Mutual Shares VIP Fund Class 2	$	16.14	$	14.48		322,634.79
Franklin Rising Dividends VIP Fund Class 2	$	18.80	$	17.60		696,815.78
Guggenheim VIF Global Managed Futures Strategy Fund	$	8.91	$	8.00		34,869.83
Guggenheim VIF Long Short Equity Fund	$	12.97	$	11.14		23,350.49
Guggenheim VIF Multi-Hedge Strategies Fund	$	10.45	$	9.79		168,659.70
Guggenheim VIF Small Cap Value Series Q	$	15.80	$	13.62		121,477.89
Ivy VIP Asset Strategy	$	12.13	$	11.32		317,080.01
Ivy VIP Balanced	$	14.01	$	13.37		394,476.96
Ivy VIP Energy	$	8.71	$	5.66		134,813.87
Ivy VIP Global Bond	$	10.42	$	10.26		63,668.49
Ivy VIP Global Equity Income	$	16.55	$	14.42		50,913.85
Ivy VIP Global Growth	$	14.80	$	13.68		25,204.13
Ivy VIP Growth	$	20.42	$	20.60		82,097.08
Ivy VIP High Income	$	11.61	$	11.21		806,212.67
Ivy VIP International Core Equity	$	14.68	$	11.90		288,933.52
Ivy VIP Mid Cap Growth	$	16.68	$	16.45		171,195.41
Ivy VIP Natural Resources	$	7.69	$	5.82		85,192.75
Ivy VIP Science and Technology	$	21.19	$	19.81		216,914.52
Ivy VIP Small Cap Core	$	19.46	$	17.19		376,552.09
Ivy VIP Small Cap Growth	$	15.84	$	14.98		213,842.01
Janus Henderson Balanced Portfolio Service Shares	$	15.55	$	15.40		1,347,960.45
Janus Henderson Enterprise Portfolio Service Shares	$	17.13	$	16.79		708,176.07
Janus Henderson Flexible Bond Portfolio Service Shares	$	10.75	$	10.46		349,876.82
Janus Henderson Global Research Portfolio Service Shares	$	16.69	$	15.30		29,519.84
Janus Henderson Global Technology Portfolio Service Shares	$	24.33	$	24.22		99,463.43
Janus Henderson Mid Cap Value Portfolio Service Shares	$	16.58	$	14.10		115,667.66
Janus Henderson Overseas Portfolio Service Shares	$	9.47	$	7.93		35,506.77
Janus Henderson Research Portfolio Service Shares	$	19.04	$	18.25		16,510.49
John Hancock VIT Financial Industries Trust Series II (Added May 1, 2018)	$	10.00	$	8.35		7,340.49
John Hancock VIT Fundamental All Cap Core Trust Series II (Added May 1, 2018)	$	10.00	$	8.76		5,610.79
John Hancock VIT Select Bond Trust Series II (Added May 1, 2018)	$	10.00	$	10.08		384.54
John Hancock VIT Strategic Income Opportunities Trust Series II (Added May 1, 2018)	$	10.00	$	9.49		6,072.37
Lazard Retirement Global Dynamic Multi Asset Portfolio Service Shares	$	14.24	$	13.13		74,327.36
Lazard Retirement International Equity Portfolio Service Shares	$	13.54	$	11.50		67,939.41

83

LiveWell Variable Annuity

Table 2—Contract Only – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2017)		Accumulation Unit Value at End of Period (12/31/2018)		Number of Accumulation Units at End of Period
Lord Abbett Series Fund Bond Debenture Portfolio VC	$	12.96	$	12.27		1,002,258.79
Lord Abbett Series Fund Developing Growth Portfolio VC	$	16.79	$	17.37		93,862.73
Lord Abbett Series Fund Fundamental Equity Portfolio VC	$	17.25	$	15.63		52,238.95
Lord Abbett Series Fund Short Duration Income Portfolio VC	$	10.17	$	10.15		1,323,337.56
MFS VIT II Blended Research Core Equity Portfolio Service Class	$	12.20	$	11.08		158,720.74
MFS VIT II Corporate Bond Portfolio Service Class	$	11.10	$	10.58		188,739.56
MFS VIT II Emerging Markets Equity Portfolio Service Class	$	11.26	$	9.54		190,643.07
MFS VIT II Global Tactical Allocation Portfolio Service Class	$	12.60	$	11.83		55,355.51
MFS VIT II International Value Portfolio Service Class	$	18.16	$	16.18		447,160.16
MFS VIT II Technology Portfolio Service Class	$	22.52	$	22.55		75,042.35
MFS VIT New Discovery Portfolio Service Class	$	16.80	$	16.29		69,387.62
MFS VIT Utilities Portfolio Service Class	$	14.79	$	14.71		344,417.94
Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class	$	14.03	$	12.97		59,924.20
Oppenheimer Global Fund/VA Service Class	$	13.27	$	11.34		214,847.62
Oppenheimer International Growth Fund/VA Service Class	$	11.27	$	8.94		471,042.31
Oppenheimer Main Street Fund/VA Service Class	$	13.17	$	11.63		177,202.27
Oppenheimer Main Street Small Cap Fund/VA Service Class	$	13.25	$	12.01		293,741.51
Oppenheimer Total Return Bond Fund/VA Service Class	$	10.53	$	10.25		89,055.26
PIMCO All Asset Portfolio Advisor Class	$	11.66	$	10.88		325,092.97
PIMCO CommodityRealReturn® Strategy Portfolio Advisor Class	$	5.41	$	4.58		783,269.47
PIMCO Dynamic Bond Portfolio Advisor Class Formerly PIMCO VIT Unconstrained Bond Portfolio Advisor Class	$	10.35	$	10.31		147,961.85
PIMCO Emerging Markets Bond Portfolio Advisor Class	$	11.86	$	11.13		104,804.13
PIMCO Global Multi-Asset Managed Allocation Portfolio Advisor Class	$	10.72	$	9.98		43,458.15
PIMCO High Yield Portfolio Advisor Class	$	12.90	$	12.38		245,335.87
PIMCO Income Portfolio Advisor Class	$	10.12	$	10.01		2,262,705.33
PIMCO Low Duration Portfolio Advisor Class	$	9.95	$	9.84		1,846,429.80
PIMCO Real Return Portfolio Advisor Class	$	9.68	$	9.33		1,512,620.26
PIMCO Short-Term Portfolio Advisor Class	$	10.04	$	10.05		3,673,639.16
PIMCO Total Return Portfolio Advisor Class	$	10.87	$	10.65		2,766,468.96
PIMCO VIT Global Bond Opportunities Portfolio (Unhedged) Advisor Class Formerly PIMCO VIT Global Bond Portfolio (Unhedged) Advisor Class	$	9.90	$	9.34		22,277.33
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) Advisor Class Formerly PIMCO VIT Foreign Bond (USD-Hedged) Portfolio	$	10.60	$	10.66		119,776.73
Pioneer Bond VCT Portfolio Class II	$	11.28	$	11.01		2,572,755.56
Pioneer Equity Income VCT Portfolio Class II	$	19.22	$	17.30		405,801.27
Pioneer Fund VCT Portfolio Class II	$	18.30	$	17.74		20,145.63
Pioneer High Yield VCT Portfolio Class II	$	12.91	$	12.23		71,737.32
Pioneer Strategic Income VCT Portfolio Class II	$	11.46	$	11.09		782,930.58
Power Dividend Index VIT Fund Class 1	$	10.68	$	9.69		1,377,922.79
Power Income VIT Fund Class 2	$	10.01	$	9.54		109,756.48
Prudential Series Fund Jennison 20/20 Focus Portfolio Class II	$	17.37	$	16.16		17,915.00
Prudential Series Fund Natural Resources Portfolio Class II	$	6.09	$	4.90		64,522.19
Prudential Series Fund SP Prudential U.S. Emerging Growth Portfolio Class II	$	16.44	$	14.89		19,160.40
QS Legg Mason Dynamic Multi-Strategy VIT Portfolio Class II	$	12.67	$	11.59		30,560.61
Royce Capital Fund - Micro-Cap Portfolio Service Class	$	11.07	$	9.91		29,831.52
Royce Capital Fund - Small-Cap Portfolio Service Class	$	14.67	$	13.24		407,703.36
Rydex VIF Biotechnology Fund	$	20.60	$	18.40		162,180.33
Rydex VIF S&P 500 Pure Growth Fund	$	19.44	$	18.10		98,582.06
Rydex VIF S&P MidCap 400 Pure Growth Fund	$	15.40	$	12.94		51,219.93

84

LiveWell Variable Annuity

Table 2—Contract Only – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2017)		Accumulation Unit Value at End of Period (12/31/2018)		Number of Accumulation Units at End of Period
T. Rowe Price Blue Chip Growth Portfolio-II	$	13.14	$	13.17		1,313,031.16
T. Rowe Price Health Sciences Portfolio-II	$	10.05	$	10.00		650,887.18
Templeton Developing Markets Fund Class 2	$	11.11	$	9.23		327,713.10
Templeton Foreign VIP Fund Class 2	$	12.58	$	10.50		2,191,401.65
Templeton Global Bond VIP Fund Class 2	$	10.35	$	10.41		2,016,135.49
VanEck VIP Global Hard Assets Fund S	$	7.68	$	5.42		89,291.10
Western Asset Core Bond Plus Portfolio Class II	$	10.54	$	10.12		4,188,973.36
Western Asset Variable Global High Yield Bond Portfolio Class II	$	12.60	$	11.91		42,796.68
Table 1—Contract with 7-Year Optional Value Endorsement – 1.15% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2016)		Accumulation Unit Value at End of Period (12/31/2017)		Number of Accumulation Units at End of Period
2017
AB VPS Dynamic Asset Allocation Portfolio B	$	11.51	$	13.01		15,794.48
AB VPS Real Estate Investment Portfolio B	$	13.90	$	14.62		82,773.61
AB VPS Small Cap Growth Portfolio B	$	13.89	$	18.37		711.00
AB VPS Small/Mid Cap Value Portfolio B	$	17.68	$	19.72		36,071.28
Alger Capital Appreciation Portfolio Class S	$	15.95	$	20.62		139,096.96
ALPS | Alerian Energy Infrastructure Portfolio Class III	$	8.16	$	8.00		98,901.80
ALPS | Red Rocks Listed Private Equity Class III	$	9.73	$	12.02		9,197.22
American Century VP Inflation Protection Fund II	$	9.20	$	9.43		39,792.97
American Century VP Mid Cap Value Fund II	$	17.87	$	19.69		228,438.90
American Century VP Ultra Fund II	$	15.41	$	20.11		31,036.01
American Century VP Value Fund II	$	16.36	$	17.56		1,287,866.74
American Funds IS Asset Allocation Fund Class 4	$	10.94	$	12.54		313,099.31
American Funds IS Blue Chip Income and Growth Fund Class 4	$	11.82	$	13.63		396,754.02
American Funds IS Capital Income Builder® Class 4	$	9.74	$	10.85		264,316.55
American Funds IS Global Growth Fund Class 4	$	10.40	$	13.48		51,219.19
American Funds IS Global Growth and Income Fund Class 4	$	10.20	$	12.69		110,387.16
American Funds IS Global Small Capitalization Fund Class 4	$	9.69	$	12.04		44,702.02
American Funds IS Growth Fund Class 4	$	11.68	$	14.78		53,780.12
American Funds IS Growth-Income Fund Class 4	$	11.25	$	13.58		115,294.83
American Funds IS International Fund Class 4	$	9.01	$	11.74		89,593.51
American Funds IS International Growth and Income Fund Class 4	$	8.56	$	10.56		45,722.22
American Funds IS New World Fund® Class 4	$	8.65	$	11.03		315,514.91
American Funds IS U.S. Government/AAA-Rated Securities Fund Class 4	$	10.08	$	10.09		377,354.15
American Funds IS Ultra-Short Bond Fund Class 4	$	9.59	$	9.49		302,871.27
BlackRock Advantage Large Cap Core V.I. Fund Class III	$	15.62	$	18.83		11,412.39
BlackRock Basic Value V.I. Fund Class III	$	16.17	$	17.26		80,584.93
BlackRock Equity Dividend V.I. Fund Class III	$	15.48	$	17.83		162,765.22
BlackRock Global Allocation V.I. Fund Class III	$	11.48	$	12.91		238,473.76
BlackRock iShares® Alternative Strategies V.I. Fund Class III	$	10.17	$	11.30		46,644.62
BlackRock iShares® Dynamic Allocation V.I. Fund Class III	$	9.80	$	11.12		7,212.60
BlackRock iShares® Equity Appreciation V.I. Fund Class III	$	9.56	$	11.48		19,582.46
BlackRock Large Cap Focus Growth V.I. Fund Class III	$	15.97	$	20.40		42,351.30
Calvert VP S&P 500 Index Portfolio	$	15.90	$	19.09		1,172.66
Calvert VP SRI Mid Cap Portfolio	$	14.23	$	15.71		17,410.38

85

LiveWell Variable Annuity

Table 1—Contract with 7-Year Optional Value Endorsement – 1.15% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2016)		Accumulation Unit Value at End of Period (12/31/2017)		Number of Accumulation Units at End of Period
ClearBridge Variable Aggressive Growth Portfolio Class II	$	9.24	$	10.59		3,981.59
ClearBridge Variable Dividend Strategy Portfolio Class II	$	14.82	$	17.44		147,538.51
ClearBridge Variable Large Cap Growth II (Added 8/1/17)	$	10.00	$	10.93		32,105.72
ClearBridge Variable Mid Cap Portfolio Class II	$	16.09	$	17.91		67,607.97
ClearBridge Variable Small Cap Growth Portfolio Class II	$	14.52	$	17.79		11,631.96
Columbia Variable Portfolio Contrarian Core Fund Share Class 2	$	13.17	$	15.81		32,281.64
Columbia Variable Portfolio Dividend Opportunity Fund Share Class 2	$	12.31	$	13.89		45,287.49
Columbia Variable Portfolio Emerging Markets Bond Fund Share Class 2	$	10.64	$	11.75		251,291.25
Columbia Variable Portfolio High Yield Bond Fund Share Class 2	$	11.25	$	11.81		167,105.58
Columbia Variable Portfolio Select Large-Cap Value Fund Class 2 (Added 8/1/17)	$	10.00	$	11.18		3,742.10
Columbia Variable Portfolio Seligman Global Tech Fund Class 2 (Added 8/1/17)	$	10.00	$	10.82		4,125.70
Columbia Variable Portfolio US Government Mortgage Fund Class 2 (Added 8/1/17)	$	10.00	$	9.97		112.64
Deutsche Alternative Asset Allocation VIP-B	$	9.98	$	10.56		44,919.82
Deutsche CROCI® U.S. VIP-B	$	12.22	$	14.79		4,129.92
Deutsche Equity 500 Index VIP-B	$	15.74	$	18.84		394,568.32
Deutsche Global Small Cap VIP-B	$	12.73	$	15.06		6,784.52
Deutsche Small Cap Index VIP-B	$	15.97	$	18.00		63,443.75
Deutsche Small Mid Cap Value VIP-B	$	15.40	$	16.77		76,153.49
Eaton Vance VT Floating-Rate Income Fund	$	11.13	$	11.38		319,213.03
Fidelity® VIP Contrafund® Portfolio Service Class 2	$	15.63	$	18.79		94,088.88
Fidelity® VIP Emerging Markets Portfolio Service Class 2	$	9.20	$	13.38		70,354.11
Fidelity® VIP FundsManager 50% Portfolio Service Class 2	$	11.97	$	13.52		120,519.73
Fidelity® VIP FundsManager 70% Portfolio Service Class 2	$	12.89	$	15.15		84,388.67
Fidelity® VIP FundsManager 85% Portfolio Service Class 2	$	13.59	$	16.52		27,427.53
Fidelity® VIP Government Money Market Portfolio Service Class 2	$	9.42	$	9.35		0.00
Fidelity® VIP High Income Portfolio Service Class 2	$	11.94	$	12.62		116,884.89
Fidelity® VIP Mid Cap Portfolio Service Class 2	$	15.21	$	18.13		97,372.96
Fidelity® VIP Overseas Portfolio Service Class 2	$	11.58	$	14.88		14,092.45
Fidelity® VIP Real Estate Portfolio Service Class 2	$	15.07	$	15.46		221,016.80
Fidelity® VIP Strategic Income Portfolio Service Class 2	$	10.99	$	11.69		141,720.94
Fidelity® VIP Value Strategies Portfolio Service Class 2	$	15.35	$	18.07		75,318.45
First Investors Life Series Covered Call Strategy Fund (Added 8/1/17)	$	10.00	$	10.48		0.00
First Investors Life Series International Fund	$	9.91	$	13.02		6,056.88
First Investors Life Series Opportunity Fund	$	10.69	$	12.58		309,560.11
First Investors Life Series Total Return Fund	$	11.26	$	12.44		867.82
Franklin Income VIP Fund Class 2	$	12.20	$	13.22		280,701.56
Franklin Mutual Global Discovery VIP Fund Class 2	$	14.00	$	15.03		73,193.58
Franklin Mutual Shares VIP Fund Class 2	$	15.18	$	16.25		72,893.01
Franklin Rising Dividends VIP Fund Class 2	$	15.88	$	18.92		122,540.16
Guggenheim VIF Global Managed Futures Strategy Fund	$	8.35	$	8.97		4,634.53
Guggenheim VIF Long Short Equity Fund	$	11.50	$	13.06		12,191.38
Guggenheim VIF Multi-Hedge Strategies Fund	$	10.27	$	10.52		30,086.62
Guggenheim VIF Small Cap Value Series Q	$	15.52	$	15.91		10,954.71
Ivy VIP Asset Strategy	$	10.45	$	12.22		102,224.39
Ivy VIP Balanced	$	12.81	$	14.11		221,578.14
Ivy VIP Energy	$	10.16	$	8.77		65,690.83
Ivy VIP Global Bond	$	10.18	$	10.49		73,080.50

86

LiveWell Variable Annuity

Table 1—Contract with 7-Year Optional Value Endorsement – 1.15% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2016)		Accumulation Unit Value at End of Period (12/31/2017)		Number of Accumulation Units at End of Period
Ivy VIP Global Equity Income Formerly Ivy VIP Dividend Opportunities	$	14.59	$	16.66		48,062.85
Ivy VIP Global Growth	$	12.10	$	14.90		27,957.11
Ivy VIP Growth	$	16.08	$	20.56		65,108.87
Ivy VIP High Income	$	11.08	$	11.69		887,165.26
Ivy VIP International Core Equity	$	12.14	$	14.78		139,351.91
Ivy VIP Mid Cap Growth	$	10.45	$	16.80		132,439.05
Ivy VIP Natural Resources	$	7.60	$	7.74		14,920.33
Ivy VIP Science and Technology	$	16.34	$	21.34		71,248.20
Ivy VIP Small Cap Core	$	17.43	$	19.60		159,131.99
Ivy VIP Small Cap Growth	$	13.10	$	15.94		70,117.49
Janus Henderson Balanced Portfolio Service Shares	$	13.40	$	15.65		78,576.13
Janus Henderson Enterprise Portfolio Service Shares	$	13.73	$	17.25		39,489.38
Janus Henderson Flexible Bond Portfolio Service Shares	$	10.59	$	10.82		66,117.35
Janus Henderson Global Research Portfolio Service Shares	$	13.42	$	16.80		4,942.08
Janus Henderson Global Technology Portfolio Service Shares	$	17.10	$	24.50		66,145.16
Janus Henderson Global Unconstrained Bond Portfolio Service Shares	$	10.01	$	10.07		11,968.31
Janus Henderson Mid Cap Value Portfolio Service Shares	$	14.86	$	16.70		56,999.96
Janus Henderson Overseas Portfolio Service Shares	$	7.37	$	9.53		3,715.25
Janus Henderson Research Portfolio Service Shares	$	15.20	$	19.17		5,380.35
Lazard Retirement Global Dynamic Multi Asset Portfolio Service Shares	$	12.04	$	14.34		43,363.71
Lazard Retirement International Equity Portfolio Service Shares	$	11.27	$	13.63		2,560.99
Lord Abbett Series Fund Bond Debenture Portfolio VC	$	12.09	$	13.05		394,335.93
Lord Abbett Series Fund Developing Growth Portfolio VC	$	13.16	$	16.91		18,830.03
Lord Abbett Series Fund Fundamental Equity Portfolio VC	$	15.61	$	17.37		37,561.28
Lord Abbett Series Fund Short Duration Income Portfolio VC	$	10.11	$	10.22		111,835.92
MFS VIT II Blended Research Core Equity Portfolio Service Class	$	10.30	$	12.26		5,863.35
MFS VIT II Corporate Bond Portfolio Service Class	$	10.65	$	11.17		78,403.83
MFS VIT II Emerging Markets Equity Portfolio Service Class	$	8.33	$	11.34		24,356.49
MFS VIT II Global Tactical Allocation Portfolio Service Class	$	11.61	$	12.69		39,342.01
MFS VIT II International Value Portfolio Service Class	$	14.59	$	18.29		124,291.79
MFS VIT II Technology Portfolio Service Class	$	16.54	$	22.67		45,649.10
MFS VIT New Discovery Portfolio Service Class	$	13.55	$	16.92		21,526.91
MFS VIT Utilities Portfolio Service Class	$	13.15	$	14.89		87,046.29
Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class	$	11.12	$	14.12		3,460.51
Oppenheimer Global Fund/VA Service Class	$	9.91	$	13.36		19,872.62
Oppenheimer Global Multi-Alternatives Fund/VA Service Class	$	9.50	$	9.41		5,933.47
Oppenheimer International Growth Fund/VA Service Class	$	9.07	$	11.34		430,769.02
Oppenheimer Main Street Fund/VA Service Class	$	11.57	$	13.26		64,238.56
Oppenheimer Main Street Small Cap Fund/VA Service Class	$	11.78	$	13.34		31,627.41
Oppenheimer Total Return Bond Fund/VA Service Class	$	10.28	$	10.60		60,771.60
PIMCO All Asset Portfolio Advisor Class	$	10.47	$	11.74		71,902.98
PIMCO CommodityRealReturn® Strategy Portfolio Advisor Class	$	5.40	$	5.44		270,234.20
PIMCO Emerging Markets Bond Portfolio Advisor Class	$	11.00	$	11.94		31,448.81
PIMCO Foreign Bond (USD-Hedged) Portfolio Advisor Class	$	10.49	$	10.65		11,469.36
PIMCO Global Bond Portfolio (Unhedged) Advisor Class	$	9.29	$	9.97		11,244.93
PIMCO Global Multi-Asset Managed Allocation Portfolio Advisor Class	$	9.57	$	10.79		1,106.41
PIMCO High Yield Portfolio Advisor Class	$	12.34	$	12.99		84,747.07
PIMCO Income Portfolio Advisor Class (Added 8/1/17)	$	10.00	$	10.13		40,574.76

87

LiveWell Variable Annuity

Table 1—Contract with 7-Year Optional Value Endorsement – 1.15% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2016)		Accumulation Unit Value at End of Period (12/31/2017)		Number of Accumulation Units at End of Period
PIMCO Low Duration Portfolio Advisor Class	$	10.01	$	10.02		426,271.21
PIMCO Real Return Portfolio Advisor Class	$	9.52	$	9.74		405,376.01
PIMCO Short-Term Portfolio Advisor Class	$	9.99	$	10.11		1,166,785.81
PIMCO Total Return Portfolio Advisor Class	$	10.56	$	10.94		348,900.72
PIMCO Unconstrained Bond Portfolio Advisor Class	$	10.03	$	10.40		63,442.51
Pioneer Bond VCT Portfolio Class II	$	11.08	$	11.35		1,029,646.81
Pioneer Equity Income VCT Portfolio Class II	$	17.00	$	19.35		62,429.67
Pioneer Fund VCT Portfolio Class II	$	15.36	$	18.43		9,733.36
Pioneer High Yield VCT Portfolio Class II	$	12.28	$	13.00		36,900.26
Pioneer Strategic Income VCT Portfolio Class II	$	11.14	$	11.54		250,204.51
Power Dividend Index VIT Fund Class 1 (Added 8/1/17)	$	10.00	$	10.69		14,194.53
Power Income VIT Fund Class 2	$	9.98	$	10.08		1,397.29
Prudential Series Fund Jennison 20/20 Focus Portfolio Class II	$	13.64	$	17.49		0.00
Prudential Series Fund Natural Resources Portfolio Class II	$	6.24	$	6.13		8,938.50
Prudential Series Fund SP Prudential U.S. Emerging Growth Portfolio Class II	$	13.73	$	16.55		10,597.77
QS Legg Mason Dynamic Multi-Strategy VIT Portfolio Class II	$	11.34	$	12.76		5,738.71
Royce Capital Fund - Micro-Cap Portfolio Service Class	$	10.74	$	11.15		16,742.54
Royce Capital Fund - Small-Cap Portfolio Service Class	$	14.21	$	14.77		383,622.12
Rydex VIF Biotechnology Fund	$	16.21	$	20.74		29,187.36
Rydex VIF S&P 500 Pure Growth Fund	$	15.92	$	19.58		21,375.19
Rydex VIF S&P MidCap 400 Pure Growth Fund	$	13.20	$	15.50		12,086.17
T. Rowe Price Blue Chip Growth Portfolio-II	$	9.83	$	13.20		138,723.33
T. Rowe Price Health Sciences Portfolio-II	$	8.02	$	10.09		50,836.05
Templeton Developing Markets Fund Class 2	$	8.06	$	11.19		31,792.16
Templeton Foreign VIP Fund Class 2	$	10.98	$	12.67		640,110.66
Templeton Global Bond VIP Fund Class 2	$	10.35	$	10.42		422,174.74
VanEck VIP Global Hard Assets Fund S	$	7.98	$	7.73		54,300.38
Western Asset Core Bond Plus Portfolio Class II	$	10.14	$	10.59		1,610,769.98
Western Asset Variable Global High Yield Bond Portfolio Class II	$	11.84	$	12.69		23,767.24
Table 2—Contract Only – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2016)		Accumulation Unit Value at End of Period (12/31/2017)		Number of Accumulation Units at End of Period
2017
AB VPS Dynamic Asset Allocation Portfolio B	$	11.45	$	12.92		36,461.85
AB VPS Real Estate Investment Portfolio B	$	13.84	$	14.52		190,700.57
AB VPS Small Cap Growth Portfolio B	$	13.82	$	18.24		1,140.78
AB VPS Small/Mid Cap Value Portfolio B	$	17.59	$	19.59		64,868.61
Alger Capital Appreciation Portfolio Class S	$	15.87	$	20.48		319,678.83
ALPS | Alerian Energy Infrastructure Portfolio Class III	$	8.12	$	7.94		113,639.73
ALPS | Red Rocks Listed Private Equity Class III	$	9.70	$	11.96		107,001.47
American Century VP Inflation Protection Fund II	$	9.15	$	9.36		93,611.57
American Century VP Mid Cap Value Fund II	$	17.78	$	19.55		584,826.20
American Century VP Ultra Fund II	$	15.34	$	19.98		51,383.52
American Century VP Value Fund II	$	16.28	$	17.44		2,588,290.28
American Funds IS Asset Allocation Fund Class 4	$	10.89	$	12.46		1,164,307.50
American Funds IS Blue Chip Income and Growth Fund Class 4	$	11.76	$	13.54		1,016,215.27

88

LiveWell Variable Annuity

Table 2—Contract Only – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2016)		Accumulation Unit Value at End of Period (12/31/2017)		Number of Accumulation Units at End of Period
American Funds IS Capital Income Builder® Class 4	$	9.69	$	10.77		930,362.96
American Funds IS Global Growth Fund Class 4	$	10.35	$	13.39		117,429.63
American Funds IS Global Growth and Income Fund Class 4	$	10.15	$	12.61		326,138.64
American Funds IS Global Small Capitalization Fund Class 4	$	9.65	$	11.96		46,694.34
American Funds IS Growth Fund Class 4	$	11.63	$	14.68		138,201.06
American Funds IS Growth-Income Fund Class 4	$	11.19	$	13.48		250,247.72
American Funds IS International Fund Class 4	$	8.96	$	11.66		125,208.21
American Funds IS International Growth and Income Fund Class 4	$	8.52	$	10.48		154,211.49
American Funds IS New World Fund® Class 4	$	8.60	$	10.96		496,469.80
American Funds IS U.S. Government/AAA-Rated Securities Fund Class 4	$	10.03	$	10.02		285,803.63
American Funds IS Ultra-Short Bond Fund Class 4	$	9.54	$	9.43		831,771.09
BlackRock Advantage Large Cap Core V.I. Fund Class III	$	15.54	$	18.70		17,815.72
BlackRock Basic Value V.I. Fund Class III	$	16.09	$	17.15		154,039.74
BlackRock Equity Dividend V.I. Fund Class III	$	15.41	$	17.71		646,311.84
BlackRock Global Allocation V.I. Fund Class III	$	11.42	$	12.82		870,819.03
BlackRock iShares® Alternative Strategies V.I. Fund Class III	$	10.12	$	11.23		63,328.18
BlackRock iShares® Dynamic Allocation V.I. Fund Class III	$	9.75	$	11.04		52,949.06
BlackRock iShares® Equity Appreciation V.I. Fund Class III	$	9.51	$	11.41		14,677.51
BlackRock Large Cap Focus Growth V.I. Fund Class III	$	15.89	$	20.26		118,939.76
Calvert VP S&P 500 Index Portfolio	$	15.82	$	18.96		4,945.74
Calvert VP SRI Mid Cap Portfolio	$	14.16	$	15.60		21,659.60
ClearBridge Variable Aggressive Growth Portfolio Class II	$	9.21	$	10.54		15,403.22
ClearBridge Variable Dividend Strategy Portfolio Class II	$	14.75	$	17.32		412,641.82
ClearBridge Variable Large Cap Growth II (Added 8/1/17)	$	10.00	$	10.92		102,818.87
ClearBridge Variable Mid Cap Portfolio Class II	$	16.01	$	17.78		184,383.51
ClearBridge Variable Small Cap Growth Portfolio Class II	$	14.45	$	17.67		71,236.18
Columbia Variable Portfolio Contrarian Core Fund Share Class 2	$	13.10	$	15.71		107,161.46
Columbia Variable Portfolio Dividend Opportunity Fund Share Class 2	$	12.26	$	13.80		93,478.33
Columbia Variable Portfolio Emerging Markets Bond Fund Share Class 2	$	10.59	$	11.67		656,054.40
Columbia Variable Portfolio High Yield Bond Fund Share Class 2	$	11.20	$	11.73		518,060.73
Columbia Variable Portfolio Select Large-Cap Value Fund Class 2 (Added 8/1/17)	$	10.00	$	11.18		7,124.36
Columbia Variable Portfolio Seligman Global Tech Fund Class 2 (Added 8/1/17)	$	10.00	$	10.82		25,912.59
Columbia Variable Portfolio US Government Mortgage Fund Class 2 (Added 8/1/17)	$	10.00	$	9.96		2,658.11
Deutsche Alternative Asset Allocation VIP-B	$	9.94	$	10.49		115,040.78
Deutsche CROCI® U.S. VIP-B	$	12.16	$	14.69		14,869.94
Deutsche Equity 500 Index VIP-B	$	15.66	$	18.71		530,400.83
Deutsche Global Small Cap VIP-B	$	12.67	$	14.95		35,858.50
Deutsche Small Cap Index VIP-B	$	15.89	$	17.88		143,155.00
Deutsche Small Mid Cap Value VIP-B	$	15.33	$	16.66		202,477.31
Eaton Vance VT Floating-Rate Income Fund	$	11.07	$	11.30		1,928,506.46
Fidelity® VIP Contrafund® Portfolio Service Class 2	$	15.56	$	18.66		307,943.44
Fidelity® VIP Emerging Markets Portfolio Service Class 2	$	9.16	$	13.29		211,539.52
Fidelity® VIP FundsManager 50% Portfolio Service Class 2	$	11.91	$	13.42		76,039.00
Fidelity® VIP FundsManager 70% Portfolio Service Class 2	$	12.82	$	15.05		64,539.52
Fidelity® VIP FundsManager 85% Portfolio Service Class 2	$	13.53	$	16.40		37,270.16
Fidelity® VIP Government Money Market Portfolio Service Class 2	$	9.37	$	9.29		1,903,208.05
Fidelity® VIP High Income Portfolio Service Class 2	$	11.88	$	12.53		576,251.67

89

LiveWell Variable Annuity

Table 2—Contract Only – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2016)		Accumulation Unit Value at End of Period (12/31/2017)		Number of Accumulation Units at End of Period
Fidelity® VIP Mid Cap Portfolio Service Class 2	$	15.14	$	18.00		196,806.94
Fidelity® VIP Overseas Portfolio Service Class 2	$	11.53	$	14.78		38,914.81
Fidelity® VIP Real Estate Portfolio Service Class 2	$	14.99	$	15.35		555,873.07
Fidelity® VIP Strategic Income Portfolio Service Class 2	$	10.94	$	11.61		564,925.20
Fidelity® VIP Value Strategies Portfolio Service Class 2	$	15.28	$	17.95		182,306.15
First Investors Life Series Covered Call Strategy Fund1	$	10.00	$	10.48		0.00
First Investors Life Series International Fund	$	9.86	$	12.94		36,177.35
First Investors Life Series Opportunity Fund	$	10.64	$	12.50		429,282.68
First Investors Life Series Total Return Fund	$	11.20	$	12.35		30,805.25
Franklin Income VIP Fund Class 2	$	12.14	$	13.13		1,013,195.28
Franklin Mutual Global Discovery VIP Fund Class 2	$	13.93	$	14.93		268,577.10
Franklin Mutual Shares VIP Fund Class 2	$	15.10	$	16.14		276,919.40
Franklin Rising Dividends VIP Fund Class 2	$	15.80	$	18.80		443,104.93
Guggenheim VIF Global Managed Futures Strategy Fund	$	8.31	$	8.91		18,322.06
Guggenheim VIF Long Short Equity Fund	$	11.44	$	12.97		21,174.87
Guggenheim VIF Multi-Hedge Strategies Fund	$	10.22	$	10.45		90,444.25
Guggenheim VIF Small Cap Value Series Q	$	15.45	$	15.80		44,461.45
Ivy VIP Asset Strategy	$	10.40	$	12.13		465,094.37
Ivy VIP Balanced	$	12.75	$	14.01		804,806.49
Ivy VIP Energy	$	10.11	$	8.71		169,595.09
Ivy VIP Global Bond	$	10.13	$	10.42		90,551.93
Ivy VIP Global Equity Income Formerly Ivy VIP Dividend Opportunities	$	14.52	$	16.55		105,566.58
Ivy VIP Global Growth	$	12.04	$	14.80		48,829.26
Ivy VIP Growth	$	16.00	$	20.42		154,263.99
Ivy VIP High Income	$	11.03	$	11.61		3,043,954.60
Ivy VIP International Core Equity	$	12.08	$	14.68		209,156.19
Ivy VIP Mid Cap Growth	$	13.32	$	16.68		131,610.93
Ivy VIP Natural Resources	$	7.57	$	7.69		179,951.11
Ivy VIP Science and Technology	$	16.26	$	21.19		143,766.43
Ivy VIP Small Cap Core	$	17.35	$	19.46		401,941.73
Ivy VIP Small Cap Growth	$	13.04	$	15.84		193,442.72
Janus Henderson Balanced Portfolio Service Shares	$	13.34	$	15.55		334,914.56
Janus Henderson Enterprise Portfolio Service Shares	$	13.66	$	17.13		125,840.55
Janus Henderson Flexible Bond Portfolio Service Shares	$	10.54	$	10.75		265,808.35
Janus Henderson Global Research Portfolio Service Shares	$	13.35	$	16.69		9,577.83
Janus Henderson Global Technology Portfolio Service Shares	$	17.02	$	24.33		147,847.25
Janus Henderson Global Unconstrained Bond Portfolio Service Shares	$	9.99	$	10.02		84,972.95
Janus Henderson Mid Cap Value Portfolio Service Shares	$	14.79	$	16.58		118,940.35
Janus Henderson Overseas Portfolio Service Shares	$	7.34	$	9.47		13,076.03
Janus Henderson Research Portfolio Service Shares	$	15.13	$	19.04		11,415.68
Lazard Retirement Global Dynamic Multi Asset Portfolio Service Shares	$	11.98	$	14.24		95,342.40
Lazard Retirement International Equity Portfolio Service Shares	$	11.22	$	13.54		76,900.22
Lord Abbett Series Fund Bond Debenture Portfolio VC	$	12.03	$	12.96		1,040,571.59
Lord Abbett Series Fund Developing Growth Portfolio VC	$	13.10	$	16.79		39,671.54
Lord Abbett Series Fund Fundamental Equity Portfolio VC	$	15.53	$	17.25		42,542.92
Lord Abbett Series Fund Short Duration Income Portfolio VC	$	10.08	$	10.17		626,688.72
MFS VIT II Blended Research Core Equity Portfolio Service Class	$	10.27	$	12.20		29,955.41
MFS VIT II Corporate Bond Portfolio Service Class	$	10.60	$	11.10		232,785.17
MFS VIT II Emerging Markets Equity Portfolio Service Class	$	8.29	$	11.26		67,600.16

90

LiveWell Variable Annuity

Table 2—Contract Only – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2016)		Accumulation Unit Value at End of Period (12/31/2017)		Number of Accumulation Units at End of Period
MFS VIT II Global Tactical Allocation Portfolio Service Class	$	11.55	$	12.60		55,537.37
MFS VIT II International Value Portfolio Service Class	$	14.52	$	18.16		273,141.13
MFS VIT II Technology Portfolio Service Class	$	16.46	$	22.52		86,067.10
MFS VIT New Discovery Portfolio Service Class	$	13.48	$	16.80		51,538.60
MFS VIT Utilities Portfolio Service Class	$	13.09	$	14.79		170,736.80
Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class	$	11.07	$	14.03		8,950.36
Oppenheimer Global Fund/VA Service Class	$	9.86	$	13.27		68,404.04
Oppenheimer Global Multi-Alternatives Fund/VA Service Class	$	9.45	$	9.34		3,327.06
Oppenheimer International Growth Fund/VA Service Class	$	9.03	$	11.27		795,940.95
Oppenheimer Main Street Fund/VA Service Class	$	11.51	$	13.17		72,516.90
Oppenheimer Main Street Small Cap Fund/VA Service Class	$	11.72	$	13.25		87,827.00
Oppenheimer Total Return Bond Fund/VA Service Class	$	10.23	$	10.53		130,709.49
PIMCO All Asset Portfolio Advisor Class	$	10.42	$	11.66		344,843.06
PIMCO CommodityRealReturn® Strategy Portfolio Advisor Class	$	5.37	$	5.41		666,306.28
PIMCO Emerging Markets Bond Portfolio Advisor Class	$	10.95	$	11.86		60,709.72
PIMCO Foreign Bond (USD-Hedged) Portfolio Advisor Class	$	10.46	$	10.60		58,879.49
PIMCO Global Bond Portfolio (Unhedged) Advisor Class	$	9.24	$	9.90		20,230.71
PIMCO Global Multi-Asset Managed Allocation Portfolio Advisor Class	$	9.53	$	10.72		34,060.10
PIMCO High Yield Portfolio Advisor Class	$	12.28	$	12.90		442,235.48
PIMCO Income Portfolio Advisor Class (Added 8/1/17)	$	10.00	$	10.12		513,952.99
PIMCO Low Duration Portfolio Advisor Class	$	9.96	$	9.95		1,476,787.61
PIMCO Real Return Portfolio Advisor Class	$	9.47	$	9.68		1,219,061.45
PIMCO Short-Term Portfolio Advisor Class	$	9.95	$	10.04		3,177,219.40
PIMCO Total Return Portfolio Advisor Class	$	10.51	$	10.87		2,422,965.77
PIMCO Unconstrained Bond Portfolio Advisor Class	$	10.00	$	10.35		151,328.16
Pioneer Bond VCT Portfolio Class II	$	11.03	$	11.28		2,284,291.20
Pioneer Equity Income VCT Portfolio Class II	$	16.91	$	19.22		191,140.79
Pioneer Fund VCT Portfolio Class II	$	15.28	$	18.30		30,076.03
Pioneer High Yield VCT Portfolio Class II	$	12.23	$	12.91		117,163.33
Pioneer Strategic Income VCT Portfolio Class II	$	11.09	$	11.46		909,982.45
Power Dividend Index VIT Fund Class 1 (Added 8/1/17)	$	10.00	$	10.68		174,238.16
Power Income VIT Fund Class 2	$	9.93	$	10.01		118,591.62
Prudential Series Fund Jennison 20/20 Focus Portfolio Class II	$	13.57	$	17.37		12,883.81
Prudential Series Fund Natural Resources Portfolio Class II	$	6.21	$	6.09		21,442.83
Prudential Series Fund SP Prudential U.S. Emerging Growth Portfolio Class II	$	13.66	$	16.44		20,104.92
QS Legg Mason Dynamic Multi-Strategy VIT Portfolio Class II	$	11.28	$	12.67		29,619.31
Royce Capital Fund - Micro-Cap Portfolio Service Class	$	10.68	$	11.07		33,238.29
Royce Capital Fund - Small-Cap Portfolio Service Class	$	14.14	$	14.67		783,548.24
Rydex VIF Biotechnology Fund	$	16.13	$	20.60		43,318.61
Rydex VIF S&P 500 Pure Growth Fund	$	15.84	$	19.44		42,089.94
Rydex VIF S&P MidCap 400 Pure Growth Fund	$	13.14	$	15.40		19,329.89
T. Rowe Price Blue Chip Growth Portfolio-II	$	9.80	$	13.14		371,282.85
T. Rowe Price Health Sciences Portfolio-II	$	8.00	$	10.05		118,079.04
Templeton Developing Markets Fund Class 2	$	8.02	$	11.11		388,301.58
Templeton Foreign VIP Fund Class 2	$	10.93	$	12.58		1,695,400.10
Templeton Global Bond VIP Fund Class 2	$	10.30	$	10.35		1,245,351.00
VanEck VIP Global Hard Assets Fund S	$	7.94	$	7.68		35,520.27
Western Asset Core Bond Plus Portfolio Class II	$	10.11	$	10.54		5,099,262.45
Western Asset Variable Global High Yield Bond Portfolio Class II	$	11.78	$	12.60		76,664.96

91

LiveWell Variable Annuity

Table 1—Contract with 7-Year Optional Value Endorsement – 1.15% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2015)		Accumulation Unit Value at End of Period (12/31/2016)		Number of Accumulation Units at End of Period
2016
AB VPS Dynamic Asset Allocation Portfolio B	$	11.26	$	11.51		71,017.52
AB VPS Real Estate Investment Portfolio B	$	13.10	$	13.90		216,735.92
AB VPS Small Cap Growth Portfolio B	$	13.23	$	13.89		2,802.74
AB VPS Small/Mid Cap Value Portfolio B	$	14.33	$	17.68		101,490.85
Alger Capital Appreciation Portfolio Class S	$	16.10	$	15.95		433,058.35
ALPS | Alerian Energy Infrastructure Portfolio Class III	$	5.86	$	8.16		177,793.16
ALPS | Red Rocks Listed Private Equity Class III	$	9.12	$	9.73		27,269.40
American Century VP Inflation Protection Fund II	$	8.91	$	9.20		112,090.13
American Century VP Mid Cap Value Fund II	$	14.73	$	17.87		679,885.26
American Century VP Ultra Fund II	$	14.94	$	15.41		41,537.34
American Century VP Value Fund II	$	13.76	$	16.36		3,187,501.41
American Funds IS Asset Allocation Fund Class 4	$	10.14	$	10.94		894,211.21
American Funds IS Blue Chip Income and Growth Fund Class 4	$	10.09	$	11.82		1,047,861.29
American Funds IS Capital Income Builder® Class 4	$	9.49	$	9.74		831,361.54
American Funds IS Global Growth Fund Class 4	$	10.48	$	10.40		114,621.71
American Funds IS Global Growth and Income Fund Class 4	$	9.64	$	10.20		321,313.86
American Funds IS Global Small Capitalization Fund Class 4	$	9.63	$	9.69		68,063.17
American Funds IS Growth Fund Class 4	$	10.82	$	11.68		105,786.20
American Funds IS Growth-Income Fund Class 4	$	10.23	$	11.25		233,967.95
American Funds IS International Fund Class 4	$	8.83	$	9.01		128,803.00
American Funds IS International Growth and Income Fund Class 4	$	8.56	$	8.56		132,671.41
American Funds IS New World Fund® Class 4	$	8.33	$	8.65		611,343.83
American Funds IS U.S. Government/AAA-Rated Securities Fund Class 4	$	10.09	$	10.08		646,373.93
American Funds IS Ultra-Short Bond Fund Class 4	$	9.74	$	9.59		1,153,454.34
BlackRock Advantage Large Cap Core V.I. Fund Class III Formerly BlackRock Large Cap Core V.I. Fund Class III	$	14.33	$	15.62		27,020.52
BlackRock Basic Value V.I. Fund Class III	$	13.89	$	16.17		202,448.69
BlackRock Capital Appreciation V.I. Fund Class III	$	14.98	$	14.79		87,035.44
BlackRock Equity Dividend V.I. Fund Class III	$	13.50	$	15.48		571,275.46
BlackRock Global Allocation V.I. Fund Class III	$	11.19	$	11.48		1,064,997.60
BlackRock iShares® Alternative Strategies V.I. Fund Class III	$	9.68	$	10.17		75,052.84
BlackRock iShares® Dynamic Allocation V.I. Fund Class III	$	9.34	$	9.80		36,689.26
BlackRock iShares® Dynamic Fixed Income V.I. Fund Class III	$	9.76	$	9.97		52,764.92
BlackRock iShares® Equity Appreciation V.I. Fund Class III	$	8.86	$	9.56		30,156.95
BlackRock Large Cap Focus Growth V.I. Fund Class III Formerly BlackRock Large Cap Growth V.I. Fund Class III	$	15.02	$	15.97		113,299.22
Calvert VP S&P 500 Index Portfolio	$	14.41	$	15.90		5,784.65
Calvert VP SRI Mid Cap Portfolio	$	13.42	$	14.23		35,818.43
ClearBridge Variable Aggressive Growth Portfolio Class II	$	9.26	$	9.24		22,530.43
ClearBridge Variable Dividend Strategy Portfolio Class II	$	13.06	$	14.82		307,592.01

Table 1 - Contract with 7-Year Optional Value Endorsement – 1.15% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2015)		Accumulation Unit Value at End of Period (12/31/2016)		Number of Accumulation Units at End of Period
ClearBridge Variable Mid Cap Portfolio Class II	$	14.92	$	16.09		152,973.11
ClearBridge Variable Small Cap Growth Portfolio Class II	$	13.92	$	14.52		59,371.29
Columbia Variable Portfolio Contrarian Core Fund Share Class 2	$	12.29	$	13.17		84,745.02
Columbia Variable Portfolio Dividend Opportunity Fund Share Class 2	$	10.98	$	12.31		136,316.66
Columbia Variable Portfolio Emerging Markets Bond Fund Share Class 2	$	9.69	$	10.64		754,283.30
Columbia Variable Portfolio High Yield Bond Fund Share Class 2	$	10.19	$	11.25		637,739.72
Deutsche Alternative Asset Allocation VIP-B	$	9.62	$	9.98		166,368.45
Deutsche CROCI® U.S. VIP-B Formerly Deutsche Large Cap Value VIP-B	$	12.96	$	12.22		20,968.70

92

LiveWell Variable Annuity

Table 1—Contract with 7-Year Optional Value Endorsement – 1.15% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2015)		Accumulation Unit Value at End of Period (12/31/2016)		Number of Accumulation Units at End of Period
Deutsche Equity 500 Index VIP-B	$	14.30	$	15.74		692,357.95
Deutsche Global Small Cap VIP-B	$	12.71	$	12.73		38,933.76
Deutsche Small Cap Index VIP-B	$	13.38	$	15.97		164,075.76
Deutsche Small Mid Cap Value VIP-B	$	13.38	$	15.40		135,165.30
Eaton Vance VT Floating-Rate Income Fund	$	10.33	$	11.13		2,034,620.43
Fidelity® VIP Contrafund® Portfolio Service Class 2	$	14.68	$	15.63		304,222.69
Fidelity® VIP Emerging Markets Portfolio Service Class 2	$	9.04	$	9.20		161,066.39
Fidelity® VIP FundsManager 50% Portfolio Service Class 2	$	11.63	$	11.97		201,874.19
Fidelity® VIP FundsManager 70% Portfolio Service Class 2	$	12.43	$	12.89		138,498.09
Fidelity® VIP FundsManager 85% Portfolio Service Class 2	$	13.04	$	13.59		50,976.41
Fidelity® VIP Government Money Market Portfolio Service Class 2	$	9.52	$	9.42		2,229,175.19
Fidelity® VIP High Income Portfolio Service Class 2	$	10.58	$	11.94		764,551.40
Fidelity® VIP Mid Cap Portfolio Service Class 2	$	13.75	$	15.21		259,909.45
Fidelity® VIP Overseas Portfolio Service Class 2	$	12.37	$	11.58		53,274.95
Fidelity® VIP Real Estate Portfolio Service Class 2	$	14.45	$	15.07		730,177.98
Fidelity® VIP Strategic Income Portfolio Service Class 2	$	10.30	$	10.99		532,420.97
Fidelity® VIP Value Strategies Portfolio Service Class 2	$	14.21	$	15.35		179,350.94
First Investors Life Series International Fund	$	10.46	$	9.91		11,278.31
First Investors Life Series Opportunity Fund	$	9.99	$	10.69		689,988.03
First Investors Life Series Total Return Fund	$	10.68	$	11.26		30,745.23
Franklin Income VIP Fund Class 2	$	10.82	$	12.20		1,014,188.34
Franklin Mutual Global Discovery VIP Fund Class 2	$	12.63	$	14.00		278,124.66
Franklin Mutual Shares VIP Fund Class 2	$	13.23	$	15.18		306,576.84
Franklin Rising Dividends VIP Fund Class 2	$	13.84	$	15.88		509,811.47
Guggenheim VIF Global Managed Futures Strategy Fund	$	9.91	$	8.35		29,517.75
Guggenheim VIF Long Short Equity Fund	$	11.56	$	11.50		29,492.25
Guggenheim VIF Multi-Hedge Strategies Fund	$	10.44	$	10.27		145,477.59
Guggenheim VIF Small Cap Value Series Q	$	12.40	$	15.52		68,234.01
Ivy VIP Asset Strategy	$	10.85	$	10.45		651,754.08
Ivy VIP Balanced	$	12.70	$	12.81		1,082,981.51
Ivy VIP Dividend Opportunities	$	13.80	$	14.59		153,539.48
Ivy VIP Energy	$	7.64	$	10.16		262,781.47
Ivy VIP Global Bond	$	9.62	$	10.18		148,447.72
Ivy VIP Global Growth	$	12.63	$	12.10		82,161.38
Ivy VIP Growth	$	16.07	$	16.08		208,144.63
Ivy VIP High Income	$	9.65	$	11.08		3,724,951.54
Ivy VIP International Core Equity	$	12.15	$	12.14		305,269.28
Ivy VIP Mid Cap Growth	$	12.76	$	10.45		651,754.08
Ivy VIP Natural Resources Formerly Ivy VIP Global Natural Resources	$	6.21	$	7.60		116,104.57
Ivy VIP Science and Technology	$	16.28	$	16.34		201,779.46
Ivy VIP Small Cap Core Formerly Ivy VIP Small Cap Value	$	13.68	$	17.43		457,605.41
Ivy VIP Small Cap Growth	$	12.88	$	13.10		242,548.87
Janus Henderson Balanced Portfolio Service Shares	$	13.00	$	13.40		323,233.52
Janus Henderson Enterprise Portfolio Service Shares	$	12.39	$	13.73		86,226.11
Janus Henderson Flexible Bond Portfolio Service Shares	$	10.48	$	10.59		341,644.12
Janus Henderson Global Research Portfolio Service Shares	$	13.33	$	13.42		14,375.93
Janus Henderson Global Technology Portfolio Service Shares	$	15.19	$	17.10		134,518.36

93

LiveWell Variable Annuity

Table 1—Contract with 7-Year Optional Value Endorsement – 1.15% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2015)		Accumulation Unit Value at End of Period (12/31/2016)		Number of Accumulation Units at End of Period
Janus Henderson Global Unconstrained Bond Portfolio Service Shares	$	9.68	$	10.01		95,007.44
Janus Henderson Mid Cap Value Portfolio Service Shares Formerly Janus Aspen Perkins Mid Cap Value Portfolio Service Shares	$	12.66	$	14.86		158,314.46
Janus Henderson Overseas Portfolio5 Service Shares	$	7.99	$	7.37		16,159.85
Janus Henderson Research Portfolio Service Shares Formerly Janus Aspen Janus Portfolio Service Shares	$	15.33	$	15.20		16,444.76
Lazard Retirement Global Dynamic Multi Asset Portfolio Service Shares	$	11.79	$	12.04		152,840.54
Lazard Retirement International Equity Portfolio Service Shares	$	11.91	$	11.27		43,048.66
Lord Abbett Series Fund Bond Debenture Portfolio VC	$	10.91	$	12.09		998,594.66
Lord Abbett Series Fund Developing Growth Portfolio VC	$	13.67	$	13.16		59,623.45
Lord Abbett Series Fund Fundamental Equity Portfolio VC	$	13.64	$	15.61		77,791.10
Lord Abbett Series Fund Short Duration Income Portfolio VC	$	9.89	$	10.11		462,842.74
MFS VIT II Blended Research Core Equity Portfolio Service Class	$	9.63	$	10.30		10,605.16
MFS VIT II Corporate Bond Portfolio Service Class	$	10.17	$	10.65		227,632.33
MFS VIT II Emerging Markets Equity Portfolio Service Class	$	7.73	$	8.33		31,359.40
MFS VIT II Global Tactical Allocation Portfolio Service Class	$	11.08	$	11.61		66,251.48
MFS VIT II International Value Portfolio Service Class	$	14.21	$	14.59		289,643.08
MFS VIT II Technology Portfolio Service Class	$	15.44	$	16.54		141,621.65
MFS VIT New Discovery Portfolio Service Class	$	12.60	$	13.55		67,729.55
MFS VIT Utilities Portfolio Service Class	$	11.96	$	13.15		230,892.25
Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class	$	11.02	$	11.12		11,019.18
Oppenheimer Global Fund/VA Service Class	$	10.04	$	9.91		29,063.95
Oppenheimer Global Multi-Alternatives Fund/VA Service Class	$	9.28	$	9.50		24,807.19
Oppenheimer International Growth Fund/VA Service Class	$	9.44	$	9.07		534,562.84
Oppenheimer Main Street Fund/VA Service Class	$	10.52	$	11.57		71,255.72
Oppenheimer Main Street Small Cap Fund/VA Service Class	$	10.13	$	11.78		100,137.48
Oppenheimer Total Return Bond Fund/VA Service Class Formerly Oppenheimer Core Bond Fund	$	10.09	$	10.28		248,780.54
PIMCO All Asset Portfolio Advisor Class	$	9.38	$	10.47		430,127.24
PIMCO CommodityRealReturn® Strategy Portfolio Advisor Class	$	4.75	$	5.40		896,054.79
PIMCO Emerging Markets Bond Portfolio Advisor Class	$	9.83	$	11.00		73,183.97
PIMCO Foreign Bond (USD-Hedged) Portfolio Advisor Class	$	9.98	$	10.49		39,542.15
PIMCO Global Bond Portfolio (Unhedged) Advisor Class	$	9.04	$	9.29		32,869.63
PIMCO Global Multi-Asset Managed Allocation Portfolio Advisor Class	$	9.32	$	9.57		29,561.30
PIMCO High Yield Portfolio Advisor Class	$	11.11	$	12.34		412,742.24
PIMCO Low Duration Portfolio Advisor Class	$	9.99	$	10.01		1,762,411.55
PIMCO Real Return Portfolio Advisor Class	$	9.16	$	9.52		1,506,019.84
PIMCO Short-Term Portfolio Advisor Class	$	9.89	$	9.99		4,353,489.27
PIMCO Total Return Portfolio Advisor Class	$	10.41	$	10.56		2,589,129.38
PIMCO Unconstrained Bond Portfolio Advisor Class	$	9.70	$	10.03		181,032.16
Pioneer Bond VCT Portfolio Class II	$	10.78	$	11.08		2,652,195.79
Pioneer Equity Income VCT Portfolio Class II	$	14.38	$	17.00		139,701.32
Pioneer Fund VCT Portfolio Class II	$	14.17	$	15.36		25,308.08
Pioneer High Yield VCT Portfolio Class II	$	10.92	$	12.28		159,677.64
Pioneer Strategic Income VCT Portfolio Class II	$	10.50	$	11.14		917,803.49
Power Income VIT Fund Class 2	$	9.67	$	9.98		121,564.52
Prudential Series Fund Jennison 20/20 Focus Portfolio Class II	$	13.63	$	13.64		18,431.40
Prudential Series Fund Natural Resources Portfolio Class II	$	5.05	$	6.24		29,560.53
Prudential Series Fund SP Prudential U.S. Emerging Growth Portfolio Class II	$	13.38	$	13.73		33,602.99
QS Legg Mason Dynamic Multi-Strategy VIT Portfolio Class II	$	11.52	$	11.34		40,798.36

94

LiveWell Variable Annuity

Table 1—Contract with 7-Year Optional Value Endorsement – 1.15% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2015)		Accumulation Unit Value at End of Period (12/31/2016)		Number of Accumulation Units at End of Period
Royce Capital Fund - Micro-Cap Portfolio Service Class	$	9.10	$	10.74		43,874.06
Royce Capital Fund - Small-Cap Portfolio Service Class	$	11.93	$	14.21		1,172,492.54
Rydex VIF Biotechnology Fund	$	20.41	$	16.21		76,029.36
Rydex VIF S&P 500 Pure Growth Fund	$	15.70	$	15.92		47,037.39
Rydex VIF S&P MidCap 400 Pure Growth Fund	$	13.00	$	13.20		26,076.72
T. Rowe Price Blue Chip Growth Portfolio-II	$	9.89	$	9.83		242,555.62
T. Rowe Price Health Sciences Portfolio-II	$	9.09	$	8.02		91,339.88
Templeton Developing Markets Fund Class 2	$	6.94	$	8.06		471,459.96
Templeton Foreign VIP Fund Class 2	$	10.36	$	10.98		2,031,836.62
Templeton Global Bond VIP Fund Class 2	$	10.17	$	10.35		1,558,314.12
VanEck VIP Global Hard Assets Fund S	$	5.63	$	7.98		100,112.65
Western Asset Core Bond Plus Portfolio Class II	$	9.84	$	10.14		3,345,131.71
Western Asset Variable Global High Yield Bond Portfolio Class II	$	10.38	$	11.84		43,169.23

Table 2—Contract Only – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2015)		Accumulation Unit Value at End of Period (12/31/2016)		Number of Accumulation Units at End of Period
2016
AB VPS Dynamic Asset Allocation Portfolio B	$	11.23	$	11.45		71,017.52
AB VPS Real Estate Investment Portfolio B	$	13.06	$	13.84		216,735.92
AB VPS Small Cap Growth Portfolio B	$	13.19	$	13.82		2,802.74
AB VPS Small/Mid Cap Value Portfolio B	$	14.29	$	17.59		101,490.85
Alger Capital Appreciation Portfolio Class S	$	16.05	$	15.87		433,058.35
ALPS | Alerian Energy Infrastructure Portfolio Class III	$	5.84	$	8.12		177,793.16
ALPS | Red Rocks Listed Private Equity Class III	$	9.11	$	9.70		27,269.40
American Century VP Inflation Protection Fund II	$	8.89	$	9.15		112,090.13
American Century VP Mid Cap Value Fund II	$	14.69	$	17.78		679,885.26
American Century VP Ultra Fund II	$	14.90	$	15.34		41,537.34
American Century VP Value Fund II	$	13.72	$	16.28		3,187,501.41
American Funds IS Asset Allocation Fund Class 4	$	10.11	$	10.89		894,211.21
American Funds IS Blue Chip Income and Growth Fund Class 4	$	10.06	$	11.76		1,047,861.29
American Funds IS Capital Income Builder® Class 4	$	9.47	$	9.69		831,361.54
American Funds IS Global Growth Fund Class 4	$	10.45	$	10.35		114,621.71
American Funds IS Global Growth and Income Fund Class 4	$	9.62	$	10.15		321,313.86
American Funds IS Global Small Capitalization Fund Class 4	$	9.60	$	9.65		68,063.17
American Funds IS Growth Fund Class 4	$	10.79	$	11.63		105,786.20
American Funds IS Growth-Income Fund Class 4	$	10.20	$	11.19		233,967.95
American Funds IS International Fund Class 4	$	8.80	$	8.96		128,803.00
American Funds IS International Growth and Income Fund Class 4	$	8.53	$	8.52		132,671.41
American Funds IS New World Fund® Class 4	$	8.30	$	8.60		611,343.83
American Funds IS U.S. Government/AAA-Rated Securities Fund Class 4	$	10.06	$	10.03		646,373.93
American Funds IS Ultra-Short Bond Fund Class 4	$	9.71	$	9.54		1,153,454.34
BlackRock Advantage Large Cap Core V.I. Fund Class III Formerly BlackRock Large Cap Core V.I. Fund Class III	$	14.29	$	15.54		27,020.52
BlackRock Basic Value V.I. Fund Class III	$	13.85	$	16.09		202,448.69
BlackRock Capital Appreciation V.I. Fund Class III	$	14.94	$	14.72		87,035.44
BlackRock Equity Dividend V.I. Fund Class III	$	13.46	$	15.41		571,275.46

95

LiveWell Variable Annuity

Table 2—Contract Only – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2015)		Accumulation Unit Value at End of Period (12/31/2016)		Number of Accumulation Units at End of Period
BlackRock Global Allocation V.I. Fund Class III	$	11.16	$	11.42		1,064,997.60
BlackRock iShares® Alternative Strategies V.I. Fund Class III	$	9.66	$	10.12		75,052.84
BlackRock iShares® Dynamic Allocation V.I. Fund Class III	$	9.31	$	9.75		36,689.26
BlackRock iShares® Dynamic Fixed Income V.I. Fund Class III	$	9.74	$	9.92		52,764.92
BlackRock iShares® Equity Appreciation V.I. Fund Class III	$	8.84	$	9.51		30,156.95
BlackRock Large Cap Focus Growth V.I. Fund Class III Formerly BlackRock Large Cap Growth V.I. Fund Class III	$	14.98	$	15.89		113,299.22
Calvert VP S&P 500 Index Portfolio	$	14.37	$	15.82		5,784.65
Calvert VP SRI Mid Cap Portfolio	$	13.38	$	14.16		35,818.43
ClearBridge Variable Aggressive Growth Portfolio Class II	$	9.25	$	9.21		22,530.43
ClearBridge Variable Dividend Strategy Portfolio Class II	$	13.03	$	14.75		307,592.01
ClearBridge Variable Mid Cap Portfolio Class II	$	14.88	$	16.01		152,973.11
ClearBridge Variable Small Cap Growth Portfolio Class II	$	13.88	$	14.45		59,371.29
Columbia Variable Portfolio Contrarian Core Fund Share Class 2	$	12.25	$	13.10		84,745.02
Columbia Variable Portfolio Dividend Opportunity Fund Share Class 2	$	10.95	$	12.26		136,316.66
Columbia Variable Portfolio Emerging Markets Bond Fund Share Class 2	$	9.66	$	10.59		754,283.30
Columbia Variable Portfolio High Yield Bond Fund Share Class 2	$	10.16	$	11.20		637,739.72
Deutsche Alternative Asset Allocation VIP-B	$	9.59	$	9.94		166,368.45
Deutsche CROCI® U.S. VIP-B Formerly Deutsche Large Cap Value VIP-B	$	12.92	$	12.16		20,968.70
Deutsche Equity 500 Index VIP-B	$	14.26	$	15.66		692,357.95
Deutsche Global Small Cap VIP-B	$	12.68	$	12.67		38,933.76
Deutsche Small Cap Index VIP-B	$	13.35	$	15.89		164,075.76
Deutsche Small Mid Cap Value VIP-B	$	13.34	$	15.33		135,165.30
Eaton Vance VT Floating-Rate Income Fund	$	10.30	$	11.07		2,034,620.43
Fidelity® VIP Contrafund® Portfolio Service Class 2	$	14.64	$	15.56		304,222.69
Fidelity® VIP Emerging Markets Portfolio Service Class 2	$	9.02	$	9.16		161,066.39
Fidelity® VIP FundsManager 50% Portfolio Service Class 2	$	11.60	$	11.91		201,874.19
Fidelity® VIP FundsManager 70% Portfolio Service Class 2	$	12.40	$	12.82		138,498.09
Fidelity® VIP FundsManager 85% Portfolio Service Class 2	$	13.00	$	13.53		50,976.41
Fidelity® VIP Government Money Market Portfolio4 Service Class 2	$	9.50	$	9.37		2,229,175.19
Fidelity® VIP High Income Portfolio Service Class 2	$	10.55	$	11.88		764,551.40
Fidelity® VIP Mid Cap Portfolio Service Class 2	$	13.71	$	15.14		259,909.45
Fidelity® VIP Overseas Portfolio Service Class 2	$	12.33	$	11.53		53,274.95
Fidelity® VIP Real Estate Portfolio Service Class 2	$	14.41	$	14.99		730,177.98
Fidelity® VIP Strategic Income Portfolio Service Class 2	$	10.27	$	10.94		532,420.97
Fidelity® VIP Value Strategies Portfolio Service Class 2	$	14.17	$	15.28		179,350.94
First Investors Life Series International Fund	$	10.43	$	9.86		11,278.31
First Investors Life Series Opportunity Fund	$	9.96	$	10.64		689,988.03
First Investors Life Series Total Return Fund	$	10.65	$	11.20		30,745.23
Franklin Income VIP Fund Class 2	$	10.79	$	12.14		1,014,188.34
Franklin Mutual Global Discovery VIP Fund Class 2	$	12.59	$	13.93		278,124.66
Franklin Mutual Shares VIP Fund Class 2	$	13.19	$	15.10		306,576.84
Franklin Rising Dividends VIP Fund Class 2	$	13.80	$	15.80		509,811.47
Guggenheim VIF Global Managed Futures Strategy Fund	$	9.88	$	8.31		29,517.75
Guggenheim VIF Long Short Equity Fund	$	11.52	$	11.44		29,492.25
Guggenheim VIF Multi-Hedge Strategies Fund	$	10.41	$	10.22		145,477.59
Guggenheim VIF Small Cap Value Series Q	$	12.37	$	15.45		68,234.01
Ivy VIP Asset Strategy	$	10.82	$	10.40		651,754.08
Ivy VIP Balanced	$	12.67	$	12.75		1,082,981.51

96

LiveWell Variable Annuity

Table 2—Contract Only – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2015)		Accumulation Unit Value at End of Period (12/31/2016)		Number of Accumulation Units at End of Period
Ivy VIP Dividend Opportunities	$	13.76	$	14.52		153,539.48
Ivy VIP Energy	$	7.62	$	10.11		262,781.47
Ivy VIP Global Bond	$	9.59	$	10.13		148,447.72
Ivy VIP Global Growth	$	12.59	$	12.04		82,161.38
Ivy VIP Growth	$	16.02	$	16.00		208,144.63
Ivy VIP High Income	$	9.62	$	11.03		3,724,951.54
Ivy VIP International Core Equity	$	12.12	$	12.08		305,269.28
Ivy VIP Mid Cap Growth	$	12.73	$	13.32		266,102.04
Ivy VIP Natural Resources Formerly Ivy VIP Global Natural Resources	$	6.20	$	7.57		116,104.57
Ivy VIP Science and Technology	$	16.23	$	16.26		201,779.46
Ivy VIP Small Cap Core Formerly Ivy VIP Small Cap Value	$	13.64	$	17.35		457,605.41
Ivy VIP Small Cap Growth	$	12.84	$	13.04		242,548.87
Janus Henderson Balanced Portfolio Service Shares	$	12.96	$	13.34		323,233.52
Janus Henderson Enterprise Portfolio Service Shares	$	12.35	$	13.66		86,226.11
Janus Henderson Flexible Bond Portfolio Service Shares	$	10.45	$	10.54		341,644.12
Janus Henderson Global Research Portfolio Service Shares	$	13.29	$	13.35		14,375.93
Janus Henderson Global Technology Portfolio Service Shares	$	15.15	$	17.02		134,518.36
Janus Henderson Global Unconstrained Bond Portfolio Service Shares	$	9.68	$	9.99		95,007.44
Janus Henderson Mid Cap Value Portfolio Service Shares Formerly Janus Aspen Perkins Mid Cap Value Portfolio Service Shares	$	12.62	$	14.79		158,314.46
Janus Henderson Overseas Portfolio Service Shares	$	7.97	$	7.34		16,159.85
Janus Henderson Research Portfolio Service Shares Formerly Janus Aspen Janus Portfolio Service Shares	$	15.29	$	15.13		16,444.76
Lazard Retirement Global Dynamic Multi Asset Portfolio Service Shares	$	11.75	$	11.98		152,840.54
Lazard Retirement International Equity Portfolio Service Shares	$	11.88	$	11.22		43,048.66
Lord Abbett Series Fund Bond Debenture Portfolio VC	$	10.87	$	12.03		998,594.66
Lord Abbett Series Fund Developing Growth Portfolio VC	$	13.63	$	13.10		59,623.45
Lord Abbett Series Fund Fundamental Equity Portfolio VC	$	13.60	$	15.53		77,791.10
Lord Abbett Series Fund Short Duration Income Portfolio VC	$	9.88	$	10.08		462,842.74
MFS VIT II Blended Research Core Equity Portfolio Service Class	$	9.62	$	10.27		10,605.16
MFS VIT II Corporate Bond Portfolio Service Class	$	10.14	$	10.60		227,632.33
MFS VIT II Emerging Markets Equity Portfolio Service Class	$	7.71	$	8.29		31,359.40
MFS VIT II Global Tactical Allocation Portfolio Service Class	$	11.05	$	11.55		66,251.48
MFS VIT II International Value Portfolio Service Class	$	14.17	$	14.52		289,643.08
MFS VIT II Technology Portfolio Service Class	$	15.39	$	16.46		141,621.65
MFS VIT New Discovery Portfolio Service Class	$	12.56	$	13.48		67,729.55
MFS VIT Utilities Portfolio Service Class	$	11.93	$	13.09		230,892.25
Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class	$	10.99	$	11.07		11,019.18
Oppenheimer Global Fund/VA Service Class	$	10.01	$	9.86		29,063.95
Oppenheimer Global Multi-Alternatives Fund/VA Service Class	$	9.26	$	9.45		24,807.19
Oppenheimer International Growth Fund/VA Service Class	$	9.41	$	9.03		534,562.84
Oppenheimer Main Street Fund/VA Service Class	$	10.49	$	11.51		71,255.72
Oppenheimer Main Street Small Cap Fund/VA Service Class	$	10.10	$	11.72		100,137.48
Oppenheimer Total Return Bond Fund/VA Service Class Formerly Oppenheimer Core Bond Fund	$	10.06	$	10.23		248,780.54
PIMCO All Asset Portfolio Advisor Class	$	9.36	$	10.42		430,127.24
PIMCO CommodityRealReturn® Strategy Portfolio Advisor Class	$	4.74	$	5.37		896,054.79
PIMCO Emerging Markets Bond Portfolio Advisor Class	$	9.80	$	10.95		73,183.97
PIMCO Foreign Bond (USD-Hedged) Portfolio Advisor Class	$	9.97	$	10.46		39,542.15

97

LiveWell Variable Annuity

Table 2—Contract Only – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2015)		Accumulation Unit Value at End of Period (12/31/2016)		Number of Accumulation Units at End of Period
PIMCO Global Bond Portfolio (Unhedged) Advisor Class	$	9.01	$	9.24		32,869.63
PIMCO Global Multi-Asset Managed Allocation Portfolio Advisor Class	$	9.29	$	9.53		29,561.30
PIMCO High Yield Portfolio Advisor Class	$	11.08	$	12.28		412,742.24
PIMCO Low Duration Portfolio Advisor Class	$	9.96	$	9.96		1,762,411.55
PIMCO Real Return Portfolio Advisor Class	$	9.14	$	9.47		1,506,019.84
PIMCO Short-Term Portfolio Advisor Class	$	9.86	$	9.95		4,353,489.27
PIMCO Total Return Portfolio Advisor Class	$	10.38	$	10.51		2,589,129.38
PIMCO Unconstrained Bond Portfolio Advisor Class	$	9.69	$	10.00		181,032.16
Pioneer Bond VCT Portfolio Class II	$	10.75	$	11.03		2,652,195.79
Pioneer Equity Income VCT Portfolio Class II	$	14.34	$	16.91		139,701.32
Pioneer Fund VCT Portfolio Class II	$	14.13	$	15.28		25,308.08
Pioneer High Yield VCT Portfolio Class II	$	10.89	$	12.23		159,677.64
Pioneer Strategic Income VCT Portfolio Class II	$	10.47	$	11.09		917,803.49
Power Income VIT Fund Class 2	$	9.65	$	9.93		121,564.52
Prudential Series Fund Jennison 20/20 Focus Portfolio Class II	$	13.59	$	13.57		18,431.40
Prudential Series Fund Natural Resources Portfolio Class II	$	5.04	$	6.21		29,560.53
Prudential Series Fund SP Prudential U.S. Emerging Growth Portfolio Class II	$	13.34	$	13.66		33,602.99
QS Legg Mason Dynamic Multi-Strategy VIT Portfolio Class II	$	11.49	$	11.28		40,798.36
Royce Capital Fund - Micro-Cap Portfolio Service Class	$	9.07	$	10.68		43,874.06
Royce Capital Fund - Small-Cap Portfolio Service Class	$	11.89	$	14.14		1,172,492.54
Rydex VIF Biotechnology Fund	$	20.35	$	16.13		76,029.36
Rydex VIF S&P 500 Pure Growth Fund	$	15.65	$	15.84		47,037.39
Rydex VIF S&P MidCap 400 Pure Growth Fund	$	12.97	$	13.14		26,076.72
T. Rowe Price Blue Chip Growth Portfolio-II	$	9.88	$	9.80		242,555.62
T. Rowe Price Health Sciences Portfolio-II	$	9.08	$	8.00		91,339.88
Templeton Developing Markets Fund Class 2	$	6.92	$	8.02		471,459.96
Templeton Foreign VIP Fund Class 2	$	10.34	$	10.93		2,031,836.62
Templeton Global Bond VIP Fund Class 2	$	10.14	$	10.30		1,558,314.12
VanEck VIP Global Hard Assets Fund S	$	5.61	$	7.94		100,112.65
Western Asset Core Bond Plus Portfolio Class II	$	9.83	$	10.11		3,345,131.71
Western Asset Variable Global High Yield Bond Portfolio Class II	$	10.35	$	11.78		43,169.23

Table 1—Contract with Optional Value Endorsement – 1.15% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2014)		Accumulation Unit Value at End of Period (12/31/2015)		Number of Accumulation Units at End of Period
2015
AB VPS Dynamic Asset Allocation Portfolio B	$	11.54	$	11.26		49,355.62
AB VPS Real Estate Investment Portfolio B	$	13.16	$	13.10		126,808.13
AB VPS Small Cap Growth Portfolio B	$	13.59	$	13.23		1,473.61
AB VPS Small/Mid Cap Value Portfolio B	$	15.37	$	14.33		74,260.49
Alger Capital Appreciation Portfolio Class S	$	15.38	$	16.10		396,770.01
ALPS | Alerian Energy Infrastructure Portfolio Class III	$	9.55	$	5.86		116,145.08
ALPS | Red Rocks Listed Private Equity Class III	$	10.00	$	9.12		15,583.00
American Century VP Inflation Protection Fund II	$	9.24	$	8.91		107,969.63
American Century VP Mid Cap Value Fund II	$	15.14	$	14.73		434,337.03
American Century VP Ultra Fund II	$	14.25	$	14.94		34,321.48
American Century VP Value Fund II	$	14.50	$	13.76		2,554,682.97

98

LiveWell Variable Annuity

Table 1—Contract with Optional Value Endorsement – 1.15% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2014)		Accumulation Unit Value at End of Period (12/31/2015)		Number of Accumulation Units at End of Period
American Funds IS Asset Allocation FundSM Class 4	$	10.14	$	10.14		400,904.79
American Funds IS Blue Chip Income and Growth FundSM Class 4	$	10.54	$	10.09		453,676.43
American Funds IS Capital Income BuilderSM Class 4	$	9.78	$	9.49		508,015.10
American Funds IS Global Growth FundSM Class 4	$	9.94	$	10.48		87,426.92
American Funds IS Global Growth and Income Fund SM Class 4	$	9.91	$	9.64		197,881.42
American Funds IS Global Small Capitalization FundSM Class 4	$	9.74	$	9.63		90,684.81
American Funds IS Growth FundSM Class 4	$	10.27	$	10.82		64,791.69
American Funds IS Growth-Income FundSM Class 4	$	10.22	$	10.23		106,873.27
American Funds IS International FundSM Class 4	$	9.37	$	8.83		86,771.68
American Funds IS International Growth and Income FundSM Class 4	$	9.19	$	8.56		85,294.42
American Funds IS New World Fund® Class 4	$	8.72	$	8.33		471,355.98
American Funds IS U.S. Government/AAA-Rated Securities FundSM Class 4	$	10.08	$	10.09		432,170.20
American Funds IS Ultra-Short Bond FundSM Class 4 Formerly American Funds IS Cash Management Fund	$	9.93	$	9.74		1,414,395.97
BlackRock Basic Value V.I. Fund Class III	$	14.97	$	13.89		185,904.75
BlackRock Capital Appreciation V.I. Fund Class III	$	14.21	$	14.98		99,756.71
BlackRock Equity Dividend V.I. Fund Class III	$	13.76	$	13.50		524,988.27
BlackRock Global Allocation V.I. Fund Class III	$	11.43	$	11.19		984,724.55
BlackRock iShares® Alternative Strategies V.I. Fund Class III	$	9.92	$	9.68		61,289.39
BlackRock iShares® Dynamic Allocation V.I. Fund Class III	$	9.84	$	9.34		18,904.42
BlackRock iShares® Dynamic Fixed Income V.I. Fund Class III	$	10.02	$	9.76		27,296.47
BlackRock iShares® Equity Appreciation V.I. Fund Class III	$	9.61	$	8.86		25,830.74
BlackRock Large Cap Core V.I. Fund Class III	$	14.46	$	14.33		31,229.54
BlackRock Large Cap Growth V.I. Fund Class III	$	14.82	$	15.02		101,547.99
Calvert VP S&P 500 Index Portfolio	$	14.44	$	14.41		3,500.71
Calvert VP SRI Mid Cap Portfolio	$	14.04	$	13.42		55,232.22
ClearBridge Variable Aggressive Growth Portfolio Class II (Added July 31, 2015)	$	10.00	$	9.26		3,348.47
ClearBridge Variable Dividend Strategy Portfolio Class II	$	13.83	$	13.06		124,543.53
ClearBridge Variable Mid Cap Portfolio Class II Formerly ClearBridge Variable Mid Cap Core Portfolio	$	14.80	$	14.92		82,761.55
ClearBridge Variable Small Cap Growth Portfolio Class II	$	14.76	$	13.92		48,970.32
Columbia Variable Portfolio - Contrarian Core Fund Share Class 2	$	12.10	$	12.29		49,802.06
Columbia Variable Portfolio - Dividend Opportunity Fund Share Class 2	$	11.44	$	10.98		113,004.60
Columbia Variable Portfolio - Emerging Markets Bond Fund Share Class 2	$	9.93	$	9.69		661,087.49
Columbia Variable Portfolio - High Yield Bond Fund Share Class 2	$	10.46	$	10.19		378,658.61
Deutsche Alternative Asset Allocation VIP-B	$	10.41	$	9.62		142,667.24
Deutsche Equity 500 Index VIP-B	$	14.34	$	14.30		402,397.63
Deutsche Global Small Cap VIP-B	$	12.75	$	12.71		36,003.20
Deutsche Large Cap Value VIP-B	$	14.12	$	12.96		19,896.17
Deutsche Small Cap Index VIP-B	$	14.23	$	13.38		65,262.08
Deutsche Small Mid Cap Value VIP-B	$	13.84	$	13.38		40,410.96
Eaton Vance VT Bond Fund Initial Class (Added July 31, 2015)	$	10.00	$	8.84		2,846.97
Eaton Vance VT Floating-Rate Income Fund	$	15.18	$	10.33		1,670,904.20
Eaton Vance VT Large-Cap Value Fund	$	15.18	$	14.82		78,046.75
Fidelity VIP Contrafund Portfolio Service Class 2	$	14.79	$	14.68		274,710.68
Fidelity VIP Emerging Markets Portfolio Service Class 2	$	10.20	$	9.04		109,436.55
Fidelity VIP FundsManager 50% Portfolio Service Class 2	$	11.77	$	11.63		170,128.81
Fidelity VIP FundsManager 70% Portfolio Service Class 2	$	12.54	$	12.43		111,797.21
Fidelity VIP FundsManager 85% Portfolio Service Class 2	$	13.14	$	13.04		41,056.82

99

LiveWell Variable Annuity

Table 1—Contract with Optional Value Endorsement – 1.15% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2014)		Accumulation Unit Value at End of Period (12/31/2015)		Number of Accumulation Units at End of Period
Fidelity VIP Government Money Market Portfolio Service Class 2 Formerly Fidelity VIP Money Market Portfolio	$	9.63	$	9.52		3,063,196.07
Fidelity VIP High Income Portfolio Service Class 2	$	11.13	$	10.58		282,996.68
Fidelity VIP Mid Cap Portfolio Service Class 2	$	14.14	$	13.75		237,991.82
Fidelity VIP Overseas Portfolio Service Class 2	$	12.11	$	12.37		103,181.96
Fidelity VIP Real Estate Portfolio Service Class 2	$	14.12	$	14.45		753,838.87
Fidelity VIP Strategic Income Portfolio Service Class 2	$	10.62	$	10.30		430,042.46
Fidelity VIP Value Strategies Portfolio Service Class 2	$	14.85	$	14.21		143,873.56
First Investors Life Series International Fund	$	10.23	$	10.46		6,503.99
First Investors Life Series Opportunity Fund	$	10.19	$	9.99		507,260.31
First Investors Life Series Total Return Fund	$	10.98	$	10.68		21,791.57
Franklin Income VIP Fund Class 2	$	11.78	$	10.82		937,949.65
Franklin Mutual Global Discovery VIP Fund Class 2	$	13.26	$	12.63		251,348.29
Franklin Mutual Shares VIP Fund Class 2	$	14.07	$	13.23		278,242.20
Franklin Rising Dividends VIP Fund Class 2	$	14.53	$	13.84		411,812.80
Guggenheim VIF Global Managed Futures Strategy Fund	$	10.18	$	9.91		35,268.38
Guggenheim VIF Long Short Equity Fund	$	11.55	$	11.56		36,354.62
Guggenheim VIF Multi-Hedge Strategies Fund	$	10.37	$	10.44		131,097.55
Guggenheim VIF Small Cap Value Series Q	$	13.43	$	12.40		50,604.90
Ivy Funds VIP Asset Strategy	$	11.97	$	10.85		810,169.44
Ivy Funds VIP Balanced	$	12.89	$	12.70		711,195.78
Ivy Funds VIP Dividend Opportunities	$	14.25	$	13.80		138,371.67
Ivy Funds VIP Energy	$	9.92	$	7.64		169,362.47
Ivy Funds VIP Global Bond	$	10.00	$	9.62		129,441.36
Ivy Funds VIP Global Growth	$	12.35	$	12.63		77,428.95
Ivy Funds VIP Global Natural Resources	$	8.10	$	6.21		88,030.28
Ivy Funds VIP Growth	$	15.17	$	16.07		205,066.25
Ivy Funds VIP High Income	$	10.44	$	9.65		3,362,682.86
Ivy Funds VIP International Core Equity	$	12.41	$	12.15		279,171.98
Ivy Funds VIP Mid Cap Growth	$	13.70	$	12.76		240,132.34
Ivy Funds VIP Science and Technology	$	16.95	$	16.28		201,246.74
Ivy Funds VIP Small Cap Growth	$	12.78	$	12.88		322,279.02
Ivy Funds VIP Small Cap Value	$	14.66	$	13.68		383,316.34
Janus Aspen Balanced Portfolio Service Shares	$	13.09	$	13.00		262,692.37
Janus Aspen Enterprise Portfolio Service Shares	$	12.07	$	12.39		40,317.84
Janus Aspen Flexible Bond Portfolio Service Shares	$	10.61	$	10.48		259,294.06
Janus Aspen Global Research Portfolio Service Shares	$	13.83	$	13.33		17,270.36
Janus Aspen Global Technology Portfolio Service Shares	$	14.69	$	15.19		66,228.33
Janus Aspen Global Unconstrained Bond Portfolio1 Service Shares	$	10.00	$	9.68		41,673.75
Janus Aspen Janus Portfolio Service Shares	$	14.76	$	15.33		13,402.53
Janus Aspen Overseas Portfolio Service Shares	$	8.87	$	7.99		15,128.01
Janus Aspen Perkins Mid Cap Value Portfolio Service Shares	$	13.30	$	12.66		138,561.16
Lazard Retirement Global Dynamic Multi Asset Portfolio Service Shares	$	11.98	$	11.79		136,097.83
Lazard Retirement International Equity Portfolio Service Shares	$	11.85	$	11.91		36,585.98
Lord Abbett Series Fund Bond Debenture Portfolio VC	$	11.20	$	10.91		772,107.65
Lord Abbett Series Fund Developing Growth Portfolio VC	$	15.07	$	13.67		83,035.18
Lord Abbett Series Fund Fundamental Equity Portfolio VC	$	14.29	$	13.64		75,981.80
Lord Abbett Series Fund Short Duration Income Portfolio1 VC	$	10.00	$	9.89		118,520.50
MFS VIT II Blended Research Core Equity Portfolio Service Class	$	10.00	$	9.63		5,585.84

100

LiveWell Variable Annuity

Table 1—Contract with Optional Value Endorsement – 1.15% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2014)		Accumulation Unit Value at End of Period (12/31/2015)		Number of Accumulation Units at End of Period
(Added July 31, 2015)
MFS VIT II Corporate Bond Portfolio Service Class	$	10.34	$	10.17		122,760.24
MFS VIT II Emerging Markets Equity Portfolio Service Class	$	8.99	$	7.73		30,390.43
MFS VIT II Global Tactical Allocation Portfolio Service Class	$	11.49	$	11.08		60,954.68
MFS VIT II International Value Portfolio Service Class	$	13.52	$	14.21		225,374.34
MFS VIT II Technology Portfolio Service Class	$	14.13	$	15.44		145,560.68
MFS VIT New Discovery Portfolio Service Class	$	13.02	$	12.60		63,276.02
MFS VIT Utilities Portfolio Service Class	$	14.19	$	11.96		209,927.10
Oppenheimer Core Bond Fund/VA Service Class	$	10.13	$	10.09		167,193.33
Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class	$	10.48	$	11.02		12,932.44
Oppenheimer Global Fund/VA Service Class	$	9.80	$	10.04		26,685.72
Oppenheimer Global Multi-Alternatives Fund/VA Service Class	$	9.75	$	9.28		17,491.25
Oppenheimer International Growth Fund/VA Service Class	$	9.26	$	9.44		519,223.80
Oppenheimer Main Street Fund/VA Service Class	$	10.91	$	10.52		30,065.17
Oppenheimer Main Street Small Cap Fund/VA Service Class	$	10.32	$	10.13		66,454.27
PIMCO All Asset Portfolio Advisor Class	$	10.45	$	9.38		405,246.47
PIMCO CommodityRealReturn® Strategy Portfolio Advisor Class	$	6.47	$	4.75		884,393.54
PIMCO Emerging Markets Bond Portfolio Advisor Class	$	10.18	$	9.83		71,726.30
PIMCO Foreign Bond (USD-Hedged) Portfolio Advisor Class (Added July 31, 2015)	$	10.00	$	9.98		12,663.92
PIMCO Global Bond Portfolio (Unhedged) Advisor Class	$	9.54	$	9.04		39,757.71
PIMCO Global Multi-Asset Managed Allocation Portfolio Advisor Class	$	9.45	$	9.32		29,252.54
PIMCO High Yield Portfolio Advisor Class	$	11.44	$	11.11		308,838.53
PIMCO Low Duration Portfolio Advisor Class	$	10.09	$	9.99		1,193,155.24
PIMCO Real Return Portfolio Advisor Class	$	9.53	$	9.16		1,397,334.09
PIMCO Short-Term Portfolio Advisor Class	$	9.90	$	9.89		4,769,035.19
PIMCO Total Return Portfolio Advisor Class	$	10.50	$	10.41		2,871,785.43
PIMCO Unconstrained Bond Portfolio Advisor Class (Added July 31, 2015)	$	10.00	$	9.70		78,440.17
Pioneer Bond VCT Portfolio Class II	$	10.90	$	10.78		2,319,211.48
Pioneer Equity Income VCT Portfolio Class II	$	14.52	$	14.38		86,956.50
Pioneer Fund VCT Portfolio Class II	$	14.39	$	14.17		18,672.10
Pioneer High Yield VCT Portfolio Class II	$	11.54	$	10.92		142,413.43
Pioneer Strategic Income VCT Portfolio Class II	$	10.79	$	10.50		839,147.18
Power Income VIT Fund Class 2	$	13.02	$	9.67		185,533.66
Prudential Series Fund Jennison 20/20 Focus Portfolio Class II	$	14.52	$	13.63		14,490.04
Prudential Series Fund Natural Resources Portfolio Class II	$	7.19	$	5.05		19,054.00
Prudential Series Fund SP Prudential U.S. Emerging Growth Portfolio Class II	$	13.91	$	13.38		40,472.55
QS Legg Mason Dynamic Multi-Strategy VIT Portfolio Class II	$	12.33	$	11.52		42,783.83
Royce Capital Fund - Micro-Cap Portfolio Service Class	$	10.53	$	9.10		45,398.30
Royce Capital Fund - Small-Cap Portfolio Service Class	$	13.71	$	11.93		895,461.37
Rydex VIF Biotechnology Fund	$	19.03	$	20.41		109,138.50
Rydex VIF S&P 500 Pure Growth Fund	$	15.71	$	15.70		79,222.81
Rydex VIF S&P MidCap 400 Pure Growth Fund	$	12.98	$	13.00		47,354.03
T. Rowe Price Blue Chip Growth Portfolio-II (Added July 31, 2015)	$	10.00	$	9.89		89,460.08
T. Rowe Price Health Sciences Portfolio-II (Added July 31, 2015)	$	10.00	$	9.09		46,491.02
Templeton Developing Markets Fund Class 2	$	8.73	$	6.94		549,561.84
Templeton Foreign VIP Fund Class 2	$	11.21	$	10.36		1,746,130.81
Templeton Global Bond VIP Fund Class 2	$	10.75	$	10.17		1,383,118.66
Transparent Value Directional Allocation VI Portfolio Class II	$	9.66	$	9.28		16,501.83

101

LiveWell Variable Annuity

Table 1—Contract with Optional Value Endorsement – 1.15% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2014)		Accumulation Unit Value at End of Period (12/31/2015)		Number of Accumulation Units at End of Period
VanEck VIP Global Hard Assets Fund S	$	8.57	$	5.63		63,072.98
Western Asset Variable Core Bond Plus Portfolio Class II (Added July 31, 2015)	$	10.00	$	9.84		1,097,807.50
Western Asset Variable Global High Yield Bond Portfolio Class II	$	11.18	$	10.38		46,406.80

Table 2—Contract Only – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2014)		Accumulation Unit Value at End of Period (12/31/2015)		Number of Accumulation Units at End of Period
2015
AB VPS Dynamic Asset Allocation Portfolio B	$	11.54	$	11.23		49,355.62
AB VPS Real Estate Investment Portfolio B	$	13.15	$	13.06		126,808.13
AB VPS Small Cap Growth Portfolio B	$	13.58	$	13.19		1,473.61
AB VPS Small/Mid Cap Value Portfolio B	$	15.36	$	14.29		74,260.49
Alger Capital Appreciation Portfolio Class S	$	15.36	$	16.05		396,770.01
ALPS | Alerian Energy Infrastructure Portfolio Class III	$	9.54	$	5.84		116,145.08
ALPS | Red Rocks Listed Private Equity Class III	$	10.00	$	9.11		15,583.00
American Century VP Inflation Protection Fund II	$	9.24	$	8.89		107,969.63
American Century VP Mid Cap Value Fund II	$	15.12	$	14.69		434,337.03
American Century VP Ultra Fund II	$	14.24	$	14.90		34,321.48
American Century VP Value Fund II	$	14.49	$	13.72		2,554,682.97
American Funds IS Asset Allocation FundSM Class 4	$	10.13	$	10.11		400,904.79
American Funds IS Blue Chip Income and Growth FundSM Class 4	$	10.53	$	10.06		453,676.43
American Funds IS Capital Income BuilderSM Class 4	$	9.77	$	9.47		508,015.10
American Funds IS Global Growth FundSM Class 4	$	9.93	$	10.45		87,426.92
American Funds IS Global Growth and Income Fund SM Class 4	$	9.90	$	9.62		197,881.42
American Funds IS Global Small Capitalization FundSM Class 4	$	9.73	$	9.60		90,684.81
American Funds IS Growth FundSM Class 4	$	10.26	$	10.79		64,791.69
American Funds IS Growth-Income FundSM Class 4	$	10.21	$	10.20		106,873.27
American Funds IS International FundSM Class 4	$	9.37	$	8.80		86,771.68
American Funds IS International Growth and Income FundSM Class 4	$	9.19	$	8.53		85,294.42
American Funds IS New World Fund® Class 4	$	8.71	$	8.30		471,355.98
American Funds IS U.S. Government/AAA-Rated Securities FundSM Class 4	$	10.07	$	10.06		432,170.20
American Funds IS Ultra-Short Bond FundSM Class 4 Formerly American Funds IS Cash Management Fund	$	9.92	$	9.71		1,414,395.97
BlackRock Basic Value V.I. Fund Class III	$	14.96	$	13.85		185,904.75
BlackRock Capital Appreciation V.I. Fund Class III	$	14.20	$	14.94		99,756.71
BlackRock Equity Dividend V.I. Fund Class III	$	13.75	$	13.46		524,988.27
BlackRock Global Allocation V.I. Fund Class III	$	11.42	$	11.16		984,724.55
BlackRock iShares® Alternative Strategies V.I. Fund Class III	$	9.91	$	9.66		61,289.39
BlackRock iShares® Dynamic Allocation V.I. Fund Class III	$	9.83	$	9.31		18,904.42
BlackRock iShares® Dynamic Fixed Income V.I. Fund Class III	$	10.02	$	9.74		27,296.47
BlackRock iShares® Equity Appreciation V.I. Fund Class III	$	9.60	$	8.84		25,830.74
BlackRock Large Cap Core V.I. Fund Class III	$	14.45	$	14.29		31,229.54
BlackRock Large Cap Growth V.I. Fund Class III	$	14.81	$	14.98		101,547.99
Calvert VP S&P 500 Index Portfolio	$	14.43	$	14.37		3,500.71
Calvert VP SRI Mid Cap Portfolio	$	14.03	$	13.38		55,232.22
ClearBridge Variable Aggressive Growth Portfolio Class II (Added July 31, 2015)	$	10.00	$	9.25		3,348.47

102

LiveWell Variable Annuity

Table 2—Contract Only – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2014)		Accumulation Unit Value at End of Period (12/31/2015)		Number of Accumulation Units at End of Period
ClearBridge Variable Dividend Strategy Portfolio Class II	$	13.82	$	13.03		124,543.53
ClearBridge Variable Mid Cap Portfolio Class II Formerly ClearBridge Variable Mid Cap Core Portfolio	$	14.79	$	14.88		82,761.55
ClearBridge Variable Small Cap Growth Portfolio Class II	$	14.75	$	13.88		48,970.32
Columbia Variable Portfolio - Contrarian Core Fund Share Class 2	$	12.09	$	12.25		49,802.06
Columbia Variable Portfolio - Dividend Opportunity Fund Share Class 2	$	11.43	$	10.95		113,004.60
Columbia Variable Portfolio - Emerging Markets Bond Fund Share Class 2	$	9.93	$	9.66		661,087.49
Columbia Variable Portfolio - High Yield Bond Fund Share Class 2	$	10.45	$	10.16		378,658.61
Deutsche Alternative Asset Allocation VIP-B	$	10.40	$	9.59		142,667.24
Deutsche Equity 500 Index VIP-B	$	14.33	$	14.26		402,397.63
Deutsche Global Small Cap VIP-B	$	12.74	$	12.68		36,003.20
Deutsche Large Cap Value VIP-B	$	14.11	$	12.92		19,896.17
Deutsche Small Cap Index VIP-B	$	14.22	$	13.35		65,262.08
Deutsche Small Mid Cap Value VIP-B	$	13.83	$	13.34		40,410.96
Eaton Vance VT Bond Fund Initial Class (Added July 31, 2015)	$	10.00	$	8.83		2,846.97
Eaton Vance VT Floating-Rate Income Fund	$	10.55	$	10.30		1,670,904.20
Eaton Vance VT Large-Cap Value Fund	$	15.17	$	14.78		78,046.75
Fidelity VIP Contrafund Portfolio Service Class 2	$	14.78	$	14.64		274,710.68
Fidelity VIP Emerging Markets Portfolio Service Class 2	$	10.19	$	9.02		109,436.55
Fidelity VIP FundsManager 50% Portfolio Service Class 2	$	11.76	$	11.60		170,128.81
Fidelity VIP FundsManager 70% Portfolio Service Class 2	$	12.53	$	12.40		111,797.21
Fidelity VIP FundsManager 85% Portfolio Service Class 2	$	13.13	$	13.00		41,056.82
Fidelity VIP Government Money Market Portfolio Service Class 2 Formerly Fidelity VIP Money Market Portfolio	$	9.63	$	9.50		3,063,196.07
Fidelity VIP High Income Portfolio Service Class 2	$	11.12	$	10.55		282,996.68
Fidelity VIP Mid Cap Portfolio Service Class 2	$	14.13	$	13.71		237,991.82
Fidelity VIP Overseas Portfolio Service Class 2	$	12.10	$	12.33		103,181.96
Fidelity VIP Real Estate Portfolio Service Class 2	$	14.11	$	14.41		753,838.87
Fidelity VIP Strategic Income Portfolio Service Class 2	$	10.61	$	10.27		430,042.46
Fidelity VIP Value Strategies Portfolio Service Class 2	$	14.84	$	14.17		143,873.56
First Investors Life Series International Fund	$	10.22	$	10.43		6,503.99
First Investors Life Series Opportunity Fund	$	10.18	$	9.96		507,260.31
First Investors Life Series Total Return Fund	$	10.97	$	10.65		21,791.57
Franklin Income VIP Fund Class 2	$	11.77	$	10.79		937,949.65
Franklin Mutual Global Discovery VIP Fund Class 2	$	13.24	$	12.59		251,348.29
Franklin Mutual Shares VIP Fund Class 2	$	14.06	$	13.19		278,242.20
Franklin Rising Dividends VIP Fund Class 2	$	14.52	$	13.80		411,812.80
Guggenheim VIF Global Managed Futures Strategy Fund	$	10.17	$	9.88		35,268.38
Guggenheim VIF Long Short Equity Fund	$	11.54	$	11.52		36,354.62
Guggenheim VIF Multi-Hedge Strategies Fund	$	10.36	$	10.41		131,097.55
Guggenheim VIF Small Cap Value Series Q	$	13.42	$	12.37		50,604.90
Ivy Funds VIP Asset Strategy	$	11.96	$	10.82		810,169.44
Ivy Funds VIP Balanced	$	12.88	$	12.67		711,195.78
Ivy Funds VIP Dividend Opportunities	$	14.24	$	13.76		138,371.67
Ivy Funds VIP Energy	$	9.92	$	7.62		169,362.47
Ivy Funds VIP Global Bond	$	9.99	$	9.59		129,441.36
Ivy Funds VIP Global Growth	$	12.34	$	12.59		77,428.95
Ivy Funds VIP Global Natural Resources	$	8.09	$	6.20		88,030.28
Ivy Funds VIP Growth	$	15.15	$	16.02		205,066.25

103

LiveWell Variable Annuity

Table 2—Contract Only – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2014)		Accumulation Unit Value at End of Period (12/31/2015)		Number of Accumulation Units at End of Period
Ivy Funds VIP High Income	$	10.43	$	9.62		3,362,682.86
Ivy Funds VIP International Core Equity	$	12.40	$	12.12		279,171.98
Ivy Funds VIP Mid Cap Growth	$	13.69	$	12.73		240,132.34
Ivy Funds VIP Science and Technology	$	16.94	$	16.23		201,246.74
Ivy Funds VIP Small Cap Growth	$	12.77	$	12.84		322,279.02
Ivy Funds VIP Small Cap Value	$	14.65	$	13.64		383,316.34
Janus Aspen Balanced Portfolio Service Shares	$	13.08	$	12.96		262,692.37
Janus Aspen Enterprise Portfolio Service Shares	$	12.06	$	12.35		40,317.84
Janus Aspen Flexible Bond Portfolio Service Shares	$	10.60	$	10.45		259,294.06
Janus Aspen Global Research Portfolio Service Shares	$	13.82	$	13.29		17,270.36
Janus Aspen Global Technology Portfolio Service Shares	$	14.68	$	15.15		66,228.33
Janus Aspen Global Unconstrained Bond Portfolio Service Shares (Added July 31, 2015)	$	10.00	$	9.68		41,673.75
Janus Aspen Janus Portfolio Service Shares	$	14.75	$	15.29		13,402.53
Janus Aspen Overseas Portfolio Service Shares	$	8.86	$	7.97		15,128.01
Janus Aspen Perkins Mid Cap Value Portfolio Service Shares	$	13.29	$	12.62		138,561.16
Lazard Retirement Global Dynamic Multi Asset Portfolio Service Shares	$	11.97	$	11.75		136,097.83
Lazard Retirement International Equity Portfolio Service Shares	$	11.84	$	11.88		36,585.98
Lord Abbett Series Fund Bond Debenture Portfolio VC	$	11.19	$	10.87		772,107.65
Lord Abbett Series Fund Developing Growth Portfolio VC	$	15.05	$	13.63		83,035.18
Lord Abbett Series Fund Fundamental Equity Portfolio VC	$	14.28	$	13.60		75,981.80
Lord Abbett Series Fund Short Duration Income Portfolio VC (Added July 31, 2015)	$	10.00	$	9.88		118,520.50
MFS VIT II Blended Research Core Equity Portfolio Service Class (Added July 31, 2015)	$	10.00	$	9.62		5,585.84
MFS VIT II Corporate Bond Portfolio Service Class	$	10.34	$	10.14		122,760.24
MFS VIT II Emerging Markets Equity Portfolio Service Class	$	8.99	$	7.71		30,390.43
MFS VIT II Global Tactical Allocation Portfolio Service Class	$	11.48	$	11.05		60,954.68
MFS VIT II International Value Portfolio Service Class	$	13.51	$	14.17		225,374.34
MFS VIT II Technology Portfolio Service Class	$	14.12	$	15.39		145,560.68
MFS VIT New Discovery Portfolio Service Class	$	13.01	$	12.56		63,276.02
MFS VIT Utilities Portfolio Service Class	$	14.18	$	11.93		209,927.10
Oppenheimer Core Bond Fund/VA Service Class	$	10.12	$	10.06		167,193.33
Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class	$	10.48	$	10.99		12,932.44
Oppenheimer Global Fund/VA Service Class	$	9.79	$	10.01		26,685.72
Oppenheimer Global Multi-Alternatives Fund/VA Service Class	$	9.74	$	9.26		17,491.25
Oppenheimer International Growth Fund/VA Service Class	$	9.25	$	9.41		519,223.80
Oppenheimer Main Street Fund/VA Service Class	$	10.90	$	10.49		30,065.17
Oppenheimer Main Street Small Cap Fund/VA Service Class	$	10.31	$	10.10		66,454.27
PIMCO All Asset Portfolio Advisor Class	$	10.44	$	9.36		405,246.47
PIMCO CommodityRealReturn® Strategy Portfolio Advisor Class	$	6.46	$	4.74		884,393.54
PIMCO Emerging Markets Bond Portfolio Advisor Class	$	10.18	$	9.80		71,726.30
PIMCO Foreign Bond (USD-Hedged) Portfolio1 Advisor Class	$	10.00	$	9.97		12,663.92
PIMCO Global Bond Portfolio (Unhedged) Advisor Class	$	9.53	$	9.01		39,757.71
PIMCO Global Multi-Asset Managed Allocation Portfolio Advisor Class	$	9.44	$	9.29		29,252.54
PIMCO High Yield Portfolio Advisor Class	$	11.43	$	11.08		308,838.53
PIMCO Low Duration Portfolio Advisor Class	$	10.08	$	9.96		1,193,155.24
PIMCO Real Return Portfolio Advisor Class	$	9.53	$	9.14		1,397,334.09
PIMCO Short-Term Portfolio Advisor Class	$	9.89	$	9.86		4,769,035.19
PIMCO Total Return Portfolio Advisor Class	$	10.49	$	10.38		2,871,785.43

104

LiveWell Variable Annuity

Table 2—Contract Only – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2014)		Accumulation Unit Value at End of Period (12/31/2015)		Number of Accumulation Units at End of Period
PIMCO Unconstrained Bond Portfolio Advisor Class (Added July 31, 2015)	$	10.00	$	9.69		78,440.17
Pioneer Bond VCT Portfolio Class II	$	10.89	$	10.75		2,319,211.48
Pioneer Equity Income VCT Portfolio Class II	$	14.51	$	14.34		86,956.50
Pioneer Fund VCT Portfolio Class II	$	14.38	$	14.13		18,672.10
Pioneer High Yield VCT Portfolio Class II	$	11.53	$	10.89		142,413.43
Pioneer Strategic Income VCT Portfolio Class II	$	10.78	$	10.47		839,147.18
Power Income VIT Fund Class 2	$	10.03	$	9.65		185,533.66
Prudential Series Fund Jennison 20/20 Focus Portfolio Class II	$	13.01	$	13.59		14,490.04
Prudential Series Fund Natural Resources Portfolio Class II	$	7.18	$	5.04		19,054.00
Prudential Series Fund SP Prudential U.S. Emerging Growth Portfolio Class II	$	13.90	$	13.34		40,472.55
QS Legg Mason Dynamic Multi-Strategy VIT Portfolio Class II	$	12.32	$	11.49		42,783.83
Royce Capital Fund - Micro-Cap Portfolio Service Class	$	10.52	$	9.07		45,398.30
Royce Capital Fund - Small-Cap Portfolio Service Class	$	13.69	$	11.89		895,461.37
Rydex VIF Biotechnology Fund	$	19.01	$	20.35		109,138.50
Rydex VIF S&P 500 Pure Growth Fund	$	15.70	$	15.65		79,222.81
Rydex VIF S&P MidCap 400 Pure Growth Fund	$	12.97	$	12.97		47,354.03
T. Rowe Price Blue Chip Growth Portfolio-II (Added July 31, 2015)	$	10.00	$	9.88		89,460.08
T. Rowe Price Health Sciences Portfolio-II (Added July 31, 2015)	$	10.00	$	9.08		46,491.02
Templeton Developing Markets Fund Class 2	$	8.73	$	6.92		549,561.84
Templeton Foreign VIP Fund Class 2	$	11.20	$	10.34		1,746,130.81
Templeton Global Bond VIP Fund Class 2	$	10.74	$	10.14		1,383,118.66
Transparent Value Directional Allocation VI Portfolio Class II	$	9.65	$	9.26		16,501.83
VanEck VIP Global Hard Assets Fund S	$	8.57	$	5.61		63,072.98
Western Asset Variable Core Bond Plus Portfolio Class II (Added July 31, 2015)	$	10.00	$	9.83		1,097,807.50
Western Asset Variable Global High Yield Bond Portfolio Class II	$	11.17	$	10.35		46,406.80

Table 1—Contract with Optional Value Endorsement – 1.15% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (07/30/2014)		Accumulation Unit Value at End of Period (12/31/2014)		Number of Accumulation Units at End of Period
2014
Alger Capital Appreciation Portfolio Class S	$	14.70	$	15.38		198,215.83
AB VPS Dynamic Asset Allocation Portfolio B	$	11.55	$	11.54		38,218.77
AB VPS Real Estate Investment Portfolio B	$	12.18	$	13.16		55,848.37
AB VPS Small Cap Growth Portfolio B	$	13.62	$	13.59		802.54
AB VPS Small/Mid Cap Value Portfolio B	$	14.95	$	15.37		55,483.31
ALPS | Alerian Energy Infrastructure Portfolio Class III (Added July 30, 2014)	$	10.00	$	9.55		33,579.01
American Century VP Inflation Protection Fund II	$	9.48	$	9.24		74,311.92
American Century VP Mid Cap Value Fund II	$	14.30	$	15.14		290,008.09
American Century VP Ultra Fund II	$	13.64	$	14.25		21,972.53
American Century VP Value Fund II	$	14.04	$	14.50		1,231,859.16
American Funds IS Asset Allocation FundSM Class 4 (Added July 30, 2014)	$	10.00	$	10.14		29,175.33
American Funds IS Blue Chip Income and Growth FundSM Class 4 (Added July 30, 2014)	$	10.00	$	10.54		145,289.71
American Funds IS Cash Management FundSM Class 4 (Added July 30, 2014)	$	10.00	$	9.93		641,895.10
American Funds IS Capital Income BuilderSM Class 4	$	10.00	$	9.78		62,807.02
American Funds IS Global Growth FundSM Class 4 (Added July 30, 2014)	$	10.00	$	9.94		9,370.58

105

LiveWell Variable Annuity

Table 1—Contract with Optional Value Endorsement – 1.15% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (07/30/2014)		Accumulation Unit Value at End of Period (12/31/2014)		Number of Accumulation Units at End of Period
American Funds IS Global Growth and Income Fund SM Class 4 (Added July 30, 2014)	$	10.00	$	9.91		11,931.72
American Funds IS Global Small Capitalization FundSM Class 4 (Added July 30, 2014)	$	10.00	$	9.74		3,518.97
American Funds IS Growth FundSM Class 4 (Added July 30, 2014)	$	10.00	$	10.27		10,808.65
American Funds IS Growth-Income FundSM Class 4 (Added July 30, 2014)	$	10.00	$	10.22		20,264.37
American Funds IS International FundSM Class 4 (Added July 30, 2014)	$	10.00	$	9.37		14,186.91
American Funds IS International Growth and Income FundSM Class 4 (Added July 30, 2014)	$	10.00	$	9.19		5,683.71
American Funds IS New World Fund® Class 4 (Added July 30, 2014)	$	10.00	$	8.72		102,276.04
American Funds IS U.S. Government/AAA-Rated Securities FundSM Class 4 (Added July 30, 2014)	$	10.00	$	10.08		33,685.74
BlackRock Basic Value V.I. Fund Class III	$	14.80	$	14.97		108,625.87
BlackRock Capital Appreciation V.I. Fund Class III	$	13.38	$	14.21		46,009.41
BlackRock Equity Dividend V.I. Fund Class III	$	13.22	$	13.76		315,919.77
BlackRock Global Allocation V.I. Fund Class III	$	11.68	$	11.43		514,994.78
BlackRock iShares® Alternative Strategies V.I. Fund Class III (Added July 30, 2014)	$	10.00	$	9.92		31,772.37
BlackRock iShares® Dynamic Allocation V.I. Fund Class III (Added July 30, 2014)	$	10.00	$	9.84		1,014.18
BlackRock iShares® Dynamic Fixed Income V.I. Fund Class III (Added July 30, 2014)	$	10.00	$	10.02		6,742.77
BlackRock iShares® Equity Appreciation V.I. Fund Class III (Added July 30, 2014)	$	10.00	$	9.61		1,249.91
BlackRock Large Cap Core V.I. Fund Class III	$	13.79	$	14.46		21,283.77
BlackRock Large Cap Growth V.I. Fund Class III	$	14.00	$	14.82		95,813.59
Calvert VP S&P 500 Index Portfolio	$	13.78	$	14.44		1,179.12
Calvert VP SRI Mid Cap Portfolio	$	13.42	$	14.04		8,965.81
ClearBridge Variable Dividend Strategy Portfolio Class II Formerly ClearBridge Variable Equity Income Portfolio	$	13.12	$	13.83		30,267.19
ClearBridge Variable Mid Cap Core Portfolio Class II	$	14.32	$	14.80		40,492.64
ClearBridge Variable Small Cap Growth Portfolio Class II	$	13.85	$	14.76		25,304.37
Columbia Variable Portfolio - Contrarian Core Fund Share Class 2	$	11.56	$	12.10		15,255.47
Columbia Variable Portfolio - Dividend Opportunity Fund Share Class 2	$	11.27	$	11.44		61,828.33
Columbia Variable Portfolio - Emerging Markets Bond Fund Share Class 2	$	10.72	$	9.93		338,548.00
Columbia Variable Portfolio - High Yield Bond Fund Share Class 2	$	10.55	$	10.46		118,885.82
Deutsche Alternative Asset Allocation VIP-B	$	10.68	$	10.41		72,577.44
Deutsche Equity 500 Index VIP-B	$	13.69	$	14.34		111,798.12
Deutsche Global Small Cap VIP-B	$	13.34	$	12.75		34,976.64
Deutsche Large Cap Value VIP-B	$	13.87	$	14.12		16,036.93
Deutsche Small Cap Index VIP-B	$	13.54	$	14.23		39,502.38
Deutsche Small Mid Cap Value VIP-B	$	13.62	$	13.84		22,419.19
Eaton Vance VT Floating-Rate Income Fund	$	10.69	$	15.18		39,486.29
Eaton Vance VT Large-Cap Value Fund	$	14.88	$	15.18		39,486.29
Fidelity VIP Contrafund Portfolio Service Class 2	$	14.19	$	14.79		154,497.37
Fidelity VIP Emerging Markets Portfolio Service Class 2	$	10.97	$	10.20		62,755.96
Fidelity VIP FundsManager 50% Portfolio Service Class 2	$	11.69	$	11.77		75,093.65
Fidelity VIP FundsManager 70% Portfolio Service Class 2	$	12.49	$	12.54		12,026.96
Fidelity VIP FundsManager 85% Portfolio Service Class 2	$	13.10	$	13.14		16,886.34
Fidelity VIP High Income Portfolio Service Class 2	$	11.53	$	11.13		141,548.20
Fidelity VIP Mid Cap Portfolio Service Class 2	$	13.92	$	14.14		134,014.99

106

LiveWell Variable Annuity

Table 1—Contract with Optional Value Endorsement – 1.15% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (07/30/2014)		Accumulation Unit Value at End of Period (12/31/2014)		Number of Accumulation Units at End of Period
Fidelity VIP Money Market Portfolio Service Class 2	$	9.68	$	9.63		5,157,828.26
Fidelity VIP Overseas Portfolio Service Class 2	$	13.04	$	12.11		29,652.88
Fidelity VIP Real Estate Portfolio Service Class 2	$	13.10	$	14.12		504,394.71
Fidelity VIP Strategic Income Portfolio Service Class 2	$	10.85	$	10.62		303,412.25
Fidelity VIP Value Strategies Portfolio Service Class 2	$	14.81	$	14.85		75,533.00
First Investors Life Series International Fund	$	10.81	$	10.23		5,097.27
First Investors Life Series Opportunity Fund (Added July 30, 2014)	$	10.00	$	10.19		117,034.38
First Investors Life Series Total Return Fund	$	10.86	$	10.98		15,266.20
Franklin Income VIP Fund Class 2	$	12.29	$	11.78		659,806.01
Franklin Mutual Global Discovery VIP Fund Class 2	$	13.42	$	13.26		133,532.64
Franklin Mutual Shares VIP Fund Class 2	$	14.19	$	14.07		190,490.20
Franklin Rising Dividends VIP Fund Class 2	$	13.83	$	14.53		267,051.34
Guggenheim VIF Global Managed Futures Strategy Fund	$	9.24	$	10.18		10,740.77
Guggenheim VIF Long Short Equity Fund	$	11.04	$	11.55		9,272.87
Guggenheim VIF Multi-Hedge Strategies Fund	$	10.11	$	10.37		50,830.82
Guggenheim VIF Small Cap Value Series Q	$	13.59	$	13.43		36,129.65
Ivy Funds VIP Asset Strategy	$	12.60	$	11.97		533,290.83
Ivy Funds VIP Balanced	$	12.52	$	12.89		444,064.23
Ivy Funds VIP Dividend Opportunities	$	13.78	$	14.25		66,030.07
Ivy Funds VIP Energy	$	12.95	$	9.92		98,942.69
Ivy Funds VIP Global Bond	$	10.38	$	10.00		70,926.78
Ivy Funds VIP Global Growth	$	12.92	$	12.35		37,314.51
Ivy Funds VIP Global Natural Resources	$	10.56	$	8.10		34,481.16
Ivy Funds VIP Growth	$	14.58	$	15.17		59,688.65
Ivy Funds VIP High Income	$	10.76	$	10.44		1,936,974.88
Ivy Funds VIP International Core Equity	$	13.23	$	12.41		118,173.53
Ivy Funds VIP Mid Cap Growth	$	13.00	$	13.70		113,647.61
Ivy Funds VIP Science and Technology	$	17.13	$	16.95		121,906.88
Ivy Funds VIP Small Cap Growth	$	12.54	$	12.78		68,859.66
Ivy Funds VIP Small Cap Value	$	14.19	$	14.66		223,992.93
Janus Aspen Balanced Portfolio Service Shares	$	12.75	$	13.09		162,839.08
Janus Aspen Enterprise Portfolio Service Shares	$	11.26	$	12.07		15,114.98
Janus Aspen Flexible Bond Portfolio Service Shares	$	10.56	$	10.61		132,149.87
Janus Aspen Global Research Portfolio Service Shares	$	13.71	$	13.83		8,235.85
Janus Aspen Global Technology Portfolio Service Shares	$	14.22	$	14.69		11,190.52
Janus Aspen Janus Portfolio Service Shares	$	13.81	$	14.76		7,439.54
Janus Aspen Overseas Portfolio Service Shares	$	10.50	$	8.87		4,615.00
Janus Aspen Perkins Mid Cap Value Portfolio Service Shares	$	13.02	$	13.30		98,327.97
Lazard Retirement Global Dynamic Multi Asset Portfolio Service Shares	$	12.15	$	11.98		47,001.79
Lazard Retirement International Equity Portfolio Service Shares	$	12.72	$	11.85		26,168.66
Lord Abbett Series Fund Bond Debenture Portfolio VC	$	11.29	$	11.20		314,677.57
Lord Abbett Series Fund Developing Growth Portfolio VC	$	14.34	$	15.07		34,856.77
Lord Abbett Series Fund Fundamental Equity Portfolio VC	$	13.85	$	14.29		33,045.96
MFS VIT II Corporate Bond Portfolio Service Class Formerly MFS VIT II Bond Portfolio	$	10.29	$	10.34		78,627.68
MFS VIT II Emerging Markets Equity Portfolio Service Class	$	10.33	$	8.99		16,079.86
MFS VIT II Global Tactical Allocation Portfolio Service Class	$	10.60	$	11.49		39,364.55
MFS VIT II International Value Portfolio Service Class	$	14.04	$	13.52		90,225.07
MFS VIT II Technology Portfolio Service Class	$	13.60	$	14.13		12,841.83

107

LiveWell Variable Annuity

Table 1—Contract with Optional Value Endorsement – 1.15% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (07/30/2014)		Accumulation Unit Value at End of Period (12/31/2014)		Number of Accumulation Units at End of Period
MFS VIT New Discovery Portfolio Service Class	$	13.27	$	13.02		29,198.16
MFS VIT Utilities Portfolio Service Class	$	14.41	$	14.19		124,306.51
Oppenheimer Core Bond Fund/VA Service Class (Added July 30, 2014)	$	10.00	$	10.13		37,255.43
Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class (Added July 30, 2014)	$	10.00	$	10.48		331.31
Oppenheimer Global Fund/VA Service Class (Added July 30, 2014)	$	10.00	$	9.80		1,405.85
Oppenheimer Global Multi-Alternatives Fund/VA Service Class Formerly Oppenheimer Diversified Alternatives Fund (Added July 30, 2014)	$	10.00	$	9.75		10,422.89
Oppenheimer International Growth Fund/VA Service Class (Added July 30, 2014)	$	10.00	$	9.26		91,686.24
Oppenheimer Main Street Fund/VA Service Class (Added July 30, 2014)	$	10.00	$	10.91		22,933.35
Oppenheimer Main Street Small Cap Fund/VA Service Class (Added July 30, 2014)	$	10.00	$	10.32		419.84
PIMCO All Asset Portfolio Advisor Class	$	11.14	$	10.45		284,949.11
PIMCO CommodityRealReturn® Strategy Portfolio Advisor Class	$	8.35	$	6.47		893,408.48
PIMCO Emerging Markets Bond Portfolio Advisor Class	$	10.88	$	10.18		46,746.80
PIMCO Global Bond Portfolio (Unhedged) Advisor Class	$	9.92	$	9.54		23,210.11
PIMCO Global Multi-Asset Managed Allocation Portfolio Advisor Class	$	9.65	$	9.45		25,207.70
PIMCO High Yield Portfolio Advisor Class	$	11.56	$	11.44		284,359.84
PIMCO Low Duration Portfolio Advisor Class	$	10.31	$	10.09		510,356.66
PIMCO Real Return Portfolio Advisor Class	$	9.91	$	9.53		839,549.00
PIMCO Short-Term Portfolio Advisor Class	$	9.95	$	9.90		2,799,179.12
PIMCO Total Return Portfolio Advisor Class	$	10.38	$	10.50		3,059,182.21
Pioneer Bond VCT Portfolio Class II	$	10.81	$	10.90		634,858.98
Pioneer Equity Income VCT Portfolio Class II	$	13.65	$	14.52		39,709.30
Pioneer Fund VCT Portfolio Class II	$	13.84	$	14.39		8,697.93
Pioneer High Yield VCT Portfolio Class II	$	12.17	$	11.54		119,935.17
Pioneer Strategic Income VCT Portfolio Class II	$	10.94	$	10.79		478,058.90
Power Income VIT Fund Class 2	$	10.40	$	13.02		14,709.20
Prudential Series Fund Jennison 20/20 Focus Portfolio Class II	$	13.04	$	14.52		39,709.30
Prudential Series Fund Natural Resources Portfolio Class II	$	10.36	$	7.19		12,171.95
Prudential Series Fund SP Prudential U.S. Emerging Growth Portfolio Class II	$	13.10	$	13.91		42,681.44
Royce Capital Fund - Micro-Cap Portfolio Service Class	$	10.67	$	10.53		23,031.73
Royce Capital Fund - Small-Cap Portfolio Service Class	$	13.17	$	13.71		392,454.09
Rydex VIF Biotechnology Fund	$	16.47	$	19.03		42,958.39
Rydex VIF S&P 500 Pure Growth Fund	$	15.52	$	15.71		42,583.98
Rydex VIF S&P MidCap 400 Pure Growth Fund	$	13.15	$	12.98		13,975.03
Templeton Developing Markets Fund Class 2	$	9.85	$	8.73		449,080.01
Templeton Foreign VIP Fund Class 2	$	12.99	$	11.21		978,804.88
Templeton Global Bond VIP Fund Class 2	$	10.97	$	10.75		766,071.62
Transparent Value Directional Allocation VI Portfolio Class II (Added July 30, 2014)	$	10.00	$	9.66		12,031.93
Van Eck VIP Global Hard Assets Fund S	$	12.03	$	8.57		12,741.31
Western Asset Variable Global High Yield Bond Portfolio Class II	$	12.02	$	11.18		43,352.87
QS Legg Mason Dynamic Multi-Strategy VIT Portfolio Class II Formerly Legg Mason Dynamic Multi-Strategy VIT Portfolio	$	12.30	$	12.33		23,031.73

108

LiveWell Variable Annuity

Table 2—Contract Only – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2013)		Accumulation Unit Value at End of Period (12/31/2014)		Number of Accumulation Units at End of Period
2014
Alger Capital Appreciation Portfolio Class S	$	13.73	$	15.36		198,215.83
AB VPS Dynamic Asset Allocation Portfolio B	$	11.22	$	11.54		38,218.78
AB VPS Real Estate Investment Portfolio B	$	10.67	$	13.15		55,848.37
AB VPS Small Cap Growth Portfolio B	$	14.05	$	13.58		802.55
AB VPS Small/Mid Cap Value Portfolio B	$	14.29	$	15.36		55,483.32
ALPS | Alerian Energy Infrastructure Portfolio Class III (Added July 30, 2014)	$	10.00	$	9.54		33,579.02
American Century VP Inflation Protection Fund II	$	9.06	$	9.24		74,311.92
American Century VP Mid Cap Value Fund II	$	13.19	$	15.12		290,008.10
American Century VP Ultra Fund II	$	13.14	$	14.24		21,972.54
American Century VP Value Fund II	$	13.01	$	14.49		1,231,859.17
American Funds IS Asset Allocation FundSM Class 4 (Added July 30, 2014)	$	10.00	$	10.13		29,175.33
American Funds IS Blue Chip Income and Growth FundSM Class 4 (Added July 30, 2014)	$	10.00	$	10.53		145,289.71
American Funds IS Cash Management FundSM Class 4 (Added July 30, 2014)	$	10.00	$	9.92		641,895.10
American Funds IS Capital Income BuilderSM Class 4	$	10.00	$	9.77		62,807.02
American Funds IS Global Growth FundSM Class 4 (Added July 30, 2014)	$	10.00	$	9.93		9,370.58
American Funds IS Global Growth and Income Fund SM Class 4 (Added July 30, 2014)	$	10.00	$	9.90		11,931.72
American Funds IS Global Small Capitalization FundSM Class 4 (Added July 30, 2014)	$	10.00	$	9.73		3,518.97
American Funds IS Growth FundSM Class 4 (Added July 30, 2014)	$	10.00	$	10.26		10,808.65
American Funds IS Growth-Income FundSM Class 4 (Added July 30, 2014)	$	10.00	$	10.21		20,264.37
American Funds IS International FundSM Class 4 (Added July 30, 2014)	$	10.00	$	9.37		14,186.91
American Funds IS International Growth and Income FundSM Class 4 (Added July 30, 2014)	$	10.00	$	9.19		5,683.71
American Funds IS New World Fund® Class 4 (Added July 30, 2014)	$	10.00	$	8.71		102,276.04
American Funds IS U.S. Government/AAA-Rated Securities FundSM Class 4 (Added July 30, 2014)	$	10.00	$	10.07		33,685.74
BlackRock Basic Value V.I. Fund Class III	$	13.83	$	14.96		108,625.87
BlackRock Capital Appreciation V.I. Fund Class III	$	13.26	$	14.20		46,009.41
BlackRock Equity Dividend V.I. Fund Class III	$	12.78	$	13.75		315,919.77
BlackRock Global Allocation V.I. Fund Class III	$	11.36	$	11.42		514,994.78
BlackRock iShares® Alternative Strategies V.I. Fund Class III (Added July 30, 2014)	$	10.00	$	9.91		31,772.37
BlackRock iShares® Dynamic Allocation V.I. Fund Class III (Added July 30, 2014)	$	10.00	$	9.83		1,014.18
BlackRock iShares® Dynamic Fixed Income V.I. Fund Class III (Added July 30, 2014)	$	10.00	$	10.02		6,742.77
BlackRock iShares® Equity Appreciation V.I. Fund Class III (Added July 30, 2014)	$	10.00	$	9.60		1,249.91
BlackRock Large Cap Core V.I. Fund Class III	$	13.07	$	14.45		21,283.77
BlackRock Large Cap Growth V.I. Fund Class III	$	13.17	$	14.81		95,813.59
Calvert VP S&P 500 Index Portfolio	$	13.30	$	14.43		1,179.12
Calvert VP SRI Mid Cap Portfolio	$	13.15	$	14.03		8,965.81
ClearBridge Variable Dividend Strategy Portfolio Class II Formerly ClearBridge Variable Equity Income Portfolio	$	12.34	$	13.82		30,267.19
ClearBridge Variable Mid Cap Core Portfolio Class II	$	13.90	$	14.79		40,492.64
ClearBridge Variable Small Cap Growth Portfolio Class II	$	14.40	$	14.75		25,304.37
Columbia Variable Portfolio - Contrarian Core Fund Share Class 2	$	10.86	$	12.09		15,255.47
Columbia Variable Portfolio - Dividend Opportunity Fund Share Class 2	$	10.55	$	11.43		61,828.33
Columbia Variable Portfolio - Emerging Markets Bond Fund Share Class 2	$	9.92	$	9.93		338,548.00

109

LiveWell Variable Annuity

Table 2—Contract Only – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2013)		Accumulation Unit Value at End of Period (12/31/2014)		Number of Accumulation Units at End of Period
Columbia Variable Portfolio - High Yield Bond Fund Share Class 2	$	10.23	$	10.45		118,885.82
Deutsche Alternative Asset Allocation VIP-B	$	10.21	$	10.40		72,577.44
Deutsche Equity 500 Index VIP-B	$	12.84	$	14.33		111,798.12
Deutsche Global Small Cap VIP-B	$	13.50	$	12.74		34,976.64
Deutsche Large Cap Value VIP-B	$	12.96	$	14.11		16,036.93
Deutsche Small Cap Index VIP-B	$	13.79	$	14.22		39,502.38
Deutsche Small Mid Cap Value VIP-B	$	13.34	$	13.83		22,419.19
Eaton Vance VT Floating-Rate Income Fund	$	10.63	$	10.55		1,155,623.21
Eaton Vance VT Large-Cap Value Fund	$	13.43	$	15.17		39,486.29
Fidelity VIP Contrafund Portfolio Service Class 2	$	13.41	$	14.78		154,497.37
Fidelity VIP Emerging Markets Portfolio Service Class 2	$	10.21	$	10.19		62,755.96
Fidelity VIP FundsManager 50% Portfolio Service Class 2	$	11.36	$	11.76		75,093.65
Fidelity VIP FundsManager 70% Portfolio Service Class 2	$	12.08	$	12.53		12,026.96
Fidelity VIP FundsManager 85% Portfolio Service Class 2	$	12.67	$	13.13		16,886.34
Fidelity VIP High Income Portfolio Service Class 2	$	11.17	$	11.12		141,548.20
Fidelity VIP Mid Cap Portfolio Service Class 2	$	13.50	$	14.13		134,014.99
Fidelity VIP Money Market Portfolio Service Class 2	$	9.76	$	9.63		5,157,828.26
Fidelity VIP Overseas Portfolio Service Class 2	$	13.37	$	12.10		29,652.88
Fidelity VIP Real Estate Portfolio Service Class 2	$	11.02	$	14.11		504,394.71
Fidelity VIP Strategic Income Portfolio Service Class 2	$	10.40	$	10.61		303,412.25
Fidelity VIP Value Strategies Portfolio Service Class 2	$	14.12	$	14.84		75,533.00
First Investors Life Series International Fund	$	10.12	$	10.22		5,097.27
First Investors Life Series Opportunity Fund (Added July 30, 2014)	$	10.00	$	10.18		117,034.38
First Investors Life Series Total Return Fund	$	10.49	$	10.97		15,266.20
Franklin Income VIP Fund Class 2	$	11.40	$	11.77		659,806.01
Franklin Mutual Global Discovery VIP Fund Class 2	$	12.70	$	13.24		133,532.64
Franklin Mutual Shares VIP Fund Class 2	$	13.31	$	14.06		190,490.20
Franklin Rising Dividends VIP Fund Class 2	$	13.54	$	14.52		267,051.34
Guggenheim VIF Global Managed Futures Strategy Fund	$	9.20	$	10.17		10,740.77
Guggenheim VIF Long Short Equity Fund	$	11.38	$	11.54		9,272.87
Guggenheim VIF Multi-Hedge Strategies Fund	$	10.03	$	10.36		50,830.82
Guggenheim VIF Small Cap Value Series Q	$	13.80	$	13.42		36,129.65
Ivy Funds VIP Asset Strategy	$	12.80	$	11.96		533,290.83
Ivy Funds VIP Balanced	$	12.14	$	12.88		444,064.23
Ivy Funds VIP Dividend Opportunities	$	13.14	$	14.24		66,030.07
Ivy Funds VIP Energy	$	11.24	$	9.92		98,942.69
Ivy Funds VIP Global Bond	$	10.10	$	9.99		70,926.78
Ivy Funds VIP Global Growth	$	9.43	$	12.34		37,314.51
Ivy Funds VIP Global Natural Resources	$	13.74	$	8.09		34,481.16
Ivy Funds VIP Growth	$	10.38	$	15.15		59,688.65
Ivy Funds VIP High Income	$	12.39	$	10.43		1,936,974.88
Ivy Funds VIP International Core Equity	$	12.39	$	12.40		118,173.53
Ivy Funds VIP Mid Cap Growth	$	12.87	$	13.69		113,647.61
Ivy Funds VIP Science and Technology	$	16.68	$	16.94		121,906.88
Ivy Funds VIP Small Cap Growth	$	12.74	$	12.77		68,859.66
Ivy Funds VIP Small Cap Value	$	13.87	$	14.65		223,992.93
Janus Aspen Balanced Portfolio Service Shares	$	12.25	$	13.08		162,839.08
Janus Aspen Enterprise Portfolio Service Shares	$	10.89	$	12.06		15,114.98
Janus Aspen Flexible Bond Portfolio Service Shares	$	10.26	$	10.60		132,149.87
Janus Aspen Global Research Portfolio Service Shares	$	13.07	$	13.82		8,235.85

110

LiveWell Variable Annuity

Table 2—Contract Only – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2013)		Accumulation Unit Value at End of Period (12/31/2014)		Number of Accumulation Units at End of Period
Janus Aspen Global Technology Portfolio Service Shares	$	13.60	$	14.68		11,190.52
Janus Aspen Janus Portfolio Service Shares	$	13.26	$	14.75		7,439.54
Janus Aspen Overseas Portfolio Service Shares	$	10.22	$	8.86		4,615.00
Janus Aspen Perkins Mid Cap Value Portfolio Service Shares	$	12.42	$	13.29		98,327.97
Lazard Retirement Global Dynamic Multi Asset Portfolio Service Shares	$	11.81	$	11.97		47,001.79
Lazard Retirement International Equity Portfolio Service Shares	$	12.52	$	11.84		26,168.66
Lord Abbett Series Fund Bond Debenture Portfolio VC	$	10.87	$	11.19		314,677.57
Lord Abbett Series Fund Developing Growth Portfolio VC	$	14.71	$	15.05		34,856.77
Lord Abbett Series Fund Fundamental Equity Portfolio VC	$	13.51	$	14.28		33,045.96
MFS VIT II Corporate Bond Portfolio Service Class Formerly MFS VIT II Bond Portfolio	$	9.92	$	10.34		78,627.68
MFS VIT II Emerging Markets Equity Portfolio Service Class	$	9.79	$	8.99		16,079.86
MFS VIT II Global Tactical Allocation Portfolio Service Class	$	11.16	$	11.48		39,364.55
MFS VIT II International Value Portfolio Service Class	$	13.54	$	13.51		90,225.07
MFS VIT II Technology Portfolio Service Class	$	14.25	$	14.12		12,841.83
MFS VIT New Discovery Portfolio Service Class	$	12.96	$	13.01		29,198.16
MFS VIT Utilities Portfolio Service Class	$	12.76	$	14.18		124,306.51
Oppenheimer Core Bond Fund/VA Service Class (Added July 30, 2014)	$	10.00	$	10.12		37,255.43
Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class (Added July 30, 2014)	$	10.00	$	10.48		331.31
Oppenheimer Global Fund/VA Service Class (Added July 30, 2014)	$	10.00	$	9.79		1,405.85
Oppenheimer Global Multi-Alternatives Fund/VA Service Class Formerly Oppenheimer Diversified Alternatives Fund (Added July 30, 2014)	$	10.00	$	9.74		10,422.89
Oppenheimer International Growth Fund/VA Service Class (Added July 30, 2014)	$	10.00	$	9.25		91,686.24
Oppenheimer Main Street Fund/VA Service Class (Added July 30, 2014)	$	10.00	$	10.90		22,933.35
Oppenheimer Main Street Small Cap Fund/VA Service Class (Added July 30, 2014)	$	10.00	$	10.31		419.84
PIMCO All Asset Portfolio Advisor Class	$	10.54	$	10.44		284,949.11
PIMCO CommodityRealReturn® Strategy Portfolio Advisor Class	$	8.05	$	6.46		893,408.48
PIMCO Emerging Markets Bond Portfolio Advisor Class	$	8.05	$	10.18		46,746.80
PIMCO Global Bond Portfolio (Unhedged) Advisor Class	$	10.17	$	9.53		23,210.11
PIMCO Global Multi-Asset Managed Allocation Portfolio Advisor Class	$	9.46	$	9.44		25,207.70
PIMCO High Yield Portfolio Advisor Class	$	9.15	$	11.43		284,359.84
PIMCO Low Duration Portfolio Advisor Class	$	10.14	$	10.08		510,356.66
PIMCO Real Return Portfolio Advisor Class	$	9.38	$	9.53		839,549.00
PIMCO Short-Term Portfolio Advisor Class	$	9.97	$	9.89		2,799,179.12
PIMCO Total Return Portfolio Advisor Class	$	10.20	$	10.49		3,059,182.21
Pioneer Bond VCT Portfolio Class II	$	10.44	$	10.89		634,858.98
Pioneer Equity Income VCT Portfolio Class II	$	13.04	$	14.51		39,709.30
Pioneer Fund VCT Portfolio Class II	$	13.16	$	14.38		8,697.93
Pioneer High Yield VCT Portfolio Class II	$	11.72	$	11.53		119,935.17
Pioneer Strategic Income VCT Portfolio Class II	$	10.54	$	10.78		478,058.90
Power Income VIT Fund Class 2	$	10.28	$	10.03		221,762.89
Prudential Series Fund Jennison 20/20 Focus Portfolio Class II	$	12.36	$	13.01		14,709.20
Prudential Series Fund Natural Resources Portfolio Class II	$	9.07	$	7.18		12,171.95
Prudential Series Fund SP Prudential U.S. Emerging Growth Portfolio Class II	$	12.91	$	13.90		42,681.44
Royce Capital Fund - Micro-Cap Portfolio Service Class	$	11.09	$	10.52		35,915.66
Royce Capital Fund - Small-Cap Portfolio Service Class	$	13.49	$	13.69		392,454.09
Rydex VIF Biotechnology Fund	$	14.52	$	19.01		42,958.39
Rydex VIF S&P 500 Pure Growth Fund	$	14.15	$	15.70		42,583.98

111

LiveWell Variable Annuity

Table 2—Contract Only – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2013)		Accumulation Unit Value at End of Period (12/31/2014)		Number of Accumulation Units at End of Period
Rydex VIF S&P MidCap 400 Pure Growth Fund	$	13.36	$	12.97		13,975.03
Templeton Developing Markets Fund Class 2	$	9.65	$	8.73		449,080.01
Templeton Foreign VIP Fund Class 2	$	12.78	$	11.20		978,804.88
Templeton Global Bond VIP Fund Class 2	$	10.69	$	10.74		766,071.62
Transparent Value Directional Allocation VI Portfolio Class II (Added July 30, 2014)	$	10.00	$	9.65		12,031.93
Van Eck VIP Global Hard Assets Fund S	$	10.77	$	8.57		12,741.31
Western Asset Variable Global High Yield Bond Portfolio Class II	$	11.49	$	11.17		43,352.87
QS Legg Mason Dynamic Multi-Strategy VIT Portfolio Class II Formerly Legg Mason Dynamic Multi-Strategy VIT Portfolio	$	11.74	$	12.32		23,031.73

Table 1—Contract – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2012)		Accumulation Unit Value at End of Period (12/31/2013)		Number of Accumulation Units at End of Period
2013
Alger Capital Appreciation Portfolio Class S	$	10.32	$	13.73		78,132.55
AllianceBernstein VPS Dynamic Asset Allocation Portfolio B	$	10.16	$	11.22		25,913.09
AllianceBernstein VPS Real Estate Investment Portfolio B	$	10.40	$	10.67		32,192.79
AllianceBernstein VPS Small Cap Growth Portfolio B	$	9.80	$	14.05		1,153.61
AllianceBernstein VPS Small/Mid Cap Value Portfolio B	$	10.52	$	14.29		32,765.78
American Century VP Inflation Protection Fund II	$	10.04	$	9.06		39,801.04
American Century VP Mid Cap Value Fund II	$	10.92	$	13.19		80,457.67
American Century VP Ultra Fund II	$	9.73	$	13.14		8,947.53
American Century VP Value Fund II	$	10.03	$	13.01		303,731.43
BlackRock Basic Value V.I. Fund Class III	$	10.19	$	13.83		25,092.36
BlackRock Capital Appreciation V.I. Fund Class III	$	10.08	$	13.26		12,026.83
BlackRock Equity Dividend V.I. Fund Class III	$	10.44	$	12.78		167,038.11
BlackRock Global Allocation V.I. Fund Class III	$	10.06	$	11.36		214,205.86
BlackRock Large Cap Core V.I. Fund Class III	$	9.94	$	13.07		4,028.08
BlackRock Large Cap Growth V.I. Fund Class III	$	9.99	$	13.17		7,863.16
Calvert VP S&P 500 Index Portfolio	$	10.28	$	13.30		10,069.78
Calvert VP SRI Mid Cap Portfolio	$	10.26	$	13.15		5,235.81
ClearBridge Variable Equity Income Portfolio Class II	$	9.95	$	12.34		7,680.37
ClearBridge Variable Mid Cap Core Portfolio Class II	$	10.28	$	13.90		7,257.64
ClearBridge Variable Small Cap Growth Portfolio Class II	$	9.95	$	14.40		12,285.58
Columbia Variable Portfolio - Contrarian Core Fund Share Class 2 (Added August 1, 2013)	$	10.00	$	10.86		1,656.87
Columbia Variable Portfolio - Dividend Opportunity Fund Share Class 2 (Added August 1, 2013)	$	10.00	$	10.55		4,711.55
Columbia Variable Portfolio - Emerging Markets Bond Fund Share Class 2 (Added August 1, 2013)	$	10.00	$	9.92		63,423.83
Columbia Variable Portfolio - High Yield Bond Fund Share Class 2 (Added August 1, 2013)	$	10.00	$	10.23		7,939.85
DWS Alternative Asset Allocation VIP Portfolio Class B	$	10.28	$	10.21		25,006.94
DWS Equity 500 Index VIP Class B	$	9.89	$	12.84		18,947.60
DWS Global Small Cap VIP Class B Formerly DWS Global Small Cap Growth VIP Class B	$	10.08	$	13.50		10,178.97
DWS Large Cap Value VIP Class B	$	10.06	$	12.96		3,873.17
DWS Small Cap Index VIP Class B	$	10.11	$	13.79		21,139.01

112

LiveWell Variable Annuity

Table 1—Contract – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2012)		Accumulation Unit Value at End of Period (12/31/2013)		Number of Accumulation Units at End of Period
DWS Small Mid Cap Value VIP Class B	$	10.03	$	13.34		17,235.17
Eaton Vance VT Floating-Rate Income Fund	$	10.37	$	10.63		626,174.78
Eaton Vance VT Large-Cap Value Fund	$	10.58	$	13.43		12,965.18
Fidelity VIP Contrafund Portfolio Service Class 2	$	10.38	$	13.41		77,772.58
Fidelity VIP Emerging Markets Portfolio Service Class 2	$	9.98	$	10.21		29,483.30
Fidelity VIP FundsManager 50% Portfolio Service Class 2	$	10.04	$	11.36		24,624.03
Fidelity VIP FundsManager 70% Portfolio Service Class 2	$	10.08	$	12.08		2,226.08
Fidelity VIP FundsManager 85% Portfolio Service Class 2	$	10.07	$	12.67		9,337.73
Fidelity VIP High Income Portfolio Service Class 2	$	10.71	$	11.17		81,745.70
Fidelity VIP Mid Cap Portfolio Service Class 2	$	10.07	$	13.50		52,187.19
Fidelity VIP Money Market Portfolio Service Class 2	$	9.89	$	9.76		8,842,912.66
Fidelity VIP Overseas Portfolio Service Class 2	$	10.41	$	13.37		4,321.72
Fidelity VIP Real Estate Portfolio Service Class 2	$	10.99	$	11.02		213,544.46
Fidelity VIP Strategic Income Portfolio Service Class 2	$	10.54	$	10.40		158,102.60
Fidelity VIP Value Strategies Portfolio Service Class 2	$	10.99	$	14.12		40,139.50
First Investors Life Series International Fund (Added August 1, 2013)	$	10.00	$	10.12		431.99
First Investors Life Series Total Return Fund (Added August 1, 2013)	$	10.00	$	10.49		0.00
Franklin Income VIP Fund Class 2 Formerly Franklin Income Securities Fund Class 2	$	10.14	$	11.40		301,184.19
Franklin Mutual Global Discovery VIP Fund Class 2 Formerly Mutual Global Discovery Securities Fund Class 2	$	10.09	$	12.70		55,038.64
Franklin Mutual Shares VIP Fund Class 2 Formerly Mutual Shares Securities Fund Class 2	$	10.52	$	13.31		165,839.35
Franklin Rising Dividends VIP Fund Class 2 Formerly Franklin Rising Dividends Securities Fund Class 2	$	10.58	$	13.54		149,702.34
Guggenheim VIF Global Managed Futures Strategy Fund	$	9.09	$	9.20		6,274.16
Guggenheim VIF Long Short Equity Fund Formerly Guggenheim U.S. VT Long Short Momentum Fund	$	9.82	$	11.38		6,649.09
Guggenheim VIF Multi-Hedge Strategies Fund	$	10.00	$	10.03		15,877.07
Guggenheim VIF Small Cap Value Series Q	$	10.22	$	13.80		22,649.17
Ivy Funds VIP Asset Strategy	$	10.37	$	12.80		296,837.70
Ivy Funds VIP Balanced	$	9.95	$	12.14		178,500.62
Ivy Funds VIP Dividend Opportunities	$	10.27	$	13.14		28,494.93
Ivy Funds VIP Energy	$	8.92	$	11.24		56,906.22
Ivy Funds VIP Global Bond	$	10.07	$	10.10		21,638.89
Ivy Funds VIP Global Natural Resources	$	8.87	$	9.43		22,921.79
Ivy Funds VIP Growth	$	10.20	$	13.74		16,395.08
Ivy Funds VIP High Income (Added August 1, 2013)	$	10.00	$	10.38		363,842.93
Ivy Funds VIP International Core Equity	$	10.05	$	12.39		44,585.61
Ivy Funds VIP International Growth	$	10.54	$	12.39		10,087.44
Ivy Funds VIP Mid Cap Growth	$	10.04	$	12.87		62,342.17
Ivy Funds VIP Science and Technology	$	10.81	$	16.68		52,641.45
Ivy Funds VIP Small Cap Growth	$	9.01	$	12.74		38,880.75
Ivy Funds VIP Small Cap Value	$	10.53	$	13.87		70,120.53
Janus Aspen Balanced Portfolio Service Shares	$	10.36	$	12.25		46,826.33
Janus Aspen Enterprise Portfolio Service Shares	$	10.00	$	10.89		1,582.82
Janus Aspen Flexible Bond Portfolio Service Shares	$	10.43	$	10.26		44,641.81
Janus Aspen Global Research Portfolio Service Shares	$	10.35	$	13.07		2,590.50
Janus Aspen Global Technology Portfolio Service Shares	$	10.18	$	13.60		6,261.74
Janus Aspen Janus Portfolio Service Shares	$	10.34	$	13.26		784.68
Janus Aspen Overseas Portfolio Service Shares	$	9.06	$	10.22		1,544.21

113

LiveWell Variable Annuity

Table 1—Contract – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2012)		Accumulation Unit Value at End of Period (12/31/2013)		Number of Accumulation Units at End of Period
Janus Aspen Perkins Mid Cap Value Portfolio Service Shares	$	10.00	$	12.42		92,821.58
Lazard Retirement Global Dynamic Multi Asset Portfolio Service Shares Formerly Lazard Retirement Multi-Asset Targeted Volatility Portfolio Service Shares	$	10.02	$	11.81		2,354.11
Lazard Retirement International Equity Portfolio Service Shares	$	10.51	$	12.52		1,285.32
Legg Mason Dynamic Multi-Strategy VIT Portfolio Class II	$	10.07	$	11.74		1,844.76
Lord Abbett Series Fund Bond Debenture Portfolio VC	$	10.19	$	10.87		93,107.71
Lord Abbett Series Fund Developing Growth Portfolio VC	$	9.52	$	14.71		18,846.32
Lord Abbett Series Fund Fundamental Equity Portfolio VC	$	10.08	$	13.51		13,937.17
MFS VIT II Bond Portfolio Service Class	$	10.11	$	9.92		21,233.65
MFS VIT II Emerging Markets Equity Portfolio Service Class	$	10.49	$	9.79		18,960.39
MFS VIT II Global Tactical Allocation Portfolio Service Class	$	10.42	$	11.16		30,029.88
MFS VIT II International Value Portfolio Service Class	$	10.75	$	13.54		63,761.98
MFS VIT II New Discovery Portfolio Service Class	$	10.24	$	14.25		23,491.16
MFS VIT II Technology Portfolio Service Class	$	9.75	$	12.96		2,909.42
MFS VIT II Utilities Portfolio Service Class	$	10.75	$	12.76		69,986.22
PIMCO All Asset Portfolio Advisor Class	$	10.67	$	10.54		156,058.20
PIMCO CommodityRealReturn® Strategy Portfolio Advisor Class	$	9.56	$	8.05		377,536.11
PIMCO Emerging Markets Bond Portfolio Advisor Class	$	11.09	$	8.05		377,536.11
PIMCO Global Bond Portfolio (Unhedged) Advisor Class	$	10.48	$	10.17		24,504.69
PIMCO Global Multi-Asset Managed Allocation Portfolio Advisor Class Formerly PIMCO Global Multi-Asset Portfolio Advisor Class	$	10.07	$	9.46		12,865.03
PIMCO High Yield Portfolio Advisor Class	$	10.77	$	9.15		23,302.62
PIMCO Low Duration Portfolio Advisor Class	$	10.30	$	10.14		278,778.90
PIMCO Real Return Portfolio Advisor Class	$	10.48	$	9.38		452,411.25
PIMCO Short-Term Portfolio Advisor Class	$	10.06	$	9.97		1,217,939.58
PIMCO Total Return Portfolio Advisor Class	$	10.56	$	10.20		1,368,745.14
Pioneer Bond VCT Portfolio Class II	$	10.49	$	10.44		322,757.48
Pioneer Equity Income VCT Portfolio Class II	$	10.26	$	13.04		18,029.46
Pioneer Fund VCT Portfolio Class II	$	10.03	$	13.16		5,335.68
Pioneer High Yield VCT Portfolio Class II	$	10.63	$	11.72		337,788.19
Pioneer Strategic Income VCT Portfolio Class II	$	10.58	$	10.54		184,126.42
Power Income VIT Fund Class 2	$	9.96	$	10.28		136,933.88
Prudential Series Fund Jennison 20/20 Focus Portfolio Class II	$	9.68	$	12.36		11,214.08
Prudential Series Fund Natural Resources Portfolio Class II	$	8.38	$	9.07		3,623.89
Prudential Series Fund SP Prudential U.S. Emerging Growth Portfolio Class II	$	10.23	$	12.91		28,875.37
Royce Capital Fund - Micro-Cap Portfolio Service Class	$	9.32	$	11.09		13,740.27
Royce Capital Fund - Small-Cap Portfolio Service Class	$	10.17	$	13.49		115,234.47
Rydex VIF Biotechnology Fund	$	9.55	$	14.52		10,195.11
Rydex VIF S&P 500 Pure Growth Fund	$	10.15	$	14.15		9,725.23
Rydex VIF S&P MidCap 400 Pure Growth Fund	$	10.10	$	13.36		5,824.90
Templeton Developing Markets Fund Class 2 Formerly Templeton Developing Markets Securities Fund Class 2	$	9.88	$	9.65		261,210.15
Templeton Foreign VIP Fund Class 2 Formerly Templeton Foreign Securities Fund Class 2	$	10.53	$	12.78		403,491.25
Templeton Global Bond VIP Fund Class 2 Formerly Templeton Global Bond Securities Fund Class 2	$	10.66	$	10.69		344,287.80
Van Eck VIP Global Hard Assets Fund S	$	9.89	$	10.77		4,560.36
Western Asset Variable Global High Yield Bond Portfolio Class II	$	10.99	$	11.49		64,865.31

114

LiveWell Variable Annuity

Table 1—Contract – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2011)		Accumulation Unit Value at End of Period (12/31/2012)		Number of Accumulation Units at End of Period
2012
Alger Capital Appreciation Portfolio Class S	$	10.00	$	10.32		5,393.27
AllianceBernstein VPS Dynamic Asset Allocation Portfolio B	$	10.00	$	10.16		612.13
AllianceBernstein VPS Real Estate Investment Portfolio B	$	10.00	$	10.40		1,939.92
AllianceBernstein VPS Small Cap Growth Portfolio B	$	10.00	$	9.80		0.00
AllianceBernstein VPS Small/Mid Cap Value Portfolio B	$	10.00	$	10.52		550.28
American Century VP Inflation Protection Fund II	$	10.00	$	10.04		6,908.04
American Century VP Mid Cap Value Fund II	$	10.00	$	10.92		63.31
American Century VP Ultra Fund II	$	10.00	$	9.73		0.00
American Century VP Value Fund II	$	10.00	$	10.03		70.38
BlackRock Basic Value V.I. Fund Class III	$	10.00	$	10.19		4,963.09
BlackRock Capital Appreciation V.I. Fund Class III	$	10.00	$	10.08		1,061.04
BlackRock Equity Dividend V.I. Fund Class III	$	10.00	$	10.44		23,742.31
BlackRock Global Allocation V.I. Fund Class III	$	10.00	$	10.06		34,229.43
BlackRock Large Cap Core V.I. Fund Class III	$	10.00	$	9.94		449.08
BlackRock Large Cap Growth V.I. Fund Class III	$	10.00	$	9.99		537.74
Calvert VP SRI Equity Portfolio	$	10.00	$	10.28		22.40
Calvert VP SRI Mid Cap Portfolio	$	10.00	$	10.26		233.93
ClearBridge Variable Equity Income Portfolio Class II	$	10.00	$	9.95		0.00
ClearBridge Variable Mid Cap Core Portfolio Class II	$	10.00	$	10.28		173.09
ClearBridge Variable Small Cap Growth Portfolio Class II	$	10.00	$	9.95		0.00
DWS Alternative Asset Allocation VIP Portfolio Class B	$	10.00	$	10.28		4,221.71
DWS Equity 500 Index VIP Class B	$	10.00	$	9.89		30.55
DWS Global Small Cap Growth VIP Class B	$	10.00	$	10.08		30.55
DWS Large Cap Value VIP Class B	$	10.00	$	10.06		0.00
DWS Small Cap Index VIP Class B	$	10.00	$	10.11		0.00
DWS Small Mid Cap Value VIP Class B	$	10.00	$	10.03		2,460.47
Eaton Vance VT Floating-Rate Income Fund	$	10.00	$	10.37		61,693.81
Eaton Vance VT Large-Cap Value Fund	$	10.00	$	10.58		2,236.10
Fidelity VIP Contrafund Portfolio Service Class 2	$	10.00	$	10.38		7,412.56
Fidelity VIP Emerging Markets Portfolio Service Class 2	$	10.00	$	9.98		688.58
Fidelity VIP FundsManager 50% Portfolio Service Class 2	$	10.00	$	10.04		2,419.66
Fidelity VIP FundsManager 70% Portfolio Service Class 2	$	10.00	$	10.08		0.00
Fidelity VIP FundsManager 85% Portfolio Service Class 2	$	10.00	$	10.07		0.00
Fidelity VIP High Income Portfolio Service Class 2	$	10.00	$	10.71		32,974.12
Fidelity VIP Mid Cap Portfolio Service Class 2	$	10.00	$	10.07		3,565.08
Fidelity VIP Money Market Portfolio Service Class 2	$	10.00	$	9.89		1,130,153.67
Fidelity VIP Overseas Portfolio Service Class 2	$	10.00	$	10.41		0.00
Fidelity VIP Real Estate Portfolio Service Class 2	$	10.00	$	10.99		23,206.41
Fidelity VIP Strategic Income Portfolio Service Class 2	$	10.00	$	10.54		33,104.21
Fidelity VIP Value Strategies Portfolio Service Class 2	$	10.00	$	10.99		5,139.01
Franklin Income Securities Fund Class 2	$	10.00	$	10.14		4,813.68
Franklin Rising Dividends Securities Fund Class 2	$	10.00	$	10.58		28,330.93
Guggenheim VT Global Managed Futures Strategy Fund	$	10.00	$	9.09		2,809.45
Guggenheim VT Multi-Hedge Strategies Fund	$	10.00	$	10.00		2,962.95
Guggenheim VT Small Cap Value Series Q	$	10.00	$	10.22		159.90
Guggenheim VT U.S. Long Short Momentum Fund	$	10.00	$	9.82		785.59
Ivy Funds VIP Asset Strategy	$	10.00	$	10.37		52,294.76
Ivy Funds VIP Balanced	$	10.00	$	9.95		0.00
Ivy Funds VIP Dividend Opportunities	$	10.00	$	10.27		3,041.83

115

LiveWell Variable Annuity

Table 1—Contract – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2011)		Accumulation Unit Value at End of Period (12/31/2012)		Number of Accumulation Units at End of Period
Ivy Funds VIP Energy	$	10.00	$	8.92		703.78
Ivy Funds VIP Global Bond	$	10.00	$	10.07		928.37
Ivy Funds VIP Global Natural Resources	$	10.00	$	8.87		14,336.96
Ivy Funds VIP Growth	$	10.00	$	10.20		2,268.01
Ivy Funds VIP International Core Equity	$	10.00	$	10.05		2,268.01
Ivy Funds VIP International Growth	$	10.00	$	10.54		2,247.83
Ivy Funds VIP Mid Cap Growth	$	10.00	$	10.04		5,981.47
Ivy Funds VIP Science and Technology	$	10.00	$	10.81		2,487.54
Ivy Funds VIP Small Cap Growth	$	10.00	$	9.01		1,881.55
Ivy Funds VIP Small Cap Value	$	10.00	$	10.53		4,875.49
Janus Aspen Balanced Portfolio Service Shares	$	10.00	$	10.36		6,185.43
Janus Aspen Flexible Bond Portfolio Service Shares	$	10.00	$	10.43		10,667.75
Janus Aspen Global Research Portfolio Service Shares	$	10.00	$	10.35		58.35
Janus Aspen Global Technology Portfolio Service Shares	$	10.00	$	10.18		1,356.37
Janus Aspen Janus Portfolio Service Shares	$	10.00	$	10.34		0.00
Janus Aspen Overseas Portfolio Service Shares	$	10.00	$	9.06		0.00
Janus Aspen Perkins Mid Cap Value Portfolio Service Shares	$	10.00	$	10.00		9,068.14
Lazard Retirement International Equity Portfolio Service Shares	$	10.00	$	10.51		0.00
Lazard Retirement Multi-Asset Targeted Volatility Portfolio Service Shares	$	10.00	$	10.02		0.00
Legg Mason Dynamic Multi-Strategy VIT Portfolio Class II	$	10.00	$	10.07		0.00
Lord Abbett Series Fund Bond Debenture Portfolio VC	$	10.00	$	10.19		1,673.55
Lord Abbett Series Fund Developing Growth Portfolio VC	$	10.00	$	9.52		0.00
Lord Abbett Series Fund Fundamental Equity Portfolio VC	$	10.00	$	10.08		0.00
MFS VIT II Bond Portfolio Service Class	$	10.00	$	10.11		802.58
MFS VIT II Emerging Markets Equity Portfolio Service Class	$	10.00	$	10.49		0.00
MFS VIT II Global Tactical Allocation Portfolio Service Class	$	10.00	$	10.42		9,499.38
MFS VIT II International Value Portfolio Service Class	$	10.00	$	10.75		5,023.58
MFS VIT II New Discovery Portfolio Service Class	$	10.00	$	10.24		396.20
MFS VIT II Technology Portfolio Service Class	$	10.00	$	9.75		197.49
MFS VIT II Utilities Portfolio Service Class	$	10.00	$	10.75		3,689.65
Mutual Global Discovery Securities Fund Class 2	$	10.00	$	10.09		99.95
Mutual Shares Securities Fund Class 2	$	10.00	$	10.52		20,164.58
PIMCO All Asset Portfolio Advisor Class	$	10.00	$	10.67		40,103.00
PIMCO CommodityRealReturn® Strategy Portfolio Advisor Class	$	10.00	$	9.56		31,144.36
PIMCO Emerging Markets Bond Portfolio Advisor Class	$	10.00	$	11.09		16,560.86
PIMCO Global Bond Portfolio (Unhedged) Advisor Class	$	10.00	$	10.48		13,407.39
PIMCO Global Multi-Asset Portfolio Advisor Class	$	10.00	$	10.07		5,796.98
PIMCO High Yield Portfolio Advisor Class	$	10.00	$	10.77		36,306.28
PIMCO Low Duration Portfolio Advisor Class	$	10.00	$	10.30		233,787.54
PIMCO Real Return Portfolio Advisor Class	$	10.00	$	10.48		75,875.06
PIMCO Short-Term Portfolio Advisor Class	$	10.00	$	10.06		105,820.26
PIMCO Total Return Portfolio Advisor Class	$	10.00	$	10.56		154,839.82
Pioneer Bond VCT Portfolio Class II	$	10.00	$	10.49		38,735.04
Pioneer Equity Income VCT Portfolio Class II	$	10.00	$	10.26		3,589.00
Pioneer Fund VCT Portfolio Class II	$	10.00	$	10.03		995.26
Pioneer High Yield VCT Portfolio Class II	$	10.00	$	10.63		59,480.24
Pioneer Strategic Income VCT Portfolio Class II	$	10.00	$	10.58		71,305.52
Power Income VIT Fund Class 2	$	10.00	$	9.96		10,738.99
Prudential Series Fund Jennison 20/20 Focus Portfolio Class II	$	10.00	$	9.68		988.14
Prudential Series Fund Natural Resources Portfolio Class II	$	10.00	$	8.38		1,250.30

116

LiveWell Variable Annuity

Table 1—Contract – 1.35% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2011)		Accumulation Unit Value at End of Period (12/31/2012)		Number of Accumulation Units at End of Period
Prudential Series Fund SP Prudential U.S. Emerging Growth Portfolio Class II	$	10.00	$	10.23		5,399.33
Royce Capital Fund - Micro-Cap Portfolio Service Class	$	10.00	$	9.32		4,585.70
Royce Capital Fund - Small-Cap Portfolio Service Class	$	10.00	$	10.17		9,991.62
Rydex VT Biotechnology Fund	$	10.00	$	9.55		38.71
Rydex VT S&P 500 Pure Growth Fund	$	10.00	$	10.15		27.44
Rydex VT S&P MidCap 400 Pure Growth Fund	$	10.00	$	10.10		407.55
Templeton Developing Markets Securities Fund Class 2	$	10.00	$	9.88		20,748.43
Templeton Foreign Securities Fund Class 2	$	10.00	$	10.53		29,049.14
Templeton Global Bond Securities Fund Class 2	$	10.00	$	10.66		41,085.87
Van Eck VIP Global Hard Assets Fund S	$	10.00	$	9.89		407.55
Western Asset Variable Global High Yield Bond Portfolio Class II	$	10.00	$	10.99		18,856.69

117

LiveWell Variable Annuity

The Statement of Additional Information (SAI) can provide you with more detailed information about Midland National Life Insurance Company and the Midland National Life Separate Account C including more information about commissions and distribution expenses. A free copy of the SAI can be obtained by contacting your registered representative or by contacting our Customer Service Center at:

P.O. Box 758547

Topeka, Kansas 66675-8547

Phone: (866) 747-3421

Facsimile: (866) 511-7038

Information about Midland National Life Insurance Company can be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the public reference room may be obtained by calling the SEC at 202-551-8090. Reports and other information about Midland National Life Insurance Company are also available on the SEC’s Internet site at http://www.sec.gov. Copies of this information may be obtained, upon payment of a duplicating fee, by writing the Public Reference Section of the SEC, 100 F Street, N.E., Washington, DC 20549-0102.

SEC File No. 811-07772

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LiveWell Variable Annuity

STATEMENT OF ADDITIONAL INFORMATION FOR THE

LiveWell VARIABLE ANNUITY CONTRACT

Flexible Premium Deferred Variable Annuity Contract

Issued by

MIDLAND NATIONAL LIFE INSURANCE COMPANY

(Through Midland National Life Separate Account C)

Our Customer Service Center:

P.O. Box 758547

Topeka, Kansas 66675-8547

Phone: (866) 747-3421 (toll-free)

Fax: (866) 511-7038 (toll-free)

This Statement of Additional Information expands upon subjects discussed in the current Prospectus for the LiveWell Variable Annuity (“contract”) issued by Midland National Life Insurance Company. You may obtain a free copy of the Prospectus dated May 1, 2021, by contacting us at our Customer Service Center using the above address and phone numbers. Terms used in the current Prospectus for the contract are incorporated in this document.

This statement of additional information is not a prospectus and should be read only in conjunction with the prospectus for the contract and the prospectuses for all of the portfolios currently available in the contract.

Dated May 1, 2021

LiveWell Variable Annuity SAI

TABLE OF CONTENTS

THE CONTRACT	3
Entire Contract	3
Changes to the Contract	3
Incontestability	3
Misstatement of Age or Sex	3
Non-participating	3
Claims of Creditors	3
Minimum Benefits	3
Ownership	4
Assignment	4
Accumulation Unit Value	4
Annuity Payments	5
FEDERAL TAX MATTERS	5
Tax-Free Exchanges (Section 1035)	5
Required Distributions	5
Non-Natural Person owners	6
Diversification Requirements	6
Owner Control	6
Taxation of Qualified Contracts	6
DISTRIBUTION OF THE CONTRACTS	8
SAFEKEEPING OF ACCOUNT ASSETS	9
STATE REGULATION	9
RECORDS AND REPORTS	9
LEGAL MATTERS	9
EXPERTS	9
OTHER INFORMATION	10
CONDENSED FINANCIALS	10
FINANCIAL STATEMENTS	64

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LiveWell Variable Annuity SAI

THE CONTRACT

ENTIRE CONTRACT

The entire contract between you and us consists of the contract, the attached written application and any attached endorsements, riders, and amendments.

CHANGES TO THE CONTRACT

No one has the right to change any part of the contract or to waive any of its provisions unless the change is approved in writing by one of our officers. Only our President or Secretary may modify the contract.

We may change the contract without Your consent to conform to state or federal laws or regulations. A change will be made by attaching an endorsement to the contract.

INCONTESTABILITY

We will not contest the contract.

MISSTATEMENT OF AGE OR SEX

If the age or sex of the annuitant has been misstated, we will adjust the amount of each annuity payment to whatever the applied value would have purchased at the correct age and sex.

Any underpayments made by us will be paid to the payee. Any overpayments made by us will be charged against benefits falling due after adjustment. All underpayments and overpayments will include interest at the rate required by the jurisdiction in which the contract is delivered.

NON-PARTICIPATING

The contract does not participate in the surplus or profits of the Company and the Company does not pay any dividends on it.

CLAIMS OF CREDITORS

To the extent permitted by law, no benefits payable under the contract to a beneficiary or payee are subject to the claims of creditors.

MINIMUM BENEFITS

The annuity payments, surrender values and death benefit under the contract are not less than the minimum required by the laws of the state in which the contract is delivered.

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LiveWell Variable Annuity SAI

OWNERSHIP

The contract belongs to you. You have all rights granted by the contract, including the right to change owners and beneficiaries, subject to the rights of:

1) Any assignee of record with us;

2) Any irrevocable beneficiary; and

3) Any restricted ownership.

We must receive written notice informing us of any change, designation or revocation. Once recorded, a change, designation or revocation takes effect as of the date the written notice was signed. However, we are not liable for payments made by us before we record the written notice. A change of owner may have adverse tax consequences.

ASSIGNMENT

An assignment may have adverse tax consequences.

You may assign the contract by giving us written notice. The assignment does not take effect until we accept and approve it. We reserve the right, except to the extent prohibited by applicable laws, regulations, or actions of the State insurance commissioner, to refuse assignments or transfers at any time on a non-discriminatory basis. We will not be responsible for the validity of any assignment. We will not be liable for any payments We make prior to recording the written notice of assignment.

This contract, or any of its riders, is not designed for resale, speculation, arbitrage, viatical settlements or any other type of collective investment scheme. This contract may not be traded on any stock exchange or secondary market.

ACCUMULATION UNIT VALUE

We determine accumulation unit values for each investment option of our Separate Account at the end of each valuation period. The accumulation unit value for each investment division was initially set at $10.00. The accumulation unit value for any business day is equal to the accumulation unit value for the preceding business day multiplied by the net investment factor for that division on that business day.

We determine the net investment factor for each investment option every valuation period by taking a) divided by b) minus c) where:

a) Is the total of:

1) The net asset value per share at the end of the current Valuation Period; plus

2) Any dividend or capital gains per share reinvested during the current Valuation Period; plus

3) Total accrued, but not yet reinvested, capital gains per share as of the current Valuation Period.

b) Is the net asset value plus the total accrued but not yet reinvested capital gains per share as of the preceding Valuation Period.

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LiveWell Variable Annuity SAI

c) Is the Mortality and Expense Risk Charge plus the Asset Based Administration Charge for each day in the current Valuation Period.

We reserve the right to subtract any other daily charge for taxes or amounts set aside as a reserve for taxes. Generally, this means that we would adjust unit values to reflect what happens to the portfolios, and also for any charges.

ANNUITY PAYMENTS

The amount of each fixed annuity payment will be set on the Maturity Date and will not subsequently be affected by the investment performance of the investment options.

FEDERAL TAX MATTERS

TAX-FREE EXCHANGES (SECTION 1035)

Midland National accepts premiums which are the proceeds of a contract in a transaction qualifying for a tax-free exchange under Section 1035 of the Internal Revenue Code (“Code”).

We also accept “rollovers” from contracts qualifying as individual retirement annuities or accounts (IRAs), or any other qualified contract which is eligible to “roll-over” into an IRA. The Company differentiates between nonqualified contracts and IRAs to the extent necessary to comply with federal tax laws. In all events, a tax adviser should be consulted with and relied upon before you effect an exchange or a rollover.

REQUIRED DISTRIBUTIONS

In order to be treated as an annuity contract for federal income tax purposes, section 72(s) of the Code requires any nonqualified contract to provide that (a) if any owner dies on or after the annuity date but prior to the time the entire interest in the contract has been distributed, the remaining portion of such interest will be distributed at least as rapidly as under the method of distribution being used as of the date of that owner’s death; and (b) if any owner dies prior to the annuity starting date, the entire interest in the contract will be distributed (1) within five years after the date of that owner’s death, or (2) as Annuity payments which will begin within one year of that owner’s death and which will be made over the life of the owner’s “designated beneficiary” or over a period not extending beyond the life expectancy of that beneficiary. The owner’s “designated beneficiary” is the person to whom ownership of the contract passes by reason of death and must be a natural person. However, if the owner’s designated beneficiary is the surviving spouse of the owner, the contract may be continued with the surviving spouse as the new owner.

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LiveWell Variable Annuity SAI

The nonqualified contracts contain provisions which are intended to comply with the requirements of section 72(s) of the Code, although no regulations interpreting these requirements have yet been issued. We intend to review such provisions and modify them if necessary to assure that they comply with the requirements of Code section 72(s) when clarified by regulation or otherwise.

Other rules may apply to qualified contracts.

NON-NATURAL PERSON OWNERS

If a non-natural person (e.g., a corporation or a trust) owns a nonqualified contract, the taxpayer generally must include in income any increase in the excess of the account value over the investment in the contract (generally, the premiums or other consideration paid for the contract) during the taxable year.

There are some exceptions to this rule and a prospective owner that is not a natural person should discuss these with a tax adviser.

The tax discussion in the prospectus and herein generally applies to contracts owned by natural persons.

DIVERSIFICATION REQUIREMENTS

The Code requires that the investments of each investment option of the Separate Account underlying the contracts be “adequately diversified” in order for the contracts to be treated as annuity contracts for Federal income tax purposes. It is intended that each investment option, through the fund company in which it invests, will satisfy these diversification requirements.

OWNER CONTROL

In some circumstances, owners of variable contracts who retain control over the investment of the underlying Separate Account assets may be treated as owners of those assets and may be subject to tax on income produced by those assets. Although published guidance in this area does not address certain aspects of the contracts, we believe that the owner of a contract should not be treated as the owner of the Separate Account assets. We reserve the right to modify the contracts to bring them into conformity with applicable standards should such modification be necessary to prevent owners of the contracts from being treated as the owners of the underlying Separate Account assets.

TAXATION OF QUALIFIED CONTRACTS

The tax rules applicable to qualified contracts vary according to the type of retirement plan and the terms and conditions of the plan. Your rights under a qualified contract may be subject to the terms of the retirement plan itself, regardless of the terms of the qualified contract. Adverse tax consequences may result if you do not ensure that contributions, distributions and other transactions with respect to the contract comply with the law.

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LiveWell Variable Annuity SAI

Individual Retirement Accounts and Annuities (IRAs), as defined in Section 408 of the Code, permit individuals to make annual contributions of up to the lesser of a specific dollar amount or the amount of compensation includible in the individual’s gross income for the year. The contributions may be deductible in whole or in part, depending on the individual’s income and whether the individual is a participant in a qualified plan. Distributions from certain retirement plans may be “rolled over” into an IRA on a tax-deferred basis without regard to these limits. Amounts in the IRA (other than nondeductible contributions) are taxed when distributed from the IRA. A 10% penalty tax generally applies to distributions made before age 59¹⁄₂, unless certain exceptions apply.

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

The Setting Every Community Up for Retirement Enhancement Act of 2019 (the “Secure Act”) increases the beginning date for required minimum distributions from 70 ¹⁄₂ to 72. This change only applies if you will attain age 70 1/2 on or after January 1, 2020. All other requirements for the timing and calculation of required minimum distributions remain the same. If you reached the age of 70 ¹⁄₂ prior to January 1, 2020, you are still required to use age 70 ¹⁄₂ as the beginning date for required minimum distributions.

The Secure Act also provides that in order to be treated as an annuity contract for tax purposes, a qualified contract must provide for owners who die after January 1, 2020 that any designated beneficiary who is not an “eligible designated beneficiary” must withdraw the entire account value by the end of the tenth year following the year of death. This rule applies regardless of whether required minimum distributions have begun. Eligible designated beneficiaries can withdraw the account value over their lives or a period not exceeding their life expectancies. Eligible designated beneficiaries include (1) the surviving spouse of the owner; (2) a child who has not reached majority (any remaining portion of the account value must be distributed within 10 years after the date the child reaches majority); (3) a disabled beneficiary; (d) a chronically ill individual; and (e) any individual not described above who is not more than 10 years younger than the employee.

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DISTRIBUTION OF THE CONTRACTS

The contracts are offered to the public on a continuous basis. We anticipate continuing to offer the contracts, but reserve the right to discontinue the offering.

Sammons Financial Network, LLC. (“Sammons Financial Network”) serves as principal underwriter for the contracts. Sammons Financial Network is a Delaware limited liability company and its principal office is located at 8300 Mills Civic Parkway, West Des Moines, IA 50266. Sammons Financial Network is an indirect, wholly owned subsidiary of Sammons Enterprises, Inc. of Dallas, Texas, which in turn is the ultimate parent company of Midland National Life Insurance Company. Sammons Financial Network is registered as a broker-dealer with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as well as with the securities commissions in the states in which it operates, and is a member of FINRA, Inc. Sammons Financial Network offers the contracts through its registered representatives. Sammons Financial Network also may enter into selling agreements with other broker-dealers (“selling firms”) and compensates them for their services. Registered representatives, who offer contracts, are appointed as insurance agents for Midland National Life Insurance Company.

A distribution allowance is paid to Sammons Financial Network of 1.00% of total premiums received on LiveWell Variable Annuity. The distribution allowance is as follows:

Fiscal Year	Aggregate Amount of Distribution Allowance Paid to Sammons Financial Network *
2018	$	3,306,926.60
2019	$	3,081,637.45
2020	$	2,642,364.34

* Represents an underwriting fee paid to Sammons Financial Network for LiveWell Variable Annuity under Separate Account C.

Sammons Financial Network, LLC. or its affiliates via expense sharing agreements will pay the advertising and sales expenses related to the distribution of the contracts.

We and/or Sammons Financial Network may pay certain selling firms additional amounts for:

• participation in their marketing programs, which may include marketing services and increased access to their sales representatives;

• sales promotions relating to the contracts;

• costs associated with sales conferences and educational seminars for their sales representatives; and

• other sales expenses incurred by them.

We may pay flat dollar amounts to certain selling firms. Our sales and marketing personnel may be permitted to attend selling firm’s annual, sales, and other conferences and/or may be given booth time, speaking time, or access to lists of the selling firm’s registered representatives.

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LiveWell Variable Annuity SAI

We and/or Sammons Financial Network may make bonus payments to certain selling firms based on aggregate sales or persistency standards. These additional payments are not offered to all selling firms, and the terms of any particular agreement governing the payments may vary among selling firms.

SAFEKEEPING OF ACCOUNT ASSETS

Title to assets of the Separate Account is held by Midland National. The assets are held separate and apart from our Fixed Account assets. Records are maintained of all premiums and redemptions of portfolio shares held by each of the investment options.

STATE REGULATION

Midland National is subject to the insurance laws and regulations of all the states where it is licensed to operate. The availability of certain contract rights and provisions depends on state approval and/or filing and review processes. Where required by state law or regulation, the contracts will be modified accordingly.

RECORDS AND REPORTS

All records and accounts relating to the Separate Account will be maintained by Midland National. As presently required by the Investment Company Act of 1940 and regulations promulgated thereunder, reports containing such information as may be required under that Act or by any other applicable law or regulation will be sent to owners semi-annually at their last known address of record.

LEGAL MATTERS

Legal advice regarding certain matters relating to the federal securities laws applicable to the issue and sale of the contracts has been provided by Carlton Fields, P.A., Washington, D.C.

EXPERTS

The financial statements of Midland National Life Separate Account C at December 31, 2020, and for the periods disclosed in those financial statements, and the financial statements of Midland National Life Insurance Company at December 31, 2020 and 2019, and for the three years in the period ended December 31, 2020, included herein have been so included in reliance on the reports of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in accounting and auditing. The mailing address for PricewaterhouseCoopers LLP is as follows:

PricewaterhouseCoopers LLP

699 Walnut Street, Suite 1300

Des Moines, IA 50309

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LiveWell Variable Annuity SAI

OTHER INFORMATION

A Registration Statement has been filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended, with respect to the contracts discussed in this Statement of Additional Information. Not all of the information set forth in the Registration Statement, amendments and exhibits thereto has been included in this Statement of Additional Information. Statements contained in this Statement of Additional Information concerning the content of the contracts and other legal instruments are intended to be summaries. For a complete statement of the terms of these documents, reference should be made to the instruments filed with the Securities and Exchange Commission.

CONDENSED FINANCIALS

The following tables of condensed financial information show accumulation unit values for each investment option for the period since the investment option started operation. An accumulation unit value is the unit we use to calculate the value of your interest in an investment option. The tables showing the highest and lowest levels of Separate Account annual expenses available under the contract are located in the prospectus. No condensed financial information is shown for contracts with the accumulation value death benefit because no units reflecting that option were outstanding throughout 2020. The information for all other accumulation unit values are shown below.

Table 1—Contract with 6-Year Optional Value Endorsement – 1.20% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
2020
AB VPS Dynamic Asset Allocation Portfolio B	$	11.18	$	11.59		1,323.67
AB VPS Small Cap Growth Portfolio B	$	15.37	$	23.33		0.00
AB VPS Small/Mid Cap Value Portfolio B	$	10.92	$	11.11		887.66
Alger Capital Appreciation Portfolio Class S	$	14.66	$	20.48		7,563.97
ALPS | Alerian Energy Infrastructure Portfolio Class III	$	9.29	$	6.87		0.00
ALPS | Red Rocks Listed Private Equity Class III	$	13.25	$	14.30		395.38
American Century VP Balanced Fund II	$	10.65	$	11.82		0.00
American Century VP Income & Growth Fund II	$	10.72	$	11.81		17,807.02

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Table 1—Contract with 6-Year Optional Value Endorsement – 1.20% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
American Century VP Inflation Protection Fund II	$	10.48	$	11.34		0.00
American Century VP Mid Cap Value Fund II	$	11.75	$	11.74		21,481.12
American Century VP Ultra Fund II	$	15.26	$	22.55		2,103.30
American Century VP Value Fund II	$	11.97	$	11.93		58,950.44
American Funds IS Asset Allocation Fund Class 4	$	12.15	$	13.46		28,351.50
American Funds IS Blue Chip Income and Growth Fund Class 4	$	11.98	$	12.84		48,099.02
American Funds IS Capital Income Builder® Class 4	$	11.33	$	11.66		2,832.85
American Funds IS Global Growth and Income Fund Class 4	$	13.06	$	14.01		7,866.62
American Funds IS Global Growth Fund Class 4	$	13.62	$	21.46		4,295.16
American Funds IS Global Small Capitalization Fund Class 4	$	12.92	$	16.52		1,274.31
American Funds IS Growth Fund Class 4	$	14.31	$	21.46		8,204.69
American Funds IS Growth-Income Fund Class 4	$	13.51	$	15.12		17,807.02
American Funds IS International Fund Class 4	$	11.94	$	13.41		791.18
American Funds IS International Growth and Income Fund Class 4	$	11.83	$	12.36		7,866.62
American Funds IS New World Fund® Class 4	$	12.21	$	14.87		13,503.72
American Funds IS U.S. Government/AAA-Rated Securities Fund Class 4	$	10.24	$	11.07		49,943.25
American Funds IS Ultra-Short Bond Fund Class 4	$	9.95	$	9.80		0.00
BlackRock 60/40 Target Allocation ETF V.I. Fund Formerly BlackRock iShares® Dynamic Allocation V.I. Fund Class III	$	12.13	$	13.70		10,737.47
BlackRock Advantage Large Cap Core V.I. Fund Class III	$	13.19	$	12.22		0.00
BlackRock Basic Value V.I. Fund Class III	$	11.99	$	21.17		0.00
BlackRock Capital Appreciation V.I. Fund Class III	$	15.14	$	13.13		0.00
BlackRock Equity Dividend V.I. Fund Class III	$	12.83	$	13.51		23,639.07
BlackRock Global Allocation V.I. Fund Class III	$	11.32	$	21.43		4,574.15
BlackRock Large Cap Focus Growth V.I. Fund Class III	$	15.12	$	12.22		271.67
Calvert VP S&P 500 Index Portfolio	$	13.71	$	15.99		2,029.18
Calvert VP SRI Balanced Portfolio	$	11.91	$	13.51		0.00
Calvert VP SRI Mid Cap Portfolio	$	13.12	$	14.55		0.00
ClearBridge Variable Aggressive Growth Portfolio Class II	$	11.68	$	13.59		185.14
ClearBridge Variable Dividend Strategy Portfolio Class II	$	12.13	$	14.44		16,010.42
ClearBridge Variable Large Cap Growth II	$	13.19	$	18.09		9,225.39
ClearBridge Variable Mid Cap Portfolio Class II	$	11.99	$	13.74		6,535.55
ClearBridge Variable Small Cap Growth Portfolio Class II	$	15.14	$	20.52		2,607.10
Columbia Variable Portfolio - Contrarian Core Fund Share Class 2	$	13.09	$	15.78		2,398.29
Columbia Variable Portfolio - Dividend Opportunity Fund Share Class 2	$	12.42	$	12.38		3,798.24
Columbia Variable Portfolio - Emerging Markets Bond Fund Share Class 2	$	10.56	$	11.18		4,807.38
Columbia Variable Portfolio - High Yield Bond Fund Share Class 2	$	11.15	$	11.72		0.00
Columbia Variable Portfolio - Select Large-Cap Value Fund Class 2	$	12.08	$	12.75		628.72
Columbia Variable Portfolio - Seligman Global Tech Fund Class 2	$	14.99	$	21.59		541.27
Columbia Variable Portfolio - Strategic Income Fund Class 2 (added 5/1/2020)	$	10.00	$	11.41		0.00
Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2	$	10.53	$	10.90		0.00

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Table 1—Contract with 6-Year Optional Value Endorsement – 1.20% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
Delaware VIP International Series Formerly First Investors Life Series International Fund	$	12.08	$	12.79		0.00
Delaware VIP Opportunity Series Formerly First Investors Life Series Opportunity Fund	$	11.91	$	13.03		2,655.34
Delaware VIP Total Return Series Formerly First Investors Life Series Total Return Fund	$	11.45	$	11.42		0.00
DWS Alternative Asset Allocation VIP-B	$	10.47	$	10.90		0.00
DWS CROCI® U.S. VIP-B	$	12.93	$	11.19		0.00
DWS Equity 500 Index VIP-B	$	13.59	$	15.80		4,297.98
DWS Global Small Cap VIP-B	$	10.42	$	12.04		0.00
DWS Small Cap Index VIP-B	$	11.75	$	13.83		2,360.35
DWS Small Mid Cap Value VIP-B	$	10.51	$	10.27		7,699.10
Eaton Vance VT Floating-Rate Income Fund	$	10.57	$	10.65		3,567.49
Federated Hermes High Income Bond II, Service Formerly Federated High Income Bond II, Service	$	10.38	$	10.82		0.00
Federated Hermes Kaufmann Fund II, Service Formerly Federated Kaufmann Fund II, Service	$	10.92	$	13.86		99.49
Federated Hermes Managed Volatility II, Service Formerly Federated Managed Volatility II, Service	$	10.72	$	10.67		0.00
Fidelity® VIP Contrafund® Portfolio Service Class 2	$	13.20	$	16.98		2,122.10
Fidelity® VIP Emerging Markets Portfolio Service Class 2	$	12.72	$	16.44		864.62
Fidelity® VIP FundsManager 50% Portfolio Service Class 2	$	11.64	$	13.10		0.00
Fidelity® VIP FundsManager 70% Portfolio Service Class 2	$	12.09	$	13.85		0.00
Fidelity® VIP FundsManager 85% Portfolio Service Class 2	$	12.48	$	14.46		0.00
Fidelity® VIP Government Money Market Portfolio Service Class 2	$	10.03	$	9.93		0.00
Fidelity® VIP Growth Opportunities Portfolio Service Class 2	$	10.95	$	18.20		484.04
Fidelity® VIP High Income Portfolio Service Class 2	$	11.03	$	11.16		633.63
Fidelity® VIP International Capital Appreciation Portfolio Service Class 2 (added 5/1/2020)	$	10.00	$	13.88		511.97
Fidelity® VIP Mid Cap Portfolio Service Class 2	$	11.49	$	13.38		4,300.50
Fidelity® VIP Overseas Portfolio Service Class 2	$	11.94	$	13.61		0.00
Fidelity® VIP Real Estate Portfolio Service Class 2	$	11.46	$	10.55		5,379.95
Fidelity® VIP Strategic Income Portfolio Service Class 2	$	10.83	$	11.46		11,872.36
Fidelity® VIP Value Strategies Portfolio Service Class 2	$	11.89	$	12.69		420.70
Franklin Income VIP Fund Class 2	$	11.41	$	11.35		3,523.06
Franklin Mutual Global Discovery VIP Fund Class 2	$	11.07	$	10.45		509.75
Franklin Mutual Shares VIP Fund Class 2	$	11.16	$	10.47		13,777.36
Franklin Rising Dividends VIP Fund Class 2	$	13.40	$	15.36		1,671.68
Guggenheim VIF Global Managed Futures Strategy Fund	$	10.06	$	10.20		421.18
Guggenheim VIF Long Short Equity Fund	$	10.13	$	10.50		0.00
Guggenheim VIF Multi-Hedge Strategies Fund	$	9.94	$	10.55		0.00
Guggenheim VIF Small Cap Value Series Q	$	10.71	$	10.48		679.53

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Table 1—Contract with 6-Year Optional Value Endorsement – 1.20% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
Invesco Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class Formerly Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class	$	14.59	$	20.22		971.62
Invesco Oppenheimer Global Fund/VA Service Class Formerly Oppenheimer Global Fund/VA Service Class	$	13.01	$	16.37		253.40
Invesco Oppenheimer International Growth Fund/VA Service Class Formerly Oppenheimer International Growth Fund/VA Service Class	$	11.20	$	13.40		58,462.70
Invesco Oppenheimer Main Street Fund/VA Service Class Formerly Oppenheimer Main Street Fund/VA Service Class	$	12.75	$	14.32		15,305.40
Invesco Oppenheimer Main Street Small Cap Fund/VA Service Class Formerly Oppenheimer Main Street Small Cap Fund/VA Service Class	$	11.70	$	13.83		3,003.08
Invesco Oppenheimer Total Return Bond Fund/VA Service Class Formerly Oppenheimer Total Return Bond Fund/VA Service Class	$	10.72	$	11.59		864.57
Ivy VIP Asset Strategy	$	12.37	$	13.91		0.00
Ivy VIP Balanced	$	12.12	$	13.67		0.00
Ivy VIP Energy	$	6.73	$	4.20		13,375.84
Ivy VIP Global Bond	$	10.81	$	11.55		0.00
Ivy VIP Global Equity Income	$	11.66	$	11.88		0.00
Ivy VIP Global Growth	$	12.91	$	15.38		3,901.88
Ivy VIP Growth	$	15.62	$	20.15		6,848.59
Ivy VIP High Income	$	10.87	$	11.39		15,409.74
Ivy VIP International Core Equity	$	10.50	$	11.12		3,488.70
Ivy VIP Mid Cap Growth	$	15.51	$	22.83		7,073.15
Ivy VIP Natural Resources	$	8.92	$	7.76		0.00
Ivy VIP Science and Technology	$	15.90	$	21.26		4,229.87
Ivy VIP Small Cap Core	$	11.82	$	12.50		7,380.10
Ivy VIP Small Cap Growth	$	13.01	$	17.70		5,955.87
Janus Henderson Balanced Portfolio Service Shares	$	13.22	$	14.90		6,578.70
Janus Henderson Enterprise Portfolio Service Shares	$	15.09	$	17.77		8,908.99
Janus Henderson Flexible Bond Portfolio Service Shares	$	10.63	$	11.58		999.30
Janus Henderson Global Research Portfolio Service Shares	$	13.19	$	15.61		0.00
Janus Henderson Global Technology and Innovation Portfolio Service Shares Formerly Janus Henderson Global Technology Portfolio Service Shares	$	17.12	$	25.50		4,551.37
Janus Henderson Mid Cap Value Portfolio Service Shares	$	11.93	$	11.65		4,378.34
Janus Henderson Overseas Portfolio Service Shares	$	11.91	$	13.65		0.00
Janus Henderson Research Portfolio Service Shares	$	14.35	$	18.79		0.00
John Hancock VIT Financial Industries Trust Series II	$	10.87	$	10.95		969.83
John Hancock VIT Fundamental All Cap Core Trust Series II	$	11.80	$	14.76		0.00
John Hancock VIT Select Bond Trust Series II	$	10.84	$	11.66		0.00
John Hancock VIT Strategic Income Opportunities Trust Series II	$	10.39	$	11.13		0.00
Lazard Retirement Global Dynamic Multi Asset Portfolio Service Shares	$	11.95	$	11.90		410.88
Lazard Retirement International Equity Portfolio Service Shares	$	11.36	$	12.15		0.00
Lord Abbett Series Fund Bond Debenture Portfolio VC	$	11.09	$	11.76		22,580.10

13

LiveWell Variable Annuity SAI

Table 1—Contract with 6-Year Optional Value Endorsement – 1.20% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
Lord Abbett Series Fund Developing Growth Portfolio VC	$	15.79	$	26.94		556.21
Lord Abbett Series Fund Fundamental Equity Portfolio VC	$	11.94	$	12.01		4,997.29
Lord Abbett Series Fund Short Duration Income Portfolio VC	$	10.40	$	10.60		15,098.53
MFS VIT II Blended Research Core Equity Portfolio Service Class	$	12.97	$	14.74		577.01
MFS VIT II Corporate Bond Portfolio Service Class	$	11.13	$	12.13		1,921.57
MFS VIT II Emerging Markets Equity Portfolio Service Class	$	11.86	$	12.93		3,172.53
MFS VIT II Global Tactical Allocation Portfolio Service Class	$	11.16	$	11.68		0.00
MFS VIT II International Value Portfolio Service Class	$	12.58	$	14.94		3,013.83
MFS VIT II Technology Portfolio Service Class	$	15.68	$	22.68		2,498.70
MFS VIT III Global Real Estate Service Class	$	10.94	$	10.93		0.00
MFS VIT New Discovery Portfolio Service Class	$	15.45	$	22.23		2,055.55
MFS VIT Utilities Portfolio Service Class	$	13.05	$	13.61		1,042.21
PIMCO All Asset Portfolio Advisor Class	$	11.02	$	11.75		0.00
PIMCO CommodityRealReturn® Strategy Portfolio Advisor Class	$	9.75	$	9.75		0.00
PIMCO Emerging Markets Bond Portfolio Advisor Class	$	10.97	$	11.55		776.65
PIMCO Global Multi-Asset Managed Allocation Portfolio Advisor Class	$	11.53	$	13.30		0.00
PIMCO High Yield Portfolio Advisor Class	$	11.13	$	11.61		3,104.56
PIMCO Income Portfolio Advisor Class	$	10.75	$	11.31		32,842.34
PIMCO Low Duration Portfolio Advisor Class	$	10.17	$	10.34		19,433.81
PIMCO Real Return Portfolio Advisor Class	$	10.42	$	11.49		16,220.98
PIMCO Short-Term Portfolio Advisor Class	$	10.24	$	10.33		38,536.48
PIMCO Total Return Portfolio Advisor Class	$	10.70	$	11.47		22,531.90
PIMCO VIT Dynamic Bond Portfolio Advisor Class	$	10.50	$	10.86		2,255.38
PIMCO VIT Global Bond Opportunities Portfolio (Unhedged) Advisor Class	$	10.32	$	11.21		0.00
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) Advisor Class	$	10.76	$	11.21		404.10
Pioneer Bond VCT Portfolio Class II	$	10.69	$	11.45		46,491.52
Pioneer Equity Income VCT Portfolio Class II	$	12.36	$	12.18		30,107.41
Pioneer Fund VCT Portfolio Class II	$	14.14	$	17.32		0.00
Pioneer High Yield VCT Portfolio Class II	$	10.95	$	11.03		0.00
Pioneer Strategic Income VCT Portfolio Class II	$	10.68	$	11.33		41,191.83
Power Dividend Index VIT Fund Class 1	$	9.32	$	8.54		0.00
Prudential Series Fund Jennison 20/20 Focus Portfolio Class II	$	13.71	$	17.66		0.00
Prudential Series Fund Natural Resources Portfolio Class II	$	9.47	$	10.47		285.65
Prudential Series Fund SP Prudential U.S. Emerging Growth Portfolio Class II	$	13.50	$	19.60		0.00
QS Legg Mason Dynamic Multi-Strategy VIT Portfolio Class II	$	11.24	$	10.18		0.00
Royce Capital Fund - Micro-Cap Portfolio Service Class	$	11.02	$	13.45		0.00
Royce Capital Fund - Small-Cap Portfolio Service Class	$	11.28	$	10.33		6,500.11
Rydex VIF Biotechnology Fund	$	12.21	$	14.63		441.24
Rydex VIF S&P 500 Pure Growth Fund	$	13.14	$	16.54		0.00
Rydex VIF S&P MidCap 400 Pure Growth Fund	$	10.52	$	13.55		0.00
T. Rowe Price Blue Chip Growth Portfolio-II	$	15.05	$	19.92		17,020.05

14

LiveWell Variable Annuity SAI

Table 1—Contract with 6-Year Optional Value Endorsement – 1.20% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
T. Rowe Price Health Sciences Portfolio-II	$	13.99	$	17.87		4,934.31
Templeton Developing Markets Fund Class 2	$	12.44	$	14.41		616.40
Templeton Foreign VIP Fund Class 2	$	10.03	$	9.80		26,880.35
Templeton Global Bond VIP Fund Class 2	$	9.87	$	9.24		11,561.65
VanEck VIP Global Resources Fund S (Formerly VanEck VIP Global Hard Assets Fund S)	$	8.35	$	9.80		183.16
Western Asset Core Bond Plus Portfolio Class II	$	10.91	$	11.76		114,966.52
Western Asset Variable Global High Yield Bond Portfolio Class II	$	10.96	$	11.60		2,455.68

Table 2—Contract with 5-Year Optional Value Endorsement – 1.25% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
2020
AB VPS Dynamic Asset Allocation Portfolio B	$	11.17	$	11.57		20,590.05
AB VPS Small Cap Growth Portfolio B	$	15.35	$	23.29		0.00
AB VPS Small/Mid Cap Value Portfolio B	$	10.90	$	11.09		17,014.19
Alger Capital Appreciation Portfolio Class S	$	14.64	$	20.44		15,427.20
ALPS | Alerian Energy Infrastructure Portfolio Class III	$	9.27	$	6.86		20,433.00
ALPS | Red Rocks Listed Private Equity Class III	$	13.23	$	14.27		13,112.83
American Century VP Balanced Fund II	$	10.65	$	11.81		3,405.63
American Century VP Income & Growth Fund II	$	10.72	$	11.80		8,360.67
American Century VP Inflation Protection Fund II	$	10.46	$	11.32		154.80
American Century VP Mid Cap Value Fund II	$	11.73	$	11.72		34,306.40
American Century VP Ultra Fund II	$	15.24	$	22.50		3,559.21
American Century VP Value Fund II	$	11.96	$	11.91		194,027.96
American Funds IS Asset Allocation Fund Class 4	$	12.13	$	13.44		1,059,334.78
American Funds IS Blue Chip Income and Growth Fund Class 4	$	11.96	$	12.81		82,842.00
American Funds IS Capital Income Builder® Class 4	$	11.32	$	11.64		93,614.10
American Funds IS Global Growth and Income Fund Class 4	$	13.04	$	13.98		82,842.00
American Funds IS Global Growth Fund Class 4	$	13.60	$	17.48		42,563.06
American Funds IS Global Small Capitalization Fund Class 4	$	12.91	$	16.49		10,043.38
American Funds IS Growth Fund Class 4	$	14.29	$	21.42		33,711.23
American Funds IS Growth-Income Fund Class 4	$	13.49	$	15.09		47,617.84
American Funds IS International Fund Class 4	$	11.92	$	13.38		20,774.06
American Funds IS International Growth and Income Fund Class 4	$	11.81	$	12.34		16,030.65
American Funds IS New World Fund® Class 4	$	12.19	$	14.84		49,003.75
American Funds IS U.S. Government/AAA-Rated Securities Fund Class 4	$	10.22	$	11.05		184,793.57
American Funds IS Ultra-Short Bond Fund Class 4	$	9.93	$	9.79		114,177.17

15

LiveWell Variable Annuity SAI

Table 2—Contract with 5-Year Optional Value Endorsement – 1.25% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
BlackRock 60/40 Target Allocation ETF V.I. Fund Formerly BlackRock iShares® Dynamic Allocation V.I. Fund Class III	$	12.11	$	13.68		4,719.83
BlackRock Advantage Large Cap Core V.I. Fund Class III	$	13.17	$	15.54		0.00
BlackRock Basic Value V.I. Fund Class III	$	11.98	$	12.20		8,201.54
BlackRock Capital Appreciation V.I. Fund Class III	$	15.12	$	21.13		521.89
BlackRock Equity Dividend V.I. Fund Class III	$	12.81	$	13.10		43,954.01
BlackRock Global Allocation V.I. Fund Class III	$	11.31	$	13.48		15,442.20
BlackRock Large Cap Focus Growth V.I. Fund Class III	$	15.10	$	21.39		41,323.80
Calvert VP S&P 500 Index Portfolio	$	13.69	$	15.96		1,073.29
Calvert VP SRI Balanced Portfolio	$	11.90	$	13.49		100,996.79
Calvert VP SRI Mid Cap Portfolio	$	13.10	$	14.52		10,032.09
ClearBridge Variable Aggressive Growth Portfolio Class II	$	11.67	$	13.57		1,554.67
ClearBridge Variable Dividend Strategy Portfolio Class II	$	13.57	$	14.41		10,885.79
ClearBridge Variable Large Cap Growth II	$	14.02	$	18.06		35,382.46
ClearBridge Variable Mid Cap Portfolio Class II	$	12.06	$	13.71		22,626.23
ClearBridge Variable Small Cap Growth Portfolio Class II	$	14.51	$	20.48		18,582.53
Columbia Variable Portfolio - Contrarian Core Fund Share Class 2	$	13.08	$	15.76		0.00
Columbia Variable Portfolio - Dividend Opportunity Fund Share Class 2	$	12.41	$	12.36		15,226.70
Columbia Variable Portfolio - Emerging Markets Bond Fund Share Class 2	$	10.54	$	11.16		447.45
Columbia Variable Portfolio - High Yield Bond Fund Share Class 2	$	11.14	$	11.69		4,989.79
Columbia Variable Portfolio - Select Large-Cap Value Fund Class 2	$	12.07	$	12.73		11,932.76
Columbia Variable Portfolio - Seligman Global Tech Fund Class 2	$	14.97	$	21.56		748.69
Columbia Variable Portfolio - Strategic Income Fund Class 2 (added 5/1/2020)	$	10.00	$	11.41		49,235.31
Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2	$	10.51	$	10.89		0.00
Delaware VIP International Series Formerly First Investors Life Series International Fund	$	12.07	$	12.77		0.00
Delaware VIP Opportunity Series Formerly First Investors Life Series Opportunity Fund	$	11.89	$	13.01		3,589.45
Delaware VIP Total Return Series Formerly First Investors Life Series Total Return Fund	$	11.44	$	11.40		0.00
DWS Alternative Asset Allocation VIP-B	$	10.46	$	10.88		0.00
DWS CROCI® U.S. VIP-B	$	12.91	$	11.17		0.00
DWS Equity 500 Index VIP-B	$	13.58	$	15.77		41,432.69
DWS Global Small Cap VIP-B	$	10.41	$	12.02		0.00
DWS Small Cap Index VIP-B	$	11.74	$	13.81		3,040.79
DWS Small Mid Cap Value VIP-B	$	10.50	$	10.25		19,311.63
Eaton Vance VT Floating-Rate Income Fund	$	10.56	$	10.64		50,442.21
Federated Hermes High Income Bond II, Service Formerly Federated High Income Bond II, Service	$	10.38	$	10.81		25,808.45
Federated Hermes Kaufmann Fund II, Service Formerly Federated Kaufmann Fund II, Service	$	10.92	$	13.85		5,721.82

16

LiveWell Variable Annuity SAI

Table 2—Contract with 5-Year Optional Value Endorsement – 1.25% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
Federated Hermes Managed Volatility II, Service Formerly Federated Managed Volatility II, Service	$	10.72	$	10.66		0.00
Fidelity® VIP Contrafund® Portfolio Service Class 2	$	13.18	$	16.95		41,707.85
Fidelity® VIP Emerging Markets Portfolio Service Class 2	$	12.70	$	16.41		12,858.13
Fidelity® VIP FundsManager 50% Portfolio Service Class 2	$	11.62	$	13.07		56,564.82
Fidelity® VIP FundsManager 70% Portfolio Service Class 2	$	12.07	$	13.83		6,671.00
Fidelity® VIP FundsManager 85% Portfolio Service Class 2	$	12.46	$	14.43		12,034.01
Fidelity® VIP Government Money Market Portfolio Service Class 2	$	10.02	$	9.92		0.00
Fidelity® VIP Growth Opportunities Portfolio Service Class 2	$	10.95	$	18.19		38,297.38
Fidelity® VIP High Income Portfolio Service Class 2	$	11.01	$	11.14		38,827.78
Fidelity® VIP International Capital Appreciation Portfolio Service Class 2 (added 5/1/2020)	$	10.00	$	13.88		1,904.03
Fidelity® VIP Mid Cap Portfolio Service Class 2	$	11.47	$	13.35		0.00
Fidelity® VIP Overseas Portfolio Service Class 2	$	11.93	$	13.58		15,356.29
Fidelity® VIP Real Estate Portfolio Service Class 2	$	11.45	$	10.54		86,700.25
Fidelity® VIP Strategic Income Portfolio Service Class 2	$	10.81	$	11.44		4,247.09
Fidelity® VIP Value Strategies Portfolio Service Class 2	$	11.88	$	12.67		1,904.03
Franklin Income VIP Fund Class 2	$	11.40	$	11.33		64,229.11
Franklin Mutual Global Discovery VIP Fund Class 2	$	11.06	$	10.43		1,669.18
Franklin Mutual Shares VIP Fund Class 2	$	11.15	$	10.45		15,379.97
Franklin Rising Dividends VIP Fund Class 2	$	13.38	$	15.33		27,482.06
Guggenheim VIF Global Managed Futures Strategy Fund	$	10.05	$	10.18		0.00
Guggenheim VIF Long Short Equity Fund	$	10.11	$	10.48		0.00
Guggenheim VIF Multi-Hedge Strategies Fund	$	9.93	$	10.53		169.31
Guggenheim VIF Small Cap Value Series Q	$	10.69	$	10.46		1,721.02
Invesco Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class Formerly Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class	$	14.57	$	20.18		4,563.91
Invesco Oppenheimer Global Fund/VA Service Class Formerly Oppenheimer Global Fund/VA Service Class	$	13.00	$	16.34		8,895.13
Invesco Oppenheimer International Growth Fund/VA Service Class Formerly Oppenheimer International Growth Fund/VA Service Class	$	11.19	$	13.38		341,552.41
Invesco Oppenheimer Main Street Fund/VA Service Class Formerly Oppenheimer Main Street Fund/VA Service Class	$	12.73	$	14.29		3,936.44
Invesco Oppenheimer Main Street Small Cap Fund/VA Service Class Formerly Oppenheimer Main Street Small Cap Fund/VA Service Class	$	11.68	$	13.80		19,631.35
Invesco Oppenheimer Total Return Bond Fund/VA Service Class Formerly Oppenheimer Total Return Bond Fund/VA Service Class	$	10.70	$	11.56		6,830.65
Ivy VIP Asset Strategy	$	12.35	$	13.89		3,890.90
Ivy VIP Balanced	$	12.11	$	13.64		1,247.05
Ivy VIP Energy	$	6.72	$	4.19		27,228.47
Ivy VIP Global Bond	$	10.80	$	11.53		6,740.76
Ivy VIP Global Equity Income	$	11.64	$	11.86		0.00
Ivy VIP Global Growth	$	12.89	$	15.35		2,207.66

17

LiveWell Variable Annuity SAI

Table 2—Contract with 5-Year Optional Value Endorsement – 1.25% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
Ivy VIP Growth	$	15.60	$	20.11		12,123.32
Ivy VIP High Income	$	10.86	$	11.37		119,476.25
Ivy VIP International Core Equity	$	10.49	$	11.10		17,224.86
Ivy VIP Mid Cap Growth	$	15.48	$	22.79		51,855.82
Ivy VIP Natural Resources	$	8.91	$	7.74		8,001.65
Ivy VIP Science and Technology	$	15.88	$	21.22		36,814.34
Ivy VIP Small Cap Core	$	11.80	$	12.48		43,096.86
Ivy VIP Small Cap Growth	$	13.00	$	17.67		40,339.71
Janus Henderson Balanced Portfolio Service Shares	$	13.21	$	14.87		26,132.42
Janus Henderson Enterprise Portfolio Service Shares	$	15.07	$	17.73		17,027.59
Janus Henderson Flexible Bond Portfolio Service Shares	$	10.61	$	11.56		8,291.03
Janus Henderson Global Research Portfolio Service Shares	$	13.17	$	15.58		696.60
Janus Henderson Global Technology and Innovation Portfolio Service Shares Formerly Janus Henderson Global Technology Portfolio Service Shares	$	17.10	$	25.45		25,996.60
Janus Henderson Mid Cap Value Portfolio Service Shares	$	11.92	$	11.63		10,607.53
Janus Henderson Overseas Portfolio Service Shares	$	11.89	$	13.62		4,914.63
Janus Henderson Research Portfolio Service Shares	$	14.33	$	18.76		0.00
John Hancock VIT Financial Industries Trust Series II	$	10.86	$	10.94		9,198.05
John Hancock VIT Fundamental All Cap Core Trust Series II	$	11.79	$	14.74		365.32
John Hancock VIT Select Bond Trust Series II	$	10.83	$	11.64		0.00
John Hancock VIT Strategic Income Opportunities Trust Series II	$	10.39	$	11.11		0.00
Lazard Retirement Global Dynamic Multi Asset Portfolio Service Shares	$	11.93	$	11.88		8,386.87
Lazard Retirement International Equity Portfolio Service Shares	$	11.35	$	12.13		4,438.32
Lord Abbett Series Fund Bond Debenture Portfolio VC	$	11.07	$	11.74		119,500.19
Lord Abbett Series Fund Developing Growth Portfolio VC	$	15.77	$	26.89		5,627.77
Lord Abbett Series Fund Fundamental Equity Portfolio VC	$	11.92	$	11.98		3,213.24
Lord Abbett Series Fund Short Duration Income Portfolio VC	$	10.39	$	10.58		68,934.25
MFS VIT II Blended Research Core Equity Portfolio Service Class	$	12.95	$	14.72		479.72
MFS VIT II Corporate Bond Portfolio Service Class	$	11.11	$	12.11		30,489.38
MFS VIT II Emerging Markets Equity Portfolio Service Class	$	11.84	$	12.90		32,317.24
MFS VIT II Global Tactical Allocation Portfolio Service Class	$	11.14	$	11.66		2,354.62
MFS VIT II International Value Portfolio Service Class	$	12.56	$	14.91		13,020.72
MFS VIT II Technology Portfolio Service Class	$	15.66	$	22.64		15,194.10
MFS VIT III Global Real Estate Service Class	$	10.93	$	10.92		1,119.10
MFS VIT New Discovery Portfolio Service Class	$	15.43	$	22.19		18,742.52
MFS VIT Utilities Portfolio Service Class	$	13.03	$	13.59		6,513.18
PIMCO All Asset Portfolio Advisor Class	$	11.00	$	11.73		0.00
PIMCO CommodityRealReturn® Strategy Portfolio Advisor Class	$	9.73	$	9.73		0.00
PIMCO Emerging Markets Bond Portfolio Advisor Class	$	10.95	$	11.53		16,207.60
PIMCO Global Multi-Asset Managed Allocation Portfolio Advisor Class	$	11.52	$	13.27		3,872.72
PIMCO High Yield Portfolio Advisor Class	$	11.11	$	11.59		31,002.04

18

LiveWell Variable Annuity SAI

Table 2—Contract with 5-Year Optional Value Endorsement – 1.25% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
PIMCO Income Portfolio Advisor Class	$	10.74	$	11.29		77,891.39
PIMCO Low Duration Portfolio Advisor Class	$	10.15	$	10.32		77,638.96
PIMCO Real Return Portfolio Advisor Class	$	10.40	$	11.46		39,632.85
PIMCO Short-Term Portfolio Advisor Class	$	10.23	$	10.32		88,754.34
PIMCO Total Return Portfolio Advisor Class	$	10.68	$	11.45		37,822.91
PIMCO VIT Dynamic Bond Portfolio Advisor Class	$	10.49	$	10.84		3,788.56
PIMCO VIT Global Bond Opportunities Portfolio (Unhedged) Advisor Class	$	10.30	$	11.21		16,207.60
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) Advisor Class	$	10.74	$	11.19		0.00
Pioneer Bond VCT Portfolio Class II	$	10.67	$	11.45		121,454.76
Pioneer Equity Income VCT Portfolio Class II	$	12.34	$	12.18		36,651.63
Pioneer Fund VCT Portfolio Class II	$	14.12	$	17.32		0.00
Pioneer High Yield VCT Portfolio Class II	$	10.94	$	11.03		0.00
Pioneer Strategic Income VCT Portfolio Class II	$	10.66	$	11.33		12,084.26
Power Dividend Index VIT Fund Class 1	$	9.31	$	8.54		4,129.37
Prudential Series Fund Jennison 20/20 Focus Portfolio Class II	$	13.69	$	17.66		0.00
Prudential Series Fund Natural Resources Portfolio Class II	$	9.46	$	10.47		231.45
Prudential Series Fund SP Prudential U.S. Emerging Growth Portfolio Class II	$	13.49	$	19.60		0.00
QS Legg Mason Dynamic Multi-Strategy VIT Portfolio Class II	$	11.22	$	10.18		0.00
Royce Capital Fund - Micro-Cap Portfolio Service Class	$	11.01	$	13.45		0.00
Royce Capital Fund - Small-Cap Portfolio Service Class	$	11.26	$	10.33		6,537.81
Rydex VIF Biotechnology Fund	$	12.19	$	14.63		1,526.80
Rydex VIF S&P 500 Pure Growth Fund	$	13.13	$	16.54		6,204.57
Rydex VIF S&P MidCap 400 Pure Growth Fund	$	10.50	$	13.55		1,561.20
T. Rowe Price Blue Chip Growth Portfolio-II	$	15.03	$	19.92		94,037.10
T. Rowe Price Health Sciences Portfolio-II	$	13.97	$	17.87		40,535.57
Templeton Developing Markets Fund Class 2	$	12.43	$	14.41		929.14
Templeton Foreign VIP Fund Class 2	$	10.02	$	9.80		74,558.47
Templeton Global Bond VIP Fund Class 2	$	9.86	$	9.24		58,292.96
VanEck VIP Global Resources Fund S (Formerly VanEck VIP Global Hard Assets Fund S)	$	8.34	$	9.80		796.68
Western Asset Core Bond Plus Portfolio Class II	$	10.90	$	11.76		394,031.51
Western Asset Variable Global High Yield Bond Portfolio Class II	$	10.95	$	11.60		2,140.90

19

LiveWell Variable Annuity SAI

Table 3—Contract with 7-Year Optional Value Endorsement – 1.45% Annual Asset Charge (for Contracts with an enhanced death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
2020
AB VPS Dynamic Asset Allocation Portfolio B	$	10.00	$	11.19		0.00
AB VPS Small Cap Growth Portfolio B	$	10.00	$	14.61		0.00
AB VPS Small/Mid Cap Value Portfolio B	$	10.00	$	13.43		0.00
Alger Capital Appreciation Portfolio Class S	$	10.00	$	13.06		1,867.28
ALPS | Alerian Energy Infrastructure Portfolio Class III	$	10.00	$	10.43		17,826.78
ALPS | Red Rocks Listed Private Equity Class III	$	10.00	$	13.33		0.00
American Century VP Balanced Fund II	$	10.00	$	11.17		8,789.82
American Century VP Income & Growth Fund II	$	10.00	$	12.13		0.00
American Century VP Inflation Protection Fund II	$	10.00	$	10.67		0.00
American Century VP Mid Cap Value Fund II	$	10.00	$	11.99		4,887.10
American Century VP Ultra Fund II	$	10.00	$	13.75		3,627.96
American Century VP Value Fund II	$	10.00	$	12.16		6,524.48
American Funds IS Asset Allocation Fund Class 4	$	10.00	$	11.51		6,653.34
American Funds IS Blue Chip Income and Growth Fund Class 4	$	10.00	$	11.87		0.00
American Funds IS Capital Income Builder® Class 4	$	10.00	$	11.25		0.00
American Funds IS Global Growth and Income Fund Class 4	$	10.00	$	12.58		124.79
American Funds IS Global Growth Fund Class 4	$	10.00	$	13.11		0.00
American Funds IS Global Small Capitalization Fund Class 4	$	10.00	$	13.97		0.00
American Funds IS Growth Fund Class 4	$	10.00	$	14.26		138.16
American Funds IS Growth-Income Fund Class 4	$	10.00	$	11.96		413.65
American Funds IS International Fund Class 4	$	10.00	$	13.36		0.00
American Funds IS International Growth and Income Fund Class 4	$	10.00	$	12.83		3,250.92
American Funds IS New World Fund® Class 4	$	10.00	$	13.73		158.46
American Funds IS U.S. Government/AAA-Rated Securities Fund Class 4	$	10.00	$	10.06		0.00
American Funds IS Ultra-Short Bond Fund Class 4	$	10.00	$	9.87		0.00
BlackRock 60/40 Target Allocation ETF V.I. Fund Formerly BlackRock iShares® Dynamic Allocation V.I. Fund Class III	$	10.00	$	11.70		1,085.45
BlackRock Advantage Large Cap Core V.I. Fund Class III	$	10.00	$	12.49		0.00
BlackRock Basic Value V.I. Fund Class III	$	10.00	$	12.15		4,205.58
BlackRock Capital Appreciation V.I. Fund Class III	$	10.00	$	13.01		0.00
BlackRock Equity Dividend V.I. Fund Class III	$	10.00	$	11.87		1,919.60
BlackRock Global Allocation V.I. Fund Class III	$	10.00	$	12.23		0.00
BlackRock Large Cap Focus Growth V.I. Fund Class III	$	10.00	$	13.02		1,922.57
Calvert VP S&P 500 Index Portfolio	$	10.00	$	12.40		0.00
Calvert VP SRI Balanced Portfolio	$	10.00	$	11.68		0.00
Calvert VP SRI Mid Cap Portfolio	$	10.00	$	12.53		0.00
ClearBridge Variable Aggressive Growth Portfolio Class II	$	10.00	$	12.34		0.00
ClearBridge Variable Dividend Strategy Portfolio Class II	$	10.00	$	11.90		2,555.51
ClearBridge Variable Large Cap Growth II	$	10.00	$	12.66		166.14

20

LiveWell Variable Annuity SAI

Table 3—Contract with 7-Year Optional Value Endorsement – 1.45% Annual Asset Charge (for Contracts with an enhanced death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
ClearBridge Variable Mid Cap Portfolio Class II	$	10.00	$	13.20		0.00
ClearBridge Variable Small Cap Growth Portfolio Class II	$	10.00	$	14.26		0.00
Columbia Variable Portfolio - Contrarian Core Fund Share Class 2	$	10.00	$	12.53		0.00
Columbia Variable Portfolio - Dividend Opportunity Fund Share Class 2	$	10.00	$	11.51		525.66
Columbia Variable Portfolio - Emerging Markets Bond Fund Share Class 2	$	10.00	$	11.25		0.00
Columbia Variable Portfolio - High Yield Bond Fund Share Class 2	$	10.00	$	11.03		2,114.12
Columbia Variable Portfolio - Select Large-Cap Value Fund Class 2	$	10.00	$	12.74		0.00
Columbia Variable Portfolio - Seligman Global Tech Fund Class 2	$	10.00	$	14.80		0.00
Columbia Variable Portfolio - Strategic Income Fund Class 2 (added 5/1/2020)	$	10.00	$	11.01		0.00
Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2	$	10.00	$	10.16		0.00
Delaware VIP International Series Formerly First Investors Life Series International Fund	$	10.00	$	11.75		0.00
Delaware VIP Opportunity Series Formerly First Investors Life Series Opportunity Fund	$	10.00	$	12.90		0.00
Delaware VIP Total Return Series Formerly First Investors Life Series Total Return Fund	$	10.00	$	11.38		0.00
DWS Alternative Asset Allocation VIP-B	$	10.00	$	11.45		0.00
DWS CROCI® U.S. VIP-B	$	10.00	$	11.20		0.00
DWS Equity 500 Index VIP-B	$	10.00	$	12.37		0.00
DWS Global Small Cap VIP-B	$	10.00	$	13.32		0.00
DWS Small Cap Index VIP-B	$	10.00	$	14.05		0.00
DWS Small Mid Cap Value VIP-B	$	10.00	$	12.71		0.00
Eaton Vance VT Floating-Rate Income Fund	$	10.00	$	10.62		0.00
Federated Hermes High Income Bond II, Service Formerly Federated High Income Bond II, Service	$	10.00	$	10.96		0.00
Federated Hermes Kaufmann Fund II, Service Formerly Federated Kaufmann Fund II, Service	$	10.00	$	12.01		630.01
Federated Hermes Managed Volatility II, Service Formerly Federated Managed Volatility II, Service	$	10.00	$	11.01		0.00
Fidelity® VIP Contrafund® Portfolio Service Class 2	$	10.00	$	12.39		4,408.95
Fidelity® VIP Emerging Markets Portfolio Service Class 2	$	10.00	$	14.77		0.00
Fidelity® VIP FundsManager 50% Portfolio Service Class 2	$	10.00	$	11.44		0.00
Fidelity® VIP FundsManager 70% Portfolio Service Class 2	$	10.00	$	11.97		0.00
Fidelity® VIP FundsManager 85% Portfolio Service Class 2	$	10.00	$	12.37		0.00
Fidelity® VIP Government Money Market Portfolio Service Class 2	$	10.00	$	9.91		0.00
Fidelity® VIP Growth Opportunities Portfolio Service Class 2	$	10.00	$	15.21		1,221.76
Fidelity® VIP High Income Portfolio Service Class 2	$	10.00	$	10.83		593.82
Fidelity® VIP International Capital Appreciation Portfolio Service Class 2 (added 5/1/2020)	$	10.00	$	12.98		0.00
Fidelity® VIP Mid Cap Portfolio Service Class 2	$	10.00	$	13.68		547.29
Fidelity® VIP Overseas Portfolio Service Class 2	$	10.00	$	12.42		0.00
Fidelity® VIP Real Estate Portfolio Service Class 2	$	10.00	$	10.75		108.24

21

LiveWell Variable Annuity SAI

Table 3—Contract with 7-Year Optional Value Endorsement – 1.45% Annual Asset Charge (for Contracts with an enhanced death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
Fidelity® VIP Strategic Income Portfolio Service Class 2	$	10.00	$	10.85		602.69
Fidelity® VIP Value Strategies Portfolio Service Class 2	$	10.00	$	13.54		0.00
Franklin Income VIP Fund Class 2	$	10.00	$	11.22		0.00
Franklin Mutual Global Discovery VIP Fund Class 2	$	10.00	$	12.04		0.00
Franklin Mutual Shares VIP Fund Class 2	$	10.00	$	11.92		0.00
Franklin Rising Dividends VIP Fund Class 2	$	10.00	$	12.29		4,382.84
Guggenheim VIF Global Managed Futures Strategy Fund	$	10.00	$	10.05		0.00
Guggenheim VIF Long Short Equity Fund	$	10.00	$	10.99		0.00
Guggenheim VIF Multi-Hedge Strategies Fund	$	10.00	$	10.04		0.00
Guggenheim VIF Small Cap Value Series Q	$	10.00	$	12.48		550.93
Invesco Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class Formerly Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class	$	10.00	$	13.49		577.92
Invesco Oppenheimer Global Fund/VA Service Class Formerly Oppenheimer Global Fund/VA Service Class	$	10.00	$	13.41		0.00
Invesco Oppenheimer International Growth Fund/VA Service Class Formerly Oppenheimer International Growth Fund/VA Service Class	$	10.00	$	13.07		2,086.34
Invesco Oppenheimer Main Street Fund/VA Service Class Formerly Oppenheimer Main Street Fund/VA Service Class	$	10.00	$	12.17		0.00
Invesco Oppenheimer Main Street Small Cap Fund/VA Service Class Formerly Oppenheimer Main Street Small Cap Fund/VA Service Class	$	10.00	$	13.70		0.00
Invesco Oppenheimer Total Return Bond Fund/VA Service Class Formerly Oppenheimer Total Return Bond Fund/VA Service Class	$	10.00	$	10.36		0.00
Ivy VIP Asset Strategy	$	10.00	$	12.27		0.00
Ivy VIP Balanced	$	10.00	$	11.94		0.00
Ivy VIP Energy	$	10.00	$	11.64		0.00
Ivy VIP Global Bond	$	10.00	$	10.79		0.00
Ivy VIP Global Equity Income	$	10.00	$	12.22		0.00
Ivy VIP Global Growth	$	10.00	$	12.83		0.00
Ivy VIP Growth	$	10.00	$	12.43		1,588.88
Ivy VIP High Income	$	10.00	$	11.45		0.00
Ivy VIP International Core Equity	$	10.00	$	12.28		0.00
Ivy VIP Mid Cap Growth	$	10.00	$	13.98		0.00
Ivy VIP Natural Resources	$	10.00	$	11.37		17,144.39
Ivy VIP Science and Technology	$	10.00	$	13.71		3,326.55
Ivy VIP Small Cap Core	$	10.00	$	12.48		56.23
Ivy VIP Small Cap Growth	$	10.00	$	13.99		1,735.63
Janus Henderson Balanced Portfolio Service Shares	$	10.00	$	11.63		2,490.20
Janus Henderson Enterprise Portfolio Service Shares	$	10.00	$	12.79		25.71
Janus Henderson Flexible Bond Portfolio Service Shares	$	10.00	$	10.43		0.00
Janus Henderson Global Research Portfolio Service Shares	$	10.00	$	12.69		0.00
Janus Henderson Global Technology and Innovation Portfolio Service Shares Formerly Janus Henderson Global Technology Portfolio Service Shares	$	10.00	$	13.89		751.19

22

LiveWell Variable Annuity SAI

Table 3—Contract with 7-Year Optional Value Endorsement – 1.45% Annual Asset Charge (for Contracts with an enhanced death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
Janus Henderson Mid Cap Value Portfolio Service Shares	$	10.00	$	11.82		0.00
Janus Henderson Overseas Portfolio Service Shares	$	10.00	$	13.59		0.00
Janus Henderson Research Portfolio Service Shares	$	10.00	$	12.82		0.00
John Hancock VIT Financial Industries Trust Series II	$	10.00	$	12.41		0.00
John Hancock VIT Fundamental All Cap Core Trust Series II	$	10.00	$	13.07		0.00
John Hancock VIT Select Bond Trust Series II	$	10.00	$	10.37		0.00
John Hancock VIT Strategic Income Opportunities Trust Series II	$	10.00	$	10.92		0.00
Lazard Retirement Global Dynamic Multi Asset Portfolio Service Shares	$	10.00	$	11.35		0.00
Lazard Retirement International Equity Portfolio Service Shares	$	10.00	$	12.50		0.00
Lord Abbett Series Fund Bond Debenture Portfolio VC	$	10.00	$	11.24		0.00
Lord Abbett Series Fund Developing Growth Portfolio VC	$	10.00	$	15.78		442.03
Lord Abbett Series Fund Fundamental Equity Portfolio VC	$	10.00	$	11.97		0.00
Lord Abbett Series Fund Short Duration Income Portfolio VC	$	10.00	$	10.36		0.00
MFS VIT II Blended Research Core Equity Portfolio Service Class	$	10.00	$	12.17		0.00
MFS VIT II Corporate Bond Portfolio Service Class	$	10.00	$	10.69		1,114.43
MFS VIT II Emerging Markets Equity Portfolio Service Class	$	10.00	$	13.82		0.00
MFS VIT II Global Tactical Allocation Portfolio Service Class	$	10.00	$	11.07		0.00
MFS VIT II International Value Portfolio Service Class	$	10.00	$	12.26		0.00
MFS VIT II Technology Portfolio Service Class	$	10.00	$	13.21		0.00
MFS VIT III Global Real Estate Service Class	$	10.00	$	11.88		0.00
MFS VIT New Discovery Portfolio Service Class	$	10.00	$	14.38		707.66
MFS VIT Utilities Portfolio Service Class	$	10.00	$	11.46		0.00
PIMCO All Asset Portfolio Advisor Class	$	10.00	$	11.71		0.00
PIMCO CommodityRealReturn® Strategy Portfolio Advisor Class	$	10.00	$	13.03		0.00
PIMCO Emerging Markets Bond Portfolio Advisor Class	$	10.00	$	11.18		0.00
PIMCO Global Multi-Asset Managed Allocation Portfolio Advisor Class	$	10.00	$	11.89		0.00
PIMCO High Yield Portfolio Advisor Class	$	10.00	$	10.88		0.00
PIMCO Income Portfolio Advisor Class	$	10.00	$	10.79		0.00
PIMCO Low Duration Portfolio Advisor Class	$	10.00	$	10.05		641.78
PIMCO Real Return Portfolio Advisor Class	$	10.00	$	10.60		340.55
PIMCO Short-Term Portfolio Advisor Class	$	10.00	$	10.10		328.29
PIMCO Total Return Portfolio Advisor Class	$	10.00	$	10.29		0.00
PIMCO VIT Dynamic Bond Portfolio Advisor Class	$	10.00	$	10.55		0.00
PIMCO VIT Global Bond Opportunities Portfolio (Unhedged) Advisor Class	$	10.00	$	11.09		0.00
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) Advisor Class	$	10.00	$	10.42		0.00
Pioneer Bond VCT Portfolio Class II	$	10.00	$	10.74		908.14
Pioneer Equity Income VCT Portfolio Class II	$	10.00	$	11.64		0.00
Pioneer Fund VCT Portfolio Class II	$	10.00	$	12.56		0.00
Pioneer High Yield VCT Portfolio Class II	$	10.00	$	11.18		0.00
Pioneer Strategic Income VCT Portfolio Class II	$	10.00	$	10.99		0.00
Power Dividend Index VIT Fund Class 1	$	10.00	$	11.09		0.00

23

LiveWell Variable Annuity SAI

Table 3—Contract with 7-Year Optional Value Endorsement – 1.45% Annual Asset Charge (for Contracts with an enhanced death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
Prudential Series Fund Jennison 20/20 Focus Portfolio Class II	$	10.00	$	13.29		0.00
Prudential Series Fund Natural Resources Portfolio Class II	$	10.00	$	13.84		0.00
Prudential Series Fund SP Prudential U.S. Emerging Growth Portfolio Class II	$	10.00	$	13.70		0.00
QS Legg Mason Dynamic Multi-Strategy VIT Portfolio Class II	$	10.00	$	10.37		0.00
Royce Capital Fund - Micro-Cap Portfolio Service Class	$	10.00	$	14.57		0.00
Royce Capital Fund - Small-Cap Portfolio Service Class	$	10.00	$	13.03		2,824.92
Rydex VIF Biotechnology Fund	$	10.00	$	11.38		0.00
Rydex VIF S&P 500 Pure Growth Fund	$	10.00	$	12.85		369.41
Rydex VIF S&P MidCap 400 Pure Growth Fund	$	10.00	$	13.71		0.00
T. Rowe Price Blue Chip Growth Portfolio-II	$	10.00	$	12.63		1,198.60
T. Rowe Price Health Sciences Portfolio-II	$	10.00	$	12.31		968.68
Templeton Developing Markets Fund Class 2	$	10.00	$	14.19		0.00
Templeton Foreign VIP Fund Class 2	$	10.00	$	12.28		402.31
Templeton Global Bond VIP Fund Class 2	$	10.00	$	9.85		170.36
VanEck VIP Global Resources Fund S (Formerly VanEck VIP Global Hard Assets Fund S)	$	10.00	$	15.26		0.00
Western Asset Core Bond Plus Portfolio Class II	$	10.00	$	10.56		3,002.59
Western Asset Variable Global High Yield Bond Portfolio Class II	$	10.00	$	11.07		0.00

Table 4—Contract with 6-Year Optional Value Endorsement – 1.50% Annual Asset Charge (for Contracts with an enhanced death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
2020
AB VPS Dynamic Asset Allocation Portfolio B	$	10.00	$	11.19		0.00
AB VPS Small Cap Growth Portfolio B	$	10.00	$	14.61		0.00
AB VPS Small/Mid Cap Value Portfolio B	$	10.00	$	13.43		0.00
Alger Capital Appreciation Portfolio Class S	$	10.00	$	13.05		0.00
ALPS | Alerian Energy Infrastructure Portfolio Class III	$	10.00	$	10.42		0.00
ALPS | Red Rocks Listed Private Equity Class III	$	10.00	$	13.33		0.00
American Century VP Balanced Fund II	$	10.00	$	11.17		0.00
American Century VP Income & Growth Fund II	$	10.00	$	12.12		0.00
American Century VP Inflation Protection Fund II	$	10.00	$	10.66		0.00
American Century VP Mid Cap Value Fund II	$	10.00	$	11.99		0.00
American Century VP Ultra Fund II	$	10.00	$	13.74		0.00
American Century VP Value Fund II	$	10.00	$	12.16		0.00
American Funds IS Asset Allocation Fund Class 4	$	10.00	$	11.51		0.00
American Funds IS Blue Chip Income and Growth Fund Class 4	$	10.00	$	11.87		0.00
American Funds IS Capital Income Builder® Class 4	$	10.00	$	11.25		0.00

24

LiveWell Variable Annuity SAI

Table 4—Contract with 6-Year Optional Value Endorsement – 1.50% Annual Asset Charge (for Contracts with an enhanced death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
American Funds IS Global Growth and Income Fund Class 4	$	10.00	$	12.58		0.00
American Funds IS Global Growth Fund Class 4	$	10.00	$	13.11		0.00
American Funds IS Global Small Capitalization Fund Class 4	$	10.00	$	13.96		0.00
American Funds IS Growth Fund Class 4	$	10.00	$	14.26		0.00
American Funds IS Growth-Income Fund Class 4	$	10.00	$	11.96		0.00
American Funds IS International Fund Class 4	$	10.00	$	13.35		0.00
American Funds IS International Growth and Income Fund Class 4	$	10.00	$	12.83		0.00
American Funds IS New World Fund® Class 4	$	10.00	$	13.73		0.00
American Funds IS U.S. Government/AAA-Rated Securities Fund Class 4	$	10.00	$	10.05		0.00
American Funds IS Ultra-Short Bond Fund Class 4	$	10.00	$	9.87		0.00
BlackRock 60/40 Target Allocation ETF V.I. Fund Formerly BlackRock iShares® Dynamic Allocation V.I. Fund Class III	$	10.00	$	11.70		0.00
BlackRock Advantage Large Cap Core V.I. Fund Class III	$	10.00	$	12.49		0.00
BlackRock Basic Value V.I. Fund Class III	$	10.00	$	12.15		0.00
BlackRock Capital Appreciation V.I. Fund Class III	$	10.00	$	13.01		0.00
BlackRock Equity Dividend V.I. Fund Class III	$	10.00	$	11.86		0.00
BlackRock Global Allocation V.I. Fund Class III	$	10.00	$	12.23		0.00
BlackRock Large Cap Focus Growth V.I. Fund Class III	$	10.00	$	13.02		0.00
Calvert VP S&P 500 Index Portfolio	$	10.00	$	12.39		0.00
Calvert VP SRI Balanced Portfolio	$	10.00	$	11.68		0.00
Calvert VP SRI Mid Cap Portfolio	$	10.00	$	12.53		0.00
ClearBridge Variable Aggressive Growth Portfolio Class II	$	10.00	$	12.33		0.00
ClearBridge Variable Dividend Strategy Portfolio Class II	$	10.00	$	11.90		0.00
ClearBridge Variable Large Cap Growth II	$	10.00	$	12.66		0.00
ClearBridge Variable Mid Cap Portfolio Class II	$	10.00	$	13.19		0.00
ClearBridge Variable Small Cap Growth Portfolio Class II	$	10.00	$	14.26		0.00
Columbia Variable Portfolio - Contrarian Core Fund Share Class 2	$	10.00	$	12.53		0.00
Columbia Variable Portfolio - Dividend Opportunity Fund Share Class 2	$	10.00	$	11.50		0.00
Columbia Variable Portfolio - Emerging Markets Bond Fund Share Class 2	$	10.00	$	11.25		0.00
Columbia Variable Portfolio - High Yield Bond Fund Share Class 2	$	10.00	$	11.03		0.00
Columbia Variable Portfolio - Select Large-Cap Value Fund Class 2	$	10.00	$	12.73		0.00
Columbia Variable Portfolio - Seligman Global Tech Fund Class 2	$	10.00	$	14.79		0.00
Columbia Variable Portfolio - Strategic Income Fund Class 2 (added 5/1/2020)	$	10.00	$	11.01		0.00
Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2	$	10.00	$	10.15		0.00
Delaware VIP International Series Formerly First Investors Life Series International Fund	$	10.00	$	11.75		0.00
Delaware VIP Opportunity Series Formerly First Investors Life Series Opportunity Fund	$	10.00	$	12.90		0.00
Delaware VIP Total Return Series Formerly First Investors Life Series Total Return Fund	$	10.00	$	11.38		0.00
DWS Alternative Asset Allocation VIP-B	$	10.00	$	11.44		0.00
DWS CROCI® U.S. VIP-B	$	10.00	$	11.20		0.00

25

LiveWell Variable Annuity SAI

Table 4—Contract with 6-Year Optional Value Endorsement – 1.50% Annual Asset Charge (for Contracts with an enhanced death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
DWS Equity 500 Index VIP-B	$	10.00	$	12.36		0.00
DWS Global Small Cap VIP-B	$	10.00	$	13.31		0.00
DWS Small Cap Index VIP-B	$	10.00	$	14.05		0.00
DWS Small Mid Cap Value VIP-B	$	10.00	$	12.71		0.00
Eaton Vance VT Floating-Rate Income Fund	$	10.00	$	10.62		0.00
Federated Hermes High Income Bond II, Service Formerly Federated High Income Bond II, Service	$	10.00	$	10.96		0.00
Federated Hermes Kaufmann Fund II, Service Formerly Federated Kaufmann Fund II, Service	$	10.00	$	12.00		0.00
Federated Hermes Managed Volatility II, Service Formerly Federated Managed Volatility II, Service	$	10.00	$	11.00		0.00
Fidelity® VIP Contrafund® Portfolio Service Class 2	$	10.00	$	12.38		0.00
Fidelity® VIP Emerging Markets Portfolio Service Class 2	$	10.00	$	14.77		0.00
Fidelity® VIP FundsManager 50% Portfolio Service Class 2	$	10.00	$	11.44		0.00
Fidelity® VIP FundsManager 70% Portfolio Service Class 2	$	10.00	$	11.97		0.00
Fidelity® VIP FundsManager 85% Portfolio Service Class 2	$	10.00	$	12.37		0.00
Fidelity® VIP Government Money Market Portfolio Service Class 2	$	10.00	$	9.91		0.00
Fidelity® VIP Growth Opportunities Portfolio Service Class 2	$	10.00	$	15.20		0.00
Fidelity® VIP High Income Portfolio Service Class 2	$	10.00	$	10.82		0.00
Fidelity® VIP International Capital Appreciation Portfolio Service Class 2 (added 5/1/2020)	$	10.00	$	12.97		0.00
Fidelity® VIP Mid Cap Portfolio Service Class 2	$	10.00	$	13.68		0.00
Fidelity® VIP Overseas Portfolio Service Class 2	$	10.00	$	12.42		0.00
Fidelity® VIP Real Estate Portfolio Service Class 2	$	10.00	$	10.74		0.00
Fidelity® VIP Strategic Income Portfolio Service Class 2	$	10.00	$	10.84		0.00
Fidelity® VIP Value Strategies Portfolio Service Class 2	$	10.00	$	13.54		0.00
Franklin Income VIP Fund Class 2	$	10.00	$	11.21		0.00
Franklin Mutual Global Discovery VIP Fund Class 2	$	10.00	$	12.03		0.00
Franklin Mutual Shares VIP Fund Class 2	$	10.00	$	11.91		0.00
Franklin Rising Dividends VIP Fund Class 2	$	10.00	$	12.29		0.00
Guggenheim VIF Global Managed Futures Strategy Fund	$	10.00	$	10.05		0.00
Guggenheim VIF Long Short Equity Fund	$	10.00	$	10.99		0.00
Guggenheim VIF Multi-Hedge Strategies Fund	$	10.00	$	10.03		0.00
Guggenheim VIF Small Cap Value Series Q	$	10.00	$	12.47		0.00
Invesco Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class Formerly Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class	$	10.00	$	13.49		0.00
Invesco Oppenheimer Global Fund/VA Service Class Formerly Oppenheimer Global Fund/VA Service Class	$	10.00	$	13.41		0.00
Invesco Oppenheimer International Growth Fund/VA Service Class Formerly Oppenheimer International Growth Fund/VA Service Class	$	10.00	$	13.07		0.00
Invesco Oppenheimer Main Street Fund/VA Service Class Formerly Oppenheimer Main Street Fund/VA Service Class	$	10.00	$	12.17		0.00

26

LiveWell Variable Annuity SAI

Table 4—Contract with 6-Year Optional Value Endorsement – 1.50% Annual Asset Charge (for Contracts with an enhanced death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
Invesco Oppenheimer Main Street Small Cap Fund/VA Service Class Formerly Oppenheimer Main Street Small Cap Fund/VA Service Class	$	10.00	$	13.69		0.00
Invesco Oppenheimer Total Return Bond Fund/VA Service Class Formerly Oppenheimer Total Return Bond Fund/VA Service Class	$	10.00	$	10.36		0.00
Ivy VIP Asset Strategy	$	10.00	$	12.27		0.00
Ivy VIP Balanced	$	10.00	$	11.94		0.00
Ivy VIP Energy	$	10.00	$	11.64		0.00
Ivy VIP Global Bond	$	10.00	$	10.78		0.00
Ivy VIP Global Equity Income	$	10.00	$	12.21		0.00
Ivy VIP Global Growth	$	10.00	$	12.83		0.00
Ivy VIP Growth	$	10.00	$	12.43		0.00
Ivy VIP High Income	$	10.00	$	11.45		0.00
Ivy VIP International Core Equity	$	10.00	$	12.27		0.00
Ivy VIP Mid Cap Growth	$	10.00	$	13.98		0.00
Ivy VIP Natural Resources	$	10.00	$	11.36		0.00
Ivy VIP Science and Technology	$	10.00	$	13.71		0.00
Ivy VIP Small Cap Core	$	10.00	$	12.48		0.00
Ivy VIP Small Cap Growth	$	10.00	$	13.99		0.00
Janus Henderson Balanced Portfolio Service Shares	$	10.00	$	11.62		0.00
Janus Henderson Enterprise Portfolio Service Shares	$	10.00	$	12.79		0.00
Janus Henderson Flexible Bond Portfolio Service Shares	$	10.00	$	10.43		0.00
Janus Henderson Global Research Portfolio Service Shares	$	10.00	$	12.68		0.00
Janus Henderson Global Technology and Innovation Portfolio Service Shares Formerly Janus Henderson Global Technology Portfolio Service Shares	$	10.00	$	13.89		0.00
Janus Henderson Mid Cap Value Portfolio Service Shares	$	10.00	$	11.81		0.00
Janus Henderson Overseas Portfolio Service Shares	$	10.00	$	13.58		0.00
Janus Henderson Research Portfolio Service Shares	$	10.00	$	12.82		0.00
John Hancock VIT Financial Industries Trust Series II	$	10.00	$	12.41		0.00
John Hancock VIT Fundamental All Cap Core Trust Series II	$	10.00	$	13.06		0.00
John Hancock VIT Select Bond Trust Series II	$	10.00	$	10.37		0.00
John Hancock VIT Strategic Income Opportunities Trust Series II	$	10.00	$	10.92		0.00
Lazard Retirement Global Dynamic Multi Asset Portfolio Service Shares	$	10.00	$	11.35		0.00
Lazard Retirement International Equity Portfolio Service Shares	$	10.00	$	12.50		0.00
Lord Abbett Series Fund Bond Debenture Portfolio VC	$	10.00	$	11.24		0.00
Lord Abbett Series Fund Developing Growth Portfolio VC	$	10.00	$	15.78		0.00
Lord Abbett Series Fund Fundamental Equity Portfolio VC	$	10.00	$	11.97		0.00
Lord Abbett Series Fund Short Duration Income Portfolio VC	$	10.00	$	10.36		0.00
MFS VIT II Blended Research Core Equity Portfolio Service Class	$	10.00	$	12.17		0.00
MFS VIT II Corporate Bond Portfolio Service Class	$	10.00	$	10.69		0.00
MFS VIT II Emerging Markets Equity Portfolio Service Class	$	10.00	$	13.82		0.00
MFS VIT II Global Tactical Allocation Portfolio Service Class	$	10.00	$	11.07		0.00

27

LiveWell Variable Annuity SAI

Table 4—Contract with 6-Year Optional Value Endorsement – 1.50% Annual Asset Charge (for Contracts with an enhanced death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
MFS VIT II International Value Portfolio Service Class	$	10.00	$	12.26		0.00
MFS VIT II Technology Portfolio Service Class	$	10.00	$	13.21		0.00
MFS VIT III Global Real Estate Service Class	$	10.00	$	11.88		0.00
MFS VIT New Discovery Portfolio Service Class	$	10.00	$	14.37		0.00
MFS VIT Utilities Portfolio Service Class	$	10.00	$	11.46		0.00
PIMCO All Asset Portfolio Advisor Class	$	10.00	$	11.71		0.00
PIMCO CommodityRealReturn® Strategy Portfolio Advisor Class	$	10.00	$	13.02		0.00
PIMCO Emerging Markets Bond Portfolio Advisor Class	$	10.00	$	11.18		0.00
PIMCO Global Multi-Asset Managed Allocation Portfolio Advisor Class	$	10.00	$	11.89		0.00
PIMCO High Yield Portfolio Advisor Class	$	10.00	$	10.88		0.00
PIMCO Income Portfolio Advisor Class	$	10.00	$	10.79		0.00
PIMCO Low Duration Portfolio Advisor Class	$	10.00	$	10.05		0.00
PIMCO Real Return Portfolio Advisor Class	$	10.00	$	10.60		0.00
PIMCO Short-Term Portfolio Advisor Class	$	10.00	$	10.10		0.00
PIMCO Total Return Portfolio Advisor Class	$	10.00	$	10.28		0.00
PIMCO VIT Dynamic Bond Portfolio Advisor Class	$	10.00	$	10.55		0.00
PIMCO VIT Global Bond Opportunities Portfolio (Unhedged) Advisor Class	$	10.00	$	11.09		0.00
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) Advisor Class	$	10.00	$	10.42		0.00
Pioneer Bond VCT Portfolio Class II	$	10.00	$	10.73		0.00
Pioneer Equity Income VCT Portfolio Class II	$	10.00	$	11.63		0.00
Pioneer Fund VCT Portfolio Class II	$	10.00	$	12.56		0.00
Pioneer High Yield VCT Portfolio Class II	$	10.00	$	11.18		0.00
Pioneer Strategic Income VCT Portfolio Class II	$	10.00	$	10.99		0.00
Power Dividend Index VIT Fund Class 1	$	10.00	$	11.09		0.00
Power Income VIT Fund Class 2	$	10.00	$	10.73		0.00
Prudential Series Fund Jennison 20/20 Focus Portfolio Class II	$	10.00	$	13.29		0.00
Prudential Series Fund Natural Resources Portfolio Class II	$	10.00	$	13.83		0.00
Prudential Series Fund SP Prudential U.S. Emerging Growth Portfolio Class II	$	10.00	$	13.69		0.00
QS Legg Mason Dynamic Multi-Strategy VIT Portfolio Class II	$	10.00	$	10.37		0.00
Royce Capital Fund - Micro-Cap Portfolio Service Class	$	10.00	$	14.57		0.00
Royce Capital Fund - Small-Cap Portfolio Service Class	$	10.00	$	13.02		0.00
Rydex VIF Biotechnology Fund	$	10.00	$	11.38		0.00
Rydex VIF S&P 500 Pure Growth Fund	$	10.00	$	12.85		0.00
Rydex VIF S&P MidCap 400 Pure Growth Fund	$	10.00	$	13.71		0.00
T. Rowe Price Blue Chip Growth Portfolio-II	$	10.00	$	12.63		0.00
T. Rowe Price Health Sciences Portfolio-II	$	10.00	$	12.30		0.00
Templeton Developing Markets Fund Class 2	$	10.00	$	14.18		0.00
Templeton Foreign VIP Fund Class 2	$	10.00	$	12.27		0.00
Templeton Global Bond VIP Fund Class 2	$	10.00	$	9.85		0.00
VanEck VIP Global Resources Fund S (Formerly VanEck VIP Global Hard Assets Fund S)	$	10.00	$	15.25		0.00

28

LiveWell Variable Annuity SAI

Table 4—Contract with 6-Year Optional Value Endorsement – 1.50% Annual Asset Charge (for Contracts with an enhanced death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
Western Asset Core Bond Plus Portfolio Class II	$	10.00	$	10.55		0.00
Western Asset Variable Global High Yield Bond Portfolio Class II	$	10.00	$	11.06		0.00

Table 5—Contract with 5-Year Optional Value Endorsement – 1.55% Annual Asset Charge (for Contracts with an enhanced death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
2020
AB VPS Dynamic Asset Allocation Portfolio B	$	10.00	$	11.19		0.00
AB VPS Small Cap Growth Portfolio B	$	10.00	$	14.61		0.00
AB VPS Small/Mid Cap Value Portfolio B	$	10.00	$	13.42		0.00
Alger Capital Appreciation Portfolio Class S	$	10.00	$	13.05		102.04
ALPS | Alerian Energy Infrastructure Portfolio Class III	$	10.00	$	10.42		0.00
ALPS | Red Rocks Listed Private Equity Class III	$	10.00	$	13.32		0.00
American Century VP Balanced Fund II	$	10.00	$	11.17		0.00
American Century VP Income & Growth Fund II	$	10.00	$	12.12		0.00
American Century VP Inflation Protection Fund II	$	10.00	$	10.66		0.00
American Century VP Mid Cap Value Fund II	$	10.00	$	11.99		456.68
American Century VP Ultra Fund II	$	10.00	$	13.74		0.00
American Century VP Value Fund II	$	10.00	$	12.16		0.00
American Funds IS Asset Allocation Fund Class 4	$	10.00	$	11.50		0.00
American Funds IS Blue Chip Income and Growth Fund Class 4	$	10.00	$	11.86		0.00
American Funds IS Capital Income Builder® Class 4	$	10.00	$	11.24		0.00
American Funds IS Global Growth and Income Fund Class 4	$	10.00	$	12.57		0.00
American Funds IS Global Growth Fund Class 4	$	10.00	$	13.11		0.00
American Funds IS Global Small Capitalization Fund Class 4	$	10.00	$	13.96		124.44
American Funds IS Growth Fund Class 4	$	10.00	$	14.26		0.00
American Funds IS Growth-Income Fund Class 4	$	10.00	$	11.95		0.00
American Funds IS International Fund Class 4	$	10.00	$	13.35		0.00
American Funds IS International Growth and Income Fund Class 4	$	10.00	$	12.83		0.00
American Funds IS New World Fund® Class 4	$	10.00	$	13.73		0.00
American Funds IS U.S. Government/AAA-Rated Securities Fund Class 4	$	10.00	$	10.05		0.00
American Funds IS Ultra-Short Bond Fund Class 4	$	10.00	$	9.87		0.00
BlackRock 60/40 Target Allocation ETF V.I. Fund Formerly BlackRock iShares® Dynamic Allocation V.I. Fund Class III	$	10.00	$	11.70		0.00
BlackRock Advantage Large Cap Core V.I. Fund Class III	$	10.00	$	12.48		0.00
BlackRock Basic Value V.I. Fund Class III	$	10.00	$	12.14		0.00
BlackRock Capital Appreciation V.I. Fund Class III	$	10.00	$	13.01		0.00
BlackRock Equity Dividend V.I. Fund Class III	$	10.00	$	11.86		0.00

29

LiveWell Variable Annuity SAI

Table 5—Contract with 5-Year Optional Value Endorsement – 1.55% Annual Asset Charge (for Contracts with an enhanced death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
BlackRock Global Allocation V.I. Fund Class III	$	10.00	$	12.22		0.00
BlackRock Large Cap Focus Growth V.I. Fund Class III	$	10.00	$	13.01		0.00
Calvert VP S&P 500 Index Portfolio	$	10.00	$	12.39		0.00
Calvert VP SRI Balanced Portfolio	$	10.00	$	11.68		0.00
Calvert VP SRI Mid Cap Portfolio	$	10.00	$	12.52		0.00
ClearBridge Variable Aggressive Growth Portfolio Class II	$	10.00	$	12.33		0.00
ClearBridge Variable Dividend Strategy Portfolio Class II	$	10.00	$	11.89		0.00
ClearBridge Variable Large Cap Growth II	$	10.00	$	12.66		0.00
ClearBridge Variable Mid Cap Portfolio Class II	$	10.00	$	13.19		0.00
ClearBridge Variable Small Cap Growth Portfolio Class II	$	10.00	$	14.25		170.52
Columbia Variable Portfolio - Contrarian Core Fund Share Class 2	$	10.00	$	12.53		0.00
Columbia Variable Portfolio - Dividend Opportunity Fund Share Class 2	$	10.00	$	11.50		324.34
Columbia Variable Portfolio - Emerging Markets Bond Fund Share Class 2	$	10.00	$	11.24		0.00
Columbia Variable Portfolio - High Yield Bond Fund Share Class 2	$	10.00	$	11.02		0.00
Columbia Variable Portfolio - Select Large-Cap Value Fund Class 2	$	10.00	$	12.73		0.00
Columbia Variable Portfolio - Seligman Global Tech Fund Class 2	$	10.00	$	14.79		0.00
Columbia Variable Portfolio - Strategic Income Fund Class 2 (added 5/1/2020)	$	10.00	$	11.01		0.00
Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2	$	10.00	$	10.15		0.00
Delaware VIP International Series Formerly First Investors Life Series International Fund	$	10.00	$	11.75		0.00
Delaware VIP Opportunity Series Formerly First Investors Life Series Opportunity Fund	$	10.00	$	12.89		0.00
Delaware VIP Total Return Series Formerly First Investors Life Series Total Return Fund	$	10.00	$	11.38		0.00
DWS Alternative Asset Allocation VIP-B	$	10.00	$	11.44		0.00
DWS CROCI® U.S. VIP-B	$	10.00	$	11.19		0.00
DWS Equity 500 Index VIP-B	$	10.00	$	12.36		1,170.86
DWS Global Small Cap VIP-B	$	10.00	$	13.31		0.00
DWS Small Cap Index VIP-B	$	10.00	$	14.04		0.00
DWS Small Mid Cap Value VIP-B	$	10.00	$	12.71		0.00
Eaton Vance VT Floating-Rate Income Fund	$	10.00	$	10.62		0.00
Federated Hermes High Income Bond II, Service Formerly Federated High Income Bond II, Service	$	10.00	$	10.96		0.00
Federated Hermes Kaufmann Fund II, Service Formerly Federated Kaufmann Fund II, Service	$	10.00	$	12.00		318.72
Federated Hermes Managed Volatility II, Service Formerly Federated Managed Volatility II, Service	$	10.00	$	11.00		0.00
Fidelity® VIP Contrafund® Portfolio Service Class 2	$	10.00	$	12.38		0.00
Fidelity® VIP Emerging Markets Portfolio Service Class 2	$	10.00	$	14.76		0.00
Fidelity® VIP FundsManager 50% Portfolio Service Class 2	$	10.00	$	11.44		0.00
Fidelity® VIP FundsManager 70% Portfolio Service Class 2	$	10.00	$	11.96		0.00
Fidelity® VIP FundsManager 85% Portfolio Service Class 2	$	10.00	$	12.36		0.00

30

LiveWell Variable Annuity SAI

Table 5—Contract with 5-Year Optional Value Endorsement – 1.55% Annual Asset Charge (for Contracts with an enhanced death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
Fidelity® VIP Government Money Market Portfolio Service Class 2	$	10.00	$	9.91		0.00
Fidelity® VIP Growth Opportunities Portfolio Service Class 2	$	10.00	$	15.20		126.51
Fidelity® VIP High Income Portfolio Service Class 2	$	10.00	$	10.82		0.00
Fidelity® VIP International Capital Appreciation Portfolio Service Class 2 (added 5/1/2020)	$	10.00	$	12.97		0.00
Fidelity® VIP Mid Cap Portfolio Service Class 2	$	10.00	$	13.68		0.00
Fidelity® VIP Overseas Portfolio Service Class 2	$	10.00	$	12.42		0.00
Fidelity® VIP Real Estate Portfolio Service Class 2	$	10.00	$	10.74		0.00
Fidelity® VIP Strategic Income Portfolio Service Class 2	$	10.00	$	10.84		0.00
Fidelity® VIP Value Strategies Portfolio Service Class 2	$	10.00	$	13.54		0.00
Franklin Income VIP Fund Class 2	$	10.00	$	11.21		0.00
Franklin Mutual Global Discovery VIP Fund Class 2	$	10.00	$	12.03		0.00
Franklin Mutual Shares VIP Fund Class 2	$	10.00	$	11.91		0.00
Franklin Rising Dividends VIP Fund Class 2	$	10.00	$	12.29		327.52
Guggenheim VIF Global Managed Futures Strategy Fund	$	10.00	$	10.04		0.00
Guggenheim VIF Long Short Equity Fund	$	10.00	$	10.98		0.00
Guggenheim VIF Multi-Hedge Strategies Fund	$	10.00	$	10.03		0.00
Guggenheim VIF Small Cap Value Series Q	$	10.00	$	12.47		0.00
Invesco Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class Formerly Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class	$	10.00	$	13.48		0.00
Invesco Oppenheimer Global Fund/VA Service Class Formerly Oppenheimer Global Fund/VA Service Class	$	10.00	$	13.41		112.08
Invesco Oppenheimer International Growth Fund/VA Service Class Formerly Oppenheimer International Growth Fund/VA Service Class	$	10.00	$	13.07		0.00
Invesco Oppenheimer Main Street Fund/VA Service Class Formerly Oppenheimer Main Street Fund/VA Service Class	$	10.00	$	12.17		320.24
Invesco Oppenheimer Main Street Small Cap Fund/VA Service Class Formerly Oppenheimer Main Street Small Cap Fund/VA Service Class	$	10.00	$	13.69		286.45
Invesco Oppenheimer Total Return Bond Fund/VA Service Class Formerly Oppenheimer Total Return Bond Fund/VA Service Class	$	10.00	$	10.35		0.00
Ivy VIP Asset Strategy	$	10.00	$	12.27		0.00
Ivy VIP Balanced	$	10.00	$	11.94		0.00
Ivy VIP Energy	$	10.00	$	11.63		0.00
Ivy VIP Global Bond	$	10.00	$	10.78		0.00
Ivy VIP Global Equity Income	$	10.00	$	12.21		0.00
Ivy VIP Global Growth	$	10.00	$	12.83		0.00
Ivy VIP Growth	$	10.00	$	12.43		0.00
Ivy VIP High Income	$	10.00	$	11.44		0.00
Ivy VIP International Core Equity	$	10.00	$	12.27		0.00
Ivy VIP Mid Cap Growth	$	10.00	$	13.98		442.45
Ivy VIP Natural Resources	$	10.00	$	11.36		0.00
Ivy VIP Science and Technology	$	10.00	$	13.71		208.66

31

LiveWell Variable Annuity SAI

Table 5—Contract with 5-Year Optional Value Endorsement – 1.55% Annual Asset Charge (for Contracts with an enhanced death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
Ivy VIP Small Cap Core	$	10.00	$	12.47		0.00
Ivy VIP Small Cap Growth	$	10.00	$	13.98		0.00
Janus Henderson Balanced Portfolio Service Shares	$	10.00	$	11.62		923.66
Janus Henderson Enterprise Portfolio Service Shares	$	10.00	$	12.78		0.00
Janus Henderson Flexible Bond Portfolio Service Shares	$	10.00	$	10.43		0.00
Janus Henderson Global Research Portfolio Service Shares	$	10.00	$	12.68		0.00
Janus Henderson Global Technology and Innovation Portfolio Service Shares Formerly Janus Henderson Global Technology Portfolio Service Shares	$	10.00	$	13.88		0.00
Janus Henderson Mid Cap Value Portfolio Service Shares	$	10.00	$	11.81		0.00
Janus Henderson Overseas Portfolio Service Shares	$	10.00	$	13.58		0.00
Janus Henderson Research Portfolio Service Shares	$	10.00	$	12.81		0.00
John Hancock VIT Financial Industries Trust Series II	$	10.00	$	12.41		0.00
John Hancock VIT Fundamental All Cap Core Trust Series II	$	10.00	$	13.06		0.00
John Hancock VIT Select Bond Trust Series II	$	10.00	$	10.37		0.00
John Hancock VIT Strategic Income Opportunities Trust Series II	$	10.00	$	10.91		625.31
Lazard Retirement Global Dynamic Multi Asset Portfolio Service Shares	$	10.00	$	11.34		0.00
Lazard Retirement International Equity Portfolio Service Shares	$	10.00	$	12.50		0.00
Lord Abbett Series Fund Bond Debenture Portfolio VC	$	10.00	$	11.24		1,107.06
Lord Abbett Series Fund Developing Growth Portfolio VC	$	10.00	$	15.77		0.00
Lord Abbett Series Fund Fundamental Equity Portfolio VC	$	10.00	$	11.96		0.00
Lord Abbett Series Fund Short Duration Income Portfolio VC	$	10.00	$	10.36		0.00
MFS VIT II Blended Research Core Equity Portfolio Service Class	$	10.00	$	12.16		168.41
MFS VIT II Corporate Bond Portfolio Service Class	$	10.00	$	10.69		0.00
MFS VIT II Emerging Markets Equity Portfolio Service Class	$	10.00	$	13.81		0.00
MFS VIT II Global Tactical Allocation Portfolio Service Class	$	10.00	$	11.06		0.00
MFS VIT II International Value Portfolio Service Class	$	10.00	$	12.25		279.46
MFS VIT II Technology Portfolio Service Class	$	10.00	$	13.21		0.00
MFS VIT III Global Real Estate Service Class	$	10.00	$	11.88		434.31
MFS VIT New Discovery Portfolio Service Class	$	10.00	$	14.37		253.94
MFS VIT Utilities Portfolio Service Class	$	10.00	$	11.45		221.00
PIMCO All Asset Portfolio Advisor Class	$	10.00	$	11.71		0.00
PIMCO CommodityRealReturn® Strategy Portfolio Advisor Class	$	10.00	$	13.02		0.00
PIMCO Emerging Markets Bond Portfolio Advisor Class	$	10.00	$	10.54		0.00
PIMCO Global Multi-Asset Managed Allocation Portfolio Advisor Class	$	10.00	$	11.18		0.00
PIMCO High Yield Portfolio Advisor Class	$	10.00	$	10.88		0.00
PIMCO Income Portfolio Advisor Class	$	10.00	$	10.78		0.00
PIMCO Low Duration Portfolio Advisor Class	$	10.00	$	10.05		0.00
PIMCO Real Return Portfolio Advisor Class	$	10.00	$	10.60		0.00
PIMCO Short-Term Portfolio Advisor Class	$	10.00	$	10.10		0.00
PIMCO Total Return Portfolio Advisor Class	$	10.00	$	10.28		0.00
PIMCO VIT Dynamic Bond Portfolio Advisor Class	$	10.00	$	10.54		0.00

32

LiveWell Variable Annuity SAI

Table 5—Contract with 5-Year Optional Value Endorsement – 1.55% Annual Asset Charge (for Contracts with an enhanced death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
PIMCO VIT Global Bond Opportunities Portfolio (Unhedged) Advisor Class	$	10.00	$	11.08		0.00
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) Advisor Class	$	10.00	$	10.41		0.00
Pioneer Bond VCT Portfolio Class II	$	10.00	$	10.73		0.00
Pioneer Equity Income VCT Portfolio Class II	$	10.00	$	11.63		0.00
Pioneer Fund VCT Portfolio Class II	$	10.00	$	12.55		0.00
Pioneer High Yield VCT Portfolio Class II	$	10.00	$	11.17		0.00
Pioneer Strategic Income VCT Portfolio Class II	$	10.00	$	10.99		0.00
Power Dividend Index VIT Fund Class 1	$	10.00	$	11.09		0.00
Power Income VIT Fund Class 2	$	10.00	$	10.25		0.00
Prudential Series Fund Jennison 20/20 Focus Portfolio Class II	$	10.00	$	13.29		0.00
Prudential Series Fund Natural Resources Portfolio Class II	$	10.00	$	13.83		0.00
Prudential Series Fund SP Prudential U.S. Emerging Growth Portfolio Class II	$	10.00	$	13.69		0.00
QS Legg Mason Dynamic Multi-Strategy VIT Portfolio Class II	$	10.00	$	10.36		0.00
Royce Capital Fund - Micro-Cap Portfolio Service Class	$	10.00	$	14.56		0.00
Royce Capital Fund - Small-Cap Portfolio Service Class	$	10.00	$	13.02		0.00
Rydex VIF Biotechnology Fund	$	10.00	$	11.37		0.00
Rydex VIF S&P 500 Pure Growth Fund	$	10.00	$	12.85		0.00
Rydex VIF S&P MidCap 400 Pure Growth Fund	$	10.00	$	13.70		0.00
T. Rowe Price Blue Chip Growth Portfolio-II	$	10.00	$	12.62		593.82
T. Rowe Price Health Sciences Portfolio-II	$	10.00	$	12.30		340.03
Templeton Developing Markets Fund Class 2	$	10.00	$	14.18		0.00
Templeton Foreign VIP Fund Class 2	$	10.00	$	12.27		0.00
Templeton Global Bond VIP Fund Class 2	$	10.00	$	9.85		0.00
VanEck VIP Global Resources Fund S (Formerly VanEck VIP Global Hard Assets Fund S)	$	10.00	$	15.25		0.00
Western Asset Core Bond Plus Portfolio Class II	$	10.00	$	10.55		0.00
Western Asset Variable Global High Yield Bond Portfolio Class II	$	10.00	$	11.06		0.00

Table 6—Contract without the Optional Value Endorsement – 1.65% Annual Asset Charge (for Contracts with an enhanced death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
2020
AB VPS Dynamic Asset Allocation Portfolio B	$	10.00	$	11.18		0.00
AB VPS Small Cap Growth Portfolio B	$	10.00	$	14.60		0.00
AB VPS Small/Mid Cap Value Portfolio B	$	10.00	$	13.41		0.00
Alger Capital Appreciation Portfolio Class S	$	10.00	$	13.04		540.78
ALPS | Alerian Energy Infrastructure Portfolio Class III	$	10.00	$	10.41		0.00
ALPS | Red Rocks Listed Private Equity Class III	$	10.00	$	13.31		0.00

33

LiveWell Variable Annuity SAI

Table 6—Contract without the Optional Value Endorsement – 1.65% Annual Asset Charge (for Contracts with an enhanced death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
American Century VP Balanced Fund II	$	10.00	$	11.16		0.00
American Century VP Income & Growth Fund II	$	10.00	$	12.11		0.00
American Century VP Inflation Protection Fund II	$	10.00	$	10.65		3,094.02
American Century VP Mid Cap Value Fund II	$	10.00	$	11.98		1,237.18
American Century VP Ultra Fund II	$	10.00	$	13.73		508.57
American Century VP Value Fund II	$	10.00	$	12.15		9,788.82
American Funds IS Asset Allocation Fund Class 4	$	10.00	$	11.50		2,353.69
American Funds IS Blue Chip Income and Growth Fund Class 4	$	10.00	$	11.85		3,336.95
American Funds IS Capital Income Builder® Class 4	$	10.00	$	11.24		0.00
American Funds IS Global Growth and Income Fund Class 4	$	10.00	$	12.57		0.00
American Funds IS Global Growth Fund Class 4	$	10.00	$	13.10		23,058.09
American Funds IS Global Small Capitalization Fund Class 4	$	10.00	$	13.95		0.00
American Funds IS Growth Fund Class 4	$	10.00	$	14.25		399.29
American Funds IS Growth-Income Fund Class 4	$	10.00	$	11.95		1,455.62
American Funds IS International Fund Class 4	$	10.00	$	13.34		1,189.89
American Funds IS International Growth and Income Fund Class 4	$	10.00	$	12.82		0.00
American Funds IS New World Fund® Class 4	$	10.00	$	13.72		855.06
American Funds IS U.S. Government/AAA-Rated Securities Fund Class 4	$	10.00	$	10.04		9,454.95
American Funds IS Ultra-Short Bond Fund Class 4	$	10.00	$	9.86		0.00
BlackRock 60/40 Target Allocation ETF V.I. Fund Formerly BlackRock iShares® Dynamic Allocation V.I. Fund Class III	$	10.00	$	11.69		0.00
BlackRock Advantage Large Cap Core V.I. Fund Class III	$	10.00	$	12.47		0.00
BlackRock Basic Value V.I. Fund Class III	$	10.00	$	12.14		0.00
BlackRock Capital Appreciation V.I. Fund Class III	$	10.00	$	13.00		0.00
BlackRock Equity Dividend V.I. Fund Class III	$	10.00	$	11.85		145.12
BlackRock Global Allocation V.I. Fund Class III	$	10.00	$	12.21		0.00
BlackRock Large Cap Focus Growth V.I. Fund Class III	$	10.00	$	13.00		0.00
Calvert VP S&P 500 Index Portfolio	$	10.00	$	12.38		0.00
Calvert VP SRI Balanced Portfolio	$	10.00	$	11.67		0.00
Calvert VP SRI Mid Cap Portfolio	$	10.00	$	12.52		0.00
ClearBridge Variable Aggressive Growth Portfolio Class II	$	10.00	$	12.32		0.00
ClearBridge Variable Dividend Strategy Portfolio Class II	$	10.00	$	11.89		229.75
ClearBridge Variable Large Cap Growth II	$	10.00	$	12.65		515.05
ClearBridge Variable Mid Cap Portfolio Class II	$	10.00	$	13.18		343.60
ClearBridge Variable Small Cap Growth Portfolio Class II	$	10.00	$	14.24		521.28
Columbia Variable Portfolio - Contrarian Core Fund Share Class 2	$	10.00	$	12.52		0.00
Columbia Variable Portfolio - Dividend Opportunity Fund Share Class 2	$	10.00	$	11.49		0.00
Columbia Variable Portfolio - Emerging Markets Bond Fund Share Class 2	$	10.00	$	11.24		0.00
Columbia Variable Portfolio - High Yield Bond Fund Share Class 2	$	10.00	$	11.02		0.00
Columbia Variable Portfolio - Select Large-Cap Value Fund Class 2	$	10.00	$	12.72		1,000.23
Columbia Variable Portfolio - Seligman Global Tech Fund Class 2	$	10.00	$	14.78		0.00

34

LiveWell Variable Annuity SAI

Table 6—Contract without the Optional Value Endorsement – 1.65% Annual Asset Charge (for Contracts with an enhanced death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
Columbia Variable Portfolio - Strategic Income Fund Class 2 (added 5/1/2020)	$	10.00	$	11.00		0.00
Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2	$	10.00	$	10.14		0.00
Delaware VIP International Series Formerly First Investors Life Series International Fund	$	10.00	$	11.74		0.00
Delaware VIP Opportunity Series Formerly First Investors Life Series Opportunity Fund	$	10.00	$	12.89		0.00
Delaware VIP Total Return Series Formerly First Investors Life Series Total Return Fund	$	10.00	$	11.37		0.00
DWS Alternative Asset Allocation VIP-B	$	10.00	$	11.43		0.00
DWS CROCI® U.S. VIP-B	$	10.00	$	11.19		0.00
DWS Equity 500 Index VIP-B	$	10.00	$	12.35		0.00
DWS Global Small Cap VIP-B	$	10.00	$	13.30		0.00
DWS Small Cap Index VIP-B	$	10.00	$	14.03		12,632.33
DWS Small Mid Cap Value VIP-B	$	10.00	$	12.70		0.00
Eaton Vance VT Floating-Rate Income Fund	$	10.00	$	10.61		0.00
Federated Hermes High Income Bond II, Service Formerly Federated High Income Bond II, Service	$	10.00	$	10.95		0.00
Federated Hermes Kaufmann Fund II, Service Formerly Federated Kaufmann Fund II, Service	$	10.00	$	11.99		4,601.62
Federated Hermes Managed Volatility II, Service Formerly Federated Managed Volatility II, Service	$	10.00	$	10.99		0.00
Fidelity® VIP Contrafund® Portfolio Service Class 2	$	10.00	$	12.37		2,886.26
Fidelity® VIP Emerging Markets Portfolio Service Class 2	$	10.00	$	14.76		0.00
Fidelity® VIP FundsManager 50% Portfolio Service Class 2	$	10.00	$	11.43		0.00
Fidelity® VIP FundsManager 70% Portfolio Service Class 2	$	10.00	$	11.96		0.00
Fidelity® VIP FundsManager 85% Portfolio Service Class 2	$	10.00	$	12.35		0.00
Fidelity® VIP Government Money Market Portfolio Service Class 2	$	10.00	$	9.90		0.00
Fidelity® VIP Growth Opportunities Portfolio Service Class 2	$	10.00	$	15.19		1,964.77
Fidelity® VIP High Income Portfolio Service Class 2	$	10.00	$	10.81		0.00
Fidelity® VIP International Capital Appreciation Portfolio Service Class 2 (added 5/1/2020)	$	10.00	$	12.96		0.00
Fidelity® VIP Mid Cap Portfolio Service Class 2	$	10.00	$	13.67		0.00
Fidelity® VIP Overseas Portfolio Service Class 2	$	10.00	$	12.41		0.00
Fidelity® VIP Real Estate Portfolio Service Class 2	$	10.00	$	10.73		374.75
Fidelity® VIP Strategic Income Portfolio Service Class 2	$	10.00	$	10.83		0.00
Fidelity® VIP Value Strategies Portfolio Service Class 2	$	10.00	$	13.53		0.00
Franklin Income VIP Fund Class 2	$	10.00	$	11.20		0.00
Franklin Mutual Global Discovery VIP Fund Class 2	$	10.00	$	12.02		0.00
Franklin Mutual Shares VIP Fund Class 2	$	10.00	$	11.90		0.00
Franklin Rising Dividends VIP Fund Class 2	$	10.00	$	12.28		0.00
Guggenheim VIF Global Managed Futures Strategy Fund	$	10.00	$	10.04		0.00
Guggenheim VIF Long Short Equity Fund	$	10.00	$	10.98		0.00

35

LiveWell Variable Annuity SAI

Table 6—Contract without the Optional Value Endorsement – 1.65% Annual Asset Charge (for Contracts with an enhanced death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
Guggenheim VIF Multi-Hedge Strategies Fund	$	10.00	$	10.02		0.00
Guggenheim VIF Small Cap Value Series Q	$	10.00	$	12.46		0.00
Invesco Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class Formerly Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class	$	10.00	$	13.48		46.63
Invesco Oppenheimer Global Fund/VA Service Class Formerly Oppenheimer Global Fund/VA Service Class	$	10.00	$	13.40		0.00
Invesco Oppenheimer International Growth Fund/VA Service Class Formerly Oppenheimer International Growth Fund/VA Service Class	$	10.00	$	13.06		10,829.67
Invesco Oppenheimer Main Street Fund/VA Service Class Formerly Oppenheimer Main Street Fund/VA Service Class	$	10.00	$	12.16		915.62
Invesco Oppenheimer Main Street Small Cap Fund/VA Service Class Formerly Oppenheimer Main Street Small Cap Fund/VA Service Class	$	10.00	$	13.68		0.00
Invesco Oppenheimer Total Return Bond Fund/VA Service Class Formerly Oppenheimer Total Return Bond Fund/VA Service Class	$	10.00	$	10.35		0.00
Ivy VIP Asset Strategy	$	10.00	$	12.26		0.00
Ivy VIP Balanced	$	10.00	$	11.93		0.00
Ivy VIP Energy	$	10.00	$	11.63		0.00
Ivy VIP Global Bond	$	10.00	$	10.77		0.00
Ivy VIP Global Equity Income	$	10.00	$	12.20		0.00
Ivy VIP Global Growth	$	10.00	$	12.82		0.00
Ivy VIP Growth	$	10.00	$	12.42		0.00
Ivy VIP High Income	$	10.00	$	11.44		0.00
Ivy VIP International Core Equity	$	10.00	$	12.26		0.00
Ivy VIP Mid Cap Growth	$	10.00	$	13.97		1,019.18
Ivy VIP Natural Resources	$	10.00	$	11.35		0.00
Ivy VIP Science and Technology	$	10.00	$	13.70		0.00
Ivy VIP Small Cap Core	$	10.00	$	12.46		1,221.38
Ivy VIP Small Cap Growth	$	10.00	$	13.98		0.00
Janus Henderson Balanced Portfolio Service Shares	$	10.00	$	11.61		875.10
Janus Henderson Enterprise Portfolio Service Shares	$	10.00	$	12.77		287.90
Janus Henderson Flexible Bond Portfolio Service Shares	$	10.00	$	10.42		0.00
Janus Henderson Global Research Portfolio Service Shares	$	10.00	$	12.67		0.00
Janus Henderson Global Technology and Innovation Portfolio Service Shares Formerly Janus Henderson Global Technology Portfolio Service Shares	$	10.00	$	13.87		0.00
Janus Henderson Mid Cap Value Portfolio Service Shares	$	10.00	$	11.80		0.00
Janus Henderson Overseas Portfolio Service Shares	$	10.00	$	13.57		0.00
Janus Henderson Research Portfolio Service Shares	$	10.00	$	12.81		0.00
John Hancock VIT Financial Industries Trust Series II	$	10.00	$	12.40		0.00
John Hancock VIT Fundamental All Cap Core Trust Series II	$	10.00	$	13.05		0.00
John Hancock VIT Select Bond Trust Series II	$	10.00	$	10.36		0.00
John Hancock VIT Strategic Income Opportunities Trust Series II	$	10.00	$	10.91		0.00
Lazard Retirement Global Dynamic Multi Asset Portfolio Service Shares	$	10.00	$	11.34		0.00

36

LiveWell Variable Annuity SAI

Table 6—Contract without the Optional Value Endorsement – 1.65% Annual Asset Charge (for Contracts with an enhanced death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
Lazard Retirement International Equity Portfolio Service Shares	$	10.00	$	12.49		0.00
Lord Abbett Series Fund Bond Debenture Portfolio VC	$	10.00	$	11.23		2,773.36
Lord Abbett Series Fund Developing Growth Portfolio VC	$	10.00	$	15.76		424.43
Lord Abbett Series Fund Fundamental Equity Portfolio VC	$	10.00	$	11.96		0.00
Lord Abbett Series Fund Short Duration Income Portfolio VC	$	10.00	$	10.35		0.00
MFS VIT II Blended Research Core Equity Portfolio Service Class	$	10.00	$	12.16		143.96
MFS VIT II Corporate Bond Portfolio Service Class	$	10.00	$	10.68		0.00
MFS VIT II Emerging Markets Equity Portfolio Service Class	$	10.00	$	13.80		775.05
MFS VIT II Global Tactical Allocation Portfolio Service Class	$	10.00	$	11.06		0.00
MFS VIT II International Value Portfolio Service Class	$	10.00	$	12.24		0.00
MFS VIT II Technology Portfolio Service Class	$	10.00	$	13.20		0.00
MFS VIT III Global Real Estate Service Class	$	10.00	$	11.87		0.00
MFS VIT New Discovery Portfolio Service Class	$	10.00	$	14.36		0.00
MFS VIT Utilities Portfolio Service Class	$	10.00	$	11.45		0.00
PIMCO All Asset Portfolio Advisor Class	$	10.00	$	11.70		0.00
PIMCO CommodityRealReturn® Strategy Portfolio Advisor Class	$	10.00	$	13.01		0.00
PIMCO Emerging Markets Bond Portfolio Advisor Class	$	10.00	$	11.17		0.00
PIMCO Global Multi-Asset Managed Allocation Portfolio Advisor Class	$	10.00	$	11.88		0.00
PIMCO High Yield Portfolio Advisor Class	$	10.00	$	10.87		0.00
PIMCO Income Portfolio Advisor Class	$	10.00	$	10.78		457.43
PIMCO Low Duration Portfolio Advisor Class	$	10.00	$	10.04		0.00
PIMCO Real Return Portfolio Advisor Class	$	10.00	$	10.59		0.00
PIMCO Short-Term Portfolio Advisor Class	$	10.00	$	10.09		17,563.57
PIMCO Total Return Portfolio Advisor Class	$	10.00	$	10.27		4,358.63
PIMCO VIT Dynamic Bond Portfolio Advisor Class	$	10.00	$	10.54		0.00
PIMCO VIT Global Bond Opportunities Portfolio (Unhedged) Advisor Class	$	10.00	$	11.08		0.00
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) Advisor Class	$	10.00	$	10.87		0.00
Pioneer Bond VCT Portfolio Class II	$	10.00	$	10.73		4,107.91
Pioneer Equity Income VCT Portfolio Class II	$	10.00	$	11.62		1,736.18
Pioneer Fund VCT Portfolio Class II	$	10.00	$	12.55		0.00
Pioneer High Yield VCT Portfolio Class II	$	10.00	$	11.17		0.00
Pioneer Strategic Income VCT Portfolio Class II	$	10.00	$	10.98		0.00
Power Dividend Index VIT Fund Class 1	$	10.00	$	11.08		0.00
Power Income VIT Fund Class 2	$	10.00	$	10.25		0.00
Prudential Series Fund Jennison 20/20 Focus Portfolio Class II	$	10.00	$	13.28		0.00
Prudential Series Fund Natural Resources Portfolio Class II	$	10.00	$	13.82		0.00
Prudential Series Fund SP Prudential U.S. Emerging Growth Portfolio Class II	$	10.00	$	13.68		0.00
QS Legg Mason Dynamic Multi-Strategy VIT Portfolio Class II	$	10.00	$	10.36		0.00
Royce Capital Fund - Micro-Cap Portfolio Service Class	$	10.00	$	14.55		0.00
Royce Capital Fund - Small-Cap Portfolio Service Class	$	10.00	$	13.01		0.00
Rydex VIF Biotechnology Fund	$	10.00	$	11.37		0.00

37

LiveWell Variable Annuity SAI

Table 6—Contract without the Optional Value Endorsement – 1.65% Annual Asset Charge (for Contracts with an enhanced death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2019)		Accumulation Unit Value at End of Period (12/31/2020)		Number of Accumulation Units at End of Period
Rydex VIF S&P 500 Pure Growth Fund	$	10.00	$	12.84		0.00
Rydex VIF S&P MidCap 400 Pure Growth Fund	$	10.00	$	13.70		0.00
T. Rowe Price Blue Chip Growth Portfolio-II	$	10.00	$	12.62		3,383.26
T. Rowe Price Health Sciences Portfolio-II	$	10.00	$	12.29		0.00
Templeton Developing Markets Fund Class 2	$	10.00	$	14.17		0.00
Templeton Foreign VIP Fund Class 2	$	10.00	$	12.26		1,954.52
Templeton Global Bond VIP Fund Class 2	$	10.00	$	9.84		2,350.18
VanEck VIP Global Resources Fund S (Formerly VanEck VIP Global Hard Assets Fund S)	$	10.00	$	15.24		0.00
Western Asset Core Bond Plus Portfolio Class II	$	10.00	$	10.55		16,168.65
Western Asset Variable Global High Yield Bond Portfolio Class II	$	10.00	$	11.05		0.00

Table 1—Contract with 6-Year Optional Value Endorsement – 1.20% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2018)		Accumulation Unit Value at End of Period (12/31/2019)		Number of Accumulation Units at End of Period
2019
AB VPS Dynamic Asset Allocation Portfolio B	$	9.82	$	11.18		2,615.82
AB VPS Small Cap Growth Portfolio B	$	11.44	$	15.37		0.00
AB VPS Small/Mid Cap Value Portfolio B	$	9.21	$	10.92		2,225.41
Alger Capital Appreciation Portfolio Class S	$	11.13	$	14.66		38,958.30
ALPS | Alerian Energy Infrastructure Portfolio Class III	$	7.81	$	9.29		0.00
ALPS | Red Rocks Listed Private Equity Class III	$	9.59	$	13.25		366.56
American Century VP Balanced Fund II	$	10.00	$	10.65		0.00
American Century VP Income & Growth Fund II	$	10.00	$	10.72		0.00
American Century VP Inflation Protection Fund II	$	9.74	$	10.48		0.00
American Century VP Mid Cap Value Fund II	$	9.22	$	11.75		27,712.86
American Century VP Ultra Fund II	$	11.48	$	15.26		2,631.05
American Century VP Value Fund II	$	9.55	$	11.97		47,336.30
American Funds IS Asset Allocation Fund Class 4	$	10.17	$	12.15		51,699.02
American Funds IS Blue Chip Income and Growth Fund Class 4	$	10.01	$	11.98		57,901.12
American Funds IS Capital Income Builder® Class 4	$	9.75	$	11.33		2,670.54
American Funds IS Global Growth and Income Fund Class 4	$	10.11	$	13.06		6,735.30
American Funds IS Global Growth Fund Class 4	$	10.22	$	13.62		10,972.82
American Funds IS Global Small Capitalization Fund Class 4	$	9.97	$	12.92		2,352.47
American Funds IS Growth Fund Class 4	$	11.11	$	14.31		55,887.92
American Funds IS Growth-Income Fund Class 4	$	10.86	$	13.51		76,711.87
American Funds IS International Fund Class 4	$	9.85	$	11.94		1,318.24
American Funds IS International Growth and Income Fund Class 4	$	9.78	$	11.83		10,356.23

38

LiveWell Variable Annuity SAI

Table 1—Contract with 6-Year Optional Value Endorsement – 1.20% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2018)		Accumulation Unit Value at End of Period (12/31/2019)		Number of Accumulation Units at End of Period
American Funds IS New World Fund® Class 4	$	9.59	$	12.21		36,839.84
American Funds IS U.S. Government/AAA-Rated Securities Fund Class 4	$	9.85	$	10.24		2,317.18
American Funds IS Ultra-Short Bond Fund Class 4	$	9.93	$	9.95		0.00
BlackRock 60/40 Target Allocation ETF V.I. Fund Formerly BlackRock iShares® Dynamic Allocation V.I. Fund Class III	$	10.13	$	12.13		11,013.99
BlackRock Advantage Large Cap Core V.I. Fund Class III	$	10.38	$	13.19		0.00
BlackRock Basic Value V.I. Fund Class III	$	9.83	$	11.99		1,888.78
BlackRock Capital Appreciation V.I. Fund Class III	$	11.65	$	15.14		0.00
BlackRock Equity Dividend V.I. Fund Class III	$	10.19	$	12.83		13,153.22
BlackRock Global Allocation V.I. Fund Class III	$	9.73	$	11.32		5,711.00
BlackRock Large Cap Focus Growth V.I. Fund Class III	$	11.57	$	15.12		896.94
Calvert VP S&P 500 Index Portfolio	$	10.58	$	13.71		0.00
Calvert VP SRI Balanced Portfolio	$	9.70	$	11.91		0.00
Calvert VP SRI Mid Cap Portfolio	$	10.11	$	13.12		0.00
ClearBridge Variable Aggressive Growth Portfolio Class II	$	9.48	$	11.68		401.72
ClearBridge Variable Dividend Strategy Portfolio Class II	$	10.47	$	12.13		11,013.99
ClearBridge Variable Large Cap Growth II	$	10.78	$	13.19		0.00
ClearBridge Variable Mid Cap Portfolio Class II	$	9.22	$	11.99		1,888.78
ClearBridge Variable Small Cap Growth Portfolio Class II	$	11.62	$	15.14		0.00
Columbia Variable Portfolio - Contrarian Core Fund Share Class 2	$	9.98	$	13.09		4,177.39
Columbia Variable Portfolio - Dividend Opportunity Fund Share Class 2	$	10.16	$	12.42		8,055.33
Columbia Variable Portfolio - Emerging Markets Bond Fund Share Class 2	$	9.53	$	10.56		4,414.70
Columbia Variable Portfolio - High Yield Bond Fund Share Class 2	$	9.69	$	11.15		0.00
Columbia Variable Portfolio - Select Large-Cap Value Fund Class 2	$	9.67	$	12.08		1,349.57
Columbia Variable Portfolio - Seligman Global Tech Fund Class 2	$	9.79	$	14.99		362.02
Columbia Variable Portfolio - Strategic Income Fund Class 2 (added 5/1/2020)		—		—		—
Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2	$	10.00	$	10.53		0.00
Delaware VIP Covered Call Strategy Series Formerly First Investors Life Series Covered Call Strategy Fund	$	9.32	$	11.18		2,960.41
Delaware VIP International Series Formerly First Investors Life Series International Fund	$	9.79	$	12.08		0.00
Delaware VIP Opportunity Series Formerly First Investors Life Series Opportunity Fund	$	9.26	$	11.91		5,429.37
Delaware VIP Total Return Series Formerly First Investors Life Series Total Return Fund	$	9.75	$	11.45		0.00
DWS Alternative Asset Allocation VIP-B	$	9.27	$	10.47		0.00
DWS CROCI® U.S. VIP-B	$	9.88	$	12.93		0.00
DWS Equity 500 Index VIP-B	$	10.53	$	13.59		4,835.02
DWS Global Small Cap VIP-B	$	8.71	$	10.42		0.00
DWS Small Cap Index VIP-B	$	9.53	$	11.75		1,244.99
DWS Small Mid Cap Value VIP-B	$	8.79	$	10.51		7,718.62
Eaton Vance VT Floating-Rate Income Fund	$	9.99	$	10.57		2,842.27

39

LiveWell Variable Annuity SAI

Table 1—Contract with 6-Year Optional Value Endorsement – 1.20% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2018)		Accumulation Unit Value at End of Period (12/31/2019)		Number of Accumulation Units at End of Period
Federated Hermes High Income Bond II, Service Formerly Federated High Income Bond II, Service	$	10.00	$	10.38		0.00
Federated Hermes Kaufmann Fund II, Service Formerly Federated Kaufmann Fund II, Service	$	10.00	$	10.92		0.00
Federated Hermes Managed Volatility II, Service Formerly Federated Managed Volatility II, Service	$	10.00	$	10.72		0.00
Fidelity® VIP Contrafund® Portfolio Service Class 2	$	10.17	$	13.20		3,605.15
Fidelity® VIP Emerging Markets Portfolio Service Class 2	$	9.96	$	12.72		862.92
Fidelity® VIP FundsManager 50% Portfolio Service Class 2	$	10.01	$	11.64		0.00
Fidelity® VIP FundsManager 70% Portfolio Service Class 2	$	9.99	$	12.09		0.00
Fidelity® VIP FundsManager 85% Portfolio Service Class 2	$	10.01	$	12.48		0.00
Fidelity® VIP Government Money Market Portfolio Service Class 2	$	9.97	$	10.03		0.00
Fidelity® VIP Growth Opportunities Portfolio Service Class 2	$	10.00	$	10.95		0.00
Fidelity® VIP High Income Portfolio Service Class 2	$	9.73	$	11.03		288.96
Fidelity® VIP International Capital Appreciation Portfolio Service Class 2 (added 5/1/2020)		—		—		—
Fidelity® VIP Mid Cap Portfolio Service Class 2	$	9.44	$	11.49		11,461.95
Fidelity® VIP Overseas Portfolio Service Class 2	$	9.48	$	11.94		0.00
Fidelity® VIP Real Estate Portfolio Service Class 2	$	9.43	$	11.46		5,997.84
Fidelity® VIP Strategic Income Portfolio Service Class 2	$	9.90	$	10.83		4,084.65
Fidelity® VIP Value Strategies Portfolio Service Class 2	$	8.98	$	11.89		397.29
Franklin Income VIP Fund Class 2	$	9.95	$	11.41		4,262.89
Franklin Mutual Global Discovery VIP Fund Class 2	$	9.01	$	11.07		855.91
Franklin Mutual Shares VIP Fund Class 2	$	9.22	$	11.16		18,886.32
Franklin Rising Dividends VIP Fund Class 2	$	10.50	$	13.40		14,009.55
Guggenheim VIF Global Managed Futures Strategy Fund	$	9.42	$	10.06		605.34
Guggenheim VIF Long Short Equity Fund	$	9.71	$	10.13		0.00
Guggenheim VIF Multi-Hedge Strategies Fund	$	9.58	$	9.94		0.00
Guggenheim VIF Small Cap Value Series Q	$	8.84	$	10.71		1,629.92
Invesco Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class Formerly Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class	$	10.62	$	14.59		4,710.85
Invesco Oppenheimer Global Fund/VA Service Class Formerly Oppenheimer Global Fund/VA Service Class	$	10.02	$	13.01		3,320.98
Invesco Oppenheimer International Growth Fund/VA Service Class Formerly Oppenheimer International Growth Fund/VA Service Class	$	8.86	$	11.20		11,810.33
Invesco Oppenheimer Main Street Fund/VA Service Class Formerly Oppenheimer Main Street Fund/VA Service Class	$	9.39	$	12.75		27,976.49
Invesco Oppenheimer Main Street Small Cap Fund/VA Service Class Formerly Oppenheimer Main Street Small Cap Fund/VA Service Class	$	9.79	$	11.70		7,398.04
Invesco Oppenheimer Total Return Bond Fund/VA Service Class Formerly Oppenheimer Total Return Bond Fund/VA Service Class	$	9.93	$	10.72		668.79
Ivy VIP Asset Strategy	$	10.28	$	12.37		0.00
Ivy VIP Balanced	$	10.05	$	12.12		0.00

40

LiveWell Variable Annuity SAI

Table 1—Contract with 6-Year Optional Value Endorsement – 1.20% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2018)		Accumulation Unit Value at End of Period (12/31/2019)		Number of Accumulation Units at End of Period
Ivy VIP Energy	$	6.58	$	6.73		8,053.97
Ivy VIP Global Bond	$	10.00	$	10.81		0.00
Ivy VIP Global Equity Income	$	9.58	$	11.66		0.00
Ivy VIP Global Growth	$	10.37	$	12.91		1,160.29
Ivy VIP Growth	$	11.58	$	15.62		1,099.71
Ivy VIP High Income	$	9.89	$	10.87		4,274.18
Ivy VIP International Core Equity	$	8.96	$	10.50		4,898.68
Ivy VIP Mid Cap Growth	$	11.38	$	15.51		1,880.68
Ivy VIP Natural Resources	$	8.25	$	8.92		0.00
Ivy VIP Science and Technology	$	10.76	$	15.90		6,933.53
Ivy VIP Small Cap Core	$	9.62	$	11.82		6,868.45
Ivy VIP Small Cap Growth	$	10.68	$	13.01		8,502.63
Janus Henderson Balanced Portfolio Service Shares	$	10.95	$	13.22		7,852.64
Janus Henderson Enterprise Portfolio Service Shares	$	11.30	$	15.09		39,232.04
Janus Henderson Flexible Bond Portfolio Service Shares	$	9.84	$	10.63		0.00
Janus Henderson Global Research Portfolio Service Shares	$	10.37	$	13.19		0.00
Janus Henderson Global Technology and Innovation Portfolio Service Shares Formerly Janus Henderson Global Technology Portfolio Service Shares	$	11.97	$	17.12		3,599.51
Janus Henderson Mid Cap Value Portfolio Service Shares	$	9.29	$	11.93		4,838.54
Janus Henderson Overseas Portfolio Service Shares	$	9.51	$	11.91		0.00
Janus Henderson Research Portfolio Service Shares	$	10.74	$	14.35		0.00
John Hancock VIT Financial Industries Trust Series II	$	8.36	$	10.87		5,694.52
John Hancock VIT Fundamental All Cap Core Trust Series II	$	8.77	$	11.80		0.00
John Hancock VIT Select Bond Trust Series II	$	10.09	$	10.84		0.00
John Hancock VIT Strategic Income Opportunities Trust Series II	$	9.50	$	10.39		0.00
Lazard Retirement Global Dynamic Multi Asset Portfolio Service Shares	$	10.27	$	11.95		394.04
Lazard Retirement International Equity Portfolio Service Shares	$	9.50	$	11.36		0.00
Lord Abbett Series Fund Bond Debenture Portfolio VC	$	9.90	$	11.09		28,294.24
Lord Abbett Series Fund Developing Growth Portfolio VC	$	12.13	$	15.79		1,484.71
Lord Abbett Series Fund Fundamental Equity Portfolio VC	$	9.94	$	11.94		5,653.79
Lord Abbett Series Fund Short Duration Income Portfolio VC	$	10.02	$	10.40		11,435.29
MFS VIT II Blended Research Core Equity Portfolio Service Class	$	10.18	$	12.97		2,253.54
MFS VIT II Corporate Bond Portfolio Service Class	$	9.84	$	11.13		845.40
MFS VIT II Emerging Markets Equity Portfolio Service Class	$	9.99	$	11.86		5,041.98
MFS VIT II Global Tactical Allocation Portfolio Service Class	$	9.88	$	11.16		0.00
MFS VIT II International Value Portfolio Service Class	$	10.13	$	12.58		9,830.37
MFS VIT II Technology Portfolio Service Class	$	11.68	$	15.68		4,191.50
MFS VIT III Global Real Estate Service Class	$	10.00	$	10.94		0.00
MFS VIT New Discovery Portfolio Service Class	$	11.07	$	15.45		1,586.71
MFS VIT Utilities Portfolio Service Class	$	10.58	$	13.05		6,268.77
PIMCO All Asset Portfolio Advisor Class	$	9.98	$	11.02		0.00

41

LiveWell Variable Annuity SAI

Table 1—Contract with 6-Year Optional Value Endorsement – 1.20% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2018)		Accumulation Unit Value at End of Period (12/31/2019)		Number of Accumulation Units at End of Period
PIMCO CommodityRealReturn® Strategy Portfolio Advisor Class	$	8.86	$	9.75		0.00
PIMCO Emerging Markets Bond Portfolio Advisor Class	$	9.68	$	10.97		824.77
PIMCO Global Multi-Asset Managed Allocation Portfolio Advisor Class	$	9.98	$	11.53		0.00
PIMCO High Yield Portfolio Advisor Class	$	9.83	$	11.13		1,077.54
PIMCO Income Portfolio Advisor Class	$	10.04	$	10.75		45,587.67
PIMCO Low Duration Portfolio Advisor Class	$	9.90	$	10.17		17,244.18
PIMCO Real Return Portfolio Advisor Class	$	9.73	$	10.42		10,017.89
PIMCO Short-Term Portfolio Advisor Class	$	10.09	$	10.24		13,060.13
PIMCO Total Return Portfolio Advisor Class	$	10.00	$	10.70		36,997.04
PIMCO VIT Dynamic Bond Portfolio Advisor Class	$	10.14	$	10.50		2,137.71
PIMCO VIT Global Bond Opportunities Portfolio (Unhedged) Advisor Class	$	9.85	$	10.32		0.00
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) Advisor Class	$	10.19	$	10.76		401.92
Pioneer Bond VCT Portfolio Class II	$	9.93	$	10.69		38,360.11
Pioneer Equity Income VCT Portfolio Class II	$	9.99	$	12.36		31,417.39
Pioneer Fund VCT Portfolio Class II	$	10.92	$	14.14		0.00
Pioneer High Yield VCT Portfolio Class II	$	9.70	$	10.95		0.00
Pioneer Strategic Income VCT Portfolio Class II	$	9.87	$	10.68		25,230.25
Power Dividend Index VIT Fund Class 1	$	9.71	$	9.32		0.00
Power Income VIT Fund Class 2	$	9.54	$	10.16		0.00
Prudential Series Fund Jennison 20/20 Focus Portfolio Class II	$	10.80	$	13.71		0.00
Prudential Series Fund Natural Resources Portfolio Class II	$	8.70	$	9.47		673.23
Prudential Series Fund SP Prudential U.S. Emerging Growth Portfolio Class II	$	9.97	$	13.50		0.00
QS Legg Mason Dynamic Multi-Strategy VIT Portfolio Class II	$	9.84	$	11.24		0.00
Royce Capital Fund - Micro-Cap Portfolio Service Class	$	9.35	$	11.02		0.00
Royce Capital Fund - Small-Cap Portfolio Service Class	$	9.64	$	11.28		3,443.61
Rydex VIF Biotechnology Fund	$	9.91	$	12.21		4,428.00
Rydex VIF S&P 500 Pure Growth Fund	$	10.51	$	13.14		0.00
Rydex VIF S&P MidCap 400 Pure Growth Fund	$	9.22	$	10.52		0.00
T. Rowe Price Blue Chip Growth Portfolio-II	$	11.76	$	15.05		46,555.68
T. Rowe Price Health Sciences Portfolio-II	$	11.01	$	13.99		13,774.89
Templeton Developing Markets Fund Class 2	$	9.94	$	12.44		532.46
Templeton Foreign VIP Fund Class 2	$	9.02	$	10.03		32,881.10
Templeton Global Bond VIP Fund Class 2	$	9.79	$	9.87		13,694.62
VanEck VIP Global Hard Assets Fund S	$	7.58	$	8.35		402.65
Western Asset Core Bond Plus Portfolio Class II	$	9.88	$	10.91		72,186.06
Western Asset Variable Global High Yield Bond Portfolio Class II	$	9.73	$	10.96		759.00

42

LiveWell Variable Annuity SAI

Table 2—Contract with 5-Year Optional Value Endorsement – 1.25% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2018)		Accumulation Unit Value at End of Period (12/31/2019)		Number of Accumulation Units at End of Period
2019
AB VPS Dynamic Asset Allocation Portfolio B	$	9.81	$	11.17		24,239.67
AB VPS Small Cap Growth Portfolio B	$	11.43	$	15.35		0.00
AB VPS Small/Mid Cap Value Portfolio B	$	9.21	$	10.90		26,705.63
Alger Capital Appreciation Portfolio Class S	$	11.12	$	14.64		55,734.52
ALPS | Alerian Energy Infrastructure Portfolio Class III	$	7.80	$	9.27		11,647.94
ALPS | Red Rocks Listed Private Equity Class III	$	9.58	$	13.23		9,223.12
American Century VP Balanced Fund II	$	10.00	$	10.65		0.00
American Century VP Income & Growth Fund II	$	10.00	$	10.72		0.00
American Century VP Inflation Protection Fund II	$	9.73	$	10.46		0.00
American Century VP Mid Cap Value Fund II	$	9.21	$	11.73		46,260.34
American Century VP Ultra Fund II	$	11.48	$	15.24		4,735.61
American Century VP Value Fund II	$	9.54	$	11.96		149,591.53
American Funds IS Asset Allocation Fund Class 4	$	10.16	$	12.13		1,177,976.21
American Funds IS Blue Chip Income and Growth Fund Class 4	$	10.01	$	11.96		98,833.22
American Funds IS Capital Income Builder® Class 4	$	9.74	$	11.32		56,376.24
American Funds IS Global Growth and Income Fund Class 4	$	10.10	$	13.04		81,293.21
American Funds IS Global Growth Fund Class 4	$	10.21	$	13.60		74,220.45
American Funds IS Global Small Capitalization Fund Class 4	$	9.96	$	12.91		18,952.61
American Funds IS Growth Fund Class 4	$	11.10	$	14.29		152,421.16
American Funds IS Growth-Income Fund Class 4	$	10.86	$	13.49		124,915.59
American Funds IS International Fund Class 4	$	9.84	$	11.92		47,827.02
American Funds IS International Growth and Income Fund Class 4	$	9.77	$	11.81		31,931.44
American Funds IS New World Fund® Class 4	$	9.58	$	12.19		95,951.00
American Funds IS U.S. Government/AAA-Rated Securities Fund Class 4	$	9.85	$	10.22		17,587.27
American Funds IS Ultra-Short Bond Fund Class 4	$	9.92	$	9.93		60,931.66
BlackRock 60/40 Target Allocation ETF V.I. Fund Formerly BlackRock iShares® Dynamic Allocation V.I. Fund Class III	$	10.12	$	12.11		2,403.74
BlackRock Advantage Large Cap Core V.I. Fund Class III	$	10.37	$	13.17		0.00
BlackRock Basic Value V.I. Fund Class III	$	9.82	$	11.98		5,959.80
BlackRock Capital Appreciation V.I. Fund Class III	$	11.64	$	15.12		0.00
BlackRock Equity Dividend V.I. Fund Class III	$	10.18	$	12.81		32,111.31
BlackRock Global Allocation V.I. Fund Class III	$	9.72	$	11.31		8,001.22
BlackRock Large Cap Focus Growth V.I. Fund Class III	$	11.56	$	15.10		29,730.53
Calvert VP S&P 500 Index Portfolio	$	10.57	$	13.69		11,159.20
Calvert VP SRI Balanced Portfolio	$	9.70	$	11.90		0.00
Calvert VP SRI Mid Cap Portfolio	$	10.10	$	13.10		0.00
ClearBridge Variable Aggressive Growth Portfolio Class II	$	9.47	$	11.67		3,813.98
ClearBridge Variable Dividend Strategy Portfolio Class II	$	10.46	$	13.57		11,836.03
ClearBridge Variable Large Cap Growth II	$	10.77	$	14.02		69,270.01

43

LiveWell Variable Annuity SAI

Table 2—Contract with 5-Year Optional Value Endorsement – 1.25% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2018)		Accumulation Unit Value at End of Period (12/31/2019)		Number of Accumulation Units at End of Period
ClearBridge Variable Mid Cap Portfolio Class II	$	9.21	$	12.06		35,383.54
ClearBridge Variable Small Cap Growth Portfolio Class II	$	11.61	$	14.51		27,459.92
Columbia Variable Portfolio - Contrarian Core Fund Share Class 2	$	9.97	$	13.08		22,576.68
Columbia Variable Portfolio - Dividend Opportunity Fund Share Class 2	$	10.15	$	12.41		0.00
Columbia Variable Portfolio - Emerging Markets Bond Fund Share Class 2	$	9.52	$	10.54		4,518.44
Columbia Variable Portfolio - High Yield Bond Fund Share Class 2	$	9.68	$	11.14		1,281.22
Columbia Variable Portfolio - Select Large-Cap Value Fund Class 2	$	9.67	$	12.07		1,644.75
Columbia Variable Portfolio - Seligman Global Tech Fund Class 2	$	9.78	$	14.97		7,122.16
Columbia Variable Portfolio - Strategic Income Fund Class 2 (added 5/1/2020)		—		—		—
Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2	$	10.00	$	10.51		0.00
Delaware VIP Covered Call Strategy Series Formerly First Investors Life Series Covered Call Strategy Fund	$	9.31	$	11.16		0.00
Delaware VIP International Series Formerly First Investors Life Series International Fund	$	9.78	$	12.07		0.00
Delaware VIP Opportunity Series Formerly First Investors Life Series Opportunity Fund	$	9.25	$	11.89		6,609.52
Delaware VIP Total Return Series Formerly First Investors Life Series Total Return Fund	$	9.74	$	11.44		0.00
DWS Alternative Asset Allocation VIP-B	$	9.26	$	10.46		0.00
DWS CROCI® U.S. VIP-B	$	9.87	$	12.91		0.00
DWS Equity 500 Index VIP-B	$	10.52	$	13.58		62,226.28
DWS Global Small Cap VIP-B	$	8.70	$	10.41		0.00
DWS Small Cap Index VIP-B	$	9.52	$	11.74		4,539.25
DWS Small Mid Cap Value VIP-B	$	8.78	$	10.50		20,178.35
Eaton Vance VT Floating-Rate Income Fund	$	9.98	$	10.56		43,188.20
Federated Hermes High Income Bond II, Service Formerly Federated High Income Bond II, Service	$	10.00	$	10.38		15,518.01
Federated Hermes Kaufmann Fund II, Service Formerly Federated Kaufmann Fund II, Service	$	10.00	$	10.92		5,000.99
Federated Hermes Managed Volatility II, Service Formerly Federated Managed Volatility II, Service	$	10.00	$	10.72		0.00
Fidelity® VIP Contrafund® Portfolio Service Class 2	$	10.17	$	13.18		89,224.69
Fidelity® VIP Emerging Markets Portfolio Service Class 2	$	9.95	$	12.70		10,976.93
Fidelity® VIP FundsManager 50% Portfolio Service Class 2	$	10.00	$	11.62		58,582.00
Fidelity® VIP FundsManager 70% Portfolio Service Class 2	$	9.98	$	12.07		6,673.13
Fidelity® VIP FundsManager 85% Portfolio Service Class 2	$	10.01	$	12.46		19,029.77
Fidelity® VIP Government Money Market Portfolio Service Class 2	$	9.97	$	10.02		0.00
Fidelity® VIP Growth Opportunities Portfolio Service Class 2	$	10.00	$	10.95		49,567.69
Fidelity® VIP High Income Portfolio Service Class 2	$	9.72	$	11.01		17,105.99
Fidelity® VIP International Capital Appreciation Portfolio Service Class 2 (added 5/1/2020)		—		—		—
Fidelity® VIP Mid Cap Portfolio Service Class 2	$	9.43	$	11.47		25,273.92

44

LiveWell Variable Annuity SAI

Table 2—Contract with 5-Year Optional Value Endorsement – 1.25% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2018)		Accumulation Unit Value at End of Period (12/31/2019)		Number of Accumulation Units at End of Period
Fidelity® VIP Overseas Portfolio Service Class 2	$	9.47	$	11.93		0.00
Fidelity® VIP Real Estate Portfolio Service Class 2	$	9.43	$	11.45		20,053.06
Fidelity® VIP Strategic Income Portfolio Service Class 2	$	9.89	$	10.81		73,339.37
Fidelity® VIP Value Strategies Portfolio Service Class 2	$	8.97	$	11.88		4,301.47
Franklin Income VIP Fund Class 2	$	9.94	$	11.40		44,928.42
Franklin Mutual Global Discovery VIP Fund Class 2	$	9.00	$	11.06		7,682.85
Franklin Mutual Shares VIP Fund Class 2	$	9.21	$	11.15		10,476.74
Franklin Rising Dividends VIP Fund Class 2	$	10.49	$	13.38		49,573.36
Guggenheim VIF Global Managed Futures Strategy Fund	$	9.41	$	10.05		1,347.32
Guggenheim VIF Long Short Equity Fund	$	9.70	$	10.11		0.00
Guggenheim VIF Multi-Hedge Strategies Fund	$	9.57	$	9.93		395.15
Guggenheim VIF Small Cap Value Series Q	$	8.83	$	10.69		2,882.76
Invesco Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class Formerly Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class	$	10.61	$	14.57		9,815.99
Invesco Oppenheimer Global Fund/VA Service Class Formerly Oppenheimer Global Fund/VA Service Class	$	10.01	$	13.00		29,175.09
Invesco Oppenheimer International Growth Fund/VA Service Class Formerly Oppenheimer International Growth Fund/VA Service Class	$	8.86	$	11.19		65,148.38
Invesco Oppenheimer Main Street Fund/VA Service Class Formerly Oppenheimer Main Street Fund/VA Service Class	$	9.38	$	12.73		6,153.38
Invesco Oppenheimer Main Street Small Cap Fund/VA Service Class Formerly Oppenheimer Main Street Small Cap Fund/VA Service Class	$	9.78	$	11.68		33,429.45
Invesco Oppenheimer Total Return Bond Fund/VA Service Class Formerly Oppenheimer Total Return Bond Fund/VA Service Class	$	9.92	$	10.70		393.84
Ivy VIP Asset Strategy	$	10.27	$	12.35		2,888.11
Ivy VIP Balanced	$	10.04	$	12.11		796.17
Ivy VIP Energy	$	6.58	$	6.72		3,817.83
Ivy VIP Global Bond	$	9.99	$	10.80		118.50
Ivy VIP Global Equity Income	$	9.57	$	11.64		0.00
Ivy VIP Global Growth	$	10.36	$	12.89		631.50
Ivy VIP Growth	$	11.57	$	15.60		3,989.59
Ivy VIP High Income	$	9.89	$	10.86		26,644.38
Ivy VIP International Core Equity	$	8.95	$	10.49		23,141.64
Ivy VIP Mid Cap Growth	$	11.37	$	15.48		29,272.94
Ivy VIP Natural Resources	$	8.24	$	8.91		787.57
Ivy VIP Science and Technology	$	10.75	$	15.88		42,523.23
Ivy VIP Small Cap Core	$	9.61	$	11.80		50,684.37
Ivy VIP Small Cap Growth	$	10.67	$	13.00		18,407.15
Janus Henderson Balanced Portfolio Service Shares	$	10.94	$	13.21		100,428.76
Janus Henderson Enterprise Portfolio Service Shares	$	11.29	$	15.07		65,684.05
Janus Henderson Flexible Bond Portfolio Service Shares	$	9.84	$	10.61		2,008.34
Janus Henderson Global Research Portfolio Service Shares	$	10.36	$	13.17		2,509.52

45

LiveWell Variable Annuity SAI

Table 2—Contract with 5-Year Optional Value Endorsement – 1.25% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2018)		Accumulation Unit Value at End of Period (12/31/2019)		Number of Accumulation Units at End of Period
Janus Henderson Global Technology and Innovation Portfolio Service Shares Formerly Janus Henderson Global Technology Portfolio Service Shares	$	11.96	$	17.10		15,546.51
Janus Henderson Mid Cap Value Portfolio Service Shares	$	9.28	$	11.92		11,340.42
Janus Henderson Overseas Portfolio Service Shares	$	9.50	$	11.89		2,368.59
Janus Henderson Research Portfolio Service Shares	$	10.73	$	14.33		0.00
John Hancock VIT Financial Industries Trust Series II	$	8.36	$	10.86		4,563.70
John Hancock VIT Fundamental All Cap Core Trust Series II	$	8.76	$	11.79		732.11
John Hancock VIT Select Bond Trust Series II	$	10.09	$	10.83		0.00
John Hancock VIT Strategic Income Opportunities Trust Series II	$	9.50	$	10.39		0.00
Lazard Retirement Global Dynamic Multi Asset Portfolio Service Shares	$	10.26	$	11.93		8,981.95
Lazard Retirement International Equity Portfolio Service Shares	$	9.49	$	11.35		3,599.36
Lord Abbett Series Fund Bond Debenture Portfolio VC	$	9.89	$	11.07		73,932.53
Lord Abbett Series Fund Developing Growth Portfolio VC	$	12.12	$	15.77		5,847.59
Lord Abbett Series Fund Fundamental Equity Portfolio VC	$	9.94	$	11.92		357.63
Lord Abbett Series Fund Short Duration Income Portfolio VC	$	10.01	$	10.39		33,449.64
MFS VIT II Blended Research Core Equity Portfolio Service Class	$	10.18	$	12.95		0.00
MFS VIT II Corporate Bond Portfolio Service Class	$	9.83	$	11.11		16,855.47
MFS VIT II Emerging Markets Equity Portfolio Service Class	$	9.98	$	11.84		47,119.65
MFS VIT II Global Tactical Allocation Portfolio Service Class	$	9.87	$	11.14		3,112.27
MFS VIT II International Value Portfolio Service Class	$	10.12	$	12.56		30,746.19
MFS VIT II Technology Portfolio Service Class	$	11.67	$	15.66		16,534.76
MFS VIT III Global Real Estate Service Class	$	10.00	$	10.93		0.00
MFS VIT New Discovery Portfolio Service Class	$	11.06	$	15.43		10,897.81
MFS VIT Utilities Portfolio Service Class	$	10.57	$	13.03		13,975.90
PIMCO All Asset Portfolio Advisor Class	$	9.97	$	11.00		0.00
PIMCO CommodityRealReturn® Strategy Portfolio Advisor Class	$	8.85	$	9.73		661.00
PIMCO Emerging Markets Bond Portfolio Advisor Class	$	9.67	$	10.95		20,911.56
PIMCO Global Multi-Asset Managed Allocation Portfolio Advisor Class	$	9.84	$	11.52		0.00
PIMCO High Yield Portfolio Advisor Class	$	9.82	$	11.11		12,923.49
PIMCO Income Portfolio Advisor Class	$	10.03	$	10.74		90,525.31
PIMCO Low Duration Portfolio Advisor Class	$	9.89	$	10.15		51,604.36
PIMCO Real Return Portfolio Advisor Class	$	9.72	$	10.40		28,093.50
PIMCO Short-Term Portfolio Advisor Class	$	10.08	$	10.23		118,429.97
PIMCO Total Return Portfolio Advisor Class	$	9.99	$	10.68		32,603.93
PIMCO VIT Dynamic Bond Portfolio Advisor Class	$	10.13	$	10.49		4,121.57
PIMCO VIT Global Bond Opportunities Portfolio (Unhedged) Advisor Class	$	9.84	$	10.30		0.00
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) Advisor Class	$	10.18	$	10.74		7,366.18
Pioneer Bond VCT Portfolio Class II	$	9.92	$	10.67		103,936.10
Pioneer Equity Income VCT Portfolio Class II	$	9.98	$	12.34		56,638.26
Pioneer Fund VCT Portfolio Class II	$	10.91	$	14.12		0.00
Pioneer High Yield VCT Portfolio Class II	$	9.69	$	10.94		0.00

46

LiveWell Variable Annuity SAI

Table 2—Contract with 5-Year Optional Value Endorsement – 1.25% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2018)		Accumulation Unit Value at End of Period (12/31/2019)		Number of Accumulation Units at End of Period
Pioneer Strategic Income VCT Portfolio Class II	$	9.86	$	10.66		10,613.20
Power Dividend Index VIT Fund Class 1	$	9.70	$	9.31		6,004.88
Power Income VIT Fund Class 2	$	9.53	$	10.14		3,281.35
Prudential Series Fund Jennison 20/20 Focus Portfolio Class II	$	10.79	$	13.69		0.00
Prudential Series Fund Natural Resources Portfolio Class II	$	8.69	$	9.46		483.70
Prudential Series Fund SP Prudential U.S. Emerging Growth Portfolio Class II	$	9.96	$	13.49		0.00
QS Legg Mason Dynamic Multi-Strategy VIT Portfolio Class II	$	9.84	$	11.22		0.00
Royce Capital Fund - Micro-Cap Portfolio Service Class	$	9.35	$	11.01		0.00
Royce Capital Fund - Small-Cap Portfolio Service Class	$	9.63	$	11.26		2,913.84
Rydex VIF Biotechnology Fund	$	9.90	$	12.19		13,645.43
Rydex VIF S&P 500 Pure Growth Fund	$	10.50	$	13.13		17,864.23
Rydex VIF S&P MidCap 400 Pure Growth Fund	$	9.21	$	10.50		5,532.49
T. Rowe Price Blue Chip Growth Portfolio-II	$	11.75	$	15.03		179,188.98
T. Rowe Price Health Sciences Portfolio-II	$	11.00	$	13.97		99,380.03
Templeton Developing Markets Fund Class 2	$	9.93	$	12.43		212.92
Templeton Foreign VIP Fund Class 2	$	9.01	$	10.02		82,055.57
Templeton Global Bond VIP Fund Class 2	$	9.78	$	9.86		67,756.10
VanEck VIP Global Hard Assets Fund S	$	7.57	$	8.34		579.89
Western Asset Core Bond Plus Portfolio Class II	$	9.87	$	10.90		170,047.74
Western Asset Variable Global High Yield Bond Portfolio Class II	$	9.72	$	10.95		1,047.45

Table 1—Contract with 6-Year Optional Value Endorsement – 1.20% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2017)		Accumulation Unit Value at End of Period (12/31/2018)		Number of Accumulation Units at End of Period
2018
AB VPS Dynamic Asset Allocation Portfolio B	$	10.73	$	9.82		1,580.17
AB VPS Small Cap Growth Portfolio B	$	11.71	$	11.44		0.00
AB VPS Small/Mid Cap Value Portfolio B	$	11.01	$	9.21		2,013.93
Alger Capital Appreciation Portfolio Class S	$	11.31	$	11.13		31,441.90
ALPS | Alerian Energy Infrastructure Portfolio Class III	$	9.75	$	7.81		0.00
ALPS | Red Rocks Listed Private Equity Class III	$	11.09	$	9.59		384.28
American Century VP Inflation Protection Fund II	$	10.14	$	9.74		0.00
American Century VP Mid Cap Value Fund II	$	10.72	$	9.22		21,605.68
American Century VP Ultra Fund II	$	11.56	$	11.48		2,623.60
American Century VP Value Fund II	$	10.65	$	9.55		39,682.76
American Funds IS Asset Allocation Fund Class 4	$	10.81	$	10.17		41,534.24
American Funds IS Blue Chip Income and Growth Fund Class 4	$	11.13	$	10.01		42,142.03

47

LiveWell Variable Annuity SAI

Table 1—Contract with 6-Year Optional Value Endorsement – 1.20% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2017)		Accumulation Unit Value at End of Period (12/31/2018)		Number of Accumulation Units at End of Period
American Funds IS Capital Income Builder® Class 4	$	10.64	$	9.75		2,733.42
American Funds IS Global Growth and Income Fund Class 4	$	11.36	$	10.11		3,857.51
American Funds IS Global Growth Fund Class 4	$	11.39	$	10.22		5,798.25
American Funds IS Global Small Capitalization Fund Class 4	$	11.31	$	9.97		2,333.64
American Funds IS Growth Fund Class 4	$	11.30	$	11.11		39,240.54
American Funds IS Growth-Income Fund Class 4	$	11.23	$	10.86		43,308.71
American Funds IS International Fund Class 4	$	11.51	$	9.85		1,975.32
American Funds IS International Growth and Income Fund Class 4	$	11.18	$	9.78		2,290.75
American Funds IS New World Fund® Class 4	$	11.32	$	9.59		21,536.99
American Funds IS U.S. Government/AAA-Rated Securities Fund Class 4	$	9.92	$	9.85		2,317.18
American Funds IS Ultra-Short Bond Fund Class 4	$	9.94	$	9.93		0.00
BlackRock Advantage Large Cap Core V.I. Fund Class III	$	11.12	$	10.38		0.00
BlackRock Basic Value V.I. Fund Class III	$	10.82	$	9.83		1,888.78
BlackRock Capital Appreciation V.I. Fund Class III	$	11.31	$	11.65		0.00
BlackRock Equity Dividend V.I. Fund Class III	$	11.14	$	10.19		4,677.75
BlackRock Global Allocation V.I. Fund Class III	$	10.66	$	9.73		5,646.91
BlackRock Large Cap Focus Growth V.I. Fund Class III	$	11.39	$	11.57		988.98
Calvert VP S&P 500 Index Portfolio	$	11.24	$	10.58		0.00
Calvert VP SRI Balanced Portfolio (Added as of May 1, 2018)	$	10.00	$	9.70		0.00
Calvert VP SRI Mid Cap Portfolio	$	10.71	$	10.11		0.00
ClearBridge Variable Aggressive Growth Portfolio Class II	$	10.49	$	9.48		0.00
ClearBridge Variable Dividend Strategy Portfolio Class II	$	11.15	$	10.47		9,911.64
ClearBridge Variable Large Cap Growth II	$	10.93	$	10.78		18,881.66
ClearBridge Variable Mid Cap Portfolio Class II	$	10.70	$	9.22		10,666.42
ClearBridge Variable Small Cap Growth Portfolio Class II	$	11.40	$	11.62		1,168.31
Columbia Variable Portfolio Contrarian Core Fund Share Class 2	$	11.12	$	9.98		3,915.35
Columbia Variable Portfolio Dividend Opportunity Fund Share Class 2	$	10.94	$	10.16		1,406.78
Columbia Variable Portfolio Emerging Markets Bond Fund Share Class 2	$	10.42	$	9.53		4,722.96
Columbia Variable Portfolio High Yield Bond Fund Share Class 2	$	10.21	$	9.69		0.00
Columbia Variable Portfolio Select Large-Cap Value Fund Class 2	$	11.18	$	9.67		1,782.04
Columbia Variable Portfolio Seligman Global Tech Fund Class 2	$	10.82	$	9.79		362.02
Columbia Variable Portfolio US Government Mortgage Fund Class 2	$	9.97	$	10.00		0.00
DWS Alternative Asset Allocation VIP-B	$	10.35	$	9.27		0.00
DWS CROCI® U.S. VIP-B	$	11.20	$	9.88		0.00
DWS Equity 500 Index VIP-B	$	11.21	$	10.53		13,857.32
DWS Global Small Cap VIP-B	$	11.13	$	8.71		0.00
DWS Small Cap Index VIP-B	$	10.89	$	9.53		0.00
DWS Small Mid Cap Value VIP-B	$	10.64	$	8.79		6,068.50
Eaton Vance VT Floating-Rate Income Fund	$	10.12	$	9.99		5,055.45
Fidelity® VIP Contrafund® Portfolio Service Class 2	$	11.03	$	10.17		4,937.88
Fidelity® VIP Emerging Markets Portfolio Service Class 2	$	12.32	$	9.96		878.30

48

LiveWell Variable Annuity SAI

Table 1—Contract with 6-Year Optional Value Endorsement – 1.20% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2017)		Accumulation Unit Value at End of Period (12/31/2018)		Number of Accumulation Units at End of Period
Fidelity® VIP FundsManager 50% Portfolio Service Class 2	$	10.71	$	10.01		0.00
Fidelity® VIP FundsManager 70% Portfolio Service Class 2	$	10.95	$	9.99		0.00
Fidelity® VIP FundsManager 85% Portfolio Service Class 2	$	11.15	$	10.01		0.00
Fidelity® VIP Government Money Market Portfolio Service Class 2	$	9.96	$	9.97		0.00
Fidelity® VIP High Income Portfolio Service Class 2	$	10.21	$	9.73		0.00
Fidelity® VIP Mid Cap Portfolio Service Class 2	$	11.21	$	9.44		3,734.96
Fidelity® VIP Overseas Portfolio Service Class 2	$	11.30	$	9.48		0.00
Fidelity® VIP Real Estate Portfolio Service Class 2	$	10.21	$	9.43		3,380.94
Fidelity® VIP Strategic Income Portfolio Service Class 2	$	10.31	$	9.90		2,397.88
Fidelity® VIP Value Strategies Portfolio Service Class 2	$	11.01	$	8.98		397.69
First Investors Life Series Covered Call Strategy Fund (Added as of May 1, 2018)	$	10.48	$	9.32		2,960.41
First Investors Life Series International Fund	$	11.28	$	9.79		0.00
First Investors Life Series Opportunity Fund	$	11.08	$	9.26		5,598.19
First Investors Life Series Total Return Fund	$	10.69	$	9.75		0.00
Franklin Income VIP Fund Class 2	$	10.52	$	9.95		11,150.14
Franklin Mutual Global Discovery VIP Fund Class 2	$	10.27	$	9.01		8,023.35
Franklin Mutual Shares VIP Fund Class 2	$	10.26	$	9.22		9,693.92
Franklin Rising Dividends VIP Fund Class 2	$	11.19	$	10.50		8,721.62
Guggenheim VIF Global Managed Futures Strategy Fund	$	10.48	$	9.42		596.79
Guggenheim VIF Long Short Equity Fund	$	11.29	$	9.71		0.00
Guggenheim VIF Multi-Hedge Strategies Fund	$	10.21	$	9.58		0.00
Guggenheim VIF Small Cap Value Series Q	$	10.25	$	8.84		1,859.46
Ivy VIP Asset Strategy	$	11.00	$	10.28		0.00
Ivy VIP Balanced	$	10.51	$	10.05		0.00
Ivy VIP Energy	$	10.12	$	6.58		1,827.23
Ivy VIP Global Bond	$	10.14	$	10.00		0.00
Ivy VIP Global Equity Income	$	10.98	$	9.58		0.00
Ivy VIP Global Growth	$	11.20	$	10.37		1,187.62
Ivy VIP Growth	$	11.45	$	11.58		1,207.93
Ivy VIP High Income	$	10.23	$	9.89		4,085.49
Ivy VIP International Core Equity	$	11.03	$	8.96		3,089.69
Ivy VIP Mid Cap Growth	$	11.52	$	11.38		2,910.48
Ivy VIP Natural Resources	$	10.87	$	8.25		0.00
Ivy VIP Science and Technology	$	11.49	$	10.76		4,380.59
Ivy VIP Small Cap Core	$	10.88	$	9.62		7,090.65
Ivy VIP Small Cap Growth	$	11.27	$	10.68		3,905.74
Janus Henderson Balanced Portfolio Service Shares	$	11.03	$	10.95		7,623.54
Janus Henderson Enterprise Portfolio Service Shares	$	11.51	$	11.30		32,701.44
Janus Henderson Flexible Bond Portfolio Service Shares	$	10.09	$	9.84		0.00
Janus Henderson Global Research Portfolio Service Shares	$	11.30	$	10.37		0.00

49

LiveWell Variable Annuity SAI

Table 1—Contract with 6-Year Optional Value Endorsement – 1.20% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2017)		Accumulation Unit Value at End of Period (12/31/2018)		Number of Accumulation Units at End of Period
Janus Henderson Global Technology Portfolio Service Shares	$	12.00	$	11.97		3,474.89
Janus Henderson Mid Cap Value Portfolio Service Shares	$	10.91	$	9.29		4,120.38
Janus Henderson Overseas Portfolio Service Shares	$	11.34	$	9.51		0.00
Janus Henderson Research Portfolio Service Shares	$	11.18	$	10.74		0.00
John Hancock VIT Financial Industries Trust Series II (Added as of May 1, 2018)	$	10.00	$	8.36		0.00
John Hancock VIT Fundamental All Cap Core Trust Series II (Added as of May 1, 2018)	$	10.00	$	8.77		0.00
John Hancock VIT Select Bond Trust Series II (Added as of May 1, 2018)	$	10.00	$	10.09		0.00
John Hancock VIT Strategic Income Opportunities Trust Series II (Added as of May 1, 2018)	$	10.00	$	9.50		0.00
Lazard Retirement Global Dynamic Multi Asset Portfolio Service Shares	$	11.12	$	10.27		369.40
Lazard Retirement International Equity Portfolio Service Shares	$	11.17	$	9.50		0.00
Lord Abbett Series Fund Bond Debenture Portfolio VC	$	10.44	$	9.90		17,509.52
Lord Abbett Series Fund Developing Growth Portfolio VC	$	11.71	$	12.13		1,487.58
Lord Abbett Series Fund Fundamental Equity Portfolio VC	$	10.96	$	9.94		2,409.79
Lord Abbett Series Fund Short Duration Income Portfolio VC	$	10.03	$	10.02		8,076.70
MFS VIT II Blended Research Core Equity Portfolio Service Class	$	11.20	$	10.18		2,256.42
MFS VIT II Corporate Bond Portfolio Service Class	$	10.30	$	9.84		886.26
MFS VIT II Emerging Markets Equity Portfolio Service Class	$	11.77	$	9.99		3,706.23
MFS VIT II Global Tactical Allocation Portfolio Service Class	$	10.50	$	9.88		0.00
MFS VIT II International Value Portfolio Service Class	$	11.36	$	10.13		9,212.00
MFS VIT II Technology Portfolio Service Class	$	11.64	$	11.68		3,587.07
MFS VIT New Discovery Portfolio Service Class	$	11.40	$	11.07		6,428.38
MFS VIT Utilities Portfolio Service Class	$	10.62	$	10.58		5,529.60
Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class	$	11.47	$	10.62		0.00
Oppenheimer Global Fund/VA Service Class	$	11.71	$	10.02		5,174.99
Oppenheimer International Growth Fund/VA Service Class	$	11.15	$	8.86		6,616.64
Oppenheimer Main Street Fund/VA Service Class	$	10.62	$	9.39		4,879.63
Oppenheimer Main Street Small Cap Fund/VA Service Class	$	10.78	$	9.79		24,674.25
Oppenheimer Total Return Bond Fund/VA Service Class	$	10.18	$	9.93		675.27
PIMCO All Asset Portfolio Advisor Class	$	10.68	$	9.98		0.00
PIMCO CommodityRealReturn® Strategy Portfolio Advisor Class	$	10.45	$	8.86		0.00
PIMCO Emerging Markets Bond Portfolio Advisor Class	$	10.30	$	9.68		867.67
PIMCO Global Multi-Asset Managed Allocation Portfolio Advisor Class	$	10.70	$	9.98		0.00
PIMCO High Yield Portfolio Advisor Class	$	10.23	$	9.83		1,150.20
PIMCO Income Portfolio Advisor Class	$	10.13	$	10.04		36,452.72
PIMCO Low Duration Portfolio Advisor Class	$	10.00	$	9.90		16,457.98
PIMCO Real Return Portfolio Advisor Class	$	10.08	$	9.73		10,738.30
PIMCO Short-Term Portfolio Advisor Class	$	10.07	$	10.09		12,574.90
PIMCO Total Return Portfolio Advisor Class	$	10.19	$	10.00		12,386.49

50

LiveWell Variable Annuity SAI

Table 1—Contract with 6-Year Optional Value Endorsement – 1.20% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2017)		Accumulation Unit Value at End of Period (12/31/2018)		Number of Accumulation Units at End of Period
PIMCO VIT Dynamic Bond Portfolio Advisor Class Formerly PIMCO VIT Unconstrained Bond Portfolio Advisor Class	$	10.17	$	10.14		2,134.61
PIMCO VIT Global Bond Opportunities Portfolio (Unhedged) Advisor Class Formerly PIMCO VIT Global Bond Portfolio (Unhedged) Advisor Class	$	10.41	$	9.85		0.00
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) Advisor Class Formerly PIMCO VIT Foreign Bond (USD-Hedged) Portfolio	$	10.11	$	10.19		419.07
Pioneer Bond VCT Portfolio Class II	$	10.15	$	9.93		35,883.35
Pioneer Equity Income VCT Portfolio Class II	$	11.08	$	9.99		26,533.22
Pioneer Fund VCT Portfolio Class II	$	11.25	$	10.92		0.00
Pioneer High Yield VCT Portfolio Class II	$	10.22	$	9.70		0.00
Pioneer Strategic Income VCT Portfolio Class II	$	10.18	$	9.87		24,634.80
Power Dividend Index VIT Fund Class 1	$	10.68	$	9.71		15,064.99
Power Income VIT Fund Class 2	$	9.99	$	9.54		0.00
Prudential Series Fund Jennison 20/20 Focus Portfolio Class II	$	11.60	$	10.80		0.00
Prudential Series Fund Natural Resources Portfolio Class II	$	10.79	$	8.70		596.11
Prudential Series Fund SP Prudential U.S. Emerging Growth Portfolio Class II	$	10.98	$	9.97		0.00
QS Legg Mason Dynamic Multi-Strategy VIT Portfolio Class II	$	10.74	$	9.84		0.00
Royce Capital Fund - Micro-Cap Portfolio Service Class	$	10.44	$	9.35		0.00
Royce Capital Fund - Small-Cap Portfolio Service Class	$	10.66	$	9.64		0.00
Rydex VIF Biotechnology Fund	$	11.08	$	9.91		4,105.83
Rydex VIF S&P 500 Pure Growth Fund	$	11.27	$	10.51		0.00
Rydex VIF S&P MidCap 400 Pure Growth Fund	$	10.96	$	9.22		0.00
T. Rowe Price Blue Chip Growth Portfolio-II	$	11.71	$	11.76		35,934.21
T. Rowe Price Health Sciences Portfolio-II	$	11.05	$	11.01		11,438.40
Templeton Developing Markets Fund Class 2	$	11.95	$	9.94		558.73
Templeton Foreign VIP Fund Class 2	$	10.80	$	9.02		29,780.31
Templeton Global Bond VIP Fund Class 2	$	9.72	$	9.79		11,571.29
VanEck VIP Global Hard Assets Fund S	$	10.71	$	7.58		402.65
Western Asset Core Bond Plus Portfolio Class II	$	10.27	$	9.88		87,928.92
Western Asset Variable Global High Yield Bond Portfolio Class II	$	10.28	$	9.73		756.79

Table 2—Contract with 5-Year Optional Value Endorsement – 1.25% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2017)		Accumulation Unit Value at End of Period (12/31/2018)		Number of Accumulation Units at End of Period
2018
AB VPS Dynamic Asset Allocation Portfolio B	$	10.73	$	9.81		792.05
AB VPS Small Cap Growth Portfolio B	$	11.70	$	11.43		0.00
AB VPS Small/Mid Cap Value Portfolio B	$	11.01	$	9.21		8,355.11

51

LiveWell Variable Annuity SAI

Table 2—Contract with 5-Year Optional Value Endorsement – 1.25% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2017)		Accumulation Unit Value at End of Period (12/31/2018)		Number of Accumulation Units at End of Period
Alger Capital Appreciation Portfolio Class S	$	11.31	$	11.12		29,718.52
ALPS | Alerian Energy Infrastructure Portfolio Class III	$	9.74	$	7.80		1,024.36
ALPS | Red Rocks Listed Private Equity Class III	$	11.09	$	9.58		7,192.58
American Century VP Inflation Protection Fund II	$	10.14	$	9.73		0.00
American Century VP Mid Cap Value Fund II	$	10.72	$	9.21		29,840.41
American Century VP Ultra Fund II	$	11.55	$	11.48		4,760.57
American Century VP Value Fund II	$	10.65	$	9.54		107,130.99
American Funds IS Asset Allocation Fund Class 4	$	10.81	$	10.16		196,167.88
American Funds IS Blue Chip Income and Growth Fund Class 4	$	11.13	$	10.01		80,973.94
American Funds IS Capital Income Builder® Class 4	$	10.64	$	9.74		30,787.58
American Funds IS Global Growth and Income Fund Class 4	$	11.35	$	10.10		34,201.41
American Funds IS Global Growth Fund Class 4	$	11.39	$	10.21		42,149.83
American Funds IS Global Small Capitalization Fund Class 4	$	11.31	$	9.96		17,057.24
American Funds IS Growth Fund Class 4	$	11.29	$	11.10		105,410.77
American Funds IS Growth-Income Fund Class 4	$	11.22	$	10.86		109,530.60
American Funds IS International Fund Class 4	$	11.51	$	9.84		30,643.82
American Funds IS International Growth and Income Fund Class 4	$	11.17	$	9.77		23,014.31
American Funds IS New World Fund® Class 4	$	11.31	$	9.58		79,068.27
American Funds IS U.S. Government/AAA-Rated Securities Fund Class 4	$	9.92	$	9.85		30,641.76
American Funds IS Ultra-Short Bond Fund Class 4	$	9.93	$	9.92		29,546.52
BlackRock Advantage Large Cap Core V.I. Fund Class III	$	11.12	$	10.37		0.00
BlackRock Basic Value V.I. Fund Class III	$	10.82	$	9.82		5,607.72
BlackRock Capital Appreciation V.I. Fund Class III	$	11.54	$	11.64		0.00
BlackRock Equity Dividend V.I. Fund Class III	$	11.54	$	10.18		23,638.94
BlackRock Global Allocation V.I. Fund Class III	$	11.13	$	9.72		7,027.80
BlackRock Large Cap Focus Growth V.I. Fund Class III	$	11.39	$	11.56		30,030.63
Calvert VP S&P 500 Index Portfolio	$	11.23	$	10.57		0.00
Calvert VP SRI Balanced Portfolio (Added as of May 1, 2018)	$	10.00	$	9.70		0.00
Calvert VP SRI Mid Cap Portfolio	$	10.70	$	10.10		0.00
ClearBridge Variable Aggressive Growth Portfolio Class II	$	10.49	$	9.47		3,828.43
ClearBridge Variable Dividend Strategy Portfolio Class II	$	11.15	$	10.46		6,402.50
ClearBridge Variable Large Cap Growth II	$	10.93	$	10.77		55,860.39
ClearBridge Variable Mid Cap Portfolio Class II	$	10.69	$	9.21		36,953.58
ClearBridge Variable Small Cap Growth Portfolio Class II	$	11.39	$	11.61		26,454.52
Columbia Variable Portfolio Contrarian Core Fund Share Class 2	$	11.11	$	9.97		19,828.02
Columbia Variable Portfolio Dividend Opportunity Fund Share Class 2	$	10.94	$	10.15		135.43
Columbia Variable Portfolio Emerging Markets Bond Fund Share Class 2	$	10.41	$	9.52		2,878.56
Columbia Variable Portfolio High Yield Bond Fund Share Class 2	$	10.21	$	9.68		0.00
Columbia Variable Portfolio Select Large-Cap Value Fund Class 2	$	11.18	$	9.67		487.29
Columbia Variable Portfolio Seligman Global Tech Fund Class 2	$	10.82	$	9.78		5,184.63
Columbia Variable Portfolio US Government Mortgage Fund Class 2	$	9.96	$	10.00		0.00

52

LiveWell Variable Annuity SAI

Table 2—Contract with 5-Year Optional Value Endorsement – 1.25% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2017)		Accumulation Unit Value at End of Period (12/31/2018)		Number of Accumulation Units at End of Period
DWS Alternative Asset Allocation VIP-B	$	10.34	$	9.26		0.00
DWS CROCI® U.S. VIP-B	$	11.19	$	9.87		0.00
DWS Equity 500 Index VIP-B	$	11.21	$	10.52		50,615.63
DWS Global Small Cap VIP-B	$	11.12	$	8.70		0.00
DWS Small Cap Index VIP-B	$	10.88	$	9.52		3,949.79
DWS Small Mid Cap Value VIP-B	$	10.63	$	8.78		21,261.30
Eaton Vance VT Floating-Rate Income Fund	$	10.12	$	9.98		24,670.92
Fidelity® VIP Contrafund® Portfolio Service Class 2	$	11.03	$	10.17		27,177.67
Fidelity® VIP Emerging Markets Portfolio Service Class 2	$	12.32	$	9.95		2,034.42
Fidelity® VIP FundsManager 50% Portfolio Service Class 2	$	10.70	$	10.00		1,890.34
Fidelity® VIP FundsManager 70% Portfolio Service Class 2	$	10.95	$	9.98		6,673.12
Fidelity® VIP FundsManager 85% Portfolio Service Class 2	$	11.14	$	10.01		13,862.46
Fidelity® VIP Government Money Market Portfolio Service Class 2	$	9.95	$	9.97		0.00
Fidelity® VIP High Income Portfolio Service Class 2	$	10.21	$	9.72		1,104.93
Fidelity® VIP Mid Cap Portfolio Service Class 2	$	11.21	$	9.43		18,866.06
Fidelity® VIP Overseas Portfolio Service Class 2	$	11.29	$	9.47		0.00
Fidelity® VIP Real Estate Portfolio Service Class 2	$	10.20	$	9.43		11,317.30
Fidelity® VIP Strategic Income Portfolio Service Class 2	$	10.31	$	9.89		17,626.21
Fidelity® VIP Value Strategies Portfolio Service Class 2	$	11.01	$	8.97		3,746.42
First Investors Life Series Covered Call Strategy Fund (Added as of May 1, 2018)	$	10.48	$	9.31		0.00
First Investors Life Series International Fund	$	11.28	$	9.78		0.00
First Investors Life Series Opportunity Fund	$	11.07	$	9.25		6,453.61
First Investors Life Series Total Return Fund	$	10.68	$	9.74		0.00
Franklin Income VIP Fund Class 2	$	10.52	$	9.94		32,584.94
Franklin Mutual Global Discovery VIP Fund Class 2	$	10.27	$	9.00		9,127.73
Franklin Mutual Shares VIP Fund Class 2	$	10.26	$	9.21		10,252.58
Franklin Rising Dividends VIP Fund Class 2	$	11.19	$	10.49		37,411.05
Guggenheim VIF Global Managed Futures Strategy Fund	$	10.47	$	9.41		1,626.10
Guggenheim VIF Long Short Equity Fund	$	11.29	$	9.70		0.00
Guggenheim VIF Multi-Hedge Strategies Fund	$	10.21	$	9.57		537.33
Guggenheim VIF Small Cap Value Series Q	$	10.24	$	8.83		2,043.72
Ivy VIP Asset Strategy	$	11.00	$	10.27		2,858.19
Ivy VIP Balanced	$	10.51	$	10.04		796.17
Ivy VIP Energy	$	10.11	$	6.58		1,910.48
Ivy VIP Global Bond	$	10.14	$	9.99		118.57
Ivy VIP Global Equity Income	$	10.98	$	9.57		0.00
Ivy VIP Global Growth	$	11.20	$	10.36		612.15
Ivy VIP Growth	$	11.45	$	11.57		1,853.66
Ivy VIP High Income	$	10.23	$	9.89		20,093.28
Ivy VIP International Core Equity	$	11.03	$	8.95		17,194.68

53

LiveWell Variable Annuity SAI

Table 2—Contract with 5-Year Optional Value Endorsement – 1.25% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2017)		Accumulation Unit Value at End of Period (12/31/2018)		Number of Accumulation Units at End of Period
Ivy VIP Mid Cap Growth	$	11.52	$	11.37		29,228.70
Ivy VIP Natural Resources	$	10.87	$	8.24		730.67
Ivy VIP Science and Technology	$	11.49	$	10.75		19,485.27
Ivy VIP Small Cap Core	$	10.88	$	9.61		39,077.49
Ivy VIP Small Cap Growth	$	11.27	$	10.67		9,274.04
Janus Henderson Balanced Portfolio Service Shares	$	11.03	$	10.94		16,877.25
Janus Henderson Enterprise Portfolio Service Shares	$	11.51	$	11.29		58,153.90
Janus Henderson Flexible Bond Portfolio Service Shares	$	10.09	$	9.84		2,893.61
Janus Henderson Global Research Portfolio Service Shares	$	11.29	$	10.36		906.23
Janus Henderson Global Technology Portfolio Service Shares	$	12.00	$	11.96		7,759.52
Janus Henderson Mid Cap Value Portfolio Service Shares	$	10.90	$	9.28		6,416.76
Janus Henderson Overseas Portfolio Service Shares	$	11.34	$	9.50		2,368.59
Janus Henderson Research Portfolio Service Shares	$	11.18	$	10.73		0.00
John Hancock VIT Financial Industries Trust Series II (Added as of May 1, 2018)	$	10.00	$	8.36		3,709.21
John Hancock VIT Fundamental All Cap Core Trust Series II (Added as of May 1, 2018)	$	10.00	$	8.76		0.00
John Hancock VIT Select Bond Trust Series II (Added as of May 1, 2018)	$	10.00	$	10.09		0.00
John Hancock VIT Strategic Income Opportunities Trust Series II (Added as of May 1, 2018)	$	10.00	$	9.50		0.00
Lazard Retirement Global Dynamic Multi Asset Portfolio Service Shares	$	11.12	$	10.26		6,182.77
Lazard Retirement International Equity Portfolio Service Shares	$	11.17	$	9.49		0.00
Lord Abbett Series Fund Bond Debenture Portfolio VC	$	10.44	$	9.89		46,062.39
Lord Abbett Series Fund Developing Growth Portfolio VC	$	11.70	$	12.12		1,112.47
Lord Abbett Series Fund Fundamental Equity Portfolio VC	$	10.96	$	9.94		0.00
Lord Abbett Series Fund Short Duration Income Portfolio VC	$	10.02	$	10.01		46,758.66
MFS VIT II Blended Research Core Equity Portfolio Service Class	$	11.20	$	10.18		0.00
MFS VIT II Corporate Bond Portfolio Service Class	$	10.29	$	9.83		21,643.52
MFS VIT II Emerging Markets Equity Portfolio Service Class	$	11.77	$	9.98		18,889.04
MFS VIT II Global Tactical Allocation Portfolio Service Class	$	10.50	$	9.87		3,150.52
MFS VIT II International Value Portfolio Service Class	$	11.36	$	10.12		24,677.89
MFS VIT II Technology Portfolio Service Class	$	11.64	$	11.67		14,278.20
MFS VIT New Discovery Portfolio Service Class	$	11.40	$	11.06		9,750.02
MFS VIT Utilities Portfolio Service Class	$	10.62	$	10.57		5,414.71
Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class	$	11.47	$	10.61		9,006.46
Oppenheimer Global Fund/VA Service Class	$	11.70	$	10.01		18,675.45
Oppenheimer International Growth Fund/VA Service Class	$	11.15	$	8.86		48,676.52
Oppenheimer Main Street Fund/VA Service Class	$	10.62	$	9.38		21,783.63
Oppenheimer Main Street Small Cap Fund/VA Service Class	$	10.78	$	9.78		5,133.79
Oppenheimer Total Return Bond Fund/VA Service Class	$	10.18	$	9.92		394.24
PIMCO All Asset Portfolio Advisor Class	$	10.68	$	9.97		138.87

54

LiveWell Variable Annuity SAI

Table 2—Contract with 5-Year Optional Value Endorsement – 1.25% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (12/31/2017)		Accumulation Unit Value at End of Period (12/31/2018)		Number of Accumulation Units at End of Period
PIMCO CommodityRealReturn® Strategy Portfolio Advisor Class	$	10.45	$	8.85		507.29
PIMCO Emerging Markets Bond Portfolio Advisor Class	$	10.29	$	9.67		2,063.72
PIMCO Global Multi-Asset Managed Allocation Portfolio Advisor Class	$	10.70	$	9.84		0.00
PIMCO High Yield Portfolio Advisor Class	$	10.22	$	9.82		1,896.61
PIMCO Income Portfolio Advisor Class (Added as of May 1, 2018)	$	10.13	$	10.03		46,001.96
PIMCO Low Duration Portfolio Advisor Class	$	9.99	$	9.89		32,871.18
PIMCO Real Return Portfolio Advisor Class	$	10.08	$	9.72		17,539.11
PIMCO Short-Term Portfolio Advisor Class	$	10.07	$	10.08		46,521.86
PIMCO Total Return Portfolio Advisor Class	$	10.19	$	9.99		15,781.60
PIMCO VIT Dynamic Bond Portfolio Advisor Class Formerly PIMCO VIT Unconstrained Bond Portfolio Advisor Class	$	10.16	$	10.13		4,040.64
PIMCO VIT Global Bond Opportunities Portfolio (Unhedged) Advisor Class Formerly PIMCO VIT Global Bond Portfolio (Unhedged) Advisor Class	$	10.41	$	9.84		0.00
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) Advisor Class Formerly PIMCO VIT Foreign Bond (USD-Hedged) Portfolio	$	10.10	$	10.18		3,630.56
Pioneer Bond VCT Portfolio Class II	$	10.15	$	9.92		78,111.30
Pioneer Equity Income VCT Portfolio Class II	$	11.08	$	9.98		51,695.42
Pioneer Fund VCT Portfolio Class II	$	11.24	$	10.91		0.00
Pioneer High Yield VCT Portfolio Class II	$	10.22	$	9.69		0.00
Pioneer Strategic Income VCT Portfolio Class II	$	10.18	$	9.86		10,328.25
Power Dividend Index VIT Fund Class 1	$	10.68	$	9.70		1,577.69
Power Income VIT Fund Class 2	$	9.98	$	9.53		3,308.49
Prudential Series Fund Jennison 20/20 Focus Portfolio Class II	$	11.59	$	10.79		0.00
Prudential Series Fund Natural Resources Portfolio Class II	$	10.79	$	8.69		1,277.77
Prudential Series Fund SP Prudential U.S. Emerging Growth Portfolio Class II	$	10.98	$	9.96		0.00
QS Legg Mason Dynamic Multi-Strategy VIT Portfolio Class II	$	10.74	$	9.84		0.00
Royce Capital Fund - Micro-Cap Portfolio Service Class	$	10.43	$	9.35		0.00
Royce Capital Fund - Small-Cap Portfolio Service Class	$	10.66	$	9.63		1,285.34
Rydex VIF Biotechnology Fund	$	11.07	$	9.90		13,254.72
Rydex VIF S&P 500 Pure Growth Fund	$	11.27	$	10.50		18,030.31
Rydex VIF S&P MidCap 400 Pure Growth Fund	$	10.95	$	9.21		5,532.73
T. Rowe Price Blue Chip Growth Portfolio-II	$	11.70	$	11.75		104,143.90
T. Rowe Price Health Sciences Portfolio-II	$	11.04	$	11.00		37,822.53
Templeton Developing Markets Fund Class 2	$	11.94	$	9.93		213.18
Templeton Foreign VIP Fund Class 2	$	10.80	$	9.01		61,103.23
Templeton Global Bond VIP Fund Class 2	$	9.72	$	9.78		34,934.27
VanEck VIP Global Hard Assets Fund S	$	10.71	$	7.57		1,269.53
Western Asset Core Bond Plus Portfolio Class II	$	10.27	$	9.87		130,158.44
Western Asset Variable Global High Yield Bond Portfolio Class II	$	10.27	$	9.72		254.03

55

LiveWell Variable Annuity SAI

Table 1—Contract with 6-Year Optional Value Endorsement – 1.20% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (5/1/2017)		Accumulation Unit Value at End of Period (12/31/2017)		Number of Accumulation Units at End of Period
2017
AB VPS Dynamic Asset Allocation Portfolio B	$	10.00		10.73		1,307.71
AB VPS Real Estate Investment Portfolio B	$	10.00		10.30		0.00
AB VPS Small Cap Growth Portfolio B	$	10.00		11.71		0.00
AB VPS Small/Mid Cap Value Portfolio B	$	10.00		11.01		526.60
Alger Capital Appreciation Portfolio Class S	$	10.00		11.31		3,077.82
ALPS | Alerian Energy Infrastructure Portfolio Class III	$	10.00		9.75		0.00
ALPS | Red Rocks Listed Private Equity Class III	$	10.00		11.09		295.33
American Century VP Inflation Protection Fund II	$	10.00		10.14		726.63
American Century VP Mid Cap Value Fund II	$	10.00		10.72		5,672.97
American Century VP Ultra Fund II	$	10.00		11.56		1,655.47
American Century VP Value Fund II	$	10.00		10.65		26,361.67
American Funds IS Asset Allocation Fund Class 4	$	10.00		10.81		9,332.17
American Funds IS Blue Chip Income and Growth Fund Class 4	$	10.00		11.13		22,175.52
American Funds IS Capital Income Builder® Class 4	$	10.00		10.64		1,926.53
American Funds IS Global Growth Fund Class 4	$	10.00		11.39		527.39
American Funds IS Global Growth and Income Fund Class 4	$	10.00		11.36		2,572.94
American Funds IS Global Small Capitalization Fund Class 4	$	10.00		11.31		2,259.00
American Funds IS Growth Fund Class 4	$	10.00		11.30		4,400.03
American Funds IS Growth-Income Fund Class 4	$	10.00		11.23		7,399.22
American Funds IS International Fund Class 4	$	10.00		11.51		2,714.77
American Funds IS International Growth and Income Fund Class 4	$	10.00		11.18		3,435.37
American Funds IS New World Fund® Class 4	$	10.00		11.32		7,144.52
American Funds IS U.S. Government/AAA-Rated Securities Fund Class 4	$	10.00		9.92		49,500.61
American Funds IS Ultra-Short Bond Fund Class 4	$	10.00		9.94		0.00
BlackRock Advantage Large Cap Core V.I. Fund Class III	$	10.00		11.12		0.00
BlackRock Basic Value V.I. Fund Class III	$	10.00		10.82		1,320.61
BlackRock Equity Dividend V.I. Fund Class III	$	10.00		11.14		3,554.83
BlackRock Global Allocation V.I. Fund Class III	$	10.00		10.66		233.61
BlackRock iShares® Alternative Strategies V.I. Fund Class III	$	10.00		10.55		0.00
BlackRock iShares® Dynamic Allocation V.I. Fund Class III	$	10.00		10.81		0.00
BlackRock iShares® Equity Appreciation V.I. Fund Class III	$	10.00		11.23		0.00
BlackRock Large Cap Focus Growth V.I. Fund Class III	$	10.00		11.39		276.15
Calvert VP S&P 500 Index Portfolio	$	10.00		11.24		0.00
Calvert VP SRI Mid Cap Portfolio	$	10.00		10.71		0.00
ClearBridge Variable Aggressive Growth Portfolio Class II	$	10.00		10.49		0.00
ClearBridge Variable Dividend Strategy Portfolio Class II	$	10.00		11.15		6,221.48
ClearBridge Variable Large Cap Growth II (Added as of 8/1/17)	$	10.00		10.93		4,270.84
ClearBridge Variable Mid Cap Portfolio Class II	$	10.00		10.70		6,377.15
ClearBridge Variable Small Cap Growth Portfolio Class II	$	10.00		11.40		3,002.25

56

LiveWell Variable Annuity SAI

Table 1—Contract with 6-Year Optional Value Endorsement – 1.20% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (5/1/2017)		Accumulation Unit Value at End of Period (12/31/2017)		Number of Accumulation Units at End of Period
Columbia Variable Portfolio Contrarian Core Fund Share Class 2	$	10.00		11.12		1,093.62
Columbia Variable Portfolio Dividend Opportunity Fund Share Class 2	$	10.00		10.94		632.80
Columbia Variable Portfolio Emerging Markets Bond Fund Share Class 2	$	10.00		10.42		4,293.53
Columbia Variable Portfolio High Yield Bond Fund Share Class 2	$	10.00		10.21		0.00
Columbia Variable Portfolio Select Large-Cap Value Fund Class 2 (Added as of 8/1/17)	$	10.00		11.18		0.00
Columbia Variable Portfolio Seligman Global Tech Fund Class 2 (Added as of 8/1/17)	$	10.00		10.82		0.00
Columbia Variable Portfolio US Government Mortgage Fund Class 2 (Added as of 8/1/17)	$	10.00		9.97		0.00
Deutsche Alternative Asset Allocation VIP-B	$	10.00		10.35		0.00
Deutsche CROCI® U.S. VIP-B	$	10.00		11.20		0.00
Deutsche Equity 500 Index VIP-B	$	10.00		11.21		9,029.90
Deutsche Global Small Cap VIP-B	$	10.00		11.13		0.00
Deutsche Small Cap Index VIP-B	$	10.00		10.89		0.00
Deutsche Small Mid Cap Value VIP-B	$	10.00		10.64		2,785.63
Eaton Vance VT Floating-Rate Income Fund	$	10.00		10.12		4,849.18
Fidelity® VIP Contrafund® Portfolio Service Class 2	$	10.00		11.03		2,728.78
Fidelity® VIP Emerging Markets Portfolio Service Class 2	$	10.00		12.32		3,158.17
Fidelity® VIP FundsManager 50% Portfolio Service Class 2	$	10.00		10.71		0.00
Fidelity® VIP FundsManager 70% Portfolio Service Class 2	$	10.00		10.95		0.00
Fidelity® VIP FundsManager 85% Portfolio Service Class 2	$	10.00		11.15		0.00
Fidelity® VIP Government Money Market Portfolio Service Class 2	$	10.00		9.96		0.00
Fidelity® VIP High Income Portfolio Service Class 2	$	10.00		10.21		0.00
Fidelity® VIP Mid Cap Portfolio Service Class 2	$	10.00		11.21		204.59
Fidelity® VIP Overseas Portfolio Service Class 2	$	10.00		11.30		0.00
Fidelity® VIP Real Estate Portfolio Service Class 2	$	10.00		10.21		818.52
Fidelity® VIP Strategic Income Portfolio Service Class 2	$	10.00		10.31		950.98
Fidelity® VIP Value Strategies Portfolio Service Class 2	$	10.00		11.01		3,882.39
First Investors Life Series Covered Call Strategy Fund1	$	10.00		10.48		2,663.52
First Investors Life Series International Fund	$	10.00		11.28		0.00
First Investors Life Series Opportunity Fund	$	10.00		11.08		2,498.22
First Investors Life Series Total Return Fund	$	10.00		10.69		0.00
Franklin Income VIP Fund Class 2	$	10.00		10.52		5,349.41
Franklin Mutual Global Discovery VIP Fund Class 2	$	10.00		10.27		4,134.91
Franklin Mutual Shares VIP Fund Class 2	$	10.00		10.26		3,880.89
Franklin Rising Dividends VIP Fund Class 2	$	10.00		11.19		5,723.99
Guggenheim VIF Global Managed Futures Strategy Fund	$	10.00		10.48		354.76
Guggenheim VIF Long Short Equity Fund	$	10.00		11.29		0.00
Guggenheim VIF Multi-Hedge Strategies Fund	$	10.00		10.21		0.00
Guggenheim VIF Small Cap Value Series Q	$	10.00		10.25		92.17

57

LiveWell Variable Annuity SAI

Table 1—Contract with 6-Year Optional Value Endorsement – 1.20% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (5/1/2017)		Accumulation Unit Value at End of Period (12/31/2017)		Number of Accumulation Units at End of Period
Ivy VIP Asset Strategy	$	10.00		11.00		0.00
Ivy VIP Balanced	$	10.00		10.51		0.00
Ivy VIP Energy	$	10.00		10.12		3,100.70
Ivy VIP Global Bond	$	10.00		10.14		0.00
Ivy VIP Global Equity Income Formerly Ivy VIP Dividend Opportunities	$	10.00		10.98		0.00
Ivy VIP Global Growth	$	10.00		11.20		1,422.82
Ivy VIP Growth	$	10.00		11.45		0.00
Ivy VIP High Income	$	10.00		10.23		4,374.83
Ivy VIP International Core Equity	$	10.00		11.03		1,237.19
Ivy VIP Mid Cap Growth	$	10.00		11.52		696.70
Ivy VIP Natural Resources	$	10.00		10.87		0.00
Ivy VIP Science and Technology	$	10.00		11.49		696.35
Ivy VIP Small Cap Core	$	10.00		10.88		2,785.77
Ivy VIP Small Cap Growth	$	10.00		11.27		346.72
Janus Henderson Balanced Portfolio Service Shares	$	10.00		11.03		1,719.14
Janus Henderson Enterprise Portfolio Service Shares	$	10.00		11.51		3,993.76
Janus Henderson Flexible Bond Portfolio Service Shares	$	10.00		10.09		1,220.51
Janus Henderson Global Research Portfolio Service Shares	$	10.00		11.30		0.00
Janus Henderson Global Technology Portfolio Service Shares	$	10.00		12.00		2,129.60
Janus Henderson Global Unconstrained Bond Portfolio Service Shares	$	10.00		9.98		0.00
Janus Henderson Mid Cap Value Portfolio Service Shares	$	10.00		10.91		1,355.40
Janus Henderson Overseas Portfolio Service Shares	$	10.00		11.34		0.00
Janus Henderson Research Portfolio Service Shares	$	10.00		11.18		0.00
Lazard Retirement Global Dynamic Multi Asset Portfolio Service Shares	$	10.00		11.12		297.34
Lazard Retirement International Equity Portfolio Service Shares	$	10.00		11.17		2,338.49
Lord Abbett Series Fund Bond Debenture Portfolio VC	$	10.00		10.44		11,483.76
Lord Abbett Series Fund Developing Growth Portfolio VC	$	10.00		11.71		488.55
Lord Abbett Series Fund Fundamental Equity Portfolio VC	$	10.00		10.96		0.00
Lord Abbett Series Fund Short Duration Income Portfolio VC	$	10.00		10.03		5,975.47
MFS VIT II Blended Research Core Equity Portfolio Service Class	$	10.00		11.20		0.00
MFS VIT II Corporate Bond Portfolio Service Class	$	10.00		10.30		745.31
MFS VIT II Emerging Markets Equity Portfolio Service Class	$	10.00		11.77		307.70
MFS VIT II Global Tactical Allocation Portfolio Service Class	$	10.00		10.50		54.69
MFS VIT II International Value Portfolio Service Class	$	10.00		11.36		3,056.31
MFS VIT II Technology Portfolio Service Class	$	10.00		11.64		1,174.74
MFS VIT New Discovery Portfolio Service Class	$	10.00		11.40		3,301.01
MFS VIT Utilities Portfolio Service Class	$	10.00		10.62		1,835.53
Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class	$	10.00		11.47		102.53
Oppenheimer Global Fund/VA Service Class	$	10.00		11.71		318.75
Oppenheimer Global Multi-Alternatives Fund/VA Service Class	$	10.00		9.87		0.00

58

LiveWell Variable Annuity SAI

Table 1—Contract with 6-Year Optional Value Endorsement – 1.20% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (5/1/2017)		Accumulation Unit Value at End of Period (12/31/2017)		Number of Accumulation Units at End of Period
Oppenheimer International Growth Fund/VA Service Class	$	10.00		11.15		10,104.07
Oppenheimer Main Street Fund/VA Service Class	$	10.00		10.62		1,130.57
Oppenheimer Main Street Small Cap Fund/VA Service Class	$	10.00		10.78		5,399.25
Oppenheimer Total Return Bond Fund/VA Service Class	$	10.00		10.18		814.58
PIMCO All Asset Portfolio Advisor Class	$	10.00		10.68		0.00
PIMCO CommodityRealReturn® Strategy Portfolio Advisor Class	$	10.00		10.45		75.04
PIMCO Emerging Markets Bond Portfolio Advisor Class	$	10.00		10.30		622.30
PIMCO Foreign Bond (USD-Hedged) Portfolio Advisor Class	$	10.00		10.11		356.94
PIMCO Global Bond Portfolio (Unhedged) Advisor Class	$	10.00		10.41		0.00
PIMCO Global Multi-Asset Managed Allocation Portfolio Advisor Class	$	10.00		10.70		0.00
PIMCO High Yield Portfolio Advisor Class	$	10.00		10.23		1,490.65
PIMCO Income Portfolio Advisor Class (Added as of 8/1/17)	$	10.00		10.13		29,454.31
PIMCO Low Duration Portfolio Advisor Class	$	10.00		10.00		9,500.28
PIMCO Real Return Portfolio Advisor Class	$	10.00		10.08		9,552.57
PIMCO Short-Term Portfolio Advisor Class	$	10.00		10.07		8,454.07
PIMCO Total Return Portfolio Advisor Class	$	10.00		10.19		3,490.19
PIMCO Unconstrained Bond Portfolio Advisor Class	$	10.00		10.17		1,714.17
Pioneer Bond VCT Portfolio Class II	$	10.00		10.15		22,139.04
Pioneer Equity Income VCT Portfolio Class II	$	10.00		11.08		5,371.75
Pioneer Fund VCT Portfolio Class II	$	10.00		11.25		0.00
Pioneer High Yield VCT Portfolio Class II	$	10.00		10.22		0.00
Pioneer Strategic Income VCT Portfolio Class II	$	10.00		10.18		16,825.08
Power Dividend Index VIT Fund1 Class 1	$	10.00		10.68		9,527.80
Power Income VIT Fund Class 2	$	10.00		9.99		0.00
Prudential Series Fund Jennison 20/20 Focus Portfolio Class II	$	10.00		11.60		0.00
Prudential Series Fund Natural Resources Portfolio Class II	$	10.00		10.79		243.35
Prudential Series Fund SP Prudential U.S. Emerging Growth Portfolio Class II	$	10.00		10.98		0.00
QS Legg Mason Dynamic Multi-Strategy VIT Portfolio Class II	$	10.00		10.74		0.00
Royce Capital Fund - Micro-Cap Portfolio Service Class	$	10.00		10.44		86.64
Royce Capital Fund - Small-Cap Portfolio Service Class	$	10.00		10.66		0.00
Rydex VIF Biotechnology Fund	$	10.00		11.08		212.75
Rydex VIF S&P 500 Pure Growth Fund	$	10.00		11.27		0.00
Rydex VIF S&P MidCap 400 Pure Growth Fund	$	10.00		10.96		23.16
T. Rowe Price Blue Chip Growth Portfolio-II	$	10.00		11.71		8,582.60
T. Rowe Price Health Sciences Portfolio-II	$	10.00		11.05		2,513.14
Templeton Developing Markets Fund Class 2	$	10.00		11.95		1,567.58
Templeton Foreign VIP Fund Class 2	$	10.00		10.80		14,636.27
Templeton Global Bond VIP Fund Class 2	$	10.00		9.72		4,181.77
VanEck VIP Global Hard Assets Fund S	$	10.00		10.71		188.60
Western Asset Core Bond Plus Portfolio Class II	$	10.00		10.27		121,230.99
Western Asset Variable Global High Yield Bond Portfolio Class II	$	10.00		10.28		0.00

59

LiveWell Variable Annuity SAI

Table 2—Contract with 5-Year Optional Value Endorsement – 1.25% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (5/1/2017)		Accumulation Unit Value at End of Period (12/31/2017)		Number of Accumulation Units at End of Period
2017
AB VPS Dynamic Asset Allocation Portfolio B	$	10.00	$	10.73		0.00
AB VPS Real Estate Investment Portfolio B	$	10.00	$	10.29		0.00
AB VPS Small Cap Growth Portfolio B	$	10.00	$	11.70		0.00
AB VPS Small/Mid Cap Value Portfolio B	$	10.00	$	11.01		0.00
Alger Capital Appreciation Portfolio Class S	$	10.00	$	11.31		2,043.54
ALPS | Alerian Energy Infrastructure Portfolio Class III	$	10.00	$	9.74		1,087.52
ALPS | Red Rocks Listed Private Equity Class III	$	10.00	$	11.09		868.87
American Century VP Inflation Protection Fund II	$	10.00	$	10.14		0.00
American Century VP Mid Cap Value Fund II	$	10.00	$	10.72		3,912.88
American Century VP Ultra Fund II	$	10.00	$	11.55		0.00
American Century VP Value Fund II	$	10.00	$	10.65		40,254.72
American Funds IS Asset Allocation Fund Class 4	$	10.00	$	10.81		28,902.69
American Funds IS Blue Chip Income and Growth Fund Class 4	$	10.00	$	11.13		37,090.18
American Funds IS Capital Income Builder® Class 4	$	10.00	$	10.64		24,449.67
American Funds IS Global Growth Fund Class 4	$	10.00	$	11.39		8,450.05
American Funds IS Global Growth and Income Fund Class 4	$	10.00	$	11.35		17,777.95
American Funds IS Global Small Capitalization Fund Class 4	$	10.00	$	11.31		6,614.40
American Funds IS Growth Fund Class 4	$	10.00	$	11.29		10,906.10
American Funds IS Growth-Income Fund Class 4	$	10.00	$	11.22		13,676.51
American Funds IS International Fund Class 4	$	10.00	$	11.51		10,320.05
American Funds IS International Growth and Income Fund Class 4	$	10.00	$	11.17		8,412.94
American Funds IS New World Fund® Class 4	$	10.00	$	11.31		17,809.21
American Funds IS U.S. Government/AAA-Rated Securities Fund Class 4	$	10.00	$	9.92		14,346.91
American Funds IS Ultra-Short Bond Fund Class 4	$	10.00	$	9.93		9,740.63
BlackRock Advantage Large Cap Core V.I. Fund Class III	$	10.00	$	11.12		0.00
BlackRock Basic Value V.I. Fund Class III	$	10.00	$	10.82		2,398.60
BlackRock Equity Dividend V.I. Fund Class III	$	10.00	$	11.54		0.00
BlackRock Global Allocation V.I. Fund Class III	$	10.00	$	11.13		8,513.06
BlackRock iShares® Alternative Strategies V.I. Fund Class III	$	10.00	$	10.66		4,072.99
BlackRock iShares® Dynamic Allocation V.I. Fund Class III	$	10.00	$	10.55		246.59
BlackRock iShares® Equity Appreciation V.I. Fund Class III	$	10.00	$	11.23		1,301.04
BlackRock Large Cap Focus Growth V.I. Fund Class III	$	10.00	$	11.39		7,523.65
Calvert VP S&P 500 Index Portfolio	$	10.00	$	11.23		0.00
Calvert VP SRI Mid Cap Portfolio	$	10.00	$	10.70		0.00
ClearBridge Variable Aggressive Growth Portfolio Class II	$	10.00	$	10.49		914.03
ClearBridge Variable Dividend Strategy Portfolio Class II	$	10.00	$	11.15		2,723.36
ClearBridge Variable Large Cap Growth II (Added as of 8/1/17)	$	10.00	$	10.93		8,260.73
ClearBridge Variable Mid Cap Portfolio Class II	$	10.00	$	10.69		8,947.27
ClearBridge Variable Small Cap Growth Portfolio Class II	$	10.00	$	11.39		4,894.49

60

LiveWell Variable Annuity SAI

Table 2—Contract with 5-Year Optional Value Endorsement – 1.25% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (5/1/2017)		Accumulation Unit Value at End of Period (12/31/2017)		Number of Accumulation Units at End of Period
Columbia Variable Portfolio Contrarian Core Fund Share Class 2	$	10.00	$	11.11		1,260.10
Columbia Variable Portfolio Dividend Opportunity Fund Share Class 2	$	10.00	$	10.94		0.00
Columbia Variable Portfolio Emerging Markets Bond Fund Share Class 2	$	10.00	$	10.41		3,369.72
Columbia Variable Portfolio High Yield Bond Fund Share Class 2	$	10.00	$	10.21		0.00
Columbia Variable Portfolio Select Large-Cap Value Fund Class 2 (Added as of 8/1/17)	$	10.00	$	11.18		0.00
Columbia Variable Portfolio Seligman Global Tech Fund Class 2 (Added as of 8/1/17)	$	10.00	$	10.82		0.00
Columbia Variable Portfolio US Government Mortgage Fund Class 2 (Added as of 8/1/17)	$	10.00	$	9.96		0.00
Deutsche Alternative Asset Allocation VIP-B	$	10.00	$	10.34		0.00
Deutsche CROCI® U.S. VIP-B	$	10.00	$	11.19		0.00
Deutsche Equity 500 Index VIP-B	$	10.00	$	11.21		6,409.30
Deutsche Global Small Cap VIP-B	$	10.00	$	11.12		0.00
Deutsche Small Cap Index VIP-B	$	10.00	$	10.88		972.20
Deutsche Small Mid Cap Value VIP-B	$	10.00	$	10.63		6,934.12
Eaton Vance VT Floating-Rate Income Fund	$	10.00	$	10.12		10,228.96
Fidelity® VIP Contrafund® Portfolio Service Class 2	$	10.00	$	11.03		3,214.79
Fidelity® VIP Emerging Markets Portfolio Service Class 2	$	10.00	$	12.32		12,006.57
Fidelity® VIP FundsManager 50% Portfolio Service Class 2	$	10.00	$	10.70		1,500.97
Fidelity® VIP FundsManager 70% Portfolio Service Class 2	$	10.00	$	10.95		2,945.90
Fidelity® VIP FundsManager 85% Portfolio Service Class 2	$	10.00	$	11.14		8,056.69
Fidelity® VIP Government Money Market Portfolio Service Class 2	$	10.00	$	9.95		0.00
Fidelity® VIP High Income Portfolio Service Class 2	$	10.00	$	10.21		201.75
Fidelity® VIP Mid Cap Portfolio Service Class 2	$	10.00	$	11.21		3,292.44
Fidelity® VIP Overseas Portfolio Service Class 2	$	10.00	$	11.29		0.00
Fidelity® VIP Real Estate Portfolio Service Class 2	$	10.00	$	10.20		3,568.32
Fidelity® VIP Strategic Income Portfolio Service Class 2	$	10.00	$	10.31		14,618.60
Fidelity® VIP Value Strategies Portfolio Service Class 2	$	10.00	$	11.01		2,388.52
First Investors Life Series Covered Call Strategy Fund1	$	10.00	$	10.48		0.00
First Investors Life Series International Fund	$	10.00	$	11.28		0.00
First Investors Life Series Opportunity Fund	$	10.00	$	11.07		1,659.04
First Investors Life Series Total Return Fund	$	10.00	$	10.68		0.00
Franklin Income VIP Fund Class 2	$	10.00	$	10.52		7,057.94
Franklin Mutual Global Discovery VIP Fund Class 2	$	10.00	$	10.27		3,152.54
Franklin Mutual Shares VIP Fund Class 2	$	10.00	$	10.26		4,372.24
Franklin Rising Dividends VIP Fund Class 2	$	10.00	$	11.19		7,791.60
Guggenheim VIF Global Managed Futures Strategy Fund	$	10.00	$	10.47		1,086.63
Guggenheim VIF Long Short Equity Fund	$	10.00	$	11.29		0.00
Guggenheim VIF Multi-Hedge Strategies Fund	$	10.00	$	10.21		0.00
Guggenheim VIF Small Cap Value Series Q	$	10.00	$	10.24		238.21

61

LiveWell Variable Annuity SAI

Table 2—Contract with 5-Year Optional Value Endorsement – 1.25% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (5/1/2017)		Accumulation Unit Value at End of Period (12/31/2017)		Number of Accumulation Units at End of Period
Ivy VIP Asset Strategy	$	10.00	$	11.00		3,599.46
Ivy VIP Balanced	$	10.00	$	10.51		0.00
Ivy VIP Energy	$	10.00	$	10.11		1,968.12
Ivy VIP Global Bond	$	10.00	$	10.14		0.00
Ivy VIP Global Equity Income Formerly Ivy VIP Dividend Opportunities	$	10.00	$	10.98		0.00
Ivy VIP Global Growth	$	10.00	$	11.20		729.39
Ivy VIP Growth	$	10.00	$	11.45		0.00
Ivy VIP High Income	$	10.00	$	10.23		15,952.70
Ivy VIP International Core Equity	$	10.00	$	11.03		1,842.49
Ivy VIP Mid Cap Growth	$	10.00	$	11.52		322.34
Ivy VIP Natural Resources	$	10.00	$	10.87		1,574.93
Ivy VIP Science and Technology	$	10.00	$	11.49		2,523.99
Ivy VIP Small Cap Core	$	10.00	$	10.88		5,983.78
Ivy VIP Small Cap Growth	$	10.00	$	11.27		535.86
Janus Henderson Balanced Portfolio Service Shares	$	10.00	$	11.03		0.00
Janus Henderson Enterprise Portfolio Service Shares	$	10.00	$	11.51		3,756.80
Janus Henderson Flexible Bond Portfolio Service Shares	$	10.00	$	10.09		1,179.45
Janus Henderson Global Research Portfolio Service Shares	$	10.00	$	11.29		201.00
Janus Henderson Global Technology Portfolio Service Shares	$	10.00	$	12.00		3,436.66
Janus Henderson Global Unconstrained Bond Portfolio Service Shares	$	10.00	$	9.97		0.00
Janus Henderson Mid Cap Value Portfolio Service Shares	$	10.00	$	10.90		3,092.52
Janus Henderson Overseas Portfolio Service Shares	$	10.00	$	11.34		873.65
Janus Henderson Research Portfolio Service Shares	$	10.00	$	11.18		0.00
Lazard Retirement Global Dynamic Multi Asset Portfolio Service Shares	$	10.00	$	11.12		0.00
Lazard Retirement International Equity Portfolio Service Shares	$	10.00	$	11.17		0.00
Lord Abbett Series Fund Bond Debenture Portfolio VC	$	10.00	$	10.44		11,719.65
Lord Abbett Series Fund Developing Growth Portfolio VC	$	10.00	$	11.70		0.00
Lord Abbett Series Fund Fundamental Equity Portfolio VC	$	10.00	$	10.96		0.00
Lord Abbett Series Fund Short Duration Income Portfolio VC	$	10.00	$	10.02		37,689.45
MFS VIT II Blended Research Core Equity Portfolio Service Class	$	10.00	$	11.20		0.00
MFS VIT II Corporate Bond Portfolio Service Class	$	10.00	$	10.29		13,652.22
MFS VIT II Emerging Markets Equity Portfolio Service Class	$	10.00	$	11.77		1,079.95
MFS VIT II Global Tactical Allocation Portfolio Service Class	$	10.00	$	10.50		2,019.69
MFS VIT II International Value Portfolio Service Class	$	10.00	$	11.36		6,695.80
MFS VIT II Technology Portfolio Service Class	$	10.00	$	11.64		4,641.07
MFS VIT New Discovery Portfolio Service Class	$	10.00	$	11.40		5,550.77
MFS VIT Utilities Portfolio Service Class	$	10.00	$	10.62		2,030.58
Oppenheimer Discovery Mid Cap Growth Fund/VA Service Class	$	10.00	$	11.47		1,031.00
Oppenheimer Global Fund/VA Service Class	$	10.00	$	11.70		325.13
Oppenheimer Global Multi-Alternatives Fund/VA Service Class	$	10.00	$	9.87		0.00

62

LiveWell Variable Annuity SAI

Table 2—Contract with 5-Year Optional Value Endorsement – 1.25% Annual Asset Charge (for Contracts with a return of premium death benefit)
Investment Option	Accumulation Unit Value at Beginning of Period (5/1/2017)		Accumulation Unit Value at End of Period (12/31/2017)		Number of Accumulation Units at End of Period
Oppenheimer International Growth Fund/VA Service Class	$	10.00	$	11.15		104,621.85
Oppenheimer Main Street Fund/VA Service Class	$	10.00	$	10.62		3,400.03
Oppenheimer Main Street Small Cap Fund/VA Service Class	$	10.00	$	10.78		263.42
Oppenheimer Total Return Bond Fund/VA Service Class	$	10.00	$	10.18		393.76
PIMCO All Asset Portfolio Advisor Class	$	10.00	$	10.68		0.00
PIMCO CommodityRealReturn® Strategy Portfolio Advisor Class	$	10.00	$	10.45		760.04
PIMCO Emerging Markets Bond Portfolio Advisor Class	$	10.00	$	10.29		8,783.44
PIMCO Foreign Bond (USD-Hedged) Portfolio Advisor Class	$	10.00	$	10.10		1,680.09
PIMCO Global Bond Portfolio (Unhedged) Advisor Class	$	10.00	$	10.41		0.00
PIMCO Global Multi-Asset Managed Allocation Portfolio Advisor Class	$	10.00	$	10.70		0.00
PIMCO High Yield Portfolio Advisor Class	$	10.00	$	10.22		838.87
PIMCO Income Portfolio Advisor Class (Added as of 8/1/17)	$	10.00	$	10.13		10,644.04
PIMCO Low Duration Portfolio Advisor Class	$	10.00	$	9.99		11,906.40
PIMCO Real Return Portfolio Advisor Class	$	10.00	$	10.08		7,064.05
PIMCO Short-Term Portfolio Advisor Class	$	10.00	$	10.07		10,517.98
PIMCO Total Return Portfolio Advisor Class	$	10.00	$	10.19		6,312.96
PIMCO Unconstrained Bond Portfolio Advisor Class	$	10.00	$	10.16		3,887.12
Pioneer Bond VCT Portfolio Class II	$	10.00	$	10.15		32,788.64
Pioneer Equity Income VCT Portfolio Class II	$	10.00	$	11.08		2,889.12
Pioneer Fund VCT Portfolio Class II	$	10.00	$	11.24		0.00
Pioneer High Yield VCT Portfolio Class II	$	10.00	$	10.22		0.00
Pioneer Strategic Income VCT Portfolio Class II	$	10.00	$	10.18		488.67
Power Dividend Index VIT Fund Class 1 (Added as of 8/1/17)	$	10.00	$	10.68		973.12
Power Income VIT Fund Class 2	$	10.00	$	9.98		3,110.09
Prudential Series Fund Jennison 20/20 Focus Portfolio Class II	$	10.00	$	11.59		0.00
Prudential Series Fund Natural Resources Portfolio Class II	$	10.00	$	10.79		514.67
Prudential Series Fund SP Prudential U.S. Emerging Growth Portfolio Class II	$	10.00	$	10.98		0.00
QS Legg Mason Dynamic Multi-Strategy VIT Portfolio Class II	$	10.00	$	10.74		0.00
Royce Capital Fund - Micro-Cap Portfolio Service Class	$	10.00	$	10.43		0.00
Royce Capital Fund - Small-Cap Portfolio Service Class	$	10.00	$	10.66		0.00
Rydex VIF Biotechnology Fund	$	10.00	$	11.07		500.67
Rydex VIF S&P 500 Pure Growth Fund	$	10.00	$	11.27		3,310.16
Rydex VIF S&P MidCap 400 Pure Growth Fund	$	10.00	$	10.95		1,369.24
T. Rowe Price Blue Chip Growth Portfolio-II	$	10.00	$	11.70		18,209.72
T. Rowe Price Health Sciences Portfolio-II	$	10.00	$	11.04		4,579.19
Templeton Developing Markets Fund Class 2	$	10.00	$	11.94		45.34
Templeton Foreign VIP Fund Class 2	$	10.00	$	10.80		17,778.81
Templeton Global Bond VIP Fund Class 2	$	10.00	$	9.72		9,794.29
VanEck VIP Global Hard Assets Fund S	$	10.00	$	10.71		467.78
Western Asset Core Bond Plus Portfolio Class II	$	10.00	$	10.27		107,785.37
Western Asset Variable Global High Yield Bond Portfolio Class II	$	10.00	$	10.27		0.00

63

LiveWell Variable Annuity SAI

FINANCIAL STATEMENTS

64

LiveWell Variable Annuity SAI

                    Midland National Life

                    Insurance Company

                    Separate Account C

                                    Financial Statements

                                    December 31, 2020 and 2019

Midland National Life Insurance Company

Separate Account C

Index

	Page(s)
Report of Independent Registered Public Accounting Firm		1-8
Financial Statements
Statements of Net Assets		9–15
Statements of Operations		16–22
Statements of Changes in Net Assets		23–36
Notes to Financial Statements		37–90

Report of Independent Registered Public Accounting Firm

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

Opinions on the Financial Statements

We have audited the accompanying statements of net assets of each of the subaccounts of Midland National Life Insurance Company Separate Account C (hereafter collectively referred to as the “Subaccounts”) indicated in the table below as of December 31, 2020, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below (other than Lord Abbett Series Fund, Inc. - International Opportunities Portfolio, which only includes a statement of changes in net assets for the period January 1, 2019 to July 31, 2019 (date of liquidation), Janus Henderson Series- GI Unconstrained Bond Portfolio, which only includes a statement of changes in net assets for the period January 1, 2019 to March 1, 2019 (date of liquidation), AB Variable Products Series- Real Estate Investment Portfolio, which only includes a statement of changes in net assets for the period January 1, 2019 to April 18, 2019 (date of liquidation), Delaware Variable Insurance Portfolios- Covered Call Strategy Portfolio, which only includes a statement of changes in net assets for the period January 1, 2019 to April 29, 2019 (date of liquidation)), including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Subaccounts (other than Lord Abbett Series Fund, Inc. - International Opportunities Portfolio, Janus Henderson Series- GI Unconstrained Bond Portfolio, AB Variable Products Series- Real Estate Investment Portfolio, Delaware Variable Insurance Portfolios- Covered Call Strategy Portfolio) as of December 31, 2020, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Fidelity Variable Insurance Products- Government Money Market Portfolio (1)	Janus Henderson Series- Enterprise Services Portfolio (1)
Fidelity Variable Insurance Products- High Income Portfolio (1)	Janus Henderson Series- Global Research Portfolio (1)
Fidelity Variable Insurance Products- Equity- Income Portfolio (1)	Janus Henderson Series- Mid Cap Value Portfolio (1)
Fidelity Variable Insurance Products- Growth Portfolio (1)	Janus Henderson Series- Balanced Portfolio (1)
Fidelity Variable Insurance Products- Overseas Portfolio (1)	Janus Henderson Series- Flexible Bond Portfolio (1)
Fidelity Variable Insurance Products- Mid Cap Portfolio (1)	Janus Henderson Series- GI Unconstrained Bond Portfolio (4)
Fidelity Variable Insurance Products- Asset Manager Portfolio (1)	PIMCO Variable Insurance Trust- Total Return Portfolio (1)
Fidelity Variable Insurance Products- Investment Grade Bond Portfolio (1)	PIMCO Variable Insurance Trust- Low Duration Portfolio (1)
Fidelity Variable Insurance Products- Index 500 Portfolio (1)	PIMCO Variable Insurance Trust- High Yield Portfolio (1)
Fidelity Variable Insurance Products- Contrafund Portfolio (1)	PIMCO Variable Insurance Trust- Real Return Portfolio (1)

Fidelity Variable Insurance Products- Asset Manager: Growth Portfolio (1)	PIMCO Variable Insurance Trust- All Asset Portfolio (1)
Fidelity Variable Insurance Products- Balanced Portfolio (1)	PIMCO Variable Insurance Trust- Global Managed Asset Allocation Portfolio (1)
Fidelity Variable Insurance Products- Growth & Income Portfolio (1)	PIMCO Variable Insurance Trust- Short-Term Portfolio (1)
Fidelity Variable Insurance Products- Growth Opportunities Portfolio (1)	PIMCO Variable Insurance Trust- Emerging Markets Bond Portfolio (1)
Fidelity Variable Insurance Products- Value Strategies Portfolio (1)	PIMCO Variable Insurance Trust- Global Bond Opportunities Portfolio (1)
Fidelity Variable Insurance Products- Strategic Income Portfolio (1)	PIMCO Variable Insurance Trust- Commodity Real Return Strategy Portfolio (1)
Fidelity Variable Insurance Products- Emerging Markets Portfolio (1)	PIMCO Variable Insurance Trust- International Bond (USD-Hedged) Portfolio (1)
Fidelity Variable Insurance Products- Real Estate Portfolio (1)	PIMCO Variable Insurance Trust- Dynamic Bond Adv Portfolio (1)
Fidelity Variable Insurance Products- Funds Manager 50% Portfolio (1)	PIMCO Variable Insurance Trust- Income Advisor Portfolio (1)
Fidelity Variable Insurance Products- Funds Manager 70% Portfolio (1)	Goldman Sachs Variable Insurance Trust- Small Cap Equity Insights Fund (1)
Fidelity Variable Insurance Products- Funds Manager 85% Portfolio (1)	Goldman Sachs Variable Insurance Trust- Large Cap Value Fund (1)
Fidelity Variable Insurance Products- Government Money Market Portfolio Service Class 2 (1)	Goldman Sachs Variable Insurance Trust- Mid Cap Value Fund (1)
Fidelity Variable Insurance Products- International Capital Appreciation Portfolio (2)	Neuberger Berman Advisors Management Trust - Mid-Cap Growth Portfolio (1)
American Century Variable Portfolios, Inc. - Balanced Fund (1)	Neuberger Berman Advisors Management Trust - AMT Mid Cap Intrinsic Value Portfolio (1)
American Century Variable Portfolios, Inc. - Capital Appreciation Fund (1)	BNY Mellon Variable Investment Fund-Appreciation Portfolio (1)
American Century Variable Portfolios, Inc. - International Fund (1)	BNY Mellon Variable Investment Fund- International Value Portfolio (5)
American Century Variable Portfolios, Inc. - Value Fund (1)	BNY Mellon Variable Investment Fund- Sustainable U.S. Equity Portfolio (1)
American Century Variable Portfolios, Inc. - Disciplined Core Value Fund (1)	Invesco Van Kampen Variable Insurance Fund - Growth and Income Portfolio (1)
American Century Variable Portfolios, Inc. - Inflation Protection Fund (1)	Invesco Van Kampen Variable Insurance Fund - Value Opportunities Fund (1)
American Century Variable Portfolios, Inc. - Large Company Value Fund (1)	Invesco Van Kampen Variable Insurance Fund - American Value Fund (1)
American Century Variable Portfolios, Inc. - Mid Cap Value Fund (1)	Morgan Stanley Variable Institutional Funds- Emerging Markets Debt Portfolio (1)
American Century Variable Portfolios, Inc. - Ultra Fund (1)	Morgan Stanley Variable Institutional Funds- Emerging Markets Equity Portfolio (1)
MFS Variable Insurance Trust. - Research Series (1)	Morgan Stanley Variable Institutional Funds- Discovery Portfolio (1)

2

MFS Variable Insurance Trust. - Growth Series (1)	Morgan Stanley Variable Institutional Funds- U.S. Real Estate Portfolio (1)
MFS Variable Insurance Trust. - Investors Trust Series (1)	Northern Lights Variable Trust- Power Income Fund (1)
MFS Variable Insurance Trust. - New Discovery Series (1)	Northern Lights Variable Trust- Power Dividend Index Fund (1)
MFS Variable Insurance Trust. - Corporate Bond Portfolio (1)	AB Variable Products Series- Real Estate Investment Portfolio (6)
MFS Variable Insurance Trust. - Emerging Markets Equity Portfolio (1)	AB Variable Products Series- Dynamic Asset Allocation Portfolio (1)
MFS Variable Insurance Trust. - Technology Portfolio (1)	AB Variable Products Series- Small Cap Growth Portfolio (1)
MFS Variable Insurance Trust. - Global Tactical Allocation Portfolio (1)	AB Variable Products Series- Small Mid Cap Value Portfolio (1)
MFS Variable Insurance Trust. - International Intrinsic Value Portfolio (1)	BlackRock Variable Series Fund, Inc- Basic Value Fund (1)
MFS Variable Insurance Trust. - Utilities Series Portfolio (1)	BlackRock Variable Series Fund, Inc- Capital Appreciation Fund (1)
MFS Variable Insurance Trust. - Blended Research Core Equity Portfolio (1)	BlackRock Variable Series Fund, Inc- Equity Dividend Fund (1)
MFS Variable Insurance Trust. - Global Real Estate Portfolio (1)	BlackRock Variable Series Fund, Inc- Global Allocation Fund (1)
Lord Abbett Series Fund, Inc. - Growth & Income Portfolio (1)	BlackRock Variable Series Fund, Inc- Advantage Large Cap Core Fund (1)
Lord Abbett Series Fund, Inc. - Mid-Cap Stock Portfolio (1)	BlackRock Variable Series Fund, Inc- Large Cap Focus Growth Fund (1)
Lord Abbett Series Fund, Inc. - International Opportunities Portfolio (3)	BlackRock Variable Series Fund, Inc- 60/40 Target Allocation ETF Fund (1)
Lord Abbett Series Fund, Inc. - Bond-Debenture Portfolio (1)	BlackRock Variable Series Fund, Inc- Total Return Portfolio (1)
Lord Abbett Series Fund, Inc. - Fundamental Equity Portfolio (1)	BlackRock Variable Series Fund, Inc- S&P 500 Portfolio (1)
Lord Abbett Series Fund, Inc. - Developing Growth Portfolio (1)	Columbia Variable Portfolio - Contrarian Core 2 Portfolio (1)
Lord Abbett Series Fund, Inc. - Short Duration Income Portfolio (1)	Columbia Variable Portfolio - Dividend Opportunity Portfolio (1)
Alger Fund – Large Cap Growth Portfolio (1)	Columbia Variable Portfolio - Emerging Markets Bond Portfolio (1)
Alger Fund – MidCap Growth Portfolio (1)	Columbia Variable Portfolio - High Yield Portfoli0 (1)
Alger Fund – Capital Appreciation Portfolio (1)	Columbia Variable Portfolio - Select Large-Cap Value Portfolio (1)
Alger Fund – Small Cap Growth Portfolio (1)	Columbia Variable Portfolio - Seligman Global Tech Portfolio (1)
Alger Fund – Capital Appreciation Portfolio Class S (1)	Columbia Variable Portfolio - US Government Mortgage Portfolio (1)
Calvert Variable Series, Inc. – Mid Cap Growth Portfolio (1)	Columbia Variable Portfolio - Strategic Income Portfolio (2)

3

Calvert Variable Series, Inc. – S&P 500 Index Portfolio (1)	DWS Variable Insurance Portfolios-Equity 500 Index Portfolio (1)
Calvert Variable Series, Inc. – SRI Balanced Portfolio (1)	DWS Variable Insurance Portfolios- Small Cap Index Portfolio (1)
Invesco Variable Insurance Funds- Technology Fund (1)	DWS Variable Insurance Portfolios- Alternative Asset Allocation Portfolio (1)
Invesco Variable Insurance Funds- Managed Volatility Fund (1)	DWS Variable Insurance Portfolios- Global Small Cap Portfolio (1)
Invesco Variable Insurance Funds- Diversified Dividend Fund (1)	DWS Variable Insurance Portfolios- Small Mid Cap Value Portfolio (1)
Invesco Variable Insurance Funds- Health Care Fund (1)	DWS Variable Insurance Portfolios- CROCI US Portfolio (1)
Invesco Variable Insurance Funds- Global Real Estate Fund (1)	Eaton Vance Variable Trust - Floating Rate Income Portfolio (1)
Invesco Variable Insurance Funds- International Growth Fund (1)	Delaware Variable Insurance Portfolios-Total Return Portfolio (1)
Invesco Variable Insurance Funds- Mid Cap Core Equity Fund (1)	Delaware Variable Insurance Portfolios- International Portfolio (1)
J.P. Morgan Series Trust II- Core Bond Portfolio (1)	Delaware Variable Insurance Portfolios- Opportunity Portfolio (1)
J.P. Morgan Series Trust II- Small Cap Core Portfolio (1)	Delaware Variable Insurance Portfolios- Covered Call Strategy Portfolio (7)
Rydex Variable Trust-Nova Fund (1)	Franklin Templeton Variable Insurance Products Trust- Mutual Shares Fund (1)
Rydex Variable Trust- NASDAQ-100 Fund (1)	Franklin Templeton Variable Insurance Products Trust- Income Fund (1)
Rydex Variable Trust- U.S. Government Money Market Fund (1)	Franklin Templeton Variable Insurance Products Trust-Global Bond Fund (1)
Rydex Variable Trust- Inverse S&P 500 Strategy Fund (1)	Franklin Templeton Variable Insurance Products Trust-Foreign Fund (1)
Rydex Variable Trust- Inverse NASDAQ-100 Strategy Fund (1)	Franklin Templeton Variable Insurance Products Trust- Developing Markets Fund (1)
Rydex Variable Trust- Inverse Government Long Bond Strategy Fund (1)	Franklin Templeton Variable Insurance Products Trust-Mutual Global Discovery Fund (1)
Rydex Variable Trust- Government Long Bond 1.2x Strategy (1)	Franklin Templeton Variable Insurance Products Trust-Rising Dividends Fund (1)
Rydex Variable Trust- NASDAQ-100 2x Strategy Fund (1)	Ivy Variable Insurance Portfolios- Asset Strategy Portfolio (1)
Rydex Variable Trust- Inverse Dow 2x Strategy Fund (1)	Ivy Variable Insurance Portfolios-Balanced Portfolio (1)
Rydex Variable Insurance Funds- Biotechnology Fund (1)	Ivy Variable Insurance Portfolios-Global Equity Income Portfolio (1)
Rydex Variable Insurance Funds- S&P 500 Pure Growth Fund (1)	Ivy Variable Insurance Portfolios-Energy Portfolio (1)
Rydex Variable Insurance Funds- S&P MidCap 400 Pure Growth Fund (1)	Ivy Variable Insurance Portfolios- Global Bond Portfolio (1)
Guggenheim Variable Insurance Funds - Long Short Equity Fund (1)	Ivy Variable Insurance Portfolios-Natural Resources Portfolio (1)

4

Guggenheim Variable Insurance Funds - Multi- Hedge Strategies Fund (1)	Ivy Variable Insurance Portfolios-Growth Portfolio (1)
Guggenheim Variable Insurance Funds - Global Managed Futures Strategy Fund (1)	Ivy Variable Insurance Portfolios-High Income Portfolio (1)
Guggenheim Variable Insurance Funds - Small Cap Value Fund (1)	Ivy Variable Insurance Portfolios- International Core Equity Portfolio (1)
ProFunds VP- Access VP High Yield Fund (1)	Ivy Variable Insurance Portfolios-Global Growth Portfolio (1)
ProFunds VP- Asia 30 (1)	Ivy Variable Insurance Portfolios-Mid Cap Growth Portfolio (1)
ProFunds VP- Banks (1)	Ivy Variable Insurance Portfolios-Science and Technology Portfolio (1)
ProFunds VP- Basic Materials (1)	Ivy Variable Insurance Portfolios-Small Cap Growth Portfolio (1)
ProFunds VP- Bear (1)	Ivy Variable Insurance Portfolios-Small Cap Core Portfolio (1)
ProFunds VP- Biotechnology (1)	Lazard Retirement Series, Inc.- International Equity Portfolio (1)
ProFunds VP- Bull (1)	Lazard Retirement Series, Inc.-Global Dynamic Multi Asset Portfolio (1)
ProFunds VP- Consumer Goods (1)	Legg Mason Partners Variable Equity Trust- Western Asset Variable Global High Yield Bond Portfolio (1)
ProFunds VP- Consumer Services (1)	Legg Mason Partners Variable Equity Trust- ClearBridge Variable Mid Cap Portfolio (1)
ProFunds VP- Dow 30 (1)	Legg Mason Partners Variable Equity Trust- ClearBridge Variable Dividend Strategy Portfolio (1)
ProFunds VP- Emerging Markets (1)	Legg Mason Partners Variable Equity Trust- ClearBridge Variable Small Cap Growth Portfolio (1)
ProFunds VP- Europe 30 (1)	Legg Mason Partners Variable Equity Trust- ClearBridge Variable Aggressive Growth Portfolio (1)
ProFunds VP- Falling U.S. Dollar (1)	Legg Mason Partners Variable Equity Trust-Western Asset Variable Core Bond Plus Portfolio (1)
ProFunds VP- Financials (1)	Legg Mason Partners Variable Equity Trust- ClearBridge Variable Large Cap Growth Portfolio (1)
ProFunds VP- Health Care (1)	QS Legg Mason Partners Variable Income Trust- Dynamic Multi Strategy Portfolio (1)
ProFunds VP- Industrials (1)	Pioneer Variable Contracts Trust-Fund Portfolio (1)
ProFunds VP- International (1)	Pioneer Variable Contracts Trust-Bond Portfolio (1)
ProFunds VP- Internet (1)	Pioneer Variable Contracts Trust- Strategic Income Portfolio (1)
ProFunds VP- Japan (1)	Pioneer Variable Contracts Trust-Equity Income Portfolio (1)
ProFunds VP- Large-Cap Growth (1)	Pioneer Variable Contracts Trust-High Yield Portfolio (1)
ProFunds VP- Large-Cap Value (1)	Prudential Series Funds-Jennison 20/20 Focus Portfolio (1)

5

ProFunds VP- Large- Mid-Cap (1)	Prudential Series Funds-Natural Resources Portfolio (1)
ProFunds VP- Large- Mid-Cap Growth (1)	Prudential Series Funds-SP Prudential US Emerging Growth Portfolio (1)
ProFunds VP- Large- Mid-Cap Value (1)	Royce Capital Fund- Micro-Cap Portfolio (1)
ProFunds VP- Large- Government Money Market (1)	Royce Capital Fund-Small Cap Portfolio (1)
ProFunds VP- Oil & Gas (1)	Alps Fund- Alerian Energy Infrastructure Portfolio (1)
ProFunds VP- NASDAQ-100 (1)	Alps Fund-Red Rocks Global Opportunity III (1)
ProFunds VP- Pharmaceuticals (1)	American Funds IS- Asset Allocation Fund (1)
ProFunds VP- Precious Metals (1)	American Funds IS-Blue Chip Income and Growth Fund (1)
ProFunds VP- Real Estate (1)	American Funds IS-Ultra-Short Bond Fund (1)
ProFunds VP- Rising Rates Opportunity (1)	American Funds IS-Capital Income Builder Fund (1)
ProFunds VP- Semiconductor (1)	American Funds IS-Global Growth Fund (1)
ProFunds VP- Short Dow 30 (1)	American Funds IS-Global Growth and Income Fund (1)
ProFunds VP- Short Emerging Markets (1)	American Funds IS-Global Small Capitalization Fund (1)
ProFunds VP- Short International (1)	American Funds IS-Growth Fund (1)
ProFunds VP- Short Mid-Cap (1)	American Funds IS-Growth-Income Fund (1)
ProFunds VP- Short NASDAQ-100 (1)	American Funds IS-International Fund (1)
ProFunds VP- Short Small-Cap (1)	American Funds IS-International Growth and Income Fund (1)
ProFunds VP- Small-Cap (1)	American Funds IS-New World Fund (1)
ProFunds VP- Small-Cap Growth (1)	American Funds IS-U.S. Government/AAA-Rated Securities Fund (1)
ProFunds VP- Small-Cap Value (1)	Invesco Oppenheimer- Total Return Bond Fund (1)
ProFunds VP- Technology (1)	Invesco Oppenheimer-Discovery Mid Cap Growth Fund (1)
ProFunds VP- Telecommunications (1)	Invesco Oppenheimer-Global Multi-Alternatives Fund (8)
ProFunds VP- U.S. Government Plus (1)	Invesco Oppenheimer-Global Fund (1)
ProFunds VP- UltraBull (1)	Invesco Oppenheimer-International Growth Fund (1)
ProFunds VP- UltraMid-Cap (1)	Invesco Oppenheimer-Main Street Fund (1)
ProFunds VP- UltraNASDAQ-100 (1)	Invesco Oppenheimer- Main Street Small Cap Fund (1)
ProFunds VP- UltraShort Dow 30 (1)	T. Rowe Price- Blue Chip Growth Portfolio (1)
ProFunds VP- UltraShort NASDAQ-100 (1)	T. Rowe Price- Health Sciences Portfolio (1)
ProFunds VP- UltraSmall-Cap (1)	John Hancock Variable Insurance Trust- Financial Industries Portfolio (1)

6

ProFunds VP- Utilities (1)	John Hancock Variable Insurance Trust- Fundamental All Cap Core Portfolio (1)
VanEck Worldwide Insurance Trust- Global Hard Assets Fund (1)	John Hancock Variable Insurance Trust- Select Bond Portfolio (1)
VanEck Worldwide Insurance Trust- Emerging Markets Fund (1)	John Hancock Variable Insurance Trust- Strategic Income Opportunities Portfolio (1)
VanEck Worldwide Insurance Trust- Emerging Markets Bond Fund (1)	Federated Hermes- High Income Bond Portfolio (9)
Janus Henderson Series- Global Technology and Innovation Portfolio (1)	Federated Hermes- Kaufmann Portfolio (9)
Janus Henderson Series- Overseas Portfolio (1)	Federated Hermes- Managed Volatility Portfolio (9)
Janus Henderson Series- Research Portfolio (1)

(1) Statements of operations for the year ended December 31, 2020, and statements of changes in net assets for the years ended December 31, 2020 and 2019.

(2) Statements of net assets and statements of operations for the year ended December 31, 2020, and statements of changes in net assets for the period May 1, 2020 (date of introduction) through December 31, 2020.

(3) Statement of changes in net assets for the period January 1, 2019 through July 31, 2019 (date of liquidation).

(4) Statement of changes in net assets for the period January 1, 2019 through March 1, 2019 (date of liquidation).

(5) Statement of operations for the period January 1, 2020 through April 30, 2020 (date of liquidation), and statement of changes in net assets for the period January 1, 2020 through April 30, 2020 and the year ended December 31, 2019.

(6) Statement of changes in net assets for the period January 1, 2019 through April 18, 2019 (date of liquidation).

(7) Statement of operations for the period January 1, 2020 through December 11, 2020 (date of liquidation), and statement of changes in net assets for the period January 1, 2020 through December 11, 2020 and the year ended December 31, 2019.

(8) Statement of changes in net assets for the period January 1, 2019 through April 29, 2019 (date of liquidation).

(9) Statement of operations for the year ended December 31, 2020, and statement of changes in net assets for the year ended December 31, 2020 and the period May 1, 2019 (date of introduction) through December 31, 2019.

Basis for Opinions

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

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

7

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2020 by correspondence with the transfer agents of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

April 23, 2021

We have served as the auditor of one or more of the Subaccounts in Midland National Life Insurance Company Separate Account C since 1993.

8

Midland National Life Insurance Company

Separate Account C

Statements of Net Assets

December 31, 2020

Assets:
Investments in portfolio shares, at fair value (Note 1):	Shares		Cost		Net Assets
Fidelity Variable Insurance Products
Government Money Market Portfolio		9,787,427	$	9,787,427	$	9,787,427
High Income Portfolio		1,288,862		6,579,315		6,587,049
Equity-Income Portfolio		284,444		6,096,394		6,685,108
Growth Portfolio		89,013		5,885,335		9,135,476
Overseas Portfolio		263,624		5,292,194		6,929,633
Mid Cap Portfolio		430,380		13,742,690		16,098,689
Asset Manager Portfolio		66,168		988,746		1,116,302
Investment Grade Bond Portfolio		247,713		3,202,650		3,431,417
Index 500 Portfolio		64,262		15,402,854		23,666,018
Contrafund Portfolio		847,819		28,964,308		39,822,428
Asset Manager: Growth Portfolio		40,509		721,988		887,421
Balanced Portfolio		163,247		2,955,709		3,734,962
Growth & Income Portfolio		68,577		1,335,368		1,519,482
Growth Opportunities Portfolio		255,886		14,263,285		19,518,772
Value Strategies Portfolio		253,054		3,152,450		3,461,782
Strategic Income Portfolio		1,154,609		13,118,926		13,485,831
Emerging Markets Portfolio		368,225		4,359,980		5,427,630
Real Estate Portfolio		1,078,009		19,721,581		18,444,735
Funds Manager 50% Portfolio		778,267		9,070,271		10,514,394
Funds Manager 70% Portfolio		288,409		3,492,189		3,988,691
Funds Manager 85% Portfolio		74,495		879,520		1,025,047
Government Money Market Portfolio Service Class 2		4,357,277		4,357,277		4,357,277
International Capital Appreciation Portfolio		28,333		596,129		646,274
American Century Variable
Portfolios, Inc.
Balanced Fund		302,406		2,360,729		2,639,998
Capital Appreciation Fund		123,539		1,744,142		2,380,600
International Fund		273,837		2,894,767		3,854,284
Value Fund		5,874,056		58,904,162		65,728,799
Disciplined Core Value Fund		275,256		2,546,184		2,829,639
Inflation Protection Fund		546,224		5,605,022		6,057,618
Large Company Value Fund		24,837		371,929		410,305
Mid Cap Value Fund		1,488,668		29,391,598		30,621,899
Ultra Fund		249,740		4,881,306		6,680,541
MFS Variable Insurance Trust
Research Series		13,725		385,495		449,673
Growth Series		26,430		1,324,528		1,922,507
Investors Trust Series		9,072		268,858		330,272
New Discovery Series		366,015		6,521,534		8,811,176
Corporate Bond Portfolio		522,585		6,196,264		6,553,210
Emerging Markets Equity Portfolio		254,472		3,960,165		4,326,030
Technology Portfolio		319,921		6,889,105		9,325,705
Global Tactical Allocation Portfolio		92,005		1,411,434		1,425,162
International Intrinsic Value Portfolio		494,218		13,287,259		17,035,693
Utilities Series Portfolio		316,345		9,612,280		10,974,016
Blended Research Core Equity Portfolio		31,296		1,608,006		1,773,875
Global Real Estate Portfolio		12,673		211,240		223,797

The accompanying notes are an integral part of these financial statements

9

Midland National Life Insurance Company

Separate Account C

Statements of Net Assets

December 31, 2020

Assets:
Investments in portfolio shares, at fair value (Note 1):	Shares		Cost		Net Assets
Lord Abbett Series Fund, Inc.
Growth & Income Portfolio		45,824		1,554,272		1,601,094
Mid-Cap Stock Portfolio		73,066		1,684,061		1,760,151
Bond-Debenture Portfolio		1,909,466		23,268,652		23,849,233
Fundamental Equity Portfolio		103,018		1,722,357		1,711,130
Developing Growth Portfolio		129,227		4,561,822		6,096,951
Short Duration Income Portfolio		1,341,841		19,223,722		19,215,169
Alger Fund
LargeCap Growth Portfolio		80,746		5,358,139		7,542,435
MidCap Growth Portfolio		179,248		4,417,783		5,958,203
Capital Appreciation Portfolio		45,842		3,735,642		4,581,915
SmallCap Growth Portfolio		23,153		544,070		1,036,808
Capital Appreciation Portfolio Class S		543,678		41,177,664		50,279,382
Calvert Variable Series, Inc.
Mid Cap Growth Portfolio		106,150		3,361,446		3,619,712
S&P 500 Index Portfolio		11,719		1,634,661		1,945,124
SRI Balanced Portfolio		1,067,829		2,473,683		2,690,929
Invesco Variable Insurance Funds
Technology Fund		50,021		1,329,969		1,828,280
Managed Volatility Fund		55,520		642,641		648,472
Diversified Dividend Fund		28,970		762,504		745,103
Health Care Fund		45,578		1,258,428		1,535,526
Global Real Estate Fund		8,141		126,520		116,666
International Growth Fund		6,549		241,533		274,266
Mid Cap Core Equity Fund		28,457		317,783		291,398
J.P. Morgan Series Trust II
Core Bond Portfolio		156,878		1,758,655		1,863,705
Small Cap Core Portfolio		100,764		2,074,026		2,429,425
Rydex Variable Trust
Nova Fund		3,869		338,173		559,898
NASDAQ-100 Fund		36,219		1,653,253		2,274,528
U.S. Government Money Market Fund		86,303		86,303		86,303
Inverse S&P 500 Strategy Fund		1,109		98,030		45,664
Inverse NASDAQ-100 Strategy Fund		672		28,431		17,010
Inverse Government Long Bond Strategy Fund		143		12,388		9,580
Government Long Bond 1.2x Strategy		7,473		321,285		310,786
NASDAQ-100 2x Strategy Fund		-		-		-
Inverse Dow 2x Strategy Fund		-		-		-
Rydex Variable Insurance Funds
Biotechnology Fund		64,429		5,611,233		6,893,292
S&P 500 Pure Growth Fund		72,582		3,669,244		4,004,339
S&P MidCap 400 Pure Growth Fund		37,496		1,417,084		1,698,938
Guggenheim Variable Insurance Funds
Long Short Equity Fund		70,883		1,009,122		1,020,715
Multi-Hedge Strategies Fund		75,317		1,826,665		1,928,879
Global Managed Futures Strategy Fund		18,190		313,799		296,674
Small Cap Value Fund		80,341		3,209,386		2,995,915

The accompanying notes are an integral part of these financial statements

10

Midland National Life Insurance Company

Separate Account C

Statements of Net Assets

December 31, 2020

Assets:
Investments in portfolio shares, at fair value (Note 1):	Shares		Cost		Net Assets
ProFunds VP
Access VP High Yield Fund		1,542		41,810		41,796
Asia 30		1,055		62,708		80,009
Banks		1,160		21,070		27,578
Basic Materials		367		22,132		25,467
Bear		1,515		58,453		29,685
Biotechnology		3,219		239,044		264,358
Bull		5,637		291,854		334,702
Consumer Goods		3,814		191,465		237,187
Consumer Services		2,324		165,764		176,939
Dow 30		9,863		246,793		229,519
Emerging Markets		1,603		42,710		58,742
Europe 30		1,728		38,983		35,878
Falling U.S. Dollar		1,456		26,198		26,756
Financials		598		21,742		24,880
Health Care		3,789		275,856		285,948
Industrials		1,804		136,840		163,542
International		2,075		43,711		42,580
Internet		6,210		289,796		363,590
Japan		712		35,196		45,332
Large-Cap Growth		14,140		926,465		1,091,999
Large-Cap Value		9,330		382,445		377,859
Mid-Cap		7,346		142,610		133,330
Mid-Cap Growth		7,430		317,578		354,260
Mid-Cap Value		2,191		86,389		86,232
Government Money Market		4,022,896		4,022,896		4,022,896
Oil & Gas		7,164		207,500		134,545
NASDAQ-100		8,698		474,841		615,178
Pharmaceuticals		1,659		60,970		63,933
Precious Metals		14,439		384,241		446,026
Real Estate		1,580		93,713		91,882
Rising Rates Opportunity		690		34,287		19,158
Semiconductor		1,754		105,989		144,703
Short Dow 30		349		11,440		9,644
Short Emerging Markets		-		-		-
Short International		211		8,032		6,133
Short Mid-Cap		94		2,551		1,884
Short NASDAQ-100		187		4,185		3,405
Short Small-Cap		127		5,063		3,518
Small-Cap		4,727		147,151		188,232
Small-Cap Growth		6,493		215,622		237,390
Small-Cap Value		4,853		195,645		205,866
Technology		6,689		368,014		504,019
Telecommunications		183		5,608		5,900
U.S. Government Plus		12,976		434,785		396,418
UltraBull		33,674		1,224,385		988,666
UltraMid-Cap		12,860		616,322		648,391
UltraNASDAQ-100		9,500		661,999		882,258
UltraShort Dow 30		13		7,329		941
UltraShort NASDAQ-100		28		20,418		590
UltraSmall-Cap		17,655		326,166		409,774
Utilities		3,085		132,842		115,289

The accompanying notes are an integral part of these financial statements

11

Midland National Life Insurance Company

Separate Account C

Statements of Net Assets

December 31, 2020

Assets:
Investments in portfolio shares, at fair value (Note 1):	Shares		Cost		Net Assets
VanEck Worldwide Insurance Trust
Global Hard Assets Fund		300,414		6,440,139		6,663,338
Emerging Markets Fund		90,997		1,244,439		1,536,938
Emerging Markets Bond Fund		62,833		523,343		554,814
Janus Henderson Series
Global Technology and Innovation Portfolio		540,354		8,446,689		11,077,250
Overseas Portfolio		17,941		508,120		656,299
Research Portfolio		11,751		420,080		561,464
Enterprise Services Portfolio		353,557		24,922,679		30,922,087
Global Research Portfolio		17,569		871,086		1,089,276
Mid Cap Value Portfolio		231,435		3,495,514		3,568,721
Balanced Portfolio		1,196,591		47,160,479		55,162,863
Flexible Bond Portfolio		690,237		8,985,963		9,649,511
PIMCO Variable Insurance Trust
Total Return Portfolio		4,016,770		44,500,730		46,554,357
Low Duration Portfolio		2,766,141		28,202,098		28,712,551
High Yield Portfolio		1,271,149		9,833,367		10,181,904
Real Return Portfolio		1,725,033		21,772,870		24,012,468
All Asset Portfolio		351,381		3,601,688		3,938,978
Global Managed Asset Allocation Portfolio		67,554		821,352		893,068
Short-Term Portfolio		5,544,168		56,810,274		57,770,230
Emerging Markets Bond Portfolio		163,944		2,071,253		2,203,410
Global Bond Opportunities Portfolio		15,231		176,284		185,660
Commodity Real Return Strategy Portfolio		804,605		5,642,571		4,932,228
International Bond (USD-Hedged) Portfolio		209,560		2,316,601		2,355,459
Dynamic Bond Adv Portfolio		220,369		2,290,712		2,333,712
Income Advisor Portfolio		2,611,298		27,731,248		28,750,387
Goldman Sachs Variable Insurance Trust
Small Cap Equity Insights Fund		99,313		1,205,169		1,341,725
Large Cap Value Fund		25,827		225,662		239,412
Mid Cap Value Fund		206,530		3,144,691		3,558,519
Neuberger Berman Advisors Management Trust
Mid-Cap Growth Portfolio		27,494		787,998		991,422
AMT Mid Cap Intrinsic Value Portfolio		7,949		125,532		122,415
BNY Mellon Variable Investment Fund
Appreciation Portfolio		7,144		271,803		332,922
International Value Portfolio		-		-		-
Sustainable U.S. Equity Portfolio		618		21,755		28,762
Invesco Van Kampen Variable Insurance Fund
Growth and Income Portfolio		27,017		498,217		505,212
Value Opportunities Fund		4,603		21,405		25,825
American Value Fund		7,698		118,124		120,249

The accompanying notes are an integral part of these financial statements

12

Midland National Life Insurance Company

Separate Account C

Statements of Net Assets

December 31, 2020

Assets:
Investments in portfolio shares, at fair value (Note 1):	Shares		Cost		Net Assets
Morgan Stanley Variable Institutional Funds
Emerging Markets Debt Portfolio		4,576		34,488		35,101
Emerging Markets Equity Portfolio		12,679		190,853		223,909
Discovery Portfolio		6,765		108,841		192,113
U.S. Real Estate Portfolio		4,360		85,209		74,245
Northern Lights Variable Trust
Power Income Fund		69,038		673,295		626,172
Power Dividend Index Fund		70,714		948,321		919,990
AB Variable Products Series
Dynamic Asset Allocation Portfolio		241,371		3,059,236		3,330,917
Small Cap Growth Portfolio		966		23,693		24,497
Small Mid Cap Value Portfolio		169,289		2,888,563		2,910,076
BlackRock Variable Series Fund, Inc.
Basic Value Fund		203,663		2,772,504		2,741,309
Capital Appreciation Fund		124,282		1,096,578		1,249,034
Equity Dividend Fund		1,700,289		19,235,496		19,808,363
Global Allocation Fund		1,014,065		14,283,516		16,519,119
Advantage Large Cap Core Fund		17,394		469,678		514,509
Large Cap Focus Growth Fund		621,012		10,145,993		13,103,358
60/40 Target Allocation ETF Fund		438,471		5,196,434		5,985,133
Total Return Portfolio		127,789		1,556,191		1,564,132
S&P 500 Portfolio		66,027		1,553,401		1,782,081
Columbia Variable Portfolio
Contrarian Core 2 Portfolio		149,042		3,559,877		4,776,795
Dividend Opportunity Portfolio		145,385		3,518,992		4,233,602
Emerging Markets Bond Portfolio		649,046		6,241,430		6,464,503
High Yield Portfolio		716,849		4,754,140		4,867,407
Select Large-Cap Value Portfolio		25,256		599,154		729,142
Seligman Global Tech Portfolio		180,089		3,703,046		5,089,324
US Government Mortgage Portfolio		212,410		2,275,777		2,294,024
Strategic Income Portfolio		59,070		252,371		257,543
DWS Variable Insurance Portfolios
Equity 500 Index Portfolio		1,486,820		30,989,969		37,096,159
Small Cap Index Portfolio		368,069		5,438,172		6,400,725
Alternative Asset Allocation Portfolio		86,608		1,110,279		1,184,795
Global Small Cap Portfolio		31,430		291,940		357,984
Small Mid Cap Value Portfolio		415,160		5,629,166		4,977,766
CROCI US Portfolio		13,014		182,956		168,798
Eaton Vance Variable Trust
Floating Rate Income Portfolio		1,904,740		17,280,139		17,199,803
Delaware Variable Insurance Portfolios
Total Return Portfolio		26,719		337,304		335,597
International Portfolio		58,884		1,171,007		1,128,220
Opportunity Portfolio		669,474		9,804,259		11,448,002
Covered Call Strategy Portfolio		-		-		-
Franklin Templeton Variable Insurance Products Trust
Mutual Shares Fund		376,956		6,915,419		6,253,697
Income Fund		1,440,963		21,858,493		21,672,079

The accompanying notes are an integral part of these financial statements

13

Midland National Life Insurance Company

Separate Account C

Statements of Net Assets

December 31, 2020

Assets:
Investments in portfolio shares, at fair value (Note 1):	Shares		Cost		Net Assets
Global Bond Fund		2,113,644		33,465,066		29,210,565
Foreign Fund		2,740,422		37,725,751		36,392,804
Developing Markets Fund		304,030		2,608,728		3,538,904
Mutual Global Discovery Fund		354,110		6,422,982		5,988,007
Rising Dividends Fund		736,665		19,044,738		21,466,410
Ivy Variable Insurance Portfolios
Asset Strategy Portfolio		378,349		3,277,421		3,950,871
Balanced Portfolio		855,952		6,387,216		7,454,825
Global Equity Income Portfolio		181,726		1,196,843		1,093,882
Energy Portfolio		322,734		989,561		800,671
Global Bond Portfolio		198,575		977,642		1,044,085
Natural Resources Portfolio		193,592		706,558		638,931
Growth Portfolio		343,569		3,681,636		4,364,019
High Income Portfolio		4,141,025		13,656,979		14,059,607
International Core Equity Portfolio		475,711		7,541,524		7,775,781
Global Growth Portfolio		212,555		835,971		912,647
Mid Cap Growth Portfolio		741,711		9,574,175		12,968,074
Science and Technology Portfolio		450,751		12,996,394		16,169,446
Small Cap Growth Portfolio		569,521		5,173,263		6,879,809
Small Cap Core Portfolio		887,527		12,921,101		12,291,898
Lazard Retirement Series, Inc.
International Equity Portfolio		109,375		1,153,501		1,161,559
Global Dynamic Multi Asset Portfolio		98,594		1,226,447		1,333,979
Legg Mason Partners Variable Equity Trust
Western Asset Variable Global High Yield Bond Portfolio		188,627		1,403,470		1,448,658
ClearBridge Variable Mid Cap Portfolio		405,636		8,191,787		10,335,598
ClearBridge Variable Dividend Strategy Portfolio		1,354,811		27,590,933		30,049,701
ClearBridge Variable Small Cap Growth Portfolio		150,769		4,147,861		5,195,487
ClearBridge Variable Aggressive Growth Portfolio		33,528		895,660		988,742
Western Asset Variable Core Bond Plus Portfolio		11,812,125		68,406,596		73,589,537
ClearBridge Variable Large Cap Growth Portfolio		509,621		14,415,817		19,100,602
QS Legg Mason Partners Variable Income Trust
Dynamic Multi Strategy Portfolio		33,052		412,945		405,881
Pioneer Variable Contracts Trust
Fund Portfolio		48,396		753,860		821,287
Bond Portfolio		4,223,817		46,568,563		49,841,041
Strategic Income Portfolio		1,281,650		12,978,967		13,675,201
Equity Income Portfolio		801,760		14,949,613		12,659,788
High Yield Portfolio		112,746		1,027,977		1,033,879
Prudential Series Funds
Jennison 20/20 Focus Portfolio		10,292		241,565		485,480
Natural Resources Portfolio		21,528		495,065		564,254
SP Prudential US Emerging Growth Portfolio		10,486		149,270		270,641
Royce Capital Fund
Micro-Cap Portfolio		33,288		321,314		387,137
Small Cap Portfolio		1,088,462		8,685,149		7,891,351
Alps Fund
Alerian Energy Infrastructure Portfolio		245,735		1,983,521		1,604,648
Red Rocks Global Opportunity Portfolio		115,879		1,552,856		1,697,631

The accompanying notes are an integral part of these financial statements

14

Midland National Life Insurance Company

Separate Account C

Statements of Net Assets

December 31, 2020

Assets:
Investments in portfolio shares, at fair value (Note 1):	Shares		Cost		Net Assets
American Funds IS
Asset Allocation Fund		3,398,723		78,046,945		88,570,731
Blue Chip Income and Growth Fund		2,562,229		33,916,844		36,024,945
Ultra-Short Bond Fund		2,048,876		22,785,493		22,701,543
Capital Income Builder Fund		1,541,352		15,443,990		16,723,670
Global Growth Fund		466,817		14,481,690		18,882,735
Global Growth and Income Fund		911,904		13,161,998		14,909,631
Global Small Capitalization Fund		184,807		4,482,426		5,852,838
Growth Fund		382,291		29,805,214		44,819,781
Growth-Income Fund		777,822		37,171,999		41,994,585
International Fund		374,946		7,230,225		8,717,502
International Growth and Income Fund		395,845		6,674,323		7,449,803
New World Fund		1,176,262		26,745,518		36,511,158
U.S. Government/AAA-Rated Securities Fund		2,706,372		34,596,312		34,858,071
Invesco Oppenheimer
Total Return Bond Fund		473,707		3,796,684		3,936,503
Discovery Mid Cap Growth Fund		40,405		3,034,644		3,961,727
Global Fund		113,240		4,745,604		5,816,026
International Growth Fund		5,151,651		12,703,263		15,661,018
Main Street Fund		315,425		8,920,390		9,305,031
Main Street Small Cap Fund		196,928		4,456,516		5,299,345
T. Rowe Price
Blue Chip Growth Portfolio		1,148,502		40,789,728		55,679,399
Health Sciences Portfolio		411,881		18,910,702		23,872,615
John Hancock Variable Insurance Trust
Financial Industries Portfolio		61,405		721,613		778,002
Fundamental All Cap Core Portfolio		3,209		75,545		96,473
Select Bond Portfolio		21,706		311,676		317,121
Strategic Income Opportunities Portfolio		30,845		410,338		446,640
Federated Hermes
High Income Bond Portfolio		66,175		390,980		422,194
Kaufmann Portfolio		172,537		3,508,630		4,080,488
Managed Volatility Portfolio		6,203		66,194		68,794

The accompanying notes are an integral part of these financial statements

15

Midland National Life Insurance Company

Separate Account C

Statements of Operations

Year Ended December 31, 2020

	Dividend   Income (a)		Capital Gains   Distributions (b)		Investment   Income (c)=(a+b)		Administrative Expense and Mortality and   Expense Risk (d)		Contract   Maintenance   Charge (e)		Expenses   (f)=(d+e)		Net Investment   Income (Loss) (g)=(c-f)			Net Realized   Gain (Loss) on   Investments (h)			Change in Net   Unrealized Appreciation   (Depreciation) on Investments (i)			Realized and Change in Unrealized Gains   (Losses) on Investments   (j)=(h+i)			Net Increase (Decrease)   in Net Assets Resulting from Operations (k)=(g+j)
Fidelity Variable Insurance Products
Government Money Market Portfolio	$	24,641	$	-	$	24,641	$	101,303	$	771	$	102,074	$	(77,433	)	$	-		$	-		$	-		$	(77,433	)
High Income Portfolio		334,310		-		334,310		89,378		584		89,962		244,348			(289,154	)		88,572			(200,582	)		43,766
Equity-Income Portfolio		106,440		299,465		405,905		83,226		1,804		85,030		320,875			(74,981	)		5,095			(69,886	)		250,989
Growth Portfolio		5,847		808,119		813,966		108,706		4,665		113,371		700,595			379,060			1,607,407			1,986,467			2,687,062
Overseas Portfolio		15,103		27,224		42,327		81,722		733		82,455		(40,128	)		190,908			659,581			850,489			810,361
Mid Cap Portfolio		56,560		-		56,560		176,941		1,656		178,597		(122,037	)		(154,625	)		2,510,432			2,355,807			2,233,770
Asset Manager Portfolio		14,769		14,319		29,088		15,569		471		16,040		13,048			(20,631	)		122,211			101,580			114,628
Investment Grade Bond Portfolio		71,367		1,281		72,648		47,332		808		48,140		24,508			61,900			172,202			234,102			258,610
Index 500 Portfolio		340,643		70,537		411,180		279,948		21,254		301,202		109,978			1,480,288			1,892,910			3,373,198			3,483,176
Contrafund Portfolio		37,978		185,532		223,510		468,394		5,052		473,446		(249,936	)		1,765,810			7,451,106			9,216,916			8,966,980
Asset Manager: Growth Portfolio		8,377		11,030		19,407		11,121		428		11,549		7,858			31,232			81,700			112,932			120,790
Balanced Portfolio		41,447		40,750		82,197		37,879		419		38,298		43,899			68,195			430,933			499,128			543,027
Growth & Income Portfolio		28,791		77,252		106,043		24,548		856		25,404		80,639			150,773			55,563			206,336			286,975
Growth Opportunities Portfolio		272		484,471		484,743		146,143		1,495		147,638		337,105			1,186,353			4,486,457			5,672,810			6,009,915
Value Strategies Portfolio		35,628		195,390		231,018		38,756		166		38,922		192,096			(458,233	)		244,848			(213,385	)		(21,289	)
Strategic Income Portfolio		394,817		123,554		518,371		160,844		979		161,823		356,548			(40,664	)		371,275			330,611			687,159
Emerging Markets Portfolio		26,716		448,167		474,883		50,755		236		50,991		423,892			113,078			553,864			666,942			1,090,834
Real Estate Portfolio		344,737		749,881		1,094,618		225,225		1,488		226,713		867,905			(447,279	)		(1,862,291	)		(2,309,570	)		(1,441,665	)
Funds Manager 50% Portfolio		85,548		129,797		215,345		128,844		298		129,142		86,203			400,718			1,380,079			1,780,797			1,867,000
Funds Manager 70% Portfolio		27,010		78,468		105,478		42,296		450		42,746		62,732			(5,565	)		447,474			441,909			504,641
Funds Manager 85% Portfolio		6,619		31,501		38,120		11,977		58		12,035		26,085			(8,933	)		123,517			114,584			140,669
Government Money Market Portfolio Service Class 2		8,918		-		8,918		52,052		378		52,430		(43,512	)		-			-			-			(43,512	)
International Capital Appreciation Portfolio		578		-		578		1,510		6		1,516		(938	)		447			50,145			50,592			49,654
American Century Variable
Portfolios, Inc.
Balanced Fund		22,190		61,925		84,115		26,277		155		26,432		57,683			33,250			119,285			152,535			210,218
Capital Appreciation Fund		-		251,813		251,813		30,863		617		31,480		220,333			44,601			492,032			536,633			756,966
International Fund		13,716		50,548		64,264		49,902		431		50,333		13,931			10,698			666,354			677,052			690,983
Value Fund		1,252,813		1,443,751		2,696,564		728,701		5,023		733,724		1,962,840			252,404			(1,975,906	)		(1,723,502	)		239,338
Disciplined Core Value Fund		37,474		83,886		121,360		32,469		222		32,691		88,669			(59,402	)		209,835			150,433			239,102
Inflation Protection Fund		75,037				75,037		71,954		188		72,142		2,895			34,866			377,824			412,690			415,585
Large Company Value Fund		6,141		3,361		9,502		8,469		-		8,469		1,033			(3,909	)		(5,406	)		(9,315	)		(8,282	)
Mid Cap Value Fund		444,386		-		444,386		343,854		1,795		345,649		98,737			(214,658	)		194,186			(20,472	)		78,265
Ultra Fund		-		518,699		518,699		84,945		153		85,098		433,601			225,805			1,357,427			1,583,232			2,016,833
MFS Variable Insurance Trust
Research Series		2,809		16,429		19,238		5,803		353		6,156		13,082			8,644			37,501			46,145			59,227
Growth Series		-		118,217		118,217		29,128		895		30,023		88,194			198,872			211,394			410,266			498,460
Investors Trust Series		1,691		8,969		10,660		4,127		119		4,246		6,414			529			22,820			23,349			29,763
New Discovery Series		-		751,330		751,330		89,305		1,056		90,361		660,969			54,687			2,245,099			2,299,786			2,960,755
Corporate Bond Portfolio		170,198		14,708		184,906		64,561		2,043		66,604		118,302			56,288			251,915			308,203			426,505
Emerging Markets Equity Portfolio		109,729		207,265		316,994		47,477		226		47,703		269,291			(105,690	)		190,938			85,248			354,539
Technology Portfolio		-		-		-		81,699		564		82,263		(82,263	)		346,405			2,092,345			2,438,750			2,356,487
Global Tactical Allocation Portfolio		19,692		60,015		79,707		16,608		122		16,730		62,977			(5,552	)		4,328			(1,224	)		61,753
International Intrinsic Value Portfolio		121,825		318,706		440,531		193,936		684		194,620		245,911			861,477			1,761,819			2,623,296			2,869,207
Utilities Series Portfolio		239,726		283,646		523,372		131,116		785		131,901		391,471			370,393			(277,503	)		92,890			484,361
Blended Research Core Equity Portfolio		21,919		81,922		103,841		20,819		84		20,903		82,938			19,779			100,712			120,491			203,429
Global Real Estate Portfolio		6,427		3,689		10,116		2,908		18		2,926		7,190			(39,674	)		6,990			(32,684	)		(25,494	)

The accompanying notes are an integral part of these financial statements

16

Midland National Life Insurance Company

Separate Account C

Statements of Operations

Year Ended December 31, 2020

	Dividend   Income (a)		Capital Gains   Distributions (b)		Investment   Income (c)=(a+b)		Administrative Expense and Mortality and   Expense Risk (d)		Contract   Maintenance   Charge (e)		Expenses   (f)=(d+e)		Net Investment   Income (Loss) (g)=(c-f)			Net Realized Gain (Loss) on   Investments (h)			Change in Net   Unrealized Appreciation   (Depreciation) on Investments (i)			Realized and Change in Unrealized Gains   (Losses) on Investments   (j)=(h+i)			Net Increase (Decrease) in Net Assets   Resulting from Operations   (k)=(g+j)
Lord Abbett Series Fund, Inc.
Growth & Income Portfolio		24,860		-		24,860		19,186		571		19,757		5,103			(6,823	)		16,017			9,194			14,297
Mid-Cap Stock Portfolio		17,215		-		17,215		21,749		479		22,228		(5,013	)		(80,689	)		53,908			(26,781	)		(31,794	)
Bond-Debenture Portfolio		857,083		-		857,083		287,912		1,523		289,435		567,648			(96,220	)		675,267			579,047			1,146,695
Fundamental Equity Portfolio		19,425		2,417		21,842		18,609		139		18,748		3,094			(59,495	)		42,218			(17,277	)		(14,183	)
Developing Growth Portfolio		-		522,082		522,082		48,771		286		49,057		473,025			79,163			1,716,356			1,795,519			2,268,544
Short Duration Income Portfolio		522,992		-		522,992		249,550		1,144		250,694		272,298			(130,404	)		180,205			49,801			322,099
Alger Fund
LargeCap Growth Portfolio		10,822		967,598		978,420		89,408		318		89,726		888,694			666,439			1,719,224			2,385,663			3,274,357
MidCap Growth Portfolio		-		648,969		648,969		64,879		503		65,382		583,587			382,502			1,453,130			1,835,632			2,419,219
Capital Appreciation Portfolio		-		591,451		591,451		56,256		640		56,896		534,555			148,102			683,635			831,737			1,366,292
SmallCap Growth Portfolio		8,656		58,072		66,728		11,146		193		11,339		55,389			23,559			356,700			380,259			435,648
Capital Appreciation Portfolio Class S		-		6,884,266		6,884,266		571,006		3,688		574,694		6,309,572			1,814,800			6,784,281			8,599,081			14,908,653
Calvert Variable Series, Inc.
Mid Cap Growth Portfolio		11,720		196,498		208,218		35,051		143		35,194		173,024			(180	)		175,979			175,799			348,823
S&P 500 Index Portfolio		23,203		45,708		68,911		19,412		70		19,482		49,429			6,920			148,242			155,162			204,591
SRI Balanced Portfolio		31,411		64,817		96,228		23,689		132		23,821		72,407			362			192,699			193,061			265,468
Invesco Variable Insurance Funds
Technology Fund		-		132,288		132,288		21,120		-		21,120		111,168			69,343			346,286			415,629			526,797
Managed Volatility Fund		13,438		14,569		28,007		9,509		-		9,509		18,498			(36,534	)		(32,470	)		(69,004	)		(50,506	)
Diversified Dividend Fund		21,428		17,820		39,248		9,097		28		9,125		30,123			(7,928	)		(37,441	)		(45,369	)		(15,246	)
Health Care Fund		4,363		33,213		37,576		19,217		18		19,235		18,341			56,335			91,332			147,667			166,008
Global Real Estate Fund		5,540		3,375		8,915		4,093		-		4,093		4,822			(17,056	)		(27,427	)		(44,483	)		(39,661	)
International Growth Fund		6,742		7,349		14,091		7,685		-		7,685		6,406			(14,305	)		20,045			5,740			12,146
Mid Cap Core Equity Fund		1,262		54,583		55,845		6,647		-		6,647		49,198			(13,337	)		(19,053	)		(32,390	)		16,808
J.P. Morgan Series Trust II
Core Bond Portfolio		40,141		-		40,141		26,360		-		26,360		13,781			61,932			49,380			111,312			125,093
Small Cap Core Portfolio		19,073		125,612		144,685		26,433		-		26,433		118,252			(83,281	)		255,753			172,472			290,724
Rydex Variable Trust
Nova Fund		4,554		53,425		57,979		8,888		-		8,888		49,091			(2,121	)		(24,946	)		(27,067	)		22,024
NASDAQ-100 Fund		4,517		180,235		184,752		26,124		-		26,124		158,628			97,036			377,256			474,292			632,920
U.S. Government Money Market Fund		76		7		83		1,367		-		1,367		(1,284	)		(1	)		-			(1	)		(1,285	)
Inverse S&P 500 Strategy Fund		473		-		473		1,165		-		1,165		(692	)		(22,704	)		(6,248	)		(28,952	)		(29,644	)
Inverse NASDAQ-100 Strategy Fund		153		-		153		429		-		429		(276	)		(52,560	)		45,567			(6,993	)		(7,269	)
Inverse Government Long Bond Strategy Fund		25		-		25		151		-		151		(126	)		(895	)		(1,422	)		(2,317	)		(2,443	)
Government Long Bond 1.2x Strategy		548		-		548		5,423		-		5,423		(4,875	)		(199,601	)		(7,369	)		(206,970	)		(211,845	)
NASDAQ-100 2x Strategy Fund		-		-		-		-		-		-		-			-			-			-			-
Inverse Dow 2x Strategy Fund		-		-		-		-		-		-		-			-			-			-			-
Rydex Variable Insurance Funds
Biotechnology Fund		-		516,885		516,885		80,020		558		80,578		436,307			455,111			316,587			771,698			1,208,005
S&P 500 Pure Growth Fund		-		782,906		782,906		47,577		349		47,926		734,980			1,621			104,127			105,748			840,728
S&P MidCap 400 Pure Growth Fund		-		60,245		60,245		18,338		67		18,405		41,840			222			334,764			334,986			376,826
Guggenheim Variable Insurance Funds
Long Short Equity Fund		7,221		-		7,221		11,383		45		11,428		(4,207	)		(10,866	)		62,585			51,719			47,512
Multi-Hedge Strategies Fund		25,065		-		25,065		25,458		227		25,685		(620	)		23,964			88,988			112,952			112,332
Global Managed Futures Strategy Fund		11,820		1,733		13,553		4,110		26		4,136		9,417			(1,839	)		(1,870	)		(3,709	)		5,708
Small Cap Value Fund		24,850		179,874		204,724		30,099		230		30,329		174,395			(159,042	)		(45,009	)		(204,051	)		(29,656	)

The accompanying notes are an integral part of these financial statements

17

Midland National Life Insurance Company

Separate Account C

Statements of Operations

Year Ended December 31, 2020

	Dividend   Income (a)		Capital Gains   Distributions (b)		Investment   Income (c)=(a+b)		Administrative   Expense and Mortality and Expense Risk (d)		Contract   Maintenance   Charge (e)		Expenses   (f)=(d+e)		Net Investment Income (Loss) (g)=(c-f)			Net Realized Gain (Loss) on   Investments (h)			Change in Net   Unrealized Appreciation   (Depreciation) on Investments (i)			Realized and Change in Unrealized Gains   (Losses) on Investments   (j)=(h+i)			Net Increase (Decrease) in Net Assets   Resulting from Operations   (k)=(g+j)
ProFunds VP
Access VP High Yield Fund		8,174		-		8,174		2,165				2,165		6,009			(5,796	)		(1,565	)		(7,361	)		(1,352	)
Asia 30		715		6,516		7,231		1,556		-		1,556		5,675			3,271			9,914			13,185			18,860
Banks		551		-		551		767		-		767		(216	)		(446	)		(11,325	)		(11,771	)		(11,987	)
Basic Materials		147		1,772		1,919		504		-		504		1,415			(2,456	)		1,570			(886	)		529
Bear		199		-		199		1,228		-		1,228		(1,029	)		(5,043	)		(4,646	)		(9,689	)		(10,718	)
Biotechnology		68		26,267		26,335		7,806		-		7,806		18,529			4,524			3,567			8,091			26,620
Bull		176		9,729		9,905		9,946		-		9,946		(41	)		(29,303	)		(83,583	)		(112,886	)		(112,927	)
Consumer Goods		1,120		1,487		2,607		3,979		-		3,979		(1,372	)		(14,261	)		58,356			44,095			42,723
Consumer Services		-		31,167		31,167		2,963		-		2,963		28,204			4,672			(3,261	)		1,411			29,615
Dow 30		1,023		51,598		52,621		3,886		-		3,886		48,735			(2,122	)		(13,038	)		(15,160	)		33,575
Emerging Markets		299		-		299		1,941		-		1,941		(1,642	)		(27,466	)		9,647			(17,819	)		(19,461	)
Europe 30		904		-		904		875		-		875		29			(4,738	)		(3,749	)		(8,487	)		(8,458	)
Falling U.S. Dollar		108		-		108		599		-		599		(491	)		(5,723	)		6,820			1,097			606
Financials		156		1,700		1,856		787		-		787		1,069			(8,349	)		(3,822	)		(12,171	)		(11,102	)
Health Care		-		36,060		36,060		7,204		-		7,204		28,856			(2,099	)		524			(1,575	)		27,281
Industrials		188		2,081		2,269		3,158		-		3,158		(889	)		(8,948	)		10,860			1,912			1,023
International		196		-		196		1,384		-		1,384		(1,188	)		(34,399	)		1,952			(32,447	)		(33,635	)
Internet		-		43,968		43,968		8,904		-		8,904		35,064			28,372			66,874			95,246			130,310
Japan		121		-		121		801		-		801		(680	)		622			6,322			6,944			6,264
Large-Cap Growth		-		97,756		97,756		21,904		-		21,904		75,852			(23,753	)		182,330			158,577			234,429
Large-Cap Value		4,064		48,527		52,591		8,911		-		8,911		43,680			(48,547	)		(39,516	)		(88,063	)		(44,383	)
Mid-Cap		1,138		35,147		36,285		27,176		-		27,176		9,109			(514,073	)		(19,905	)		(533,978	)		(524,869	)
Mid-Cap Growth		-		23,741		23,741		6,829		-		6,829		16,912			(10,649	)		37,273			26,624			43,536
Mid-Cap Value		307		6,153		6,460		1,821		-		1,821		4,639			(5,750	)		(1,852	)		(7,602	)		(2,963	)
Government Money Market		1,302		-		1,302		76,438		-		76,438		(75,136	)		(1	)		-			(1	)		(75,137	)
Oil & Gas		3,780		1,672		5,452		4,829		-		4,829		623			(95,377	)		(27,871	)		(123,248	)		(122,625	)
NASDAQ-100		-		29,027		29,027		11,479		-		11,479		17,548			95,033			36,580			131,613			149,161
Pharmaceuticals		63		-		63		1,519		-		1,519		(1,456	)		(2,038	)		8,544			6,506			5,050
Precious Metals		1,399		-		1,399		19,894		-		19,894		(18,495	)		260,738			(108,901	)		151,837			133,342
Real Estate		1,267		1,911		3,178		2,517		-		2,517		661			17,668			(20,693	)		(3,025	)		(2,364	)
Rising Rates Opportunity		149		-		149		488		-		488		(339	)		(7,869	)		(1,505	)		(9,374	)		(9,713	)
Semiconductor		336		6,533		6,869		3,520		-		3,520		3,349			7,045			29,688			36,733			40,082
Short Dow 30		26		-		26		2,476		-		2,476		(2,450	)		(61,838	)		(1,041	)		(62,879	)		(65,329	)
Short Emerging Markets		-		-		-		-		-		-		-			-			-			-			-
Short International		43		-		43		190		-		190		(147	)		(280	)		(1,012	)		(1,292	)		(1,439	)
Short Mid-Cap		29		-		29		68		-		68		(39	)		(1,150	)		419			(731	)		(770	)
Short NASDAQ-100		7		-		7		60		-		60		(53	)		(1,168	)		(553	)		(1,721	)		(1,774	)
Short Small-Cap		26		-		26		960		-		960		(934	)		(36,508	)		284			(36,224	)		(37,158	)
Small-Cap		95		5,956		6,051		4,186		-		4,186		1,865			(5,164	)		24,505			19,341			21,206
Small-Cap Growth		-		22,559		22,559		5,756		-		5,756		16,803			(44,261	)		20,304			(23,957	)		(7,154	)
Small-Cap Value		22		10,024		10,046		2,232		-		2,232		7,814			(13,365	)		10,971			(2,394	)		5,420
Technology		-		42,995		42,995		11,130		-		11,130		31,865			89,082			58,917			147,999			179,864
Telecommunications		49		-		49		130		-		130		(81	)		(453	)		820			367			286
U.S. Government Plus		68		33,384		33,452		7,266		-		7,266		26,186			30,042			(48,179	)		(18,137	)		8,049
UltraBull		6,470		571,223		577,693		14,910		-		14,910		562,783			(49,855	)		(351,500	)		(401,355	)		161,428
UltraMid-Cap		1,060		93,846		94,906		11,819		-		11,819		83,087			32,088			29,740			61,828			144,915
UltraNASDAQ-100		-		161,520		161,520		16,821		-		16,821		144,699			152,778			132,541			285,319			430,018
UltraShort Dow 30		101		-		101		134		-		134		(33	)		(894	)		(20	)		(914	)		(947	)
UltraShort NASDAQ-100		9		-		9		99		-		99		(90	)		(1,539	)		7			(1,532	)		(1,622	)
UltraSmall-Cap		424		50,316		50,740		6,510		-		6,510		44,230			74,193			71,592			145,785			190,015
Utilities		1,525		21,289		22,814		2,442		-		2,442		20,372			(11,591	)		(22,720	)		(34,311	)		(13,939	)

The accompanying notes are an integral part of these financial statements

18

Midland National Life Insurance Company

Separate Account C

Statements of Operations

Year Ended December 31, 2020

	Dividend   Income (a)		Capital Gains   Distributions (b)		Investment   Income (c)=(a+b)		Administrative   Expense and Mortality and Expense Risk (d)		Contract   Maintenance   Charge (e)		Expenses   (f)=(d+e)		Net Investment Income (Loss) (g)=(c-f)			Net Realized Gain (Loss) on   Investments (h)			Change in Net   Unrealized Appreciation   (Depreciation) on Investments (i)			Realized and Change in Unrealized Gains   (Losses) on Investments   (j)=(h+i)			Net Increase (Decrease) in Net Assets   Resulting from Operations   (k)=(g+j)
VanEck Worldwide Insurance Trust
Global Hard Assets Fund		44,082		-		44,082		77,976		183		78,159		(34,077	)		(444,261	)		1,479,464			1,035,203			1,001,126
Emerging Markets Fund		27,773		41,714		69,487		18,088		-		18,088		51,399			84,509			56,969			141,478			192,877
Emerging Markets Bond Fund		62,399		-		62,399		7,598		-		7,598		54,801			12,111			(1,463	)		10,648			65,449
Janus Henderson Series
Global Technology and Innovation Portfolio		-		709,956		709,956		104,715		484		105,199		604,757			947,823			1,774,692			2,722,515			3,327,272
Overseas Portfolio		5,571		-		5,571		6,034		40		6,074		(503	)		11,777			86,287			98,064			97,561
Research Portfolio		1,034		37,925		38,959		6,327		48		6,375		32,584			31,717			44,030			75,747			108,331
Enterprise Services Portfolio		-		1,891,131		1,891,131		324,755		1,946		326,701		1,564,430			843,696			2,302,483			3,146,179			4,710,609
Global Research Portfolio		5,017		49,597		54,614		11,649		68		11,717		42,897			10,204			98,921			109,125			152,022
Mid Cap Value Portfolio		35,902		67,044		102,946		42,068		248		42,316		60,630			(148,783	)		(1,895	)		(150,678	)		(90,048	)
Balanced Portfolio		690,084		650,872		1,340,956		587,401		4,135		591,536		749,420			1,532,260			3,167,056			4,699,316			5,448,736
Flexible Bond Portfolio		210,701		-		210,701		105,880		4,238		110,118		100,583			194,503			457,898			652,401			752,984
PIMCO Variable Insurance Trust
Total Return Portfolio		981,270		512,466		1,493,736		656,638		6,277		662,915		830,821			1,070,226			1,165,284			2,235,510			3,066,331
Low Duration Portfolio		307,006		-		307,006		374,658		2,210		376,868		(69,862	)		(866	)		497,183			496,317			426,455
High Yield Portfolio		460,424		-		460,424		141,031		479		141,510		318,914			(104,940	)		55,038			(49,902	)		269,012
Real Return Portfolio		296,824		-		296,824		296,149		2,137		298,286		(1,462	)		96,041			2,038,298			2,134,339			2,132,877
All Asset Portfolio		182,758		-		182,758		52,891		284		53,175		129,583			(6,867	)		59,261			52,394			181,977
Global Managed Asset Allocation Portfolio		61,764		14,938		76,702		10,374		43		10,417		66,285			3,112			42,378			45,490			111,775
Short-Term Portfolio		652,457		-		652,457		756,349		4,051		760,400		(107,943	)		82,758			1,016,512			1,099,270			991,327
Emerging Markets Bond Portfolio		91,730		-		91,730		26,629		70		26,699		65,031			(8,339	)		58,609			50,270			115,301
Global Bond Opportunities Portfolio		5,497		-		5,497		2,960		10		2,970		2,527			(10,346	)		16,207			5,861			8,388
Commodity Real Return Strategy Portfolio		278,771		-		278,771		57,178		590		57,768		221,003			(503,956	)		258,882			(245,074	)		(24,071	)
International Bond (USD-Hedged) Portfolio		128,477		-		128,477		28,914		138		29,052		99,425			6,360			(17,924	)		(11,564	)		87,861
Dynamic Bond Adv Portfolio		61,330		-		61,330		29,512		205		29,717		31,613			(4,728	)		35,967			31,239			62,852
Income Advisor Portfolio		1,175,928		71,159		1,247,087		362,861		1,449		364,310		882,777			(715,036	)		233,809			(481,227	)		401,550
Goldman Sachs Variable Insurance Trust
Small Cap Equity Insights Fund		2,573		15,999		18,572		18,375		20		18,395		177			(164,974	)		173,080			8,106			8,283
Large Cap Value Fund		3,139		4,131		7,270		2,896		-		2,896		4,374			(6,498	)		6,700			202			4,576
Mid Cap Value Fund		19,998		50,796		70,794		40,457		-		40,457		30,337			(43,201	)		295,373			252,172			282,509
Neuberger Berman Advisors Management Trust
Mid-Cap Growth Portfolio		-		59,288		59,288		12,835		-		12,835		46,453			55,334			184,039			239,373			285,826
AMT Mid Cap Intrinsic Value Portfolio		1,239		-		1,239		2,853		-		2,853		(1,614	)		(105,413	)		28,385			(77,028	)		(78,642	)
BNY Mellon Variable Investment Fund
Appreciation Portfolio		1,938		27,359		29,297		9,246		-		9,246		20,051			5,983			30,889			36,872			56,923
International Value Portfolio		300		-		300		81		-		81		219			(1,321	)		(1,044	)		(2,365	)		(2,146	)
Sustainable U.S. Equity Portfolio		425		569		994		890		-		890		104			(3,181	)		3,904			723			827
Invesco Van Kampen Variable Insurance Fund
Growth and Income Portfolio		8,776		7,408		16,184		11,969		-		11,969		4,215			(37,878	)		17,822			(20,056	)		(15,841	)
Value Opportunities Fund		19		962		981		562		-		562		419			(7,511	)		7,619			108			527
American Value Fund		681		1,039		1,720		2,926		-		2,926		(1,206	)		(17,839	)		8,766			(9,073	)		(10,279	)
Morgan Stanley Variable Institutional Funds
Emerging Markets Debt Portfolio		2,015		-		2,015		1,228		-		1,228		787			(4,028	)		2,493			(1,535	)		(748	)
Emerging Markets Equity Portfolio		2,236		2,828		5,064		4,122		-		4,122		942			110			20,057			20,167			21,109
Discovery Portfolio		-		14,816		14,816		3,252		-		3,252		11,564			24,957			80,744			105,701			117,265
U.S. Real Estate Portfolio		1,952		2,177		4,129		2,103		-		2,103		2,026			(7,794	)		(17,232	)		(25,026	)		(23,000	)

The accompanying notes are an integral part of these financial statements

19

Midland National Life Insurance Company

Separate Account C

Statements of Operations

Year Ended December 31, 2020

	Dividend   Income (a)		Capital Gains Distributions (b)		Investment   Income (c)=(a+b)		Administrative Expense and Mortality and   Expense Risk (d)		Contract   Maintenance   Charge (e)		Expenses   (f)=(d+e)		Net Investment   Income (Loss) (g)=(c-f)			Net Realized Gain (Loss) on   Investments (h)			Change in Net   Unrealized Appreciation   (Depreciation) on Investments (i)			Realized and Change in Unrealized Gains   (Losses) on Investments   (j)=(h+i)			Net Increase (Decrease) in Net Assets   Resulting from Operations   (k)=(g+j)
Northern Lights Variable Trust
Power Income Fund		13,360		-		13,360		9,217		65		9,282		4,078			(11,893	)		(50,835	)		(62,728	)		(58,650	)
Power Dividend Index Fund		57,140		-		57,140		20,378		111		20,489		36,651			(742,376	)		144,400			(597,976	)		(561,325	)
AB Variable Products Series
Dynamic Asset Allocation Portfolio		47,194		-		47,194		40,619		113		40,732		6,462			22,669			104,328			126,997			133,459
Small Cap Growth Portfolio		-		2,235		2,235		527		3		530		1,705			6,407			(1,677	)		4,730			6,435
Small Mid Cap Value Portfolio		20,167		124,232		144,399		32,322		127		32,449		111,950			(312,955	)		283,689			(29,266	)		82,684
BlackRock Variable Series Fund, Inc.
Basic Value Fund		47,670		61,239		108,909		32,263		172		32,435		76,474			(327,773	)		146,343			(181,430	)		(104,956	)
Capital Appreciation Fund		-		110,978		110,978		12,308		57		12,365		98,613			6,556			250,069			256,625			355,238
Equity Dividend Fund		309,820		641,438		951,258		204,062		1,070		205,132		746,126			(250,597	)		111,498			(139,099	)		607,027
Global Allocation Fund		188,095		923,743		1,111,838		193,203		1,151		194,354		917,484			262,951			1,524,205			1,787,156			2,704,640
Advantage Large Cap Core Fund		4,198		44,506		48,704		6,853		73		6,926		41,778			(50,192	)		61,594			11,402			53,180
Large Cap Focus Growth Fund		-		743,031		743,031		131,397		8,969		140,366		602,665			336,927			2,910,490			3,247,417			3,850,082
60/40 Target Allocation ETF Fund		78,401		10,117		88,518		59,745		120		59,865		28,653			111,913			554,874			666,787			695,440
Total Return Portfolio		25,786		75,111		100,897		17,451		4,328		21,779		79,118			6,631			794			7,425			86,543
S&P 500 Portfolio		24,183		103,771		127,954		18,629		5,184		23,813		104,141			3,240			157,123			160,363			264,504
Columbia Variable Portfolio
Contrarian Core 2 Portfolio		-		-		-		50,315		234		50,549		(50,549	)		349,125			505,146			854,271			803,722
Dividend Opportunity Portfolio		-		-		-		47,433		309		47,742		(47,742	)		184,256			(156,575	)		27,681			(20,061	)
Emerging Markets Bond Portfolio		205,397		-		205,397		82,462		717		83,179		122,218			28,071			155,659			183,730			305,948
High Yield Portfolio		231,528		-		231,528		56,330		427		56,757		174,771			(68,354	)		52,363			(15,991	)		158,780
Select Large-Cap Value Portfolio		-		-		-		11,593		55		11,648		(11,648	)		(17,485	)		(27,005	)		(44,490	)		(56,138	)
Seligman Global Tech Portfolio		-		296,736		296,736		46,396		177		46,573		250,163			202,392			1,119,914			1,322,306			1,572,469
US Government Mortgage Portfolio		28,068		4,254		32,322		16,930		37		16,967		15,355			16,637			10,224			26,861			42,216
Strategic Income Portfolio		-		-		-		465		-		465		(465	)		95			5,172			5,267			4,802
DWS Variable Insurance Portfolios
Equity 500 Index Portfolio		406,895		1,785,268		2,192,163		402,925		3,574		406,499		1,785,664			365,638			3,171,353			3,536,991			5,322,655
Small Cap Index Portfolio		41,919		477,446		519,365		63,603		326		63,929		455,436			(320,627	)		896,523			575,896			1,031,332
Alternative Asset Allocation Portfolio		28,923		-		28,923		15,441		83		15,524		13,399			(6,190	)		10,319			4,129			17,528
Global Small Cap Portfolio		2,090		-		2,090		4,278		28		4,306		(2,216	)		(20,150	)		80,920			60,770			58,554
Small Mid Cap Value Portfolio		48,111		354,067		402,178		55,870		399		56,269		345,909			(557,336	)		25,733			(531,603	)		(185,694	)
CROCI US Portfolio		4,008		10,279		14,287		2,588		26		2,614		11,673			(28,858	)		(26,074	)		(54,932	)		(43,259	)
Eaton Vance Variable Trust
Floating Rate Income Portfolio		633,873		-		633,873		249,351		2,022		251,373		382,500			(875,201	)		168,587			(706,614	)		(324,114	)
Delaware Variable Insurance Portfolios
Total Return Portfolio		7,837		36,113		43,950		4,730		26		4,756		39,194			(11,618	)		(35,963	)		(47,581	)		(8,387	)
International Portfolio		-		317,860		317,860		15,272		12		15,284		302,576			(141,052	)		(124,781	)		(265,833	)		36,743
Opportunity Portfolio		69,235		1,691,230		1,760,465		127,984		1,001		128,985		1,631,480			55,217			(754,957	)		(699,740	)		931,740
Covered Call Strategy Portfolio		3,791		14,130		17,921		1,422		10		1,432		16,489			(10,825	)		(10,257	)		(21,082	)		(4,593	)
Franklin Templeton Variable Insurance Products Trust
Mutual Shares Fund		165,259		229,754		395,013		75,401		464		75,865		319,148			(375,475	)		(404,728	)		(780,203	)		(461,055	)
Income Fund		1,244,086		17,622		1,261,708		274,323		1,521		275,844		985,864			(298,728	)		(990,096	)		(1,288,824	)		(302,960	)

The accompanying notes are an integral part of these financial statements

20

Midland National Life Insurance Company

Separate Account C

Statements of Operations

Year Ended December 31, 2020

	Dividend   Income (a)		Capital Gains   Distributions (b)		Investment   Income (c)=(a+b)		Administrative   Expense and Mortality and Expense Risk (d)		Contract   Maintenance   Charge (e)		Expenses   (f)=(d+e)		Net Investment   Income (Loss) (g)=(c-f)			Net Realized Gain (Loss) on   Investments (h)			Change in Net   Unrealized Appreciation     (Depreciation) on Investments (i)			Realized and Change in Unrealized Gains   (Losses) on Investments   (j)=(h+i)			Net Increase (Decrease) in Net Assets   Resulting from Operations   (k)=(g+j)
Global Bond Fund		2,472,317		-		2,472,317		380,908		2,460		383,368		2,088,949			(733,702	)		(3,382,672	)		(4,116,374	)		(2,027,425	)
Foreign Fund		1,095,917		-		1,095,917		415,672		3,164		418,836		677,081			(1,063,023	)		(424,046	)		(1,487,069	)		(809,988	)
Developing Markets Fund		134,457		84,381		218,838		42,458		378		42,836		176,002			112,752			168,474			281,226			457,228
Mutual Global Discovery Fund		134,540		107,761		242,301		74,722		284		75,006		167,295			(453,464	)		(198,417	)		(651,881	)		(484,586	)
Rising Dividends Fund		245,114		1,039,494		1,284,608		256,947		1,262		258,209		1,026,399			263,495			1,400,919			1,664,414			2,690,813
Ivy Variable Insurance Portfolios
Asset Strategy Portfolio		72,922		61,603		134,525		50,968		516		51,484		83,041			17,278			328,201			345,479			428,520
Balanced Portfolio		107,128		408,289		515,417		96,601		783		97,384		418,033			(100,409	)		561,506			461,097			879,130
Global Equity Income Portfolio		27,756		-		27,756		13,722		117		13,839		13,917			(89,229	)		92,966			3,737			17,654
Energy Portfolio		13,857		-		13,857		9,495		117		9,612		4,245			(363,744	)		(82,665	)		(446,409	)		(442,164	)
Global Bond Portfolio		34,317		-		34,317		12,739		64		12,803		21,514			(3,201	)		23,962			20,761			42,275
Natural Resources Portfolio		13,072		-		13,072		7,830		38		7,868		5,204			(86,645	)		(23,932	)		(110,577	)		(105,373	)
Growth Portfolio		-		547,695		547,695		50,071		263		50,334		497,361			(17,335	)		543,066			525,731			1,023,092
High Income Portfolio		846,341		-		846,341		161,854		1,256		163,110		683,231			(652,810	)		495,186			(157,624	)		525,607
International Core Equity Portfolio		165,720		1,286		167,006		88,886		659		89,545		77,461			(102,932	)		434,927			331,995			409,456
Global Growth Portfolio		3,476		-		3,476		10,195		54		10,249		(6,773	)		(149,878	)		308,878			159,000			152,227
Mid Cap Growth Portfolio		-		548,793		548,793		112,493		528		113,021		435,772			507,475			2,770,542			3,278,017			3,713,789
Science and Technology Portfolio		-		1,616,060		1,616,060		158,132		931		159,063		1,456,997			595,514			1,959,454			2,554,968			4,011,965
Small Cap Growth Portfolio		-		-		-		73,201		482		73,683		(73,683	)		(624,465	)		2,394,757			1,770,292			1,696,609
Small Cap Core Portfolio		-		543,885		543,885		133,463		789		134,252		409,633			(956,767	)		1,089,488			132,721			542,354
Lazard Retirement Series, Inc.
International Equity Portfolio		23,458		34,372		57,830		13,698		54		13,752		44,078			(55,220	)		97,194			41,974			86,052
Global Dynamic Multi Asset Portfolio		7,999		13,890		21,889		16,208		124		16,332		5,557			39,122			(41,520	)		(2,398	)		3,159
Legg Mason Partners Variable Equity Trust
Western Asset Variable Global High Yield Bond Portfolio		48,693		-		48,693		15,719		119		15,838		32,855			(13,913	)		53,468			39,555			72,410
ClearBridge Variable Mid Cap Portfolio		3,397		124,931		128,328		111,637		641		112,278		16,050			66,118			1,220,190			1,286,308			1,302,358
ClearBridge Variable Dividend Strategy Portfolio		326,588		222,006		548,594		317,095		1,389		318,484		230,110			(395,159	)		1,177,754			782,595			1,012,705
ClearBridge Variable Small Cap Growth Portfolio		-		367,751		367,751		53,222		250		53,472		314,279			7,184			1,163,719			1,170,903			1,485,182
ClearBridge Variable Aggressive Growth Portfolio		5,151		84,631		89,782		12,233		42		12,275		77,507			(6,582	)		50,432			43,850			121,357
Western Asset Variable Core Bond Plus Portfolio		1,321,344		-		1,321,344		905,970		8,330		914,300		407,044			48,688			4,426,486			4,475,174			4,882,218
ClearBridge Variable Large Cap Growth Portfolio		2,867		692,489		695,356		210,227		1,165		211,392		483,964			640,581			3,200,998			3,841,579			4,325,543
QS Legg Mason Partners Variable Income Trust
Dynamic Multi Strategy Portfolio		6,649		-		6,649		5,078		22		5,100		1,549			(2,075	)		(40,277	)		(42,352	)		(40,803	)
Pioneer Variable Contracts Trust
Fund Portfolio		3,424		58,287		61,711		8,829		27		8,856		52,855			(17,489	)		117,132			99,643			152,498
Bond Portfolio		1,309,373		-		1,309,373		609,417		3,878		613,295		696,078			11,078			2,432,718			2,443,796			3,139,874
Strategic Income Portfolio		422,783		40,090		462,873		167,577		1,192		168,769		294,104			1,116			448,264			449,380			743,484
Equity Income Portfolio		282,223		456,686		738,909		153,230		736		153,966		584,943			(3,033,428	)		2,076,034			(957,394	)		(372,451	)
High Yield Portfolio		51,713		-		51,713		13,205		92		13,297		38,416			9,130			(60,115	)		(50,985	)		(12,569	)
Prudential Series Funds
Jennison 20/20 Focus Portfolio		-		-		-		5,522		73		5,595		(5,595	)		11,329			103,808			115,137			109,542
Natural Resources Portfolio		-		-		-		6,390		39		6,429		(6,429	)		(40,091	)		99,246			59,155			52,726
SP Prudential US Emerging Growth Portfolio		-		-		-		3,979		20		3,999		(3,999	)		94,461			19,156			113,617			109,618
Royce Capital Fund
Micro-Cap Portfolio		-		5,528		5,528		4,575		27		4,602		926			(39,014	)		92,802			53,788			54,714
Small Cap Portfolio		58,359		124,349		182,708		87,330		683		88,013		94,695			(508,146	)		(289,403	)		(797,549	)		(702,854	)
Alps Fund
Alerian Energy Infrastructure Portfolio		44,981		-		44,981		17,074		62		17,136		27,845			(113,758	)		(319,426	)		(433,184	)		(405,339	)
Red Rocks Global Opportunity Portfolio		175,245		24,805		200,050		17,427		119		17,546		182,504			(10,675	)		(50,726	)		(61,401	)		121,103

The accompanying notes are an integral part of these financial statements

21

Midland National Life Insurance Company

Separate Account C

Statements of Operations

Year Ended December 31, 2020

	Dividend   Income (a)		Capital Gains   Distributions (b)		Investment   Income (c)=(a+b)		Administrative   Expense and Mortality and Expense Risk (d)		Contract   Maintenance   Charge (e)		Expenses   (f)=(d+e)		Net Investment   Income (Loss) (g)=(c-f)			Net Realized   Gain (Loss) on Investments (h)			Change in Net   Unrealized Appreciation   (Depreciation) on Investments (i)			Realized and Change in Unrealized Gains   (Losses) on Investments   (j)=(h+i)			Net Increase (Decrease) in Net Assets   Resulting from Operations   (k)=(g+j)
American Funds IS
Asset Allocation Fund		1,163,200		350,664		1,513,864		965,344		2,950		968,294		545,570			642,712			7,481,605			8,124,317			8,669,887
Blue Chip Income and Growth Fund		506,851		389,397		896,248		407,294		10,236		417,530		478,718			(548,396	)		2,382,370			1,833,974			2,312,692
Ultra-Short Bond Fund		41,423		-		41,423		262,210		1,207		263,417		(221,994	)		(104,280	)		(18,474	)		(122,754	)		(344,748	)
Capital Income Builder Fund		428,391		-		428,391		208,104		743		208,847		219,544			153,057			33,780			186,837			406,381
Global Growth Fund		20,504		357,813		378,317		176,780		572		177,352		200,965			378,123			3,212,201			3,590,324			3,791,289
Global Growth and Income Fund		137,817		294,009		431,826		148,747		337		149,084		282,742			23,649			889,233			912,882			1,195,624
Global Small Capitalization Fund		5,470		264,262		269,732		57,492		182		57,674		212,058			50,454			935,396			985,850			1,197,908
Growth Fund		73,331		853,460		926,791		447,863		1,508		449,371		477,420			1,865,419			12,914,040			14,779,459			15,256,879
Growth-Income Fund		434,979		985,589		1,420,568		470,953		1,729		472,682		947,886			450,328			3,159,654			3,609,982			4,557,868
International Fund		33,736		-		33,736		96,445		234		96,679		(62,943	)		(170,964	)		1,199,018			1,028,054			965,111
International Growth and Income Fund		83,567		-		83,567		80,578		321		80,899		2,668			18,950			273,431			292,381			295,049
New World Fund		11,772		329,505		341,277		385,238		2,348		387,586		(46,309	)		1,043,645			5,554,151			6,597,796			6,551,487
U.S. Government/AAA-Rated Securities Fund		552,196		576,008		1,128,204		338,562		805		339,367		788,837			461,675			155,375			617,050			1,405,887
Invesco Oppenheimer
Total Return Bond Fund		98,654		-		98,654		38,608		161		38,769		59,885			43,934			105,799			149,733			209,618
Discovery Mid Cap Growth Fund		-		269,715		269,715		38,839		213		39,052		230,663			46,284			815,668			861,952			1,092,615
Global Fund		21,579		178,948		200,527		64,360		268		64,628		135,899			(103,801	)		1,150,878			1,047,077			1,182,976
International Growth Fund		83,746		175,966		259,712		161,794		901		162,695		97,017			(16,888	)		2,529,602			2,512,714			2,609,731
Main Street Fund		97,735		827,700		925,435		111,621		10,015		121,636		803,799			(338,670	)		329,070			(9,600	)		794,199
Main Street Small Cap Fund		16,146		64,385		80,531		57,199		173		57,372		23,159			(299,802	)		1,007,093			707,291			730,450
T. Rowe Price
Blue Chip Growth Portfolio		-		1,790,116		1,790,116		602,768		2,787		605,555		1,184,561			3,481,296			8,612,463			12,093,759			13,278,320
Health Sciences Portfolio		-		1,308,740		1,308,740		235,937		1,180		237,117		1,071,623			597,862			3,378,299			3,976,161			5,047,784
John Hancock Variable Insurance Trust
Financial Industries Portfolio		7,189		59,350		66,539		7,089		47		7,136		59,403			(30,983	)		34,984			4,001			63,404
Fundamental All Cap Core Portfolio		157		2,450		2,607		1,058		6		1,064		1,543			55			18,044			18,099			19,642
Select Bond Portfolio		7,855		-		7,855		2,726		15		2,741		5,114			2,186			6,505			8,691			13,805
Strategic Income Opportunities Portfolio		6,370		-		6,370		5,118		32		5,150		1,220			3,597			30,471			34,068			35,288
Federated Hermes
High Income Bond Portfolio		27,807		-		27,807		6,247		47		6,294		21,513			(17,766	)		20,452			2,686			24,199
Kaufmann Portfolio		-		117,647		117,647		28,726		136		28,862		88,785			8,066			530,812			538,878			627,663
Managed Volatility Portfolio		1,183		-		1,183		593		1		594		589			2,551			1,131			3,682			4,271

The accompanying notes are an integral part of these financial statements

22

Midland National Life Insurance Company

Separate Account C

Statements of Changes in Net Assets

Year Ended December 31, 2020

	Net Assets Beginning   of Year (a)		Net Increase (Decrease) in Net Assets Resulting   from Operations (b)			Net   Premiums (c)		Transfers of   Policy Loans (d)			Transfers of   Surrenders (e)			Transfers of   Death Benefits (f)			Transfers of Other   Terminations (g)			Interfund and Net   Transfers (to) from   General Account (h)			Net Increase (Decrease) in Net Assets from   Capital Share Transactions   (i)=(c+d+e+f+g+h)			Total Increase   (Decrease) in   Net Assets (j)=(b+i)			Net Assets   End of Year (k)=(a+j)
Fidelity Variable Insurance Products
Government Money Market Portfolio	$	6,389,717	$	(77,433	)	$	175,399	$	(622	)	$	(1,522,750	)	$	(264,422	)	$	(268,219	)	$	5,355,757		$	3,475,143		$	3,397,710		$	9,787,427
High Income Portfolio		12,059,687		43,766			275,909		599			(450,472	)		(280,799	)		(124,773	)		(4,936,868	)		(5,516,404	)		(5,472,638	)		6,587,049
Equity-Income Portfolio		7,166,866		250,989			28,835		(806	)		(370,104	)		(127,594	)		(203,773	)		(59,305	)		(732,747	)		(481,758	)		6,685,108
Growth Portfolio		7,729,119		2,687,062			16,762		(142	)		(538,329	)		(32,253	)		(152,941	)		(573,802	)		(1,280,705	)		1,406,357			9,135,476
Overseas Portfolio		6,565,374		810,361			42,729		411			(410,318	)		(134,640	)		(130,855	)		186,571			(446,102	)		364,259			6,929,633
Mid Cap Portfolio		15,243,046		2,233,770			818,491		8,275			(457,038	)		(521,297	)		(288,714	)		(937,844	)		(1,378,127	)		855,643			16,098,689
Asset Manager Portfolio		1,184,709		114,628			2,710		(57	)		(150,720	)		(2,297	)		(29,277	)		(3,394	)		(183,035	)		(68,407	)		1,116,302
Investment Grade Bond Portfolio		3,418,470		258,610			14,530		324			(484,459	)		(24,881	)		(77,819	)		326,642			(245,663	)		12,947			3,431,417
Index 500 Portfolio		21,551,004		3,483,176			1,712,444		2,086			(1,039,074	)		(229,398	)		(617,551	)		(1,196,669	)		(1,368,162	)		2,115,014			23,666,018
Contrafund Portfolio		33,859,564		8,966,980			2,176,656		9,071			(1,591,673	)		(1,070,928	)		(542,036	)		(1,985,206	)		(3,004,116	)		5,962,864			39,822,428
Asset Manager: Growth Portfolio		798,018		120,790			25,663		(493	)		(58,209	)		(1,888	)		(12,454	)		15,994			(31,387	)		89,403			887,421
Balanced Portfolio		2,994,631		543,027			21,485		(97	)		(297,037	)		(7,860	)		(48,896	)		529,709			197,304			740,331			3,734,962
Growth & Income Portfolio		1,666,471		286,975			11,807		(244	)		(127,903	)		(6,077	)		(41,539	)		(270,008	)		(433,964	)		(146,989	)		1,519,482
Growth Opportunities Portfolio		4,894,768		6,009,915			7,473,783		-			(824,189	)		(900,927	)		(318,148	)		3,183,570			8,614,089			14,624,004			19,518,772
Value Strategies Portfolio		4,212,064		(21,289	)		17,614		(570	)		(167,199	)		(148,236	)		(107,292	)		(323,310	)		(728,993	)		(750,282	)		3,461,782
Strategic Income Portfolio		11,890,430		687,159			1,457,317		-			(334,320	)		(399,830	)		(389,432	)		574,507			908,242			1,595,401			13,485,831
Emerging Markets Portfolio		4,085,653		1,090,834			336,377		-			(62,317	)		(63,409	)		(97,735	)		138,227			251,143			1,341,977			5,427,630
Real Estate Portfolio		19,207,943		(1,441,665	)		2,366,820		-			(353,469	)		(823,936	)		(447,880	)		(63,078	)		678,457			(763,208	)		18,444,735
Funds Manager 50% Portfolio		5,531,550		1,867,000			2,128,804		-			(62,573	)		(142,918	)		(98,999	)		1,291,530			3,115,844			4,982,844			10,514,394
Funds Manager 70% Portfolio		3,215,544		504,641			412,814		-			(2,926	)		(61,029	)		(41,140	)		(39,213	)		268,506			773,147			3,988,691
Funds Manager 85% Portfolio		957,280		140,669			94,614		-			-			(110,784	)		(24,223	)		(32,509	)		(72,902	)		67,767			1,025,047
Government Money Market Portfolio Service Class 2		3,782,351		(43,512	)		411,452		-			(75,907	)		(323,281	)		(83,026	)		689,200			618,438			574,926			4,357,277
International Capital Appreciation Portfolio		-		49,654			286,257		-			-			-			(11,588	)		321,951			596,620			646,274			646,274
American Century Variable
Portfolios, Inc.
Balanced Fund		1,630,677		210,218			629,880		(24	)		(193,628	)		(148,298	)		(23,333	)		534,506			799,103			1,009,321			2,639,998
Capital Appreciation Fund		2,336,783		756,966			11,519		(1,242	)		(195,363	)		(9,560	)		(27,294	)		(491,209	)		(713,149	)		43,817			2,380,600
International Fund		3,652,645		690,983			13,236		3,237			(227,109	)		(91,932	)		(107,018	)		(79,758	)		(489,344	)		201,639			3,854,284
Value Fund		63,837,412		239,338			6,752,407		2,601			(1,448,734	)		(2,802,548	)		(1,386,133	)		534,456			1,652,049			1,891,387			65,728,799
Disciplined Core Value Fund		1,786,997		239,102			662,098		(71	)		(63,208	)		(31,465	)		(74,432	)		310,618			803,540			1,042,642			2,829,639
Inflation Protection Fund		5,470,382		415,585			970,342		(67	)		(375,289	)		(99,417	)		(150,196	)		(173,722	)		171,651			587,236			6,057,618
Large Company Value Fund		581,962		(8,282	)		3,588		-			(41,141	)		-			(19,696	)		(106,126	)		(163,375	)		(171,657	)		410,305
Mid Cap Value Fund		28,990,438		78,265			4,025,312		-			(619,906	)		(833,007	)		(754,946	)		(264,257	)		1,553,196			1,631,461			30,621,899
Ultra Fund		4,847,138		2,016,833			578,061		-			(157,393	)		(1,011,866	)		(185,253	)		593,021			(183,430	)		1,833,403			6,680,541
MFS Variable Insurance Trust
Research Series		524,343		59,227			235		-			(18,847	)		(7,744	)		(18,345	)		(89,196	)		(133,897	)		(74,670	)		449,673
Growth Series		2,277,555		498,460			7,441		382			(141,583	)		(15,904	)		(25,784	)		(678,060	)		(853,508	)		(355,048	)		1,922,507
Investors Trust Series		312,969		29,763			204		642			(7,021	)		-			(6,898	)		613			(12,460	)		17,303			330,272
New Discovery Series		5,768,564		2,960,755			1,186,133		296			(211,488	)		(250,916	)		(129,998	)		(512,170	)		81,857			3,042,612			8,811,176
Corporate Bond Portfolio		3,996,954		426,505			1,453,828		-			(109,295	)		(168,060	)		(109,865	)		1,063,143			2,129,751			2,556,256			6,553,210
Emerging Markets Equity Portfolio		3,967,495		354,539			410,949		-			(74,189	)		(114,398	)		(66,675	)		(151,691	)		3,996			358,535			4,326,030
Technology Portfolio		4,536,402		2,356,487			1,666,617		-			(127,087	)		(262,447	)		(113,887	)		1,269,620			2,432,816			4,789,303			9,325,705
Global Tactical Allocation Portfolio		1,362,722		61,753			38,918		-			(53,326	)		(1,088	)		(44,137	)		60,320			687			62,440			1,425,162
International Intrinsic Value Portfolio		14,878,599		2,869,207			1,178,211		-			(476,357	)		(949,021	)		(337,651	)		(127,295	)		(712,113	)		2,157,094			17,035,693
Utilities Series Portfolio		11,022,016		484,361			1,345,640		-			(603,901	)		(319,917	)		(254,153	)		(700,030	)		(532,361	)		(48,000	)		10,974,016
Blended Research Core Equity Portfolio		1,822,295		203,429			187,108		-			(205,787	)		(31,585	)		(13,232	)		(188,353	)		(251,849	)		(48,420	)		1,773,875
Global Real Estate Portfolio		337,178		(25,494	)		105,197		-			(4,041	)		(3,301	)		(3,362	)		(182,380	)		(87,887	)		(113,381	)		223,797

The accompanying notes are an integral part of these financial statements

23

Midland National Life Insurance Company

Separate Account C

Statements of Changes in Net Assets

Year Ended December 31, 2020

	Net Assets   Beginning of Year (a)		Net Increase (Decrease) in Net Assets Resulting   from Operations (b)			Net   Premiums (c)		Transfers of   Policy Loans (d)			Transfers of   Surrenders (e)			Transfers of   Death Benefits (f)			Transfers of Other   Terminations (g)			Interfund and Net Transfers (to) from   General Account (h)			Net Increase (Decrease) in Net Assets from   Capital Share Transactions   (i)=(c+d+e+f+g+h)			Total Increase   (Decrease) in Net Assets (j)=(b+i)			Net Assets   End of Year (k)=(a+j)
Lord Abbett Series Fund, Inc.
Growth & Income Portfolio		1,652,412		14,297			6,590		-			(18,087	)		(7,281	)		(38,954	)		(7,883	)		(65,615	)		(51,318	)		1,601,094
Mid-Cap Stock Portfolio		2,067,659		(31,794	)		5,351		1,119			(165,325	)		(53,568	)		(34,477	)		(28,814	)		(275,714	)		(307,508	)		1,760,151
Bond-Debenture Portfolio		23,012,603		1,146,695			3,228,506		-			(705,369	)		(1,168,752	)		(598,723	)		(1,065,727	)		(310,065	)		836,630			23,849,233
Fundamental Equity Portfolio		1,757,521		(14,183	)		46,280		-			(28,212	)		(33,191	)		(30,342	)		13,257			(32,208	)		(46,391	)		1,711,130
Developing Growth Portfolio		2,951,762		2,268,544			786,257		-			(91,531	)		(200,648	)		(64,933	)		447,500			876,645			3,145,189			6,096,951
Short Duration Income Portfolio		19,527,957		322,099			3,753,074		-			(1,423,564	)		(1,150,850	)		(730,378	)		(1,083,169	)		(634,887	)		(312,788	)		19,215,169
Alger Fund
LargeCap Growth Portfolio		5,626,299		3,274,357			34,544		(2,118	)		(523,859	)		(121,357	)		(183,878	)		(561,553	)		(1,358,221	)		1,916,136			7,542,435
MidCap Growth Portfolio		4,401,275		2,419,219			38,949		776			(349,592	)		(64,642	)		(118,927	)		(368,855	)		(862,291	)		1,556,928			5,958,203
Capital Appreciation Portfolio		3,519,221		1,366,292			17,596		-			(319,034	)		(18,166	)		(186,230	)		202,236			(303,598	)		1,062,694			4,581,915
SmallCap Growth Portfolio		725,070		435,648			726		428			(54,934	)		(3,785	)		(8,656	)		(57,689	)		(123,910	)		311,738			1,036,808
Capital Appreciation Portfolio Class S		42,742,263		14,908,653			3,832,496		-			(1,501,169	)		(1,966,663	)		(1,312,465	)		(6,423,733	)		(7,371,534	)		7,537,119			50,279,382
Calvert Variable Series, Inc.
Mid Cap Growth Portfolio		2,765,780		348,823			694,160		296			(102,919	)		(191,982	)		(66,741	)		172,295			505,109			853,932			3,619,712
S&P 500 Index Portfolio		1,444,394		204,591			3,542		-			(200,098	)		(4,271	)		(39,259	)		536,225			296,139			500,730			1,945,124
SRI Balanced Portfolio		969,305		265,468			702,984		-			(51,704	)		(63,055	)		(91,474	)		959,405			1,456,156			1,721,624			2,690,929
Invesco Variable Insurance Funds
Technology Fund		1,198,233		526,797			10,845		404			(17,474	)		-			(27,189	)		136,664			103,250			630,047			1,828,280
Managed Volatility Fund		886,021		(50,506	)		1,058		(1,118	)		(155,821	)		(7,871	)		(12,076	)		(11,215	)		(187,043	)		(237,549	)		648,472
Diversified Dividend Fund		804,640		(15,246	)		5,689		(2,021	)		(7,347	)		-			(9,084	)		(31,528	)		(44,291	)		(59,537	)		745,103
Health Care Fund		1,694,997		166,008			8,500		(32	)		(76,480	)		-			(58,546	)		(198,921	)		(325,479	)		(159,471	)		1,535,526
Global Real Estate Fund		271,311		(39,661	)		213		-			-			(11,317	)		(9,563	)		(94,317	)		(114,984	)		(154,645	)		116,666
International Growth Fund		313,835		12,146			-		-			(1,486	)		-			(11,137	)		(39,092	)		(51,715	)		(39,569	)		274,266
Mid Cap Core Equity Fund		295,438		16,808			537		-			(5,355	)		(3,105	)		(10,101	)		(2,824	)		(20,848	)		(4,040	)		291,398
J.P. Morgan Series Trust II
Core Bond Portfolio		2,079,002		125,093			7,522		1,177			(289,622	)		(38,378	)		(57,542	)		36,453			(340,390	)		(215,297	)		1,863,705
Small Cap Core Portfolio		2,187,263		290,724			16,817		(352	)		(186,335	)		(15,531	)		(41,091	)		177,930			(48,562	)		242,162			2,429,425
Rydex Variable Trust
Nova Fund		847,228		22,024			1,174		296			(3,013	)		-			(3,261	)		(304,550	)		(309,354	)		(287,330	)		559,898
NASDAQ-100 Fund		1,340,877		632,920			7,518		(2,850	)		(23,629	)		(29,874	)		(25,659	)		375,225			300,731			933,651			2,274,528
U.S. Government Money Market Fund		124,031		(1,285	)		-		-			(26,727	)		-			(9,706	)		(10	)		(36,443	)		(37,728	)		86,303
Inverse S&P 500 Strategy Fund		41,658		(29,644	)		914		-			(5,301	)		(136	)		(620	)		38,793			33,650			4,006			45,664
Inverse NASDAQ-100 Strategy Fund		35,787		(7,269	)		124		-			(6	)		(97	)		(46	)		(11,483	)		(11,508	)		(18,777	)		17,010
Inverse Government Long Bond Strategy Fund		11,198		(2,443	)		-		-			(1,655	)		-			(437	)		2,917			825			(1,618	)		9,580
Government Long Bond 1.2x Strategy		124,669		(211,845	)		10,065		-			-			-			(20,240	)		408,137			397,962			186,117			310,786
NASDAQ-100 2x Strategy Fund		-		-			-		-			-			-			-			-			-			-			-
Inverse Dow 2x Strategy Fund		-		-			-		-			-			-			-			-			-			-			-
Rydex Variable Insurance Funds
Biotechnology Fund		6,058,557		1,208,005			82,452		-			(163,493	)		(271,002	)		(90,667	)		69,440			(373,270	)		834,735			6,893,292
S&P 500 Pure Growth Fund		4,290,516		840,728			210,784		-			(406,125	)		(733,123	)		(125,157	)		(73,284	)		(1,126,905	)		(286,177	)		4,004,339
S&P MidCap 400 Pure Growth Fund		1,585,408		376,826			7,100		-			(23,082	)		(2,215	)		(22,920	)		(222,179	)		(263,296	)		113,530			1,698,938
Guggenheim Variable Insurance Funds
Long Short Equity Fund		825,276		47,512			92,878		428			(27,019	)		-			(16,088	)		97,728			147,927			195,439			1,020,715
Multi-Hedge Strategies Fund		2,005,173		112,332			17,417		-			(93,639	)		(124,507	)		(50,467	)		62,570			(188,626	)		(76,294	)		1,928,879
Global Managed Futures Strategy Fund		367,226		5,708			3,820		-			(15,694	)		(14,549	)		(3,824	)		(46,013	)		(76,260	)		(70,552	)		296,674
Small Cap Value Fund		2,747,725		(29,656	)		380,559		-			(45,090	)		(53,243	)		(66,840	)		62,460			277,846			248,190			2,995,915

The accompanying notes are an integral part of these financial statements

24

Midland National Life Insurance Company

Separate Account C

Statements of Changes in Net Assets

Year Ended December 31, 2020

	Net Assets   Beginning   of Year (a)		Net Increase (Decrease) in Net Assets Resulting   from Operations (b)			Net   Premiums (c)		Transfers of   Policy Loans (d)		Transfers of   Surrenders (e)			Transfers of   Death Benefits (f)			Transfers of Other   Terminations (g)			Interfund and Net Transfers (to) from   General Account (h)			Net Increase (Decrease) in Net Assets from   Capital Share Transactions   (i)=(c+d+e+f+g+h)			Total Increase   (Decrease) in Net Assets (j)=(b+i)			Net Assets   End of Year (k)=(a+j)
ProFunds VP
Access VP High Yield Fund		145,287		(1,352	)		-		-		(95,343	)		-			(3,346	)		(3,450	)		(102,139	)		(103,491	)		41,796
Asia 30		69,847		18,860			-		-		(6,144	)		-			(2,562	)		8			(8,698	)		10,162			80,009
Banks		52,386		(11,987	)		378		-		(13,781	)		-			(1,180	)		1,762			(12,821	)		(24,808	)		27,578
Basic Materials		24,969		529			-		-		-			-			(1,378	)		1,347			(31	)		498			25,467
Bear		54,539		(10,718	)		131		-		-			-			(996	)		(13,271	)		(14,136	)		(24,854	)		29,685
Biotechnology		319,069		26,620			864		-		(9,024	)		(34,062	)		(14,845	)		(24,264	)		(81,331	)		(54,711	)		264,358
Bull		1,324,552		(112,927	)		1,031		-		(21,690	)		-			(30,931	)		(825,333	)		(876,923	)		(989,850	)		334,702
Consumer Goods		144,514		42,723			427		-		(3,228	)		-			(1,747	)		54,498			49,950			92,673			237,187
Consumer Services		115,044		29,615			-		-		(4,487	)		(9,495	)		(5,693	)		51,955			32,280			61,895			176,939
Dow 30		140,000		33,575			-		-		-			-			(23,278	)		79,222			55,944			89,519			229,519
Emerging Markets		60,942		(19,461	)		161		-		(143,722	)		-			(5,576	)		166,398			17,261			(2,200	)		58,742
Europe 30		65,288		(8,458	)		-		-		(18,026	)		-			(2,825	)		(101	)		(20,952	)		(29,410	)		35,878
Falling U.S. Dollar		28,678		606			-		-		-			-			(2,525	)		(3	)		(2,528	)		(1,922	)		26,756
Financials		73,035		(11,102	)		-		-		-			-			(2,140	)		(34,913	)		(37,053	)		(48,155	)		24,880
Health Care		310,528		27,281			323		-		(40,685	)		(17,300	)		(11,204	)		17,005			(51,861	)		(24,580	)		285,948
Industrials		187,693		1,023			61		-		(6,820	)		(1,824	)		(3,251	)		(13,340	)		(25,174	)		(24,151	)		163,542
International		45,390		(33,635	)		-		-		-			-			(3,134	)		33,959			30,825			(2,810	)		42,580
Internet		268,072		130,310			7,733		-		(17,366	)		(14,925	)		(4,492	)		(5,742	)		(34,792	)		95,518			363,590
Japan		38,851		6,264			-		-		-			-			(660	)		877			217			6,481			45,332
Large-Cap Growth		868,675		234,429			84		-		(141,529	)		(19,856	)		(40,799	)		190,995			(11,105	)		223,324			1,091,999
Large-Cap Value		570,190		(44,383	)		400		-		(135,585	)		-			(15,845	)		3,082			(147,948	)		(192,331	)		377,859
Mid-Cap		2,977,627		(524,869	)		859		-		(35,101	)		-			(40,397	)		(2,244,789	)		(2,319,428	)		(2,844,297	)		133,330
Mid-Cap Growth		297,810		43,536			-		-		(15,083	)		-			(10,980	)		38,977			12,914			56,450			354,260
Mid-Cap Value		99,634		(2,963	)		-		-		(2,913	)		-			(3,789	)		(3,737	)		(10,439	)		(13,402	)		86,232
Government Money Market		2,912,327		(75,137	)		1,688		-		(335,150	)		(3,306	)		(335,670	)		1,858,144			1,185,706			1,110,569			4,022,896
Oil & Gas		283,197		(122,625	)		-		-		(1,834	)		(546	)		(9,340	)		(14,307	)		(26,027	)		(148,652	)		134,545
NASDAQ-100		685,380		149,161			1,148		-		-			-			(41,659	)		(178,852	)		(219,363	)		(70,202	)		615,178
Pharmaceuticals		83,608		5,050			841		-		(26,620	)		-			(349	)		1,403			(24,725	)		(19,675	)		63,933
Precious Metals		725,931		133,342			17		-		(305,796	)		(9,651	)		(56,273	)		(41,544	)		(413,247	)		(279,905	)		446,026
Real Estate		250,321		(2,364	)		-		-		(21,091	)		(7,281	)		(5,280	)		(122,423	)		(156,075	)		(158,439	)		91,882
Rising Rates Opportunity		36,098		(9,713	)		-		-		(4,603	)		-			(2,619	)		(5	)		(7,227	)		(16,940	)		19,158
Semiconductor		112,770		40,082			-		-		(19,764	)		-			(4,488	)		16,103			(8,149	)		31,933			144,703
Short Dow 30		2,821		(65,329	)		-		-		-			(354	)		(12,542	)		85,048			72,152			6,823			9,644
Short Emerging Markets		-		-			-		-		-			-			-			-			-			-			-
Short International		7,613		(1,439	)		-		-		-			-			(41	)		-			(41	)		(1,480	)		6,133
Short Mid-Cap		3,007		(770	)		2		-		-			(355	)		-			-			(353	)		(1,123	)		1,884
Short NASDAQ-100		243		(1,774	)		-		-		-			(165	)		-			5,101			4,936			3,162			3,405
Short Small-Cap		5,715		(37,158	)		-		-		-			(328	)		(4,503	)		39,792			34,961			(2,197	)		3,518
Small-Cap		284,232		21,206			983		-		-			-			(12,763	)		(105,426	)		(117,206	)		(96,000	)		188,232
Small-Cap Growth		221,210		(7,154	)		7		-		(11,167	)		-			(5,948	)		40,442			23,334			16,180			237,390
Small-Cap Value		97,219		5,420			-		-		-			-			(6,374	)		109,601			103,227			108,647			205,866
Technology		321,408		179,864			-		-		(4,921	)		(3,250	)		(41,554	)		52,472			2,747			182,611			504,019
Telecommunications		5,006		286			384		-		-			-			(1,204	)		1,428			608			894			5,900
U.S. Government Plus		147,073		8,049			-		-		(6,426	)		(2,628	)		(42,862	)		293,212			241,296			249,345			396,418
UltraBull		593,749		161,428			13,373		-		(13,987	)		(3,638	)		(26,561	)		264,302			233,489			394,917			988,666
UltraMid-Cap		412,736		144,915			12,945		-		(36,884	)		(19,539	)		(17,525	)		151,743			90,740			235,655			648,391
UltraNASDAQ-100		466,110		430,018			12,876		-		(10,567	)		(128,824	)		(30,464	)		143,109			(13,870	)		416,148			882,258
UltraShort Dow 30		1,890		(947	)		-		-		-			-			-			(2	)		(2	)		(949	)		941
UltraShort NASDAQ-100		2,212		(1,622	)		-		-		-			-			-			-			-			(1,622	)		590
UltraSmall-Cap		139,999		190,015			14,029		-		(7,045	)		(4,538	)		(15,947	)		93,261			79,760			269,775			409,774
Utilities		87,157		(13,939	)		823		-		-			-			(12,858	)		54,106			42,071			28,132			115,289

The accompanying notes are an integral part of these financial statements

25

Midland National Life Insurance Company

Separate Account C

Statements of Changes in Net Assets

Year Ended December 31, 2020

	Net Assets Beginning   of Year (a)		Net Increase   (Decrease) in Net   Assets Resulting from Operations (b)			Net   Premiums (c)		Transfers of  Policy Loans (d)			Transfers of   Surrenders (e)			Transfers of   Death Benefits (f)			Transfers of Other   Terminations (g)			Interfund and Net Transfers (to) from   General Account (h)			Net Increase (Decrease) in Net Assets from   Capital Share Transactions   (i)=(c+d+e+f+g+h)			Total Increase     (Decrease) in Net Assets (j)=(b+i)			Net Assets   End of Year (k)=(a+j)
VanEck Worldwide Insurance Trust
Global Hard Assets Fund		5,651,543		1,001,126			141,336		(661	)		(249,164	)		(130,568	)		(96,176	)		345,902			10,669			1,011,795			6,663,338
Emerging Markets Fund		1,622,587		192,877			12,507		(2,377	)		(128,162	)		(11,775	)		(100,541	)		(48,178	)		(278,526	)		(85,649	)		1,536,938
Emerging Markets Bond Fund		461,861		65,449			3,683		-			(32,880	)		-			(9,379	)		66,080			27,504			92,953			554,814
Janus Henderson Series
Global Technology and Innovation Portfolio		5,605,246		3,327,272			2,129,217		-			(634,289	)		(363,476	)		(218,440	)		1,231,720			2,144,732			5,472,004			11,077,250
Overseas Portfolio		488,302		97,561			174,825		-			(31,416	)		(23,604	)		(6,835	)		(42,534	)		70,436			167,997			656,299
Research Portfolio		536,101		108,331			57,890		-			(58,619	)		(73,720	)		(7,953	)		(566	)		(82,968	)		25,363			561,464
Enterprise Services Portfolio		24,865,839		4,710,609			3,888,477		-			(652,959	)		(831,291	)		(694,857	)		(363,731	)		1,345,639			6,056,248			30,922,087
Global Research Portfolio		969,267		152,022			149,839		-			(11,951	)		(2,587	)		(5,687	)		(161,627	)		(32,013	)		120,009			1,089,276
Mid Cap Value Portfolio		3,477,494		(90,048	)		557,810		-			(89,278	)		(111,863	)		(110,921	)		(64,473	)		181,275			91,227			3,568,721
Balanced Portfolio		41,323,181		5,448,736			10,188,433		-			(814,237	)		(980,112	)		(1,735,491	)		1,732,353			8,390,946			13,839,682			55,162,863
Flexible Bond Portfolio		6,994,524		752,984			1,061,252		-			(31,043	)		(135,964	)		(185,956	)		1,193,714			1,902,003			2,654,987			9,649,511
PIMCO Variable Insurance Trust
Total Return Portfolio		50,056,375		3,066,331			3,137,847		4,281			(3,258,962	)		(1,711,941	)		(1,862,184	)		(2,877,390	)		(6,568,349	)		(3,502,018	)		46,554,357
Low Duration Portfolio		25,289,738		426,455			5,092,837		-			(1,780,966	)		(2,176,299	)		(1,055,837	)		2,916,623			2,996,358			3,422,813			28,712,551
High Yield Portfolio		11,878,657		269,012			1,735,982		(156	)		(420,877	)		(455,599	)		(303,023	)		(2,522,092	)		(1,965,765	)		(1,696,753	)		10,181,904
Real Return Portfolio		21,521,058		2,132,877			1,931,292		-			(693,395	)		(1,188,993	)		(809,756	)		1,119,385			358,533			2,491,410			24,012,468
All Asset Portfolio		4,350,224		181,977			167,586		-			(103,309	)		(492,692	)		(69,046	)		(95,762	)		(593,223	)		(411,246	)		3,938,978
Global Managed Asset Allocation Portfolio		569,726		111,775			286,832		-			(51,633	)		-			(22,544	)		(1,088	)		211,567			323,342			893,068
Short-Term Portfolio		44,795,827		991,327			12,226,037		-			(3,007,438	)		(2,898,617	)		(2,538,506	)		8,201,600			11,983,076			12,974,403			57,770,230
Emerging Markets Bond Portfolio		1,987,562		115,301			214,563		-			(60,612	)		(19,533	)		(34,844	)		973			100,547			215,848			2,203,410
Global Bond Opportunities Portfolio		351,738		8,388			474		-			-			(122,571	)		(559	)		(51,810	)		(174,466	)		(166,078	)		185,660
Commodity Real Return Strategy Portfolio		5,244,209		(24,071	)		217,607		-			(150,245	)		(270,718	)		(158,631	)		74,077			(287,910	)		(311,981	)		4,932,228
International Bond (USD-Hedged) Portfolio		2,017,025		87,861			382,666		-			(53,150	)		(81,837	)		(59,621	)		62,515			250,573			338,434			2,355,459
Dynamic Bond Adv Portfolio		2,574,903		62,852			274,686		-			(57,503	)		(103,440	)		(67,144	)		(350,642	)		(304,043	)		(241,191	)		2,333,712
Income Advisor Portfolio		34,058,314		401,550			4,435,049		-			(729,768	)		(294,001	)		(2,060,588	)		(7,060,169	)		(5,709,477	)		(5,307,927	)		28,750,387
Goldman Sachs Variable Insurance Trust
Small Cap Equity Insights Fund		1,622,180		8,283			8,022		(1,570	)		(49,553	)		(15,212	)		(43,859	)		(186,566	)		(288,738	)		(280,455	)		1,341,725
Large Cap Value Fund		245,289		4,576			7,457		-			(10,307	)		-			(3,984	)		(3,619	)		(10,453	)		(5,877	)		239,412
Mid Cap Value Fund		3,256,746		282,509			17,565		23			(241,983	)		(22,576	)		(79,101	)		345,336			19,264			301,773			3,558,519
Neuberger Berman Advisors Management Trust
Mid-Cap Growth Portfolio		991,797		285,826			5,745		-			(24,358	)		(3,221	)		(18,803	)		(245,564	)		(286,201	)		(375	)		991,422
AMT Mid Cap Intrinsic Value Portfolio		347,181		(78,642	)		2,499		-			(424	)		-			(3,026	)		(145,173	)		(146,124	)		(224,766	)		122,415
BNY Mellon Variable Investment Fund
Appreciation Portfolio		357,379		56,923			402		-			(44,384	)		-			(15,175	)		(22,223	)		(81,380	)		(24,457	)		332,922
International Value Portfolio		12,552		(2,146	)		-		-			-			-			(2,914	)		(7,492	)		(10,406	)		(12,552	)		-
Sustainable U.S. Equity Portfolio		55,040		827			450		-			(18,694	)		-			(1,984	)		(6,877	)		(27,105	)		(26,278	)		28,762
Invesco Van Kampen Variable Insurance Fund
Growth and Income Portfolio		591,115		(15,841	)		63		-			(40,688	)		(1,385	)		(16,772	)		(11,280	)		(70,062	)		(85,903	)		505,212
Value Opportunities Fund		25,814		527			-		-			-			-			(510	)		(6	)		(516	)		11			25,825
American Value Fund		157,644		(10,279	)		-		-			(12,476	)		-			(11,355	)		(3,285	)		(27,116	)		(37,395	)		120,249
Morgan Stanley Variable Institutional Funds
Emerging Markets Debt Portfolio		63,483		(748	)		-		-			(23,126	)		-			(3,713	)		(795	)		(27,634	)		(28,382	)		35,101
Emerging Markets Equity Portfolio		209,484		21,109			188		-			(12,979	)		-			(11,388	)		17,495			(6,684	)		14,425			223,909
Discovery Portfolio		82,756		117,265			-		-			-			-			(6,673	)		(1,235	)		(7,908	)		109,357			192,113
U.S. Real Estate Portfolio		121,382		(23,000	)		229		-			(4,208	)		(4,155	)		(1,372	)		(14,631	)		(24,137	)		(47,137	)		74,245

The accompanying notes are an integral part of these financial statements

26

Midland National Life Insurance Company

Separate Account C

Statements of Changes in Net Assets

Year Ended December 31, 2020

	Net Assets Beginning   of Year (a)		Net Increase (Decrease) in Net Assets Resulting   from Operations (b)			Net   Premiums (c)		Transfers of   Policy Loans (d)		Transfers of   Surrenders (e)			Transfers of   Death Benefits (f)			Transfers of Other   Terminations (g)			Interfund and Net Transfers (to) from   General Account (h)			Net Increase (Decrease) in Net Assets from   Capital Share Transactions   (i)=(c+d+e+f+g+h)			Total Increase   (Decrease) in Net Assets (j)=(b+i)			Net Assets   End of Year (k)=(a+j)
Northern Lights Variable Trust
Power Income Fund		819,116		(58,650	)		6,332		-		(48,027	)		(166	)		(8,651	)		(83,782	)		(134,294	)		(192,944	)		626,172
Power Dividend Index Fund		8,225,059		(561,325	)		35,663		-		(24,062	)		(6,962	)		(50,857	)		(6,697,526	)		(6,743,744	)		(7,305,069	)		919,990
AB Variable Products Series
Dynamic Asset Allocation Portfolio		3,039,410		133,459			151,436		-		(16,498	)		(5,251	)		(102,520	)		130,881			158,048			291,507			3,330,917
Small Cap Growth Portfolio		68,815		6,435			-		-		-			-			(2,412	)		(48,341	)		(50,753	)		(44,318	)		24,497
Small Mid Cap Value Portfolio		2,957,126		82,684			197,035		-		(121,537	)		(79,966	)		(51,065	)		(74,201	)		(129,734	)		(47,050	)		2,910,076
BlackRock Variable Series Fund, Inc.
Basic Value Fund		3,350,527		(104,956	)		398,345		-		(69,923	)		(533,079	)		(42,066	)		(257,539	)		(504,262	)		(609,218	)		2,741,309
Capital Appreciation Fund		920,991		355,238			5,878		-		(9,451	)		(39,460	)		(14,784	)		30,622			(27,195	)		328,043			1,249,034
Equity Dividend Fund		16,238,995		607,027			1,911,330		-		(419,525	)		(550,836	)		(509,699	)		2,531,071			2,962,341			3,569,368			19,808,363
Global Allocation Fund		14,718,867		2,704,640			1,392,564		-		(344,505	)		(1,097,836	)		(357,647	)		(496,964	)		(904,388	)		1,800,252			16,519,119
Advantage Large Cap Core Fund		675,815		53,180			35,508		-		(8,413	)		(66,531	)		(6,905	)		(168,145	)		(214,486	)		(161,306	)		514,509
Large Cap Focus Growth Fund		7,798,946		3,850,082			1,562,629		-		(215,386	)		(446,361	)		(152,559	)		706,007			1,454,330			5,304,412			13,103,358
60/40 Target Allocation ETF Fund		3,443,481		695,440			2,263,065		-		(392,057	)		(195,311	)		(52,036	)		222,551			1,846,212			2,541,652			5,985,133
Total Return Portfolio		1,101,828		86,543			300,084		-		-			-			(20,414	)		96,091			375,761			462,304			1,564,132
S&P 500 Portfolio		1,335,784		264,504			159,268		-		(11,348	)		-			(16,930	)		50,803			181,793			446,297			1,782,081
Columbia Variable Portfolio
Contrarian Core 2 Portfolio		3,895,613		803,722			661,062		-		(308,926	)		(229,232	)		(79,639	)		34,195			77,460			881,182			4,776,795
Dividend Opportunity Portfolio		4,140,119		(20,061	)		709,809		-		(53,795	)		(217,432	)		(106,702	)		(218,336	)		113,544			93,483			4,233,602
Emerging Markets Bond Portfolio		7,190,869		305,948			77,422		-		(175,198	)		(415,403	)		(229,650	)		(289,485	)		(1,032,314	)		(726,366	)		6,464,503
High Yield Portfolio		4,594,476		158,780			445,202		-		(108,948	)		(180,987	)		(167,198	)		126,082			114,151			272,931			4,867,407
Select Large-Cap Value Portfolio		1,362,084		(56,138	)		178,440		-		(42,497	)		(663,858	)		(7,824	)		(41,065	)		(576,804	)		(632,942	)		729,142
Seligman Global Tech Portfolio		2,505,080		1,572,469			1,640,126		-		(141,636	)		(160,903	)		(61,261	)		(264,551	)		1,011,775			2,584,244			5,089,324
US Government Mortgage Portfolio		690,202		42,216			1,420,587		-		(9,944	)		(105,059	)		(34,455	)		290,477			1,561,606			1,603,822			2,294,024
Strategic Income Portfolio		-		4,802			79,137		-		-			(4,462	)		(2,347	)		180,413			252,741			257,543			257,543
DWS Variable Insurance Portfolios
Equity 500 Index Portfolio		29,072,836		5,322,655			6,534,011		-		(170,562	)		(2,275,901	)		(548,702	)		(838,178	)		2,700,668			8,023,323			37,096,159
Small Cap Index Portfolio		5,275,493		1,031,332			854,110		-		(131,849	)		(139,941	)		(71,663	)		(416,757	)		93,900			1,125,232			6,400,725
Alternative Asset Allocation Portfolio		1,446,683		17,528			13,279		-		(160,345	)		(86,564	)		(39,766	)		(6,020	)		(279,416	)		(261,888	)		1,184,795
Global Small Cap Portfolio		411,529		58,554			30,004		-		(48,162	)		(14,724	)		(9,701	)		(69,516	)		(112,099	)		(53,545	)		357,984
Small Mid Cap Value Portfolio		5,248,149		(185,694	)		248,833		-		(95,752	)		(236,177	)		(122,740	)		121,147			(84,689	)		(270,383	)		4,977,766
CROCI US Portfolio		265,919		(43,259	)		-		-		(29,661	)		(37,925	)		(9,943	)		23,667			(53,862	)		(97,121	)		168,798
Eaton Vance Variable Trust
Floating Rate Income Portfolio		24,554,913		(324,114	)		1,341,768		-		(1,140,984	)		(1,045,629	)		(717,698	)		(5,468,453	)		(7,030,996	)		(7,355,110	)		17,199,803
Delaware Variable Insurance Portfolios
Total Return Portfolio		411,863		(8,387	)		-		-		-			(16,668	)		(11,073	)		(40,138	)		(67,879	)		(76,266	)		335,597
International Portfolio		1,408,252		36,743			12,155		-		(78,066	)		62			(12,897	)		(238,029	)		(316,775	)		(280,032	)		1,128,220
Opportunity Portfolio		11,982,424		931,740			166,798		-		(331,630	)		(679,778	)		(236,830	)		(384,722	)		(1,466,162	)		(534,422	)		11,448,002
Covered Call Strategy Portfolio		133,172		(4,593	)		-		-		(593	)		-			(971	)		(127,015	)		(128,579	)		(133,172	)		-
Franklin Templeton Variable Insurance Products Trust
Mutual Shares Fund		7,147,158		(461,055	)		312,032		-		(151,781	)		(380,040	)		(201,783	)		(10,834	)		(432,406	)		(893,461	)		6,253,697
Income Fund		23,159,363		(302,960	)		2,474,737		-		(655,314	)		(1,137,709	)		(941,549	)		(924,489	)		(1,184,324	)		(1,487,284	)		21,672,079

The accompanying notes are an integral part of these financial statements

27

Midland National Life Insurance Company

Separate Account C

Statements of Changes in Net Assets

Year Ended December 31, 2020

	Net Assets Beginning   of Year (a)		Net Increase (Decrease) in Net Assets Resulting   from Operations (b)			Net   Premiums (c)		Transfers of   Policy Loans (d)		Transfers of   Surrenders (e)			Transfers of   Death Benefits (f)			Transfers of Other   Terminations (g)			Interfund and Net Transfers (to) from   General Account (h)			Net Increase (Decrease) in Net Assets from   Capital Share Transactions   (i)=(c+d+e+f+g+h)			Total Increase   (Decrease) in Net Assets (j)=(b+i)			Net Assets   End of Year (k)=(a+j)
Global Bond Fund		31,244,957		(2,027,425	)		2,574,548		-		(612,318	)		(1,559,202	)		(896,989	)		486,994			(6,967	)		(2,034,392	)		29,210,565
Foreign Fund		37,432,029		(809,988	)		2,727,647		-		(809,104	)		(1,993,857	)		(987,328	)		833,405			(229,237	)		(1,039,225	)		36,392,804
Developing Markets Fund		3,721,215		457,228			141,367		-		(152,845	)		(190,847	)		(150,705	)		(286,509	)		(639,539	)		(182,311	)		3,538,904
Mutual Global Discovery Fund		7,050,017		(484,586	)		636,830		-		(120,632	)		(519,816	)		(122,053	)		(451,753	)		(577,424	)		(1,062,010	)		5,988,007
Rising Dividends Fund		21,134,814		2,690,813			1,947,156		-		(494,320	)		(2,166,662	)		(534,095	)		(1,111,296	)		(2,359,217	)		331,596			21,466,410
Ivy Variable Insurance Portfolios
Asset Strategy Portfolio		4,602,673		428,520			20,144		-		(446,831	)		(366,546	)		(150,434	)		(136,655	)		(1,080,322	)		(651,802	)		3,950,871
Balanced Portfolio		7,972,759		879,130			158,559		-		(395,932	)		(230,971	)		(350,002	)		(578,718	)		(1,397,064	)		(517,934	)		7,454,825
Global Equity Income Portfolio		1,212,070		17,654			4,654		-		(49,943	)		(126,539	)		(11,325	)		47,311			(135,842	)		(118,188	)		1,093,882
Energy Portfolio		1,459,571		(442,164	)		71,440		-		(37,045	)		(30,209	)		(17,561	)		(203,361	)		(216,736	)		(658,900	)		800,671
Global Bond Portfolio		1,093,855		42,275			111,854		-		(8,096	)		(240,321	)		(41,504	)		86,022			(92,045	)		(49,770	)		1,044,085
Natural Resources Portfolio		858,039		(105,373	)		83,149		-		(26,627	)		(53,483	)		(24,192	)		(92,582	)		(113,735	)		(219,108	)		638,931
Growth Portfolio		3,490,002		1,023,092			866,114		-		(82,329	)		(26,649	)		(46,377	)		(859,834	)		(149,075	)		874,017			4,364,019
High Income Portfolio		13,827,906		525,607			713,441		-		(310,461	)		(704,291	)		(374,443	)		381,848			(293,906	)		231,701			14,059,607
International Core Equity Portfolio		7,688,531		409,456			506,065		-		(299,097	)		(299,622	)		(128,026	)		(101,526	)		(322,206	)		87,250			7,775,781
Global Growth Portfolio		853,071		152,227			650		-		(4,653	)		-			(12,338	)		(76,310	)		(92,651	)		59,576			912,647
Mid Cap Growth Portfolio		7,345,062		3,713,789			1,926,609		-		(238,897	)		(398,018	)		(158,153	)		777,682			1,909,223			5,623,012			12,968,074
Science and Technology Portfolio		11,002,776		4,011,965			2,450,721		-		(327,300	)		(343,002	)		(267,401	)		(358,313	)		1,154,705			5,166,670			16,169,446
Small Cap Growth Portfolio		6,262,869		1,696,609			456,079		-		(156,156	)		(242,628	)		(123,280	)		(1,013,684	)		(1,079,669	)		616,940			6,879,809
Small Cap Core Portfolio		12,108,958		542,354			1,018,197		-		(355,651	)		(357,973	)		(220,520	)		(443,467	)		(359,414	)		182,940			12,291,898
Lazard Retirement Series, Inc.
International Equity Portfolio		1,066,624		86,052			83,323		-		(19,615	)		(37,409	)		(24,168	)		6,752			8,883			94,935			1,161,559
Global Dynamic Multi Asset Portfolio		1,423,630		3,159			4,045		-		(62,353	)		(91,280	)		(35,987	)		92,765			(92,810	)		(89,651	)		1,333,979
Legg Mason Partners Variable Equity Trust
Western Asset Variable Global High Yield Bond Portfolio		1,216,548		72,410			250,486		-		-			(46,481	)		(45,886	)		1,581			159,700			232,110			1,448,658
ClearBridge Variable Mid Cap Portfolio		8,962,113		1,302,358			1,144,512		-		(150,306	)		(407,093	)		(211,186	)		(304,800	)		71,127			1,373,485			10,335,598
ClearBridge Variable Dividend Strategy Portfolio		22,541,018		1,012,705			3,581,203		-		(667,929	)		(258,365	)		(1,371,287	)		5,212,356			6,495,978			7,508,683			30,049,701
ClearBridge Variable Small Cap Growth Portfolio		4,103,400		1,485,182			625,039		-		(142,604	)		(55,704	)		(131,896	)		(687,930	)		(393,095	)		1,092,087			5,195,487
ClearBridge Variable Aggressive Growth Portfolio		1,094,690		121,357			500		-		(8,139	)		(12,005	)		(13,498	)		(194,163	)		(227,305	)		(105,948	)		988,742
Western Asset Variable Core Bond Plus Portfolio		68,641,263		4,882,218			11,887,691		-		(1,179,446	)		(3,682,934	)		(2,365,943	)		(4,593,312	)		66,056			4,948,274			73,589,537
ClearBridge Variable Large Cap Growth Portfolio		14,416,052		4,325,543			3,297,775		-		(295,529	)		(854,202	)		(398,457	)		(1,390,580	)		359,007			4,684,550			19,100,602
QS Legg Mason Partners Variable Income Trust
Dynamic Multi Strategy Portfolio		430,218		(40,803	)		3,218		-		(2,509	)		-			(7,546	)		23,303			16,466			(24,337	)		405,881
Pioneer Variable Contracts Trust
Fund Portfolio		688,984		152,498			24		-		-			(29,050	)		(1,885	)		10,716			(20,195	)		132,303			821,287
Bond Portfolio		46,394,735		3,139,874			6,222,746		-		(1,062,031	)		(2,946,989	)		(1,458,799	)		(448,495	)		306,432			3,446,306			49,841,041
Strategic Income Portfolio		13,237,496		743,484			1,328,282		-		(225,112	)		(736,793	)		(418,767	)		(253,389	)		(305,779	)		437,705			13,675,201
Equity Income Portfolio		13,842,968		(372,451	)		731,983		-		(300,167	)		(578,431	)		(306,267	)		(357,847	)		(810,729	)		(1,183,180	)		12,659,788
High Yield Portfolio		1,231,954		(12,569	)		4,959		-		(1,931	)		(140,111	)		(31,173	)		(17,250	)		(185,506	)		(198,075	)		1,033,879
Prudential Series Funds
Jennison 20/20 Focus Portfolio		395,034		109,542			5		-		-			-			(5,085	)		(14,016	)		(19,096	)		90,446			485,480
Natural Resources Portfolio		890,071		52,726			19,402		-		(14,944	)		(9,912	)		(23,952	)		(349,137	)		(378,543	)		(325,817	)		564,254
SP Prudential US Emerging Growth Portfolio		370,390		109,618			9,030		-		(24,589	)		(128,610	)		(5,817	)		(59,381	)		(209,367	)		(99,749	)		270,641
Royce Capital Fund
Micro-Cap Portfolio		473,354		54,714			1,296		-		(2,603	)		(37,079	)		(2,806	)		(99,739	)		(140,931	)		(86,217	)		387,137
Small Cap Portfolio		8,893,239		(702,854	)		228,300		-		(222,381	)		(440,007	)		(242,310	)		377,364			(299,034	)		(1,001,888	)		7,891,351
Alps Fund
Alerian Energy Infrastructure Portfolio		1,759,551		(405,339	)		170,405		-		(37,453	)		(114,460	)		(29,014	)		260,958			250,436			(154,903	)		1,604,648
Red Rocks Global Opportunity Portfolio		1,583,062		121,103			67,287		-		(62,127	)		(27,424	)		(43,645	)		59,375			(6,534	)		114,569			1,697,631

The accompanying notes are an integral part of these financial statements

28

Midland National Life Insurance Company

Separate Account C

Statements of Changes in Net Assets

Year Ended December 31, 2020

	Net Assets Beginning   of Year (a)		Net Increase (Decrease) in Net Assets Resulting   from Operations (b)			Net   Premiums (c)		Transfers of   Policy Loans (d)		Transfers of   Surrenders (e)			Transfers of   Death Benefits (f)			Transfers of Other   Terminations (g)			Interfund and Net Transfers (to) from   General Account (h)			Net Increase (Decrease) in Net Assets from   Capital Share Transactions   (i)=(c+d+e+f+g+h)			Total Increase   (Decrease) in Net Assets (j)=(b+i)			Net Assets   End of Year (k)=(a+j)
American Funds IS
Asset Allocation Fund		67,128,532		8,669,887			19,016,521		-		(1,243,228	)		(4,032,756	)		(1,754,629	)		786,404			12,772,312			21,442,199			88,570,731
Blue Chip Income and Growth Fund		33,582,903		2,312,692			4,396,609		-		(534,363	)		(1,553,146	)		(838,930	)		(1,340,820	)		129,350			2,442,042			36,024,945
Ultra-Short Bond Fund		11,045,280		(344,748	)		6,967,361		-		(5,388,248	)		(3,565,077	)		(1,308,534	)		15,295,509			12,001,011			11,656,263			22,701,543
Capital Income Builder Fund		17,233,347		406,381			1,038,214		-		(563,788	)		(1,136,299	)		(353,967	)		99,782			(916,058	)		(509,677	)		16,723,670
Global Growth Fund		11,989,570		3,791,289			3,905,661		-		(196,868	)		(971,442	)		(244,921	)		609,446			3,101,876			6,893,165			18,882,735
Global Growth and Income Fund		11,434,351		1,195,624			1,492,863		-		(80,811	)		(642,713	)		(228,144	)		1,738,461			2,279,656			3,475,280			14,909,631
Global Small Capitalization Fund		4,652,407		1,197,908			686,321		-		(36,133	)		(193,884	)		(68,567	)		(385,214	)		2,523			1,200,431			5,852,838
Growth Fund		29,881,613		15,256,879			4,765,550		-		(831,398	)		(2,097,390	)		(651,586	)		(1,503,887	)		(318,711	)		14,938,168			44,819,781
Growth-Income Fund		36,495,223		4,557,868			6,205,871		-		(1,082,561	)		(2,785,802	)		(815,246	)		(580,768	)		941,494			5,499,362			41,994,585
International Fund		7,796,962		965,111			916,902		-		(144,253	)		(339,357	)		(182,849	)		(295,014	)		(44,571	)		920,540			8,717,502
International Growth and Income Fund		6,885,708		295,049			999,219		-		(192,677	)		(284,051	)		(147,065	)		(106,380	)		269,046			564,095			7,449,803
New World Fund		30,590,094		6,551,487			4,259,333		-		(606,454	)		(1,475,457	)		(706,668	)		(2,101,177	)		(630,423	)		5,921,064			36,511,158
U.S. Government/AAA-Rated Securities Fund		14,512,239		1,405,887			12,953,919		-		(716,770	)		(1,439,726	)		(342,607	)		8,485,129			18,939,945			20,345,832			34,858,071
Invesco Oppenheimer
Total Return Bond Fund		2,497,124		209,618			478,807		-		(5,847	)		(111,544	)		(125,695	)		994,040			1,229,761			1,439,379			3,936,503
Discovery Mid Cap Growth Fund		2,537,512		1,092,615			760,531		-		(29,317	)		(51,390	)		(43,214	)		(305,010	)		331,600			1,424,215			3,961,727
Global Fund		5,016,048		1,182,976			459,984		-		(77,687	)		(413,050	)		(101,480	)		(250,765	)		(382,998	)		799,978			5,816,026
International Growth Fund		11,452,452		2,609,731			3,180,235		-		(141,168	)		(588,491	)		(252,653	)		(599,088	)		1,598,835			4,208,566			15,661,018
Main Street Fund		9,695,219		794,199			703,665		-		(171,084	)		(132,896	)		(173,858	)		(1,410,214	)		(1,184,387	)		(390,188	)		9,305,031
Main Street Small Cap Fund		4,988,917		730,450			512,430		-		(133,062	)		(390,304	)		(84,672	)		(324,414	)		(420,022	)		310,428			5,299,345
T. Rowe Price
Blue Chip Growth Portfolio		41,710,940		13,278,320			8,619,836		-		(786,361	)		(2,468,928	)		(962,508	)		(3,711,900	)		690,139			13,968,459			55,679,399
Health Sciences Portfolio		15,981,066		5,047,784			4,409,750		-		(261,805	)		(565,756	)		(454,784	)		(283,640	)		2,843,765			7,891,549			23,872,615
John Hancock Variable Insurance Trust
Financial Industries Portfolio		500,705		63,404			225,990		-		(2,541	)		(2,044	)		(6,519	)		(993	)		213,893			277,297			778,002
Fundamental All Cap Core Portfolio		77,274		19,642			-		-		-			-			-			(443	)		(443	)		19,199			96,473
Select Bond Portfolio		159,157		13,805			21,040		-		(52,318	)		(13,578	)		(17,959	)		206,974			144,159			157,964			317,121
Strategic Income Opportunities Portfolio		282,324		35,288			84,160		-		-			-			(15,196	)		60,064			129,028			164,316			446,640
Federated Hermes
High Income Bond Portfolio		346,785		24,199			183,257		-		-			(72,945	)		(7,074	)		(52,028	)		51,210			75,409			422,194
Kaufmann Portfolio		740,188		627,663			1,455,255		-		(10,898	)		-			(21,647	)		1,289,927			2,712,637			3,340,300			4,080,488
Managed Volatility Portfolio		25,983		4,271			38,001		-		-			-			(594	)		1,133			38,540			42,811			68,794

The accompanying notes are an integral part of these financial statements

29

Midland National Life Insurance Company

Separate Account C

Statements of Changes in Net Assets

Year Ended December 31, 2019

	Net Assets Beginning   of Year (a)		Net Increase (Decrease) in Net Assets Resulting   from Operations (b)		Net   Premiums (c)		Transfers of   Policy Loans (d)			Transfers of   Surrenders (e)			Transfers of   Death Benefits (f)			Transfers of Other   Terminations (g)			Interfund and Net Transfers (to) from   General Account (h)			Net Increase (Decrease) in Net Assets from   Capital Share Transactions   (i)=(c+d+e+f+g+h)			Total Increase   (Decrease) in Net Assets (j)=(b+i)			Net Assets   End of Year (k)=(a+j)
Fidelity Variable Insurance Products
Government Money Market Portfolio	$	11,296,135	$	47,037	$	92,107	$	(558	)	$	(870,372	)	$	(108,952	)	$	(300,772	)	$	(3,764,908	)	$	(4,953,455	)	$	(4,906,418	)	$	6,389,717
High Income Portfolio		4,109,077		904,186		1,516,557		(886	)		(316,988	)		(1,001,555	)		(327,879	)		7,177,175			7,046,424			7,950,610			12,059,687
Equity-Income Portfolio		6,570,148		1,605,583		300,652		(65	)		(844,201	)		(61,934	)		(175,289	)		(228,028	)		(1,008,865	)		596,718			7,166,866
Growth Portfolio		6,756,009		1,994,019		177,410		(232	)		(801,289	)		(60,256	)		(371,555	)		35,013			(1,020,909	)		973,110			7,729,119
Overseas Portfolio		5,760,737		1,425,246		96,203		(1,210	)		(614,125	)		(64,104	)		(242,992	)		205,619			(620,609	)		804,637			6,565,374
Mid Cap Portfolio		12,880,026		2,753,533		1,450,432		(6,718	)		(626,403	)		(555,372	)		(363,876	)		(288,576	)		(390,513	)		2,363,020			15,243,046
Asset Manager Portfolio		988,568		163,952		286		(55	)		(44,464	)		(6,291	)		(18,204	)		100,917			32,189			196,141			1,184,709
Investment Grade Bond Portfolio		3,319,039		268,371		30,831		278			(383,822	)		(16,539	)		(123,577	)		323,889			(168,940	)		99,431			3,418,470
Index 500 Portfolio		15,222,800		4,570,088		4,286,048		(2,960	)		(1,658,256	)		(180,712	)		(416,957	)		(269,047	)		1,758,116			6,328,204			21,551,004
Contrafund Portfolio		26,061,685		7,603,396		4,188,399		(8,500	)		(1,298,974	)		(674,588	)		(930,904	)		(1,080,950	)		194,483			7,797,879			33,859,564
Asset Manager: Growth Portfolio		692,215		139,551		23,876		(471	)		(35,162	)		-			(46,319	)		24,328			(33,748	)		105,803			798,018
Balanced Portfolio		2,415,987		544,284		17,729		(90	)		(197,482	)		(42,982	)		(97,761	)		354,946			34,360			578,644			2,994,631
Growth & Income Portfolio		1,369,397		416,068		22,748		(244	)		(60,484	)		(42,572	)		(45,948	)		7,506			(118,994	)		297,074			1,666,471
Growth Opportunities Portfolio		2,202,365		1,026,432		1,370,171		-			(735,611	)		(16,875	)		(73,544	)		1,121,830			1,665,971			2,692,403			4,894,768
Value Strategies Portfolio		3,481,341		1,117,073		475,161		(27	)		(79,061	)		(228,265	)		(86,810	)		(467,348	)		(386,350	)		730,723			4,212,064
Strategic Income Portfolio		9,340,409		883,435		2,118,504		-			(498,181	)		(468,001	)		(399,836	)		914,100			1,666,586			2,550,021			11,890,430
Emerging Markets Portfolio		3,145,115		867,411		527,790		-			(130,077	)		(56,441	)		(132,675	)		(135,470	)		73,127			940,538			4,085,653
Real Estate Portfolio		13,743,142		2,997,518		3,604,600		-			(580,427	)		(672,948	)		(532,239	)		648,297			2,467,283			5,464,801			19,207,943
Funds Manager 50% Portfolio		3,305,990		616,378		1,886,565		-			(28,214	)		-			(105,139	)		(144,030	)		1,609,182			2,225,560			5,531,550
Funds Manager 70% Portfolio		2,187,534		505,912		704,309		-			(6,693	)		(84,411	)		(70,102	)		(21,005	)		522,098			1,028,010			3,215,544
Funds Manager 85% Portfolio		881,870		200,203		254,803		-			(350,600	)		-			(46,834	)		17,838			(124,793	)		75,410			957,280
Government Money Market Portfolio Service Class 2		2,550,426		15,416		103,232		-			(260,531	)		(536,771	)		(179,605	)		2,090,184			1,216,509			1,231,925			3,782,351
American Century Variable
Portfolios, Inc.
Balanced Fund		1,243,684		223,286		359,218		(23	)		(99,799	)		(64,066	)		(37,197	)		5,574			163,707			386,993			1,630,677
Capital Appreciation Fund		1,560,985		554,041		11,534		475			(71,680	)		(6,233	)		(26,341	)		314,002			221,757			775,798			2,336,783
International Fund		2,900,218		744,711		20,846		(4,373	)		(277,746	)		(88,302	)		(121,477	)		478,768			7,716			752,427			3,652,645
Value Fund		49,039,862		12,659,252		8,849,608		(4,040	)		(2,404,823	)		(2,574,519	)		(1,491,383	)		(236,545	)		2,138,298			14,797,550			63,837,412
Disciplined Core Value Fund		1,478,926		305,139		286,700		510			(199,479	)		(19,205	)		(51,163	)		(14,431	)		2,932			308,071			1,786,997
Inflation Protection Fund		5,679,743		406,676		602,025		(214	)		(570,441	)		(200,079	)		(251,604	)		(195,724	)		(616,037	)		(209,361	)		5,470,382
Large Company Value Fund		431,595		124,055		5,502		-			(13,823	)		(23,831	)		(28,445	)		86,909			26,312			150,367			581,962
Mid Cap Value Fund		20,178,339		5,765,154		5,900,733		387			(1,122,668	)		(593,643	)		(978,216	)		(159,648	)		3,046,945			8,812,099			28,990,438
Ultra Fund		4,360,242		1,258,106		358,216		-			(312,483	)		(79,212	)		(194,225	)		(543,506	)		(771,210	)		486,896			4,847,138
MFS Variable Insurance Trust
Research Series		544,784		149,489		491		-			(4,597	)		-			(13,318	)		(152,506	)		(169,930	)		(20,441	)		524,343
Growth Series		1,590,189		618,713		14,776		382			(192,372	)		(2,604	)		(26,478	)		274,949			68,653			687,366			2,277,555
Investors Trust Series		247,965		72,148		4,930		631			(2,851	)		(3,689	)		(14,284	)		8,119			(7,144	)		65,004			312,969
New Discovery Series		3,381,752		1,446,431		1,122,084		291			(197,659	)		(124,802	)		(129,331	)		269,798			940,381			2,386,812			5,768,564
Corporate Bond Portfolio		3,009,012		381,275		1,044,254		-			(147,437	)		(34,398	)		(148,971	)		(106,781	)		606,667			987,942			3,996,954
Emerging Markets Equity Portfolio		2,677,402		560,903		1,117,841		-			(96,554	)		(110,942	)		(52,072	)		(129,083	)		729,190			1,290,093			3,967,495
Technology Portfolio		3,062,555		1,088,325		827,453		-			(170,084	)		(54,488	)		(153,533	)		(63,826	)		385,522			1,473,847			4,536,402
Global Tactical Allocation Portfolio		1,019,727		135,123		102,521		-			(35,302	)		(21,834	)		(45,417	)		207,904			207,872			342,995			1,362,722
International Intrinsic Value Portfolio		11,345,060		2,772,095		2,544,044		-			(446,210	)		(328,216	)		(415,716	)		(592,458	)		761,444			3,533,539			14,878,599
Utilities Series Portfolio		8,005,693		1,960,969		1,744,015		-			(255,083	)		(226,289	)		(297,136	)		89,847			1,055,354			3,016,323			11,022,016
Blended Research Core Equity Portfolio		2,091,274		510,041		194,734		-			(14,539	)		(139,484	)		(21,543	)		(798,188	)		(779,020	)		(268,979	)		1,822,295
Global Real Estate Portfolio		-		9,896		240,595		-			-			-			(1,497	)		88,184			327,282			337,178			337,178

The accompanying notes are an integral part of these financial statements

30

Midland National Life Insurance Company

Separate Account C

Statements of Changes in Net Assets

Year Ended December 31, 2019

	Net Assets Beginning   of Year (a)		Net Increase (Decrease) in Net Assets Resulting   from Operations (b)			Net   Premiums (c)		Transfers of   Policy Loans (d)			Transfers of   Surrenders (e)			Transfers of   Death Benefits (f)			Transfers of Other   Terminations (g)			Interfund and Net Transfers (to) from   General Account (h)			Net Increase (Decrease) in Net Assets from   Capital Share Transactions   (i)=(c+d+e+f+g+h)			Total Increase   (Decrease) in Net Assets (j)=(b+i)			Net Assets   End of Year (k)=(a+j)
Lord Abbett Series Fund, Inc.
Growth & Income Portfolio		1,418,592		291,932			50,482		-			(58,355	)		(15,517	)		(38,919	)		4,197			(58,112	)		233,820			1,652,412
Mid-Cap Stock Portfolio		2,017,140		402,397			37,714		(1,020	)		(165,649	)		(45,961	)		(80,339	)		(96,623	)		(351,878	)		50,519			2,067,659
International Opportunities Portfolio		5,854,396		650,258			23,734		122			(322,007	)		(117,948	)		(120,595	)		(5,967,960	)		(6,504,654	)		(5,854,396	)		-
Bond-Debenture Portfolio		17,841,186		2,194,244			3,657,965		-			(981,992	)		(515,118	)		(656,661	)		1,472,979			2,977,173			5,171,417			23,012,603
Fundamental Equity Portfolio		1,512,416		295,932			61,915		-			(28,536	)		(42,674	)		(62,327	)		20,795			(50,827	)		245,105			1,757,521
Developing Growth Portfolio		2,539,423		603,700			552,517		-			(14,409	)		(130,628	)		(68,151	)		(530,690	)		(191,361	)		412,339			2,951,762
Short Duration Income Portfolio		16,864,578		579,200			6,133,460		-			(1,700,243	)		(889,050	)		(895,259	)		(564,729	)		2,084,179			2,663,379			19,527,957
Alger Fund
LargeCap Growth Portfolio		5,649,133		1,360,000			42,789		(2,163	)		(687,854	)		(78,759	)		(170,248	)		(486,599	)		(1,382,834	)		(22,834	)		5,626,299
MidCap Growth Portfolio		3,315,112		954,979			40,023		(506	)		(279,943	)		(43,401	)		(129,396	)		544,407			131,184			1,086,163			4,401,275
Capital Appreciation Portfolio		3,107,490		924,610			41,060		-			(425,734	)		(2,561	)		(53,055	)		(72,589	)		(512,879	)		411,731			3,519,221
SmallCap Growth Portfolio		640,494		174,362			1,203		421			(44,561	)		-			(5,503	)		(41,346	)		(89,786	)		84,576			725,070
Capital Appreciation Portfolio Class S		35,116,472		10,740,212			3,194,333		-			(1,536,309	)		(1,878,558	)		(1,231,912	)		(1,661,975	)		(3,114,421	)		7,625,791			42,742,263
Calvert Variable Series, Inc.
Mid Cap Growth Portfolio		1,951,529		596,895			132,200		291			(18,648	)		(978	)		(65,460	)		169,951			217,356			814,251			2,765,780
S&P 500 Index Portfolio		1,335,229		356,153			9,860		-			(174,315	)		(15,560	)		(42,618	)		(24,355	)		(246,988	)		109,165			1,444,394
SRI Balanced Portfolio		256,115		83,273			315,576		-			-			-			(6,490	)		320,831			629,917			713,190			969,305
Invesco Variable Insurance Funds
Technology Fund		887,568		303,096			13,495		198			(35,594	)		(8,433	)		(17,636	)		55,539			7,569			310,665			1,198,233
Managed Volatility Fund		856,720		138,779			8,139		-			(17,248	)		(21,241	)		(19,077	)		(60,051	)		(109,478	)		29,301			886,021
Diversified Dividend Fund		716,583		168,467			6,291		(25	)		(68,513	)		-			(19,323	)		1,160			(80,410	)		88,057			804,640
Health Care Fund		1,474,378		424,541			11,322		(30	)		(154,979	)		(16,003	)		(31,183	)		(13,049	)		(203,922	)		220,619			1,694,997
Global Real Estate Fund		168,990		40,853			202		-			(18,577	)		(33,644	)		(18,534	)		132,021			61,468			102,321			271,311
International Growth Fund		153,261		40,668			-		-			(18,059	)		(6,522	)		(28,334	)		172,821			119,906			160,574			313,835
Mid Cap Core Equity Fund		220,938		50,712			848		-			(10,889	)		(5,463	)		(18,602	)		57,894			23,788			74,500			295,438
J.P. Morgan Series Trust II
Core Bond Portfolio		3,189,953		160,387			23,337		(1,146	)		(417,373	)		(79,643	)		(96,319	)		(700,194	)		(1,271,338	)		(1,110,951	)		2,079,002
Small Cap Core Portfolio		1,781,995		406,518			20,144		(55	)		(160,002	)		(8,694	)		(62,613	)		209,970			(1,250	)		405,268			2,187,263
Rydex Variable Trust
Nova Fund		701,253		274,083			6,368		291			(38,576	)		(9,919	)		(5,543	)		(80,729	)		(128,108	)		145,975			847,228
NASDAQ-100 Fund		1,057,358		337,938			7,709		-			(53,347	)		(11,499	)		(13,234	)		15,952			(54,419	)		283,519			1,340,877
U.S. Government Money Market Fund		445,354		(999	)		1		-			(56,614	)		(22,372	)		(22,955	)		(218,384	)		(320,324	)		(321,323	)		124,031
Inverse S&P 500 Strategy Fund		57,051		(13,446	)		60		-			-			(201	)		(1,074	)		(732	)		(1,947	)		(15,393	)		41,658
Inverse NASDAQ-100 Strategy Fund		49,606		(14,523	)		5,133		-			-			(6,295	)		(206	)		2,072			704			(13,819	)		35,787
Inverse Government Long Bond Strategy Fund		36,479		(4,088	)		-		-			-			-			(290	)		(20,903	)		(21,193	)		(25,281	)		11,198
Government Long Bond 1.2x Strategy		155,464		58,494			49		-			(35,352	)		(3,871	)		(13,565	)		(36,550	)		(89,289	)		(30,795	)		124,669
NASDAQ-100 2x Strategy Fund		-		-			-		-			-			-			-			-			-			-			-
Inverse Dow 2x Strategy Fund		-		-			-		-			-			-			-			-			-			-			-
Rydex Variable Insurance Funds
Biotechnology Fund		5,377,373		1,187,872			207,681		-			(191,220	)		(119,046	)		(233,674	)		(170,429	)		(506,688	)		681,184			6,058,557
S&P 500 Pure Growth Fund		3,449,466		854,677			527,095		-			(99,581	)		(274,077	)		(98,600	)		(68,464	)		(13,627	)		841,050			4,290,516
S&P MidCap 400 Pure Growth Fund		1,402,480		195,111			24,660		-			(23,733	)		(9,247	)		(31,168	)		27,305			(12,183	)		182,928			1,585,408
Guggenheim Variable Insurance Funds
Long Short Equity Fund		617,103		31,467			164,239		421			(6,171	)		(8,329	)		(17,608	)		44,154			176,706			208,173			825,276
Multi-Hedge Strategies Fund		2,257,538		78,733			87,797		-			(87,013	)		(249,289	)		(81,341	)		(1,252	)		(331,098	)		(252,365	)		2,005,173
Global Managed Futures Strategy Fund		392,483		6,613			5,891		-			(2,641	)		(11,762	)		(25,275	)		1,917			(31,870	)		(25,257	)		367,226
Small Cap Value Fund		2,355,101		485,028			246,086		-			(89,132	)		(21,476	)		(105,162	)		(122,720	)		(92,404	)		392,624			2,747,725

The accompanying notes are an integral part of these financial statements

31

Midland National Life Insurance Company

Separate Account C

Statements of Changes in Net Assets

Year Ended December 31, 2019

	Net Assets Beginning   of Year (a)		Net Increase (Decrease) in Net Assets Resulting   from Operations (b)			Net   Premiums (c)		Transfers of   Policy Loans (d)		Transfers of   Surrenders (e)			Transfers of   Death Benefits (f)			Transfers of Other   Terminations (g)			Interfund and Net Transfers (to) from   General Account (h)			Net Increase (Decrease) in Net Assets from   Capital Share Transactions   (i)=(c+d+e+f+g+h)			Total Increase   (Decrease) in Net Assets (j)=(b+i)			Net Assets   End of Year (k)=(a+j)
ProFunds VP
Access VP High Yield Fund		258,731		19,566			41		-		(11,952	)		(18,320	)		(10,710	)		(92,069	)		(133,010	)		(113,444	)		145,287
Asia 30		60,652		8,504			-		-		(997	)		(2,071	)		(2,743	)		6,502			691			9,195			69,847
Banks		43,616		13,610			1		-		-			(2,926	)		(2,278	)		363			(4,840	)		8,770			52,386
Basic Materials		42,888		5,150			2		-		(11,266	)		(9,970	)		(1,836	)		1			(23,069	)		(17,919	)		24,969
Bear		87,088		(20,400	)		198		-		(9,081	)		(3,377	)		(1,916	)		2,027			(12,149	)		(32,549	)		54,539
Biotechnology		321,578		36,514			454		-		(36,264	)		(17,262	)		(16,031	)		30,080			(39,023	)		(2,509	)		319,069
Bull		687,801		218,722			1,298		-		(51,168	)		(34,205	)		(69,003	)		571,107			418,029			636,751			1,324,552
Consumer Goods		76,661		24,387			487		-		(6,548	)		-			(8,244	)		57,771			43,466			67,853			144,514
Consumer Services		123,818		28,477			27		-		(32,625	)		(1,767	)		(10,570	)		7,684			(37,251	)		(8,774	)		115,044
Dow 30		151,386		25,401			-		-		-			-			(6,750	)		(30,037	)		(36,787	)		(11,386	)		140,000
Emerging Markets		71,589		11,944			-		-		(9,142	)		-			(5,465	)		(7,984	)		(22,591	)		(10,647	)		60,942
Europe 30		70,156		9,990			2		-		(11,157	)		-			(3,702	)		(1	)		(14,858	)		(4,868	)		65,288
Falling U.S. Dollar		32,846		(1,387	)		1		-		-			-			(2,781	)		(1	)		(2,781	)		(4,168	)		28,678
Financials		49,249		11,352			-		-		(2,379	)		-			(2,265	)		17,078			12,434			23,786			73,035
Health Care		490,365		54,291			30		-		(16,246	)		(109,338	)		(18,234	)		(90,340	)		(234,128	)		(179,837	)		310,528
Industrials		110,012		32,060			106		-		(5,371	)		(13,950	)		(8,084	)		72,920			45,621			77,681			187,693
International		44,929		7,148			-		-		-			-			(6,686	)		(1	)		(6,687	)		461			45,390
Internet		385,249		62,002			444		-		(31,313	)		(73,445	)		(11,137	)		(63,728	)		(179,179	)		(117,177	)		268,072
Japan		47,826		7,628			-		-		(2,096	)		(12,496	)		(645	)		(1,366	)		(16,603	)		(8,975	)		38,851
Large-Cap Growth		740,051		178,070			585		-		(31,079	)		-			(43,245	)		24,293			(49,446	)		128,624			868,675
Large-Cap Value		439,372		100,073			482		-		(10,197	)		-			(18,483	)		58,943			30,745			130,818			570,190
Mid-Cap		2,630,056		275,135			1,604		-		(74,578	)		-			(92,896	)		238,306			72,436			347,571			2,977,627
Mid-Cap Growth		276,021		56,287			5		-		(17,853	)		(2,820	)		(29,168	)		15,338			(34,498	)		21,789			297,810
Mid-Cap Value		114,532		21,273			-		-		(19,058	)		(5,699	)		(8,933	)		(2,481	)		(36,171	)		(14,898	)		99,634
Government Money Market		5,522,693		(60,519	)		4,649		-		(280,641	)		(527,026	)		(374,001	)		(1,372,828	)		(2,549,847	)		(2,610,366	)		2,912,327
Oil & Gas		410,449		18,401			1		-		(3,471	)		(37,299	)		(20,091	)		(84,793	)		(145,653	)		(127,252	)		283,197
NASDAQ-100		685,118		211,033			446		-		(65,111	)		(34,877	)		(49,503	)		(61,726	)		(210,771	)		262			685,380
Pharmaceuticals		112,035		12,095			456		-		-			(38,819	)		(6,593	)		4,434			(40,522	)		(28,427	)		83,608
Precious Metals		580,199		248,250			202		-		(25,889	)		(87,906	)		(41,397	)		52,472			(102,518	)		145,732			725,931
Real Estate		233,780		55,243			-		-		(3,777	)		(5,907	)		(12,680	)		(16,338	)		(38,702	)		16,541			250,321
Rising Rates Opportunity		106,509		(10,413	)		-		-		(704	)		(2,793	)		(4,095	)		(52,406	)		(59,998	)		(70,411	)		36,098
Semiconductor		33,289		24,947			1		-		-			-			(5,274	)		59,807			54,534			79,481			112,770
Short Dow 30		3,664		(775	)		-		-		-			-			(66	)		(2	)		(68	)		(843	)		2,821
Short Emerging Markets		-		-			-		-		-			-			-			-			-			-			-
Short International		19,689		(3,198	)		1		-		(6,040	)		(2,854	)		(47	)		62			(8,878	)		(12,076	)		7,613
Short Mid-Cap		3,990		(1,022	)		-		-		-			-			(63	)		102			39			(983	)		3,007
Short NASDAQ-100		405		(121	)		-		-		-			-			(42	)		1			(41	)		(162	)		243
Short Small-Cap		20,735		(3,911	)		-		-		(7,513	)		(3,585	)		(118	)		107			(11,109	)		(15,020	)		5,715
Small-Cap		209,307		42,382			1		-		(51,096	)		(2,695	)		(22,826	)		109,159			32,543			74,925			284,232
Small-Cap Growth		257,385		39,533			25		-		(18,582	)		(9,392	)		(15,432	)		(32,327	)		(75,708	)		(36,175	)		221,210
Small-Cap Value		86,612		16,387			31		-		-			-			(6,117	)		306			(5,780	)		10,607			97,219
Technology		152,767		76,703			139		-		(6,493	)		(3,512	)		(13,663	)		115,467			91,938			168,641			321,408
Telecommunications		13,550		1,763			2		-		-			(4,735	)		(5,938	)		364			(10,307	)		(8,544	)		5,006
U.S. Government Plus		257,704		18,751			199		-		(2,110	)		(30,229	)		(9,719	)		(87,523	)		(129,382	)		(110,631	)		147,073
UltraBull		466,571		241,316			485		-		(45,128	)		(54,136	)		(9,715	)		(5,644	)		(114,138	)		127,178			593,749
UltraMid-Cap		610,133		259,876			-		-		(26,876	)		(1,360	)		(16,872	)		(412,165	)		(457,273	)		(197,397	)		412,736
UltraNASDAQ-100		346,340		224,017			-		-		(69,358	)		(87,511	)		(14,487	)		67,109			(104,247	)		119,770			466,110
UltraShort Dow 30		3,200		(6,934	)		1		-		-			-			-			5,623			5,624			(1,310	)		1,890
UltraShort NASDAQ-100		4,703		2,617			-		-		-			-			-			(5,108	)		(5,108	)		(2,491	)		2,212
UltraSmall-Cap		137,118		69,545			486		-		(12,128	)		(42,712	)		(1,105	)		(11,205	)		(66,664	)		2,881			139,999
Utilities		78,896		21,753			1,097		-		(4,481	)		(8,402	)		(19,694	)		17,988			(13,492	)		8,261			87,157

The accompanying notes are an integral part of these financial statements

32

Midland National Life Insurance Company

Separate Account C

Statements of Changes in Net Assets

Year Ended December 31, 2019

	Net Assets Beginning   of Year (a)		Net Increase (Decrease) in Net Assets Resulting   from Operations (b)			Net   Premiums (c)		Transfers of   Policy Loans (d)			Transfers of   Surrenders (e)			Transfers of   Death Benefits (f)			Transfers of Other   Terminations (g)			Interfund and Net Transfers (to) from   General Account (h)			Net Increase (Decrease) in Net Assets from   Capital Share Transactions   (i)=(c+d+e+f+g+h)			Total Increase   (Decrease) in Net Assets (j)=(b+i)			Net Assets   End of Year (k)=(a+j)
VanEck Worldwide Insurance Trust
Global Hard Assets Fund		5,266,523		522,916			117,956		349			(351,436	)		(76,345	)		(129,484	)		301,064			(137,896	)		385,020			5,651,543
Emerging Markets Fund		1,457,114		410,141			17,924		133			(121,732	)		(13,518	)		(34,595	)		(92,880	)		(244,668	)		165,473			1,622,587
Emerging Markets Bond Fund		492,835		58,517			5,501		-			(61,857	)		(80	)		(7,439	)		(25,616	)		(89,491	)		(30,974	)		461,861
Janus Henderson Series
Global Technology and Innovation Portfolio		3,437,928		1,530,270			1,113,788		-			(243,845	)		(1,675	)		(107,102	)		(124,118	)		637,048			2,167,318			5,605,246
Overseas Portfolio		395,000		97,908			15,601		-			(19,382	)		-			(5,350	)		4,525			(4,606	)		93,302			488,302
Research Portfolio		464,875		136,378			34,203		-			(1,097	)		-			(21,365	)		(76,893	)		(65,152	)		71,226			536,101
Enterprise Services Portfolio		16,238,499		5,703,336			6,020,510		-			(1,012,503	)		(1,094,077	)		(595,798	)		(394,128	)		2,924,004			8,627,340			24,865,839
Global Research Portfolio		683,618		202,391			288,564		-			(11,486	)		(178,495	)		(6,952	)		(8,373	)		83,258			285,649			969,267
Mid Cap Value Portfolio		2,579,014		751,461			435,319		-			(232,111	)		(109,661	)		(149,036	)		202,508			147,019			898,480			3,477,494
Balanced Portfolio		24,628,415		5,943,506			12,307,554		-			(890,938	)		(1,116,750	)		(1,124,952	)		1,576,346			10,751,260			16,694,766			41,323,181
Flexible Bond Portfolio		5,303,727		403,872			2,172,048		-			(357,502	)		(113,537	)		(186,997	)		(227,087	)		1,286,925			1,690,797			6,994,524
GI Unconstrained Bond Portfolio		942,017		(9,473	)		113		-			-			(12,643	)		(240	)		(919,774	)		(932,544	)		(942,017	)		-
PIMCO Variable Insurance Trust
Total Return Portfolio		47,287,227		3,180,673			4,931,328		(6,358	)		(2,960,962	)		(1,668,926	)		(2,026,570	)		1,319,963			(411,525	)		2,769,148			50,056,375
Low Duration Portfolio		24,682,261		625,999			5,597,025		-			(1,021,953	)		(972,764	)		(1,152,376	)		(2,468,454	)		(18,522	)		607,477			25,289,738
High Yield Portfolio		7,294,631		1,069,806			1,512,168		41			(573,484	)		(195,992	)		(298,297	)		3,069,784			3,514,220			4,584,026			11,878,657
Real Return Portfolio		20,301,950		1,378,083			2,658,714		-			(737,626	)		(943,364	)		(730,955	)		(405,744	)		(158,975	)		1,219,108			21,521,058
All Asset Portfolio		4,586,867		436,737			41,041		-			(88,514	)		(426,382	)		(140,419	)		(59,106	)		(673,380	)		(236,643	)		4,350,224
Global Managed Asset Allocation Portfolio		440,541		69,801			104,616		-			(17,467	)		(61,200	)		(28,929	)		62,364			59,384			129,185			569,726
Short-Term Portfolio		47,247,593		583,785			6,604,106		-			(2,575,487	)		(3,308,057	)		(2,174,326	)		(1,581,787	)		(3,035,551	)		(2,451,766	)		44,795,827
Emerging Markets Bond Portfolio		1,578,041		215,717			299,962		-			(49,564	)		(36,984	)		(63,922	)		44,312			193,804			409,521			1,987,562
Global Bond Opportunities Portfolio		341,868		15,736			6,433		-			(5,830	)		-			(12,861	)		6,392			(5,866	)		9,870			351,738
Commodity Real Return Strategy Portfolio		5,142,150		500,758			159,276		-			(248,664	)		(283,621	)		(175,360	)		149,670			(398,699	)		102,059			5,244,209
International Bond (USD-Hedged) Portfolio		1,539,607		90,972			448,026		-			(24,484	)		(20,691	)		(82,419	)		66,014			386,446			477,418			2,017,025
Dynamic Bond Adv Portfolio		2,152,016		75,385			375,609		-			(48,301	)		(216,117	)		(71,050	)		307,361			347,502			422,887			2,574,903
Income Advisor Portfolio		24,253,965		1,910,546			9,007,561		-			(546,277	)		(107,639	)		(1,588,128	)		1,128,286			7,893,803			9,804,349			34,058,314
Goldman Sachs Variable Insurance Trust
Small Cap Equity Insights Fund		1,611,852		351,351			28,093		(837	)		(204,443	)		(30,002	)		(64,134	)		(69,700	)		(341,023	)		10,328			1,622,180
Large Cap Value Fund		601,559		58,665			6,384		-			(7,547	)		-			(3,432	)		(410,340	)		(414,935	)		(356,270	)		245,289
Mid Cap Value Fund		2,714,840		774,606			34,542		(107	)		(309,574	)		(20,765	)		(113,032	)		176,236			(232,700	)		541,906			3,256,746
Neuberger Berman Advisors Management Trust
Mid-Cap Growth Portfolio		608,374		200,068			10,643		-			(70,808	)		-			(15,919	)		259,439			183,355			383,423			991,797
AMT Mid Cap Intrinsic Value Portfolio		208,610		29,639			6,149		-			(3,820	)		-			(2,632	)		109,235			108,932			138,571			347,181
BNY Mellon Variable Investment Fund
Appreciation Portfolio		278,795		91,600			484		-			(1,925	)		-			(33,224	)		21,649			(13,016	)		78,584			357,379
International Value Portfolio		33,455		4,095			1		-			(2,138	)		-			(23,639	)		778			(24,998	)		(20,903	)		12,552
Sustainable U.S. Equity Portfolio		29,142		11,217			456		-			-			-			(1,514	)		15,739			14,681			25,898			55,040
Invesco Van Kampen Variable Insurance Fund
Growth and Income Portfolio		485,152		106,169			163		-			(53,088	)		(39,369	)		(54,457	)		146,545			(206	)		105,963			591,115
Value Opportunities Fund		48,247		10,320			-		-			(5,230	)		-			(915	)		(26,608	)		(32,753	)		(22,433	)		25,814
American Value Fund		136,422		28,718			-		-			(548	)		-			(9,185	)		2,237			(7,496	)		21,222			157,644
Morgan Stanley Variable Institutional Funds
Emerging Markets Debt Portfolio		104,046		10,779			105		-			(1,141	)		(29,002	)		(20,759	)		(545	)		(51,342	)		(40,563	)		63,483
Emerging Markets Equity Portfolio		318,320		36,954			229		-			(17,650	)		(46,802	)		(38,745	)		(42,822	)		(145,790	)		(108,836	)		209,484
Discovery Portfolio		134,709		55,939			1		-			(10,023	)		-			(4,449	)		(93,421	)		(107,892	)		(51,953	)		82,756
U.S. Real Estate Portfolio		148,599		21,970			467		-			(13,308	)		(36,997	)		(8,551	)		9,202			(49,187	)		(27,217	)		121,382

The accompanying notes are an integral part of these financial statements

33

Midland National Life Insurance Company

Separate Account C

Statements of Changes in Net Assets

Year Ended December 31, 2019

	Net Assets Beginning   of Year (a)		Net Increase (Decrease) in Net Assets Resulting   from Operations (b)			Net   Premiums (c)		Transfers of   Policy Loans (d)		Transfers of   Surrenders (e)			Transfers of   Death Benefits (f)			Transfers of Other   Terminations (g)			Interfund and Net Transfers (to) from   General Account (h)			Net Increase (Decrease) in Net Assets from   Capital Share Transactions   (i)=(c+d+e+f+g+h)			Total Increase   (Decrease) in Net Assets (j)=(b+i)			Net Assets   End of Year (k)=(a+j)
Northern Lights Variable Trust
Power Income Fund		1,086,635		61,673			10,010		-		(76,668	)		(247,775	)		(19,435	)		4,676			(329,192	)		(267,519	)		819,116
Power Dividend Index Fund		13,943,760		(664,520	)		3,476,332		-		(451,368	)		(2,541	)		(857,224	)		(7,219,380	)		(5,054,181	)		(5,718,701	)		8,225,059
AB Variable Products Series
Real Estate Investment Portfolio		1,929,587		247,000			1,690		-		(54,606	)		-			(12,344	)		(2,111,327	)		(2,176,587	)		(1,929,587	)		-
Dynamic Asset Allocation Portfolio		909,782		231,616			1,990,360		-		(6,115	)		(24,416	)		(68,455	)		6,638			1,898,012			2,129,628			3,039,410
Small Cap Growth Portfolio		44,952		15,481			-		-		(4,658	)		-			(4,421	)		17,461			8,382			23,863			68,815
Small Mid Cap Value Portfolio		2,119,867		417,109			703,106		-		(72,227	)		(99,234	)		(73,099	)		(38,396	)		420,150			837,259			2,957,126
BlackRock Variable Series Fund, Inc.
Basic Value Fund		3,248,128		656,927			181,326		-		(221,530	)		(345,137	)		(68,273	)		(100,914	)		(554,528	)		102,399			3,350,527
Capital Appreciation Fund		888,609		249,081			2,818		-		(27,348	)		(151,054	)		(18,567	)		(22,548	)		(216,699	)		32,382			920,991
Equity Dividend Fund		11,414,294		3,090,750			2,575,181		-		(622,021	)		(547,448	)		(480,172	)		808,411			1,733,951			4,824,701			16,238,995
Global Allocation Fund		14,193,918		2,178,368			763,980		-		(470,583	)		(919,984	)		(355,080	)		(671,752	)		(1,653,419	)		524,949			14,718,867
Advantage Large Cap Core Fund		754,291		174,921			5,198		-		(12,188	)		(221,873	)		(26,495	)		1,961			(253,397	)		(78,476	)		675,815
Large Cap Focus Growth Fund		3,549,201		1,402,847			2,017,428		-		(103,091	)		(137,557	)		(58,726	)		1,128,844			2,846,898			4,249,745			7,798,946
60/40 Target Allocation ETF Fund		1,124,633		387,594			2,177,523		-		(66,706	)		(251,941	)		(69,078	)		141,456			1,931,254			2,318,848			3,443,481
Total Return Portfolio		46,347		12,176			1,009,699		-		-			-			-			33,606			1,043,305			1,055,481			1,101,828
S&P 500 Portfolio		424,266		203,745			732,839		-		-			-			(4,272	)		(20,794	)		707,773			911,518			1,335,784
Columbia Variable Portfolio
Contrarian Core 2 Portfolio		3,121,580		945,048			388,547		-		(142,201	)		(177,323	)		(112,196	)		(127,842	)		(171,015	)		774,033			3,895,613
Dividend Opportunity Portfolio		3,096,000		720,874			727,096		-		(126,603	)		(88,458	)		(169,694	)		(19,096	)		323,245			1,044,119			4,140,119
Emerging Markets Bond Portfolio		7,541,962		773,148			130,115		-		(253,069	)		(456,733	)		(247,657	)		(296,897	)		(1,124,241	)		(351,093	)		7,190,869
High Yield Portfolio		3,905,408		570,790			234,683		-		(206,984	)		(211,286	)		(164,163	)		466,028			118,278			689,068			4,594,476
Select Large-Cap Value Portfolio		916,799		252,355			125,090		-		-			(1,290	)		(12,083	)		81,213			192,930			445,285			1,362,084
Seligman Global Tech Portfolio		1,010,282		628,822			834,201		-		(2,263	)		(12,132	)		(52,014	)		98,184			865,976			1,494,798			2,505,080
US Government Mortgage Portfolio		133,229		7,645			345,104		-		-			-			(6,813	)		211,037			549,328			556,973			690,202
DWS Variable Insurance Portfolios
Equity 500 Index Portfolio		17,052,810		5,569,987			8,733,194		-		(1,016,129	)		(818,173	)		(595,840	)		146,987			6,450,039			12,020,026			29,072,836
Small Cap Index Portfolio		3,215,472		835,538			1,222,446		-		(173,806	)		(168,499	)		(78,012	)		422,354			1,224,483			2,060,021			5,275,493
Alternative Asset Allocation Portfolio		1,702,929		200,265			89,123		-		(45,776	)		(295,072	)		(63,463	)		(141,323	)		(456,511	)		(256,246	)		1,446,683
Global Small Cap Portfolio		319,339		61,622			1,815		-		(15,115	)		(9,924	)		(23,853	)		77,645			30,568			92,190			411,529
Small Mid Cap Value Portfolio		4,793,463		910,586			207,368		-		(161,257	)		(281,193	)		(133,771	)		(87,047	)		(455,900	)		454,686			5,248,149
CROCI US Portfolio		253,619		70,408			-		-		(395	)		(25,004	)		(15,022	)		(17,687	)		(58,108	)		12,300			265,919
Eaton Vance Variable Trust
Floating Rate Income Portfolio		23,552,140		1,317,693			4,307,367		-		(2,439,854	)		(692,761	)		(1,387,250	)		(102,422	)		(314,920	)		1,002,773			24,554,913
Delaware Variable Insurance Portfolios
Total Return Portfolio		308,840		63,817			-		-		(3,790	)		-			(3,460	)		46,456			39,206			103,023			411,863
International Portfolio		1,155,473		282,583			159,889		-		(58,445	)		(31,119	)		(23,263	)		(76,866	)		(29,804	)		252,779			1,408,252
Opportunity Portfolio		10,459,941		2,859,620			189,303		-		(382,700	)		(664,203	)		(275,062	)		(204,475	)		(1,337,137	)		1,522,483			11,982,424
Covered Call Strategy Portfolio		104,813		21,064			9,000		-		-			(2,409	)		(1,214	)		1,918			7,295			28,359			133,172
Franklin Templeton Variable Insurance Products Trust
Mutual Shares Fund		6,165,205		1,269,702			478,233		-		(169,978	)		(414,244	)		(231,290	)		49,530			(287,749	)		981,953			7,147,158
Income Fund		19,446,807		2,825,884			2,460,166		-		(531,963	)		(488,583	)		(768,767	)		215,819			886,672			3,712,556			23,159,363

The accompanying notes are an integral part of these financial statements

34

Midland National Life Insurance Company

Separate Account C

Statements of Changes in Net Assets

Year Ended December 31, 2019

	Net Assets Beginning   of Year (a)		Net Increase (Decrease) in Net Assets Resulting   from Operations (b)			Net   Premiums (c)		Transfers of   Policy Loans (d)		Transfers of   Surrenders (e)			Transfers of   Death Benefits (f)			Transfers of Other   Terminations (g)			Interfund and Net Transfers (to) from   General Account (h)			Net Increase (Decrease) in Net Assets from   Capital Share Transactions   (i)=(c+d+e+f+g+h)			Total Increase   (Decrease) in Net Assets (j)=(b+i)			Net Assets   End of Year (k)=(a+j)
Global Bond Fund		29,381,151		205,712			5,043,294		-		(1,486,495	)		(1,245,452	)		(1,060,527	)		407,274			1,658,094			1,863,806			31,244,957
Foreign Fund		32,674,138		3,757,537			4,087,041		-		(1,441,673	)		(1,917,830	)		(1,004,348	)		1,277,164			1,000,354			4,757,891			37,432,029
Developing Markets Fund		3,508,427		810,004			273,139		-		(216,001	)		(211,670	)		(109,178	)		(333,506	)		(597,216	)		212,788			3,721,215
Mutual Global Discovery Fund		6,229,211		1,380,885			381,892		-		(182,731	)		(330,667	)		(155,959	)		(272,614	)		(560,079	)		820,806			7,050,017
Rising Dividends Fund		16,561,268		4,514,809			2,384,642		-		(661,591	)		(517,925	)		(667,941	)		(478,448	)		58,737			4,573,546			21,134,814
Ivy Variable Insurance Portfolios
Asset Strategy Portfolio		4,214,265		813,959			60,654		-		(117,104	)		(116,929	)		(174,131	)		(78,041	)		(425,551	)		388,408			4,602,673
Balanced Portfolio		6,889,458		1,384,916			224,813		-		(126,710	)		(74,164	)		(239,358	)		(86,196	)		(301,615	)		1,083,301			7,972,759
Global Equity Income Portfolio		1,082,235		226,911			595		-		-			(15,588	)		(20,578	)		(61,505	)		(97,076	)		129,835			1,212,070
Energy Portfolio		1,082,284		(38,022	)		169,592		-		(46,094	)		(7,376	)		(22,162	)		321,349			415,309			377,287			1,459,571
Global Bond Portfolio		981,104		77,421			124,326		-		(28,522	)		(17,987	)		(28,519	)		(13,968	)		35,330			112,751			1,093,855
Natural Resources Portfolio		615,557		61,090			79,583		-		(25,511	)		(28,846	)		(20,240	)		176,406			181,392			242,482			858,039
Growth Portfolio		2,540,547		860,736			376,678		-		(224,031	)		(88,802	)		(102,194	)		127,068			88,719			949,455			3,490,002
High Income Portfolio		12,671,462		1,300,333			2,307,297		-		(773,280	)		(452,602	)		(563,481	)		(661,823	)		(143,889	)		1,156,444			13,827,906
International Core Equity Portfolio		6,287,420		1,101,261			1,264,046		-		(294,007	)		(486,837	)		(166,545	)		(16,807	)		299,850			1,401,111			7,688,531
Global Growth Portfolio		619,413		153,798			119,967		-		(3,831	)		(9,710	)		(19,650	)		(6,916	)		79,860			233,658			853,071
Mid Cap Growth Portfolio		5,076,728		1,738,013			1,076,690		-		(117,487	)		(86,754	)		(187,959	)		(154,169	)		530,321			2,268,334			7,345,062
Science and Technology Portfolio		6,792,018		3,324,695			2,130,734		-		(276,564	)		(424,983	)		(295,353	)		(247,771	)		886,063			4,210,758			11,002,776
Small Cap Growth Portfolio		4,274,134		930,434			1,688,397		-		(279,792	)		(178,500	)		(179,600	)		7,796			1,058,301			1,988,735			6,262,869
Small Cap Core Portfolio		9,753,034		2,211,047			1,554,940		-		(335,524	)		(485,498	)		(318,066	)		(270,975	)		144,877			2,355,924			12,108,958
Lazard Retirement Series, Inc.
International Equity Portfolio		809,568		167,908			134,993		-		(7,093	)		-			(28,352	)		(10,400	)		89,148			257,056			1,066,624
Global Dynamic Multi Asset Portfolio		1,480,104		222,893			95,737		-		(44,084	)		(185,240	)		(37,292	)		(108,488	)		(279,367	)		(56,474	)		1,423,630
Legg Mason Partners Variable Equity Trust
Western Asset Variable Global High Yield Bond Portfolio		740,055		102,402			170,135		-		(20,624	)		(8,577	)		(41,977	)		275,134			374,091			476,493			1,216,548
ClearBridge Variable Mid Cap Portfolio		6,854,418		2,129,938			1,300,445		-		(380,630	)		(356,551	)		(239,048	)		(346,459	)		(22,243	)		2,107,695			8,962,113
ClearBridge Variable Dividend Strategy Portfolio		10,619,124		3,284,874			2,084,458		-		(343,897	)		(542,065	)		(700,450	)		8,138,974			8,637,020			11,921,894			22,541,018
ClearBridge Variable Small Cap Growth Portfolio		3,162,135		828,897			657,558		-		(202,703	)		(161,810	)		(121,050	)		(59,627	)		112,368			941,265			4,103,400
ClearBridge Variable Aggressive Growth Portfolio		887,811		205,211			40,127		-		(38,372	)		-			(53,669	)		53,582			1,668			206,879			1,094,690
Western Asset Variable Core Bond Plus Portfolio		55,352,016		5,971,617			15,231,009		-		(1,924,736	)		(2,562,387	)		(2,136,494	)		(1,289,762	)		7,317,630			13,289,247			68,641,263
ClearBridge Variable Large Cap Growth Portfolio		8,584,085		2,885,628			4,631,396		-		(556,315	)		(535,728	)		(314,047	)		(278,967	)		2,946,339			5,831,967			14,416,052
QS Legg Mason Partners Variable Income Trust
Dynamic Multi Strategy Portfolio		422,692		57,232			3,341		-		-			(14,532	)		(9,029	)		(29,486	)		(49,706	)		7,526			430,218
Pioneer Variable Contracts Trust
Fund Portfolio		582,979		162,804			7,024		-		(15,128	)		-			(7,702	)		(40,993	)		(56,799	)		106,005			688,984
Bond Portfolio		40,731,920		3,099,757			7,560,645		-		(1,719,022	)		(2,040,378	)		(1,315,263	)		77,076			2,563,058			5,662,815			46,394,735
Strategic Income Portfolio		11,954,464		961,738			2,309,881		-		(752,028	)		(620,721	)		(644,891	)		29,053			321,294			1,283,032			13,237,496
Equity Income Portfolio		10,079,474		2,489,857			2,108,544		-		(249,986	)		(296,856	)		(291,843	)		3,778			1,273,637			3,763,494			13,842,968
High Yield Portfolio		1,201,429		147,725			7,621		-		(36,757	)		(20,681	)		(46,526	)		(20,857	)		(117,200	)		30,525			1,231,954
Prudential Series Funds
Jennison 20/20 Focus Portfolio		289,459		81,106			233		-		-			(12,355	)		(3,320	)		39,911			24,469			105,575			395,034
Natural Resources Portfolio		512,795		42,841			9,073		-		(14,887	)		(22,581	)		(7,590	)		370,420			334,435			377,276			890,071
SP Prudential US Emerging Growth Portfolio		419,675		128,909			-		-		(29,163	)		-			(12,408	)		(136,623	)		(178,194	)		(49,285	)		370,390
Royce Capital Fund
Micro-Cap Portfolio		439,782		76,450			340		-		(24,543	)		(1,712	)		(6,641	)		(10,322	)		(42,878	)		33,572			473,354
Small Cap Portfolio		8,283,097		1,368,832			429,480		-		(407,402	)		(422,551	)		(431,265	)		73,048			(758,690	)		610,142			8,893,239
Alps Fund
Alerian Energy Infrastructure Portfolio		1,546,879		292,343			134,179		-		(17,192	)		(205,705	)		(19,106	)		28,153			(79,671	)		212,672			1,759,551
Red Rocks Global Opportunity Portfolio		1,177,653		423,075			238,092		-		(148,883	)		(50,651	)		(43,684	)		(12,540	)		(17,666	)		405,409			1,583,062

The accompanying notes are an integral part of these financial statements

35

Midland National Life Insurance Company

Separate Account C

Statements of Changes in Net Assets

Year Ended December 31, 2019

	Net Assets Beginning   of Year (a)		Net Increase (Decrease) in Net Assets Resulting   from Operations (b)		Net   Premiums (c)		Transfers of   Policy Loans (d)		Transfers of   Surrenders (e)			Transfers of   Death Benefits (f)			Transfers of Other   Terminations (g)			Interfund and Net Transfers (to) from   General Account (h)			Net Increase (Decrease) in Net Assets from   Capital Share Transactions   (i)=(c+d+e+f+g+h)			Total Increase   (Decrease) in Net Assets (j)=(b+i)			Net Assets   End of Year (k)=(a+j)
American Funds IS
Asset Allocation Fund		41,272,047		8,978,090		21,000,423		-		(871,824	)		(2,834,643	)		(1,510,225	)		1,094,664			16,878,395			25,856,485			67,128,532
Blue Chip Income and Growth Fund		24,755,085		5,122,704		7,120,107		-		(809,935	)		(1,518,957	)		(996,235	)		(89,866	)		3,705,114			8,827,818			33,582,903
Ultra-Short Bond Fund		11,075,480		8,769		4,634,286		-		(2,695,822	)		(369,474	)		(474,890	)		(1,133,069	)		(38,969	)		(30,200	)		11,045,280
Capital Income Builder Fund		13,739,071		2,304,563		2,551,359		-		(257,455	)		(549,235	)		(327,557	)		(227,399	)		1,189,713			3,494,276			17,233,347
Global Growth Fund		6,906,376		2,554,774		3,175,980		-		(164,727	)		(399,476	)		(212,351	)		128,994			2,528,420			5,083,194			11,989,570
Global Growth and Income Fund		8,809,205		2,550,931		1,924,406		-		(107,706	)		(1,466,812	)		(255,160	)		(20,513	)		74,215			2,625,146			11,434,351
Global Small Capitalization Fund		3,041,269		948,096		1,186,939		-		(28,639	)		(344,364	)		(101,138	)		(49,756	)		663,042			1,611,138			4,652,407
Growth Fund		21,307,468		6,375,363		4,693,010		-		(838,874	)		(1,248,892	)		(513,071	)		106,609			2,198,782			8,574,145			29,881,613
Growth-Income Fund		24,681,484		6,468,508		7,624,972		-		(753,376	)		(1,231,422	)		(686,857	)		391,914			5,345,231			11,813,739			36,495,223
International Fund		6,210,405		1,314,414		1,298,040		-		(129,490	)		(438,288	)		(108,255	)		(349,864	)		272,143			1,586,557			7,796,962
International Growth and Income Fund		4,886,791		1,086,385		1,306,171		-		(246,845	)		(59,684	)		(136,209	)		49,099			912,532			1,998,917			6,885,708
New World Fund		22,371,637		6,246,967		5,487,418		-		(956,513	)		(1,223,464	)		(732,556	)		(603,395	)		1,971,490			8,218,457			30,590,094
U.S. Government/AAA-Rated Securities Fund		9,996,749		390,390		5,513,579		-		(529,156	)		(835,439	)		(181,503	)		157,619			4,125,100			4,515,490			14,512,239
Invesco Oppenheimer
Total Return Bond Fund		1,381,911		111,768		1,020,305		-		(2,671	)		(41,590	)		(65,816	)		93,217			1,003,445			1,115,213			2,497,124
Discovery Mid Cap Growth Fund		1,200,322		496,850		628,500		-		(21,206	)		(76,387	)		(88,148	)		397,581			840,340			1,337,190			2,537,512
Global Multi-Alternatives Fund		87,065		2,819		-		-		-			-			(1,557	)		(88,327	)		(89,884	)		(87,065	)		-
Global Fund		3,736,216		1,109,144		1,099,014		-		(161,194	)		(8,593	)		(159,568	)		(598,971	)		170,688			1,279,832			5,016,048
International Growth Fund		6,284,910		1,970,033		3,928,824		-		(290,475	)		(285,452	)		(213,150	)		57,762			3,197,509			5,167,542			11,452,452
Main Street Fund		5,103,092		1,740,295		2,711,146		-		(176,680	)		(58,592	)		(130,821	)		506,779			2,851,832			4,592,127			9,695,219
Main Street Small Cap Fund		3,567,016		919,604		854,601		-		(76,690	)		(189,301	)		(94,388	)		8,075			502,297			1,421,901			4,988,917
T. Rowe Price
Blue Chip Growth Portfolio		24,860,206		7,656,991		11,235,855		-		(836,514	)		(1,022,597	)		(863,380	)		680,379			9,193,743			16,850,734			41,710,940
Health Sciences Portfolio		10,053,170		3,080,585		4,765,939		-		(353,392	)		(147,556	)		(364,667	)		(1,053,013	)		2,847,311			5,927,896			15,981,066
John Hancock Variable Insurance Trust
Financial Industries Portfolio		143,851		72,287		215,307		-		-			-			(3,077	)		72,337			284,567			356,854			500,705
Fundamental All Cap Core Portfolio		49,138		17,912		1,575		-		-			-			-			8,649			10,224			28,136			77,274
Select Bond Portfolio		3,876		2,871		74,936		-		(60,825	)		-			(2,641	)		140,940			152,410			155,281			159,157
Strategic Income Opportunities Portfolio		86,302		13,106		172,256		-		-			-			(2,292	)		12,952			182,916			196,022			282,324
Federated Hermes
High Income Bond Portfolio		-		9,510		288,364		-		-			-			(2,479	)		51,390			337,275			346,785			346,785
Kaufmann Portfolio		-		40,059		583,815		-		-			-			(3,063	)		119,377			700,129			740,188			740,188
Managed Volatility Portfolio		-		1,408		24,574		-		-			-			-			1			24,575			25,983			25,983

The accompanying notes are an integral part of these financial statements

36

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Organization

Midland National Life Separate Account C (“Separate Account”), a unit investment trust pursuant to the provisions of the Investment Company Act of 1940 as amended, is a segregated investment account of Midland National Life Insurance Company (the “Company”) in accordance with the provisions of the Iowa Insurance laws. The assets and liabilities of the Separate Account are clearly identified and distinguished from the other assets and liabilities of the Company. The Separate Account consists of nine insurance products, each with different characteristics and product features which result in varying charges. The Separate Account is used to fund variable annuity contracts of the Company. Sammons Financial Network, an affiliate, serves as the underwriter of the variable products.

Investments

The Separate Account invests in specified portfolios of Fidelity Variable Insurance Products (“VIPF”), American Century Variable Portfolios, Inc. (“ACVP”), MFS Variable Insurance Trust (“MFS”), Lord Abbett Series Fund, Inc. (“LAC”), Alger Fund (“FAM”), Calvert Variable Series, Inc. (“CAM”), Invesco Variable Insurance Funds (“INV”), J.P. Morgan Series Trust II (“JP”), Rydex Variable Trust (“RYDEX”), ProFunds VP (“PF”), Van Eck Worldwide Insurance Trust (“Van Eck”), Janus Henderson Series (“JANUS”), PIMCO Variable Insurance Trust (“PIMCO”), Goldman Sachs Variable Insurance Trust (“Goldman”), Neuberger Berman Advisors Management Trust (“Neuberger”), the BNY Mellon Variable Insurance Fund (“BNY”), the Invesco Van Kampen Variable Insurance Funds (“IVKVI”), the Morgan Stanley Variable Institutional Funds (“MSVIF”), the Northern Lights Variable Trust (“NLVT”), the AB Variable Products Series (“ABVPS”), the BlackRock Variable Series Fund, Inc. (“BRVS”), the Columbia Variable Portfolio (“CVP”), the DWS Variable Insurance Portfolios (“DEUT VIP”), the Eaton Vance Variable Trust (“EVVT”), the Delaware Variable Insurance Portfolio (“DEL”), the Franklin Templeton Variable Insurance Products Trust (“FTVIP”), the Ivy Funds Variable Insurance Portfolios (“IVY VIP”), the Lazard Retirement Series, Inc. (“LRS”), the Legg Mason Partners Variable Equity Trust (“LMVET”), the QS Legg Mason Partners Variable Income Trust (“LMVIT”), the Pioneer Variable Contracts Trust (“PIONEER VCT”), the Prudential Series Funds (“PRUDENTIAL”), the Royce Capital Fund (“ROYCE”), the Guggenheim Variable Insurance Funds (“GVIF”), the Rydex Variable Insurance Funds (“RYDEX VIF”), the Alps Fund (“ALPS”), the American Funds IS (“AFIS”), the Invesco Oppenheimer (“INV OPP”), the T. Rowe Price (“T. ROWE”) and the John Hancock Variable Insurance Trust (“JHVIT”), (collectively “the Funds”), each diversified open-end management companies registered under the Investment Company Act of 1940, as directed by participants. All of these portfolios have been in existence for more than two years. During 2019 the Separate Account began offering a new portfolio of funds, provided by Federated Hermes (“FED H”).

Effective April 29, 2016, the LMVET ClearBridge Variable Mid Cap Core Portfolio will be renamed the LMVET ClearBridge Variable Mid Cap Portfolio.

Effective May 1, 2016, several funds had name changes. The PF Money Market Portfolio was renamed the PF Government Money Market Portfolio, the Van Eck Emerging Markets Fund was renamed the VanEck Emerging Markets Fund, the Van Eck Unconstrained Emerging Markets Bond Fund was renamed the VanEck Unconstrained Emerging Markets Bond Fund, the Van Eck Global Hard Assets Fund was renamed the VanEck Global Hard Assets Fund, and the AFIS Cash Management Fund was renamed the AFIS Ultra-Short Bond Fund.

Effective May 1, 2016, the TVF Directional Allocation Portfolio was closed to new investors and on June 6, 2016 the portfolio was liquidated. The plan of liquidation and dissolution was approved by

37

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

the Board of Trustees of Transparent Value. All policyowners were given the opportunity to transfer any values in this fund to any other option(s) of their choice without incurring a transfer charge. Any funds not transferred when the fund closed were moved to the American Fund IS Cash Management Fund.

Effective June 28, 2016, the EVVT Bond Initial Portfolio was liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of Eaton Vance Variable Trust. All policyowners were given the opportunity to transfer any values in this fund to any other option(s) of their choice without incurring a transfer charge. Any funds not transferred when the fund closed were moved the American Funds IS UltraShort Fund.

Effective September 23, 2016, the CAM SRI Large Cap Core Portfolio merged with the CAM S&P 500 Index Portfolio.

Effective September 30, 2016, the Ivy Funds Variable Insurance Portfolios (“IVY VIP”) was renamed the Ivy Variable Insurance Portfolios (“IVY VIP”).

Effective November 30, 2016, the RYDEX Nova Fund had a share split as shown in the following table.

Fund	Split Ratio (New to Old Shares)
RYDEX Nova Fund	2:1

Effective November 30, 2016, several RYDEX funds had reverse share splits as shown in the following table.

Fund	Split Ratio (New to Old Shares)
RYDEX Inverse Dow 2x Strategy Fund	1:3
RYDEX Inverse Government Long Bond Strategy Fund	1:3
RYDEX Inverse NASDAQ-100 Strategy Fund	1:4
RYDEX Inverse S&P 500 Strategy Fund	1:6

Effective December 2, 2016, several PF funds had reverse share splits as shown in the following table.

Fund	Split Ratio (New to Old Shares)
PF Japan Portfolio	1:4
PF Telecommunications Portfolio	1:4
PF Bear Portfolio	1:5
PF Short Mid-Cap Portfolio	1:8
PF Rising Rates Opportunity Portfolio	1:10

Effective December 31, 2016, Eaton Vance Corporation acquired the assets of Calvert Investment Management, Inc. The announcement of acquisition was done on October 21, 2016.

Effective January 13, 2017, the EVVT Large Cap Value Portfolio was closed to new investors and on April 28, 2017 the portfolio was liquidated. The plan of liquidation and dissolution was approved

38

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

by the Board of Trustees of Eaton Vance Variable Trust. All policyowners were given the opportunity to transfer any values in this fund to any other option(s) of their choice without incurring a transfer charge. Any funds remaining at April 28, 2017 were transferred to the American Funds IS UltraShort Fund.

Effective February 7, 2017, the NLVT Adaptive Allocation Portfolio was liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of Northern Lights Variable Trust. All policyowners were given the opportunity to transfer any values in this fund to any other option(s) of their choice without incurring a transfer charge. Any funds remaining at 2/28/2017 were transferred to the Profunds Government Money Market.

Effective March 3, 2017, the IVY VIP Small Cap Value Portfolio was renamed the IVY VIP Small Cap Core Portfolio.

Effective April 28, 2017, the JANUS Janus Portfolio was renamed the JANUS Research Portfolio, the OPP Core Bond Fund was renamed the OPP Total Return Bond Fund, and the IVY VIP Global Natural Resources Portfolio was renamed the IVY VIP Natural Resources Portfolio.

Effective May 1, 2017, the DEUT VIP Large Cap Value Portfolio was renamed the DEUT VIP CROCI US Portfolio, the Dreyfus Socially Responsible Growth Portfolio was renamed the Dreyfus Sustainable U.S. Equity Portfolio, and the Morgan Stanley Universal Institutional Funds was renamed MSVIF.

Effective June 2, 2017, the Janus Aspen Series Portfolios was renamed the JANUS and the JANUS Global Unconstrained Bond Portfolio was renamed he JANUS GI Unconstrained Bond Portfolio and the JANUS Perkins Mid Cap Value Portfolio was renamed the JANUS Mid Cap Value Portfolio.

Effective June 12, 2017, the BRVS Large Cap Core Fund was renamed the BRVS Advantage Large Cap Core Fund and the BRVS Large Cap Growth Fund was renamed the BRVS Large Cap Focus Growth Fund.

The LMVET Clearbridge Variable Large Cap Growth Portfolio, the CVP Select Large-Cap Value Portfolio, the CVP Seligman Global Tech Portfolio, the CVP US Government Mortgage Portfolio, the First Investor Life Series (“FILS”) Covered Call Strategy Portfolio, the PIMCO Income Advisor Portfolio, and the NLVT Power Dividend Index Fund were introduced effective August 1, 2017.

Effective August 1, 2017, the DEUT VIP Global Small Cap Portfolio, the VIPF Overseas Portfolio, the IVY VIP Asset Strategy Portfolio, the IVY VIP Dividend Opportunities Portfolio, the IVY VIP Global Growth Portfolio, the JANUS Research Portfolio, the JANUS Overseas Portfolio, the PIONEER VCT Fund Portfolio, the PIONEER VCT High Yield Portfolio, the NLVT Power Income Fund, the LMVIT Dynamic Multi-Strategy Portfolio, and the ROYCE Micro-Cap Portfolio were closed to new investors. All policyowners were be given the opportunity to transfer any values in this fund to any other option(s) of their choice without incurring a transfer charge.

Effective December 11, 2017, two PF funds had reverse share splits as shown in the following table.

39

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

Fund	Split Ratio (New to Old Shares)
PF Short Emerging Markets Portfolio	1:5
PF UltraShort NASDAQ-100 Portfolio	1:8

Effective March 29, 2018 the BRVS iShares Equity Appreciation Fund and the BRVS iShares Dynamic Fixed Income Fund were liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of BlackRock Variable Series. All policyowners were given the opportunity to transfer any values in this fund to any other option(s) of their choice without incurring a transfer charge. Any funds remaining at 3/29/2018 were transferred to the American Funds IS Ultra-Short Bond fund.

Effective April 30, 2018 the INV Global Health Care Fund was renamed the INV Health Care Fund and the IVY VIP Dividend Opportunities Portfolio was renamed IVY VIP Global Equity Income Portfolio.

Effective May 1, 2018 the IVY VIP Balanced Portfolio, the PRUDENTIAL Natural Resources Portfolio, and the PRUDENTIAL SP Prudential US Emerging Growth Portfolio were closed to new investors.

Effective May 1, 2018 the Separate Account began offering a new portfolio of funds, provided by JHVIT. The funds available under this portfolio include the JHVIT Financial Industries Portfolio, the JHVIT Fundamental All Cap Core Portfolio, the JHVIT Select Bond Portfolio, and the JHVIT Strategic Income Opportunities Portfolio. In addition, the CAM SRI Balanced Portfolio was introduced on May 1, 2018.

Effective June 18, 2018 the BRVS Total Return Portfolio and the BRVS S&P 500 Portfolio were introduced.

Effective July 2, 2018 the Deutsche Variable Insurance Portfolio was renamed the DWS Variable Insurance Portfolios.

Effective July 30, 2018 the PIMCO Foreign Bond (USD-Hedged) Portfolio was renamed the PIMCO International Bond (USD-Hedged) Portfolio, the PIMCO Unconstrained Bond Adv Portfolio was renamed the PIMCO Dynamic Bond Adv Portfolio, and the PIMCO Global Bond Unhedged Portfolio was renamed the PIMCO Global Bond Opportunities Portfolio.

Effective July 15, 2018 the BRVS iShares Alternative Strategies Fund was closed to new investors and on August 31, 2018 the fund was liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of BlackRock Variable Series. All policyowners were given the opportunity to transfer any values in this fund to any other option(s) of their choice without incurring a transfer charge. Any funds remaining at August 31, 2018 were transferred to the American Funds IS Ultra-Short Bond Fund.

Effective January 1, 2019 the JANUS GI Unconstrained Bond Portfolio was closed to new investors and a subsequent liquidation occurred March 1, 2019. The plan of liquidation and dissolution was approved by the Board of Trustees of Janus Henderson Series. All policyowners were given the opportunity to transfer any values in this fund to any other option(s) of their choice without incurring a transfer charge. Any funds remaining at March 1, 2019 were transferred to the VIPF Government Money Market Portfolio.

40

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

Effective April 18, 2019 the ABVPS Real Estate Investment Portfolio was liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of the AB Variable Products Series. All policyowners were given the opportunity to transfer any values in this fund to any other option(s) of their choice without incurring a transfer charge. Any funds remaining at April 18, 2019 were transferred to the VIPF Government Money Market Portfolio Service Class 2.

Effective April 29, 2019 the OPP Global Multi-Alternatives Fund was liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of the Oppenheimer Fund. All policyowners were given the opportunity to transfer any values in this fund to any other option(s) of their choice without incurring a transfer charge. Any funds remaining at April 29, 2019 will be transferred to the VIPF Government Money Market Portfolio Service Class 2.

Effective April 30, 2019 the MSVIF Mid Cap Growth Portfolio was renamed the MSVIF Discovery Portfolio.

Effective May 1, 2019 the Separate Account began offering a new portfolio of funds, provided by Federated (“FED”). The funds available under this portfolio include the FED High Income Bond Portfolio, the FED Kaufmann Portfolio, and the FED Managed Volatility Portfolio. In addition, the ACVP Balanced Fund, the ACVP Income & Growth Fund, and the MFS Global Real Estate Portfolio were introduced on May 1, 2019.

Effective May 1, 2019 the LMVET ClearBridge Variable Aggressive Growth Portfolio, the VIPF Value Strategies Portfolio, the JHVIT Fundamental All Cap Core Portfolio, the RYDEX VIF Biotechnology Fund, and the RYDEX VIF S&P MidCap 400 Pure Growth Fund were closed to new investors.

Effective May 1, 2019 the BRVS iShares Dynamic Allocation Fund was renamed the BRVS 60/40 Target Allocation ETF Fund.

Effective May 28, 2019 all Oppenheimer Funds were transitioned into INV OPP.

Effective June 1, 2019 the MFS International Value Portfolio was renamed the MFS International Intrinsic Value Portfolio.

Effective June 3, 2019 the Dreyfus Variable Investment Fund was renamed the BNY.

Effective July 1, 2019, the LAC International Opportunities Portfolio was closed to new investors and on July 31, 2019 the portfolio was liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of Lord Abbett Series Fund, Inc. All policyowners were given the opportunity to transfer any values in this fund to any other option(s) of their choice without incurring a transfer charge. Any funds remaining at July 31, 2019 were transferred to the VIPF Government Money Market Portfolio.

Effective October 1, 2019 the PIMCO Global Multi-Asset Managed Allocation Portfolio was renamed the PIMCO Global Managed Asset Allocation Portfolio.

Effective October 4, 2019 all FILS Funds were transitioned into the DEL.

Effective October 4, 2019 the DEL Total Return Portfolio, the DEL International Portfolio, the DEL Opportunity Portfolio, and the DEL Covered Call Strategy Portfolio were closed to new investors.

41

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

Effective November 15, 2019, four PF funds had reverse share splits as shown in the following table.

Fund	Split Ratio (New to Old Shares)
PF Ultrashort Dow 30 Portfolio	1:8
PF Short NASDAQ-100 Portfolio	1:4
PF Short Dow 30 Portfolio	1:4
PF Short International Portfolio	1:4

Effective November 15, 2019, one PF fund had a forward share split as shown in the following table.

Fund	Split Ratio (New to Old Shares)
PF Internet Portfolio	3:1

Effective April 28, 2020, all the FED funds were renamed the FED H.

Effective April 29, 2020, the JANUS Global Technology Portfolio was renamed the JANUS Global Technology and Innovation Portfolio.

Effective April 30, 2020, the ALPS Red Rocks Listed Private Equity Portfolio was renamed the ALPS Red Rocks Global Opportunity

Effective April 30, 2020, the BNY Mellon International Value Portfolio was closed to new investors and liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of BNY Mellon Variable Insurance Fund. All policyowners were given the opportunity to transfer any values in this fund to any other option(s) of their choice without incurring a transfer charge. Any funds remaining at April 28, 2020 were transferred to the PF Money Market Portfolio.

Effective May 1, 2020, the VIPF International Capital Appreciation Portfolio and the CVP Strategic Income Portfolio were introduced. In addition, the JANUS Overseas Portfolio was reopened to new investors.

Effective May 1, 2020, the Van Eck Unconstrained Emerging Markets Bond Fund was renamed the Van Eck Emerging Markets Bond Fund and the NLVT Power Dividend Index Fund was closed to new investors.

Effective August 21, 2020, one RYDEX fund had a reverse share split as shown in the following table.

Fund	Split Ratio (New to Old Shares)
RYDEX Inverse Dow 2x Strategy Fund	1:5

Effective September 24, 2020, the DEL Covered Call Strategy Portfolio was closed to new investors and on December 11, 2020 the portfolio was liquidated. The plan of liquidation and dissolution was approved by the Board of Trustees of Delaware Variable Insurance Portfolio Trust. All policyowners were given the opportunity to transfer any values in this fund to any other option(s)

42

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

of their choice without incurring a transfer charge. Any funds remaining at December 11, 2020 were transferred to the VIPF Government Money Market Portfolio Service Class 2.

Effective September 25, 2020, the ACVP Income and Growth Fund was renamed the ACVP Disciplined Core Value Fund.

Effective December 11, 2020, four PF funds had a reverse share splits as shown in the following table.

Fund	Split Ratio (New to Old Shares)
PF UltraBull Portfolio	1:4
PF UltraShort NASDAQ-100 Portfolio	1:4
PF Short Small-Cap Portfolio	1:4
PF UltraShort Dow 30 Portfolio	1:5

Effective December 11, 2020, one PF fund had a forward share split as shown in the following table.

Fund	Split Ratio (New to Old Shares)
PF Ultra NASDAQ-100 Portfolio	2:1

Fair Value

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

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

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

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

43

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

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

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

Level 3 – Pricing inputs are unobservable for the financial instrument and include situations where there is little, if any, market activity for the financial instrument. These inputs may reflect the Company’s estimates of the assumptions that market participants would use in valuing the financial instruments. The Company does not hold any Level 3 securities in the Separate Account.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, a financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

At December 31, 2020, the Company’s investments were classified as follows:

Assets	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Mutual Funds	$	2,052,450,193	$	-	$	-	$	2,052,450,193

The first-in, first-out (“FIFO”) method is used to determine realized gains and losses on investments. Dividend and capital gain distributions are recorded as income on the ex-dividend date.

The Separate Account had no liabilities or changes in liabilities as of and for the year ended December 31, 2020.

The contracts do not provide for a variable payout option; therefore all assets in the Separate Account are in the accumulation phase.

Federal Income Taxes

The operations of the Separate Account are included in the federal income tax return of the Company. Under the provisions of the policies, the Company has the right to charge the Separate Account for federal income tax attributable to the Separate Account. No charge is currently being made against the Separate Account for such tax since, under current law, the Company pays no tax on investment income and capital gains reflected in variable annuity policy reserves. However, the Company retains the right to charge for any federal income tax incurred which is attributable to the Separate Account if the law is changed. Charges for state and local taxes, if any, attributable to the Separate Account may also be made.

44

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Related Party Transactions

The Company has an indirect interest in and pays investment management fees to an affiliate, Guggenheim Partners Investment Management Inc. The fees are calculated based on the average fair value of invested assets under management multiplied by a contractual rate. The Guggenheim Variable Insurance Funds and the Rydex Variable Trust Funds are managed by indirect affiliates of the Company. The sponsor company, Midland National Life Insurance Company, pays fees to an affiliate of Guggenheim for providing administrative services on certain variable annuity products.

Subsequent Events

The Separate Account has evaluated the financial statements for subsequent events through the date which the financial statements were issued. Excluding the events below there are no additional transactions that require disclosure in the financial statements.

Effective March 18, 2021, the NLVT Power Income Fund was closed and liquidated.

Effective April 26, 2021, the PF Access VP High Yield Fund will be renamed the PF Profunds Access VP High Yield Fund.

Effective April 30, 2021, the Invesco Oppenheimer Fund will be renamed the Invesco V.I Fund. In addition, the INV OPP Total Return Bond Fund will be renamed the INV OPP Core Bond Fund, the INV OPP Mid Cap Core Equity Fund will be renamed the INV OPP Main Street Mid Cap Fund, and the Van Eck Global Hard Assets Fund will be renamed the Van Eck Global Resources Fund.

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

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

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

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

45

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

Effective May 1, 2021, fourteen funds will be closed to new investors. These include the DUET VIP Small Mid Cap Value Portfolio, the VIPF High Income Portfolio, the FTVIP Mutual Global Discovery Fund, the FTVIP Mutual Shares Fund, the IVY VIP Energy Portfolio, the IVY VIP Global Bond Portfolio, the IVY Growth Portfolio, the IVY VIP High Income Portfolio, the IVY International Core Equity Portfolio, the IVY VIP Mid Cap Growth Portfolio, the IVY VIP Natural Resources Portfolio, the IVY Science and Technology Portfolio, the IVY VIP Small Cap Core Portfolio, and the IVY Small Cap Growth Portfolio.

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

2. Expenses

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

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

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

• A transfer charge is imposed on each transfer between portfolios of the Separate Account in excess of a stipulated number of transfers in any one contract year. A deferred sales charge may be imposed in the event of a full or partial withdrawal within the stipulated number of years.

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

Product	M&E Charge	Admin Fee	Maintenance Fee
Midland National Advantage Variable Annuity*	0.95%	0.00%	$	30.00
Midland National Advantage II*	1.40%	0.00%	$	30.00
Midland National Advantage III*	1.35%	0.00%	$	30.00
Midland National MNL Advisor*	1.55%	0.00%	$	30.00
Midland National Variable Annuity*	1.25%	0.15%	$	33.00
Midland National Variable Annuity II*	1.25%	0.15%	$	35.00
Midland National Vector Variable Annuity*	0.85% to 1.10%	0.45%	$	30.00
Midland National Vector II Variable Annuity*	1.20% to 1.45%	0.45%	$	30.00
Sammons Retirement Solutions LiveWell Variable Annuity	1.00% to 1.30%	0.35%	$	40.00
Sammons Retirement Solutions LiveWell Freedom Variable Annuity	0.90%	0.35%	$	40.00

*New contracts are no longer being issued for this product

46

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

3. Purchases and Sales of Investment Securities

The aggregate cost of purchases and proceeds from sales of investments for the years ended December 31, 2020 and 2019 were as follows:

	2020				2019
Portfolio	Purchases		Sales		Purchases		Sales
Fidelity Variable Insurance Products
Government Money Market Portfolio	$	16,346,466	$	12,948,756	$	22,552,633	$	27,459,051
High Income Portfolio		7,001,351		12,273,406		21,546,372		14,022,648
Equity-Income Portfolio		734,002		1,145,875		1,284,645		1,776,518
Growth Portfolio		1,840,596		2,420,706		1,320,446		1,956,904
Overseas Portfolio		677,822		1,164,053		947,424		1,327,036
Mid Cap Portfolio		1,551,043		3,051,208		3,653,510		2,547,946
Asset Manager Portfolio		32,972		202,959		165,401		86,201
Investment Grade Bond Portfolio		1,147,610		1,368,765		1,723,961		1,851,650
Index 500 Portfolio		2,429,250		3,687,434		5,862,575		3,753,115
Contrafund Portfolio		4,846,240		8,100,293		8,157,973		4,915,314
Asset Manager: Growth Portfolio		89,158		112,687		138,655		133,643
Balanced Portfolio		845,185		603,982		580,559		412,601
Growth & Income Portfolio		1,483,421		1,836,744		1,385,239		1,324,328
Growth Opportunities Portfolio		13,850,572		4,899,377		3,895,430		2,007,689
Value Strategies Portfolio		1,030,786		1,567,685		1,055,057		1,074,771
Strategic Income Portfolio		3,312,367		2,047,577		3,719,264		1,734,432
Emerging Markets Portfolio		1,436,108		761,073		627,787		550,439
Real Estate Portfolio		4,102,395		2,556,034		4,697,555		1,836,342
Funds Manager 50% Portfolio		9,471,568		6,269,522		2,521,887		562,542
Funds Manager 70% Portfolio		535,258		204,020		1,077,584		254,640
Funds Manager 85% Portfolio		305,130		351,948		661,543		621,219
Government Money Market Portfolio Service Class 2		1,759,681		1,184,755		2,703,872		1,471,947
International Capital Appreciation Portfolio		602,580		6,898		-		-
American Century Variable
Portfolios, Inc.
Balanced Fund		1,519,476		662,691		489,590		294,163
Capital Appreciation Fund		869,079		1,361,894		1,197,317		685,234
International Fund		729,127		1,204,539		1,036,402		887,716
Value Fund		10,438,796		6,823,906		11,587,989		5,903,585
Disciplined Core Value Fund		1,565,907		673,698		1,092,003		946,992
Inflation Protection Fund		1,717,989		1,543,443		966,377		1,529,570
Large Company Value Fund		73,190		235,533		1,024,822		985,795
Mid Cap Value Fund		4,720,390		3,068,457		8,319,657		2,690,314
Ultra Fund		3,486,715		3,236,545		2,495,052		2,835,856
MFS Variable Insurance Trust
Research Series		42,903		163,718		405,792		533,022
Growth Series		243,702		1,009,016		1,389,497		1,173,826
Investors Trust Series		156,980		163,024		79,968		72,196
New Discovery Series		3,672,910		2,930,084		3,983,762		2,180,969
Corporate Bond Portfolio		3,358,789		1,110,736		1,799,976		1,117,744
Emerging Markets Equity Portfolio		942,854		669,567		1,475,186		668,488
Technology Portfolio		4,375,590		2,025,038		1,685,733		908,335
Global Tactical Allocation Portfolio		269,611		205,946		380,921		128,148
International Intrinsic Value Portfolio		3,094,643		3,560,845		3,251,900		2,055,155
Utilities Series Portfolio		2,867,960		3,008,850		2,754,072		1,414,717
Blended Research Core Equity Portfolio		405,894		574,805		445,875		1,044,895
Global Real Estate Portfolio		236,390		317,088		403,366		73,034

47

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	2020				2019
Portfolio	Purchases		Sales		Purchases		Sales
Lord Abbett Series Fund, Inc.
Growth & Income Portfolio		64,840		125,353		195,484		143,684
Mid-Cap Stock Portfolio		151,658		432,385		158,703		486,719
International Opportunities Portfolio		-		-		536,062		7,031,433
Bond-Debenture Portfolio		5,077,947		4,820,365		5,588,507		2,002,130
Fundamental Equity Portfolio		219,905		249,020		195,557		202,709
Developing Growth Portfolio		2,730,542		1,380,872		1,729,820		1,685,666
Short Duration Income Portfolio		9,068,908		9,431,497		9,587,473		7,151,447
Alger Fund
LargeCap Growth Portfolio		2,798,477		3,268,005		368,043		1,727,305
MidCap Growth Portfolio		1,471,842		1,750,547		1,921,250		1,375,970
Capital Appreciation Portfolio		1,328,723		1,097,766		721,266		901,101
SmallCap Growth Portfolio		68,046		136,567		45,251		106,688
Capital Appreciation Portfolio Class S		10,695,386		11,757,348		7,141,777		5,830,845
Calvert Variable Series, Inc.
Mid Cap Growth Portfolio		1,335,593		657,461		894,271		499,442
S&P 500 Index Portfolio		778,618		433,051		477,203		635,257
SRI Balanced Portfolio		2,021,950		493,388		652,925		8,997
Invesco Variable Insurance Funds
Technology Fund		587,128		372,710		221,647		134,481
Managed Volatility Fund		45,847		214,392		73,203		150,850
Diversified Dividend Fund		76,650		90,820		598,683		601,402
Health Care Fund		259,295		566,434		389,909		578,966
Global Real Estate Fund		79,141		189,302		174,282		110,504
International Growth Fund		296,283		341,591		443,759		312,433
Mid Cap Core Equity Fund		84,293		55,944		167,181		123,758
J.P. Morgan Series Trust II
Core Bond Portfolio		549,251		875,859		1,609,110		2,846,028
Small Cap Core Portfolio		516,589		446,899		652,815		453,465
Rydex Variable Trust
Nova Fund		106,113		366,377		118,755		250,363
NASDAQ-100 Fund		827,826		368,466		205,728		250,103
U.S. Government Money Market Fund		83		37,810		421,012		742,334
Inverse S&P 500 Strategy Fund		129,471		96,513		4,925		7,232
Inverse NASDAQ-100 Strategy Fund		16,465		28,248		7,815		7,631
Inverse Government Long Bond Strategy Fund		2,936		2,237		6,535		28,106
Government Long Bond 1.2x Strategy		6,737,092		6,344,006		6,684,907		6,774,371
NASDAQ-100 2x Strategy Fund		-		-		-		-
Inverse Dow 2x Strategy Fund		-		-		-		-
Rydex Variable Insurance Funds
Biotechnology Fund		2,262,325		2,199,288		898,511		1,321,999
S&P 500 Pure Growth Fund		1,394,079		1,786,004		1,047,358		1,022,550
S&P MidCap 400 Pure Growth Fund		131,543		352,998		140,733		172,555
Guggenheim Variable Insurance Funds
Long Short Equity Fund		219,109		75,389		222,668		51,496
Multi-Hedge Strategies Fund		384,327		573,573		182,003		492,125
Global Managed Futures Strategy Fund		36,026		102,868		751,738		785,867
Small Cap Value Fund		811,667		359,426		571,480		521,149

48

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	2020				2019
Portfolio	Purchases		Sales		Purchases		Sales
ProFunds VP
Access VP High Yield Fund		103,952		200,082		125,911		255,170
Asia 30		89,147		92,170		79,149		80,221
Banks		22,277		35,313		46,322		51,852
Basic Materials		32,707		31,323		15,556		38,494
Bear		25,726		40,891		2,265		16,271
Biotechnology		306,460		369,263		127,467		173,093
Bull		526,043		1,403,007		1,266,492		846,225
Consumer Goods		354,102		305,524		158,237		90,997
Consumer Services		157,576		97,093		195,940		229,667
Dow 30		144,723		40,043		115,962		155,522
Emerging Markets		208,450		192,833		71,990		95,947
Europe 30		12,027		32,950		36,080		50,555
Falling U.S. Dollar		20,325		23,345		4,602		8,057
Financials		8,849		44,833		55,668		42,831
Health Care		274,079		297,085		286,873		485,455
Industrials		189,412		215,475		207,746		145,992
International		160,914		131,277		970		8,529
Internet		368,349		368,077		316,291		497,581
Japan		4,509		4,972		4,489		21,955
Large-Cap Growth		656,687		591,939		553,821		438,861
Large-Cap Value		293,430		397,698		433,305		355,904
Mid-Cap		2,624,090		4,934,409		8,500,735		8,473,698
Mid-Cap Growth		282,070		252,243		158,408		176,884
Mid-Cap Value		26,803		32,602		51,962		87,401
Government Money Market		8,031,525		6,920,955		4,984,355		7,594,720
Oil & Gas		256,310		281,714		146,257		287,290
NASDAQ-100		825,026		1,026,841		840,370		1,064,398
Pharmaceuticals		19,038		45,218		26,963		55,789
Precious Metals		837,926		1,269,667		413,015		534,008
Real Estate		100,058		255,472		145,188		176,353
Rising Rates Opportunity		1,743		9,309		3,138		62,427
Semiconductor		152,836		157,636		201,683		142,226
Short Dow 30		1,071,258		1,001,556		1		146
Short Emerging Markets		-		-		-		-
Short International		4,740		4,928		1,486		10,448
Short Mid-Cap		2,585		2,977		1,243		1,279
Short NASDAQ-100		14,378		9,495		1		53
Short Small-Cap		408,488		374,461		1,909		12,731
Small-Cap		183,408		298,749		148,754		122,409
Small-Cap Growth		504,775		464,639		169,684		228,724
Small-Cap Value		223,783		112,741		17,139		25,396
Technology		671,562		636,949		574,172		483,066
Telecommunications		3,291		2,763		4,483		14,832
U.S. Government Plus		952,590		685,108		157,988		290,354
UltraBull		918,918		122,646		336,367		461,756
UltraMid-Cap		2,299,567		2,125,740		5,956,683		6,439,401
UltraNASDAQ-100		649,238		518,409		413,680		529,208
UltraShort Dow 30		101		135		146,754		141,189
UltraShort NASDAQ-100		9		99		68,952		74,207
UltraSmall-Cap		1,352,900		1,228,910		1,238,445		1,310,615
Utilities		186,045		123,602		231,083		234,963

49

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	2020				2019
Portfolio	Purchases		Sales		Purchases		Sales
VanEck Worldwide Insurance Trust
Global Hard Assets Fund		1,230,221		1,253,629		859,400		1,084,794
Emerging Markets Fund		518,842		745,969		370,591		586,438
Emerging Markets Bond Fund		632,141		549,836		402,761		496,567
Janus Henderson Series
Global Technology and Innovation Portfolio		6,624,665		3,875,176		2,299,976		1,396,070
Overseas Portfolio		215,732		145,799		106,017		108,590
Research Portfolio		141,685		192,071		88,869		109,231
Enterprise Services Portfolio		7,660,875		4,750,807		6,658,991		2,706,213
Global Research Portfolio		252,874		241,990		403,490		268,998
Mid Cap Value Portfolio		1,060,411		818,506		1,057,131		681,584
Balanced Portfolio		19,522,642		10,382,276		15,184,256		3,495,164
Flexible Bond Portfolio		4,412,665		2,410,078		3,842,970		2,470,951
GI Unconstrained Bond Portfolio		-		-		74,638		1,002,914
PIMCO Variable Insurance Trust
Total Return Portfolio		22,227,309		27,964,837		18,202,749		17,858,756
Low Duration Portfolio		14,063,563		11,137,068		6,679,964		6,364,252
High Yield Portfolio		10,456,508		12,103,359		8,146,657		4,310,391
Real Return Portfolio		4,939,161		4,582,092		2,618,649		2,729,963
All Asset Portfolio		554,217		1,017,855		503,864		1,116,393
Global Managed Asset Allocation Portfolio		372,768		94,916		198,409		134,713
Short-Term Portfolio		36,235,993		24,360,859		10,944,577		13,517,418
Emerging Markets Bond Portfolio		488,566		322,988		688,841		441,076
Global Bond Opportunities Portfolio		10,713		182,651		26,175		28,327
Commodity Real Return Strategy Portfolio		688,709		755,617		483,882		723,000
International Bond (USD-Hedged) Portfolio		716,897		366,899		788,049		382,616
Dynamic Bond Adv Portfolio		574,555		846,985		916,261		501,699
Income Advisor Portfolio		9,568,518		14,395,219		11,701,014		3,204,780
Goldman Sachs Variable Insurance Trust
Small Cap Equity Insights Fund		344,316		632,876		680,710		1,008,334
Large Cap Value Fund		30,750		36,830		80,374		486,930
Mid Cap Value Fund		537,410		487,808		717,352		854,445
Neuberger Berman Advisors Management Trust
Mid-Cap Growth Portfolio		429,868		669,616		831,701		590,999
AMT Mid Cap Intrinsic Value Portfolio		88,709		236,448		315,598		170,044
BNY Mellon Variable Investment Fund
Appreciation Portfolio		263,971		325,300		168,778		152,255
International Value Portfolio		340		10,527		7,889		32,846
Sustainable U.S. Equity Portfolio		52,069		79,070		36,080		21,027
Invesco Van Kampen Variable Insurance Fund
Growth and Income Portfolio		102,660		168,507		433,567		391,282
Value Opportunities Fund		54,082		54,179		13,306		41,889
American Value Fund		62,175		90,497		122,509		121,981

50

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	2020				2019
Portfolio	Purchases		Sales		Purchases		Sales
Morgan Stanley Variable Institutional Funds
Emerging Markets Debt Portfolio		20,074		46,921		22,844		71,547
Emerging Markets Equity Portfolio		247,130		252,872		95,759		224,795
Discovery Portfolio		131,182		127,527		25,941		111,471
U.S. Real Estate Portfolio		22,155		44,266		65,007		110,474
Northern Lights Variable Trust
Power Income Fund		49,636		179,851		99,706		422,464
Power Dividend Index Fund		480,087		7,187,180		5,650,952		10,680,720
AB Variable Products Series
Real Estate Investment Portfolio		-		-		83,456		2,184,196
Dynamic Asset Allocation Portfolio		399,251		234,740		2,074,881		152,775
Small Cap Growth Portfolio		70,248		119,297		26,904		9,853
Small Mid Cap Value Portfolio		802,689		820,473		1,350,022		655,487
BlackRock Variable Series Fund, Inc.
Basic Value Fund		704,808		1,132,597		924,267		1,180,808
Capital Appreciation Fund		195,478		124,060		164,491		237,481
Equity Dividend Fund		6,643,111		2,934,644		4,816,101		1,990,164
Global Allocation Fund		2,869,943		2,856,846		1,414,754		2,511,978
Advantage Large Cap Core Fund		151,540		324,249		88,214		308,247
Large Cap Focus Growth Fund		4,611,387		2,554,392		4,207,769		677,718
60/40 Target Allocation ETF Fund		2,747,177		872,311		2,444,806		450,544
Total Return Portfolio		603,905		149,028		1,296,295		250,360
S&P 500 Portfolio		400,363		114,429		829,437		52,047
Columbia Variable Portfolio
Contrarian Core 2 Portfolio		1,312,330		1,285,421		551,273		768,404
Dividend Opportunity Portfolio		797,914		732,112		1,023,656		747,642
Emerging Markets Bond Portfolio		293,464		1,203,560		484,608		1,342,751
High Yield Portfolio		1,357,192		1,068,271		1,019,786		722,896
Select Large-Cap Value Portfolio		212,780		801,230		277,028		98,851
Seligman Global Tech Portfolio		2,739,469		1,477,531		1,552,553		466,026
US Government Mortgage Portfolio		2,285,905		708,944		637,677		90,305
Strategic Income Portfolio		261,144		8,868		-		-
DWS Variable Insurance Portfolios
Equity 500 Index Portfolio		11,020,997		6,534,665		11,688,877		4,200,927
Small Cap Index Portfolio		2,199,740		1,650,404		2,242,572		702,587
Alternative Asset Allocation Portfolio		85,006		351,024		164,689		581,828
Global Small Cap Portfolio		94,625		208,940		198,272		152,858
Small Mid Cap Value Portfolio		1,167,486		906,267		895,465		1,023,894
CROCI US Portfolio		61,759		103,948		29,501		63,467
Eaton Vance Variable Trust
Floating Rate Income Portfolio		4,356,253		11,004,749		6,780,845		6,385,441
Delaware Variable Insurance Portfolios
Total Return Portfolio		62,752		91,437		127,486		77,460
International Portfolio		410,580		424,779		591,505		522,249
Opportunity Portfolio		2,153,297		1,987,979		728,957		1,763,106
Covered Call Strategy Portfolio		19,583		131,673		12,366		5,346
Franklin Templeton Variable Insurance Products Trust
Mutual Shares Fund		1,324,064		1,437,322		1,513,174		1,107,267
Income Fund		4,372,545		4,571,005		4,378,696		2,310,569

51

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	2020				2019
Portfolio	Purchases		Sales		Purchases		Sales
Global Bond Fund		5,619,120		3,537,138		6,606,184		3,238,744
Foreign Fund		4,035,197		3,587,353		5,053,541		3,562,220
Developing Markets Fund		434,002		897,538		256,021		865,895
Mutual Global Discovery Fund		1,315,883		1,726,011		1,314,455		1,155,075
Rising Dividends Fund		3,461,633		4,794,451		5,858,005		2,920,254
Ivy Variable Insurance Portfolios
Asset Strategy Portfolio		255,640		1,252,922		364,239		577,560
Balanced Portfolio		785,257		1,764,287		994,786		674,287
Global Equity Income Portfolio		111,357		233,283		346,872		127,021
Energy Portfolio		662,344		874,835		1,292,237		894,991
Global Bond Portfolio		449,884		520,415		225,031		166,858
Natural Resources Portfolio		193,059		301,592		323,843		145,350
Growth Portfolio		1,509,087		1,160,801		1,713,787		954,808
High Income Portfolio		4,803,111		4,413,787		4,626,956		3,983,110
International Core Equity Portfolio		898,412		1,143,158		2,066,471		1,181,923
Global Growth Portfolio		17,952		117,377		595,938		64,866
Mid Cap Growth Portfolio		4,744,647		2,399,652		2,438,375		1,021,068
Science and Technology Portfolio		5,231,706		2,620,004		3,542,199		1,833,057
Small Cap Growth Portfolio		613,755		1,767,107		2,377,560		935,436
Small Cap Core Portfolio		1,974,430		1,924,212		3,717,105		1,646,481
Lazard Retirement Series, Inc.
International Equity Portfolio		187,758		134,796		189,541		109,850
Global Dynamic Multi Asset Portfolio		208,030		295,283		91,784		387,372
Legg Mason Partners Variable Equity Trust
Western Asset Variable Global High Yield Bond Portfolio		500,876		308,321		726,253		307,892
ClearBridge Variable Mid Cap Portfolio		1,580,014		1,492,837		1,387,144		1,403,285
ClearBridge Variable Dividend Strategy Portfolio		15,077,607		8,351,519		12,031,076		2,130,633
ClearBridge Variable Small Cap Growth Portfolio		1,274,043		1,352,860		1,575,033		1,117,369
ClearBridge Variable Aggressive Growth Portfolio		109,815		259,615		120,075		105,011
Western Asset Variable Core Bond Plus Portfolio		14,308,901		13,835,801		15,413,149		6,080,674
ClearBridge Variable Large Cap Growth Portfolio		3,558,534		2,715,563		5,138,754		1,701,080
QS Legg Mason Partners Variable Income Trust
Dynamic Multi Strategy Portfolio		38,515		20,500		14,907		61,760
Pioneer Variable Contracts Trust
Fund Portfolio		114,984		82,324		140,534		101,795
Bond Portfolio		6,776,159		5,773,648		7,338,483		4,024,973
Strategic Income Portfolio		1,974,231		1,985,906		2,583,337		2,038,542
Equity Income Portfolio		2,331,846		2,557,631		7,594,771		1,308,482
High Yield Portfolio		85,891		232,980		115,284		191,396
Prudential Series Funds
Jennison 20/20 Focus Portfolio		130		24,820		41,779		21,954
Natural Resources Portfolio		88,094		473,065		536,197		210,366
SP Prudential US Emerging Growth Portfolio		9,327		222,693		31,478		215,478
Royce Capital Fund
Micro-Cap Portfolio		42,161		182,167		75,820		81,964
Small Cap Portfolio		907,312		1,111,651		1,610,980		1,410,324
Alps Fund
Alerian Energy Infrastructure Portfolio		558,629		280,348		266,648		340,588
Red Rocks Global Opportunity Portfolio		562,531		386,561		486,835		505,998

52

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	2020				2019
Portfolio	Purchases		Sales		Purchases		Sales
American Funds IS
Asset Allocation Fund		23,778,287		10,460,405		25,702,655		6,025,093
Blue Chip Income and Growth Fund		6,145,739		5,537,671		10,008,454		3,866,856
Ultra-Short Bond Fund		32,511,593		20,732,576		8,872,083		8,880,806
Capital Income Builder Fund		2,319,686		3,016,200		3,253,328		1,850,853
Global Growth Fund		5,930,929		2,628,088		4,259,537		1,265,968
Global Growth and Income Fund		4,002,907		1,440,509		2,791,043		2,148,930
Global Small Capitalization Fund		1,091,828		877,246		1,511,308		679,097
Growth Fund		7,620,054		7,461,345		7,195,831		2,444,051
Growth-Income Fund		8,840,817		6,951,437		11,623,395		3,093,480
International Fund		2,010,285		2,117,798		1,740,857		1,287,188
International Growth and Income Fund		1,509,469		1,237,756		1,656,497		609,301
New World Fund		3,907,448		4,584,180		5,554,139		2,720,602
U.S. Government/AAA-Rated Securities Fund		36,315,193		16,586,411		8,982,095		4,739,671
Invesco Oppenheimer
Total Return Bond Fund		2,085,554		795,909		1,757,764		725,253
Discovery Mid Cap Growth Fund		1,585,393		1,023,130		1,358,676		337,030
Global Multi-Alternatives Fund		-		-		1,182		90,520
Global Fund		1,297,523		1,544,621		2,137,230		1,344,545
International Growth Fund		3,397,437		1,701,586		4,578,801		1,041,503
Main Street Fund		2,022,875		2,403,463		4,880,798		975,556
Main Street Small Cap Fund		1,276,610		1,673,472		1,470,037		610,003
T. Rowe Price
Blue Chip Growth Portfolio		11,316,063		9,441,364		12,740,887		2,905,027
Health Sciences Portfolio		7,329,478		3,414,090		5,941,993		2,562,441
John Hancock Variable Insurance Trust
Financial Industries Portfolio		490,398		217,102		326,857		14,799
Fundamental All Cap Core Portfolio		4,054		2,954		25,521		10,595
Select Bond Portfolio		261,858		112,585		219,249		64,264
Strategic Income Opportunities Portfolio		182,525		52,277		191,265		4,421
Federated Hermes
High Income Bond Portfolio		411,920		339,197		339,676		3,714
Kaufmann Portfolio		3,024,717		223,295		822,179		124,580
Managed Volatility Portfolio		284,898		245,768		24,573		62

53

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

4. Summary of Changes from Unit Transactions

Transactions in units for the years ended December 31, 2020 and 2019 were as follows:

	2020							2019
					Net Increase/							Net Increase/
Portfolio	Purchases		Sales		(Decrease)			Purchases		Sales		(Decrease)
Fidelity Variable Insurance Products
Government Money Market Portfolio		1,527,031		1,206,490		320,541			2,106,295		2,563,246		(456,951	)
High Income Portfolio		303,564		522,594		(219,030	)		879,154		554,741		324,413
Equity-Income Portfolio		11,165		34,354		(23,189	)		20,429		57,096		(36,667	)
Growth Portfolio		24,521		51,907		(27,386	)		21,739		41,728		(19,989	)
Overseas Portfolio		30,292		54,480		(24,188	)		31,494		66,045		(34,551	)
Mid Cap Portfolio		92,123		149,238		(57,115	)		113,531		119,885		(6,354	)
Asset Manager Portfolio		163		8,789		(8,626	)		3,246		3,004		242
Investment Grade Bond Portfolio		64,897		76,012		(11,115	)		92,806		100,663		(7,857	)
Index 500 Portfolio		157,593		118,319		39,274			414,334		113,464		300,870
Contrafund Portfolio		213,902		251,525		(37,623	)		244,263		180,309		63,954
Asset Manager: Growth Portfolio		1,460		2,477		(1,017	)		4,130		5,037		(907	)
Balanced Portfolio		25,271		21,338		3,933			15,345		14,843		502
Growth & Income Portfolio		55,123		61,704		(6,581	)		43,827		46,602		(2,775	)
Growth Opportunities Portfolio		894,271		270,669		623,602			224,477		58,136		166,341
Value Strategies Portfolio		37,773		86,816		(49,043	)		37,790		57,753		(19,963	)
Strategic Income Portfolio		238,664		165,393		73,271			286,098		140,771		145,327
Emerging Markets Portfolio		62,157		53,636		8,521			48,096		42,017		6,079
Real Estate Portfolio		217,865		166,398		51,467			255,584		105,025		150,559
Funds Manager 50% Portfolio		674,516		412,415		262,101			165,170		37,743		127,427
Funds Manager 70% Portfolio		26,595		10,365		16,230			48,787		14,406		34,381
Funds Manager 85% Portfolio		14,322		20,571		(6,249	)		31,534		37,481		(5,947	)
Government Money Market Portfolio Service Class 2		190,465		123,574		66,891			284,939		154,573		130,366
International Capital Appreciation Portfolio		47,011		447		46,564			-		-		-
American Century Variable
Portfolios, Inc.
Balanced Fund		127,873		41,760		86,113			37,580		11,993		25,587
Capital Appreciation Fund		12,431		27,136		(14,705	)		21,579		15,008		6,571
International Fund		36,410		62,132		(25,722	)		46,199		47,686		(1,487	)
Value Fund		520,510		378,548		141,962			453,697		294,936		158,761
Disciplined Core Value Fund		121,142		37,661		83,481			61,367		48,547		12,820
Inflation Protection Fund		156,513		131,457		25,056			85,940		123,953		(38,013	)
Large Company Value Fund		4,309		14,166		(9,857	)		54,972		51,405		3,567
Mid Cap Value Fund		261,070		163,978		97,092			292,662		120,894		171,768
Ultra Fund		98,286		107,396		(9,110	)		86,206		119,992		(33,786	)
MFS Variable Insurance Trust
Research Series		664		4,577		(3,913	)		11,604		17,690		(6,086	)
Growth Series		2,608		21,894		(19,286	)		34,494		30,762		3,732
Investors Trust Series		4,821		5,487		(666	)		2,279		2,533		(254	)
New Discovery Series		133,431		97,657		35,774			123,015		78,016		44,999
Corporate Bond Portfolio		258,248		87,413		170,835			148,132		96,601		51,531
Emerging Markets Equity Portfolio		62,427		62,001		426			130,226		61,752		68,474
Technology Portfolio		127,893		63,829		64,064			47,952		32,406		15,546
Global Tactical Allocation Portfolio		14,991		15,097		(106	)		25,071		9,170		15,901
International Intrinsic Value Portfolio		144,284		170,871		(26,587	)		149,998		107,704		42,294
Utilities Series Portfolio		149,724		177,428		(27,704	)		144,934		78,927		66,007
Blended Research Core Equity Portfolio		21,639		39,627		(17,988	)		18,811		78,278		(59,467	)
Global Real Estate Portfolio		22,656		33,047		(10,391	)		37,534		6,690		30,844

54

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	2020							2019
					Net Increase/							Net Increase/
Portfolio	Purchases		Sales		(Decrease)			Purchases		Sales		(Decrease)
Lord Abbett Series Fund, Inc.
Growth & Income Portfolio		1,912		4,341		(2,429	)		2,695		4,752		(2,057	)
Mid-Cap Stock Portfolio		6,857		17,962		(11,105	)		4,227		18,415		(14,188	)
International Opportunities Portfolio		-		-		-			21,100		271,116		(250,016	)
Bond-Debenture Portfolio		331,839		357,912		(26,073	)		370,190		140,718		229,472
Fundamental Equity Portfolio		14,200		15,216		(1,016	)		9,022		10,733		(1,711	)
Developing Growth Portfolio		83,645		53,441		30,204			66,261		80,234		(13,973	)
Short Duration Income Portfolio		827,779		887,123		(59,344	)		872,138		679,763		192,375
Alger Fund
LargeCap Growth Portfolio		60,695		99,595		(38,900	)		11,296		67,882		(56,586	)
MidCap Growth Portfolio		26,476		52,961		(26,485	)		56,315		52,376		3,939
Capital Appreciation Portfolio		16,922		25,471		(8,549	)		9,039		24,744		(15,705	)
SmallCap Growth Portfolio		55		3,843		(3,788	)		226		3,652		(3,426	)
Capital Appreciation Portfolio Class S		158,499		396,465		(237,966	)		114,331		229,459		(115,128	)
Calvert Variable Series, Inc.
Mid Cap Growth Portfolio		67,759		33,482		34,277			33,706		20,517		13,189
S&P 500 Index Portfolio		38,119		18,098		20,021			22,404		28,718		(6,314	)
SRI Balanced Portfolio		160,015		41,761		118,254			55,460		388		55,072
Invesco Variable Insurance Funds
Technology Fund		13,511		11,299		2,212			4,830		4,352		478
Managed Volatility Fund		743		8,163		(7,420	)		1,086		5,056		(3,970	)
Diversified Dividend Fund		3,260		7,331		(4,071	)		42,937		48,502		(5,565	)
Health Care Fund		7,361		18,280		(10,919	)		13,578		21,028		(7,450	)
Global Real Estate Fund		7,361		18,233		(10,872	)		14,202		8,544		5,658
International Growth Fund		23,223		28,353		(5,130	)		36,360		26,317		10,043
Mid Cap Core Equity Fund		2,267		3,602		(1,335	)		9,775		7,779		1,996
J.P. Morgan Series Trust II
Core Bond Portfolio		40,148		65,194		(25,046	)		125,932		234,209		(108,277	)
Small Cap Core Portfolio		15,787		16,980		(1,193	)		15,177		15,953		(776	)
Rydex Variable Trust
Nova Fund		1,822		12,540		(10,718	)		3,872		8,567		(4,695	)
NASDAQ-100 Fund		11,975		6,822		5,153			4,058		5,787		(1,729	)
U.S. Government Money Market Fund		-		4,068		(4,068	)		43,621		77,620		(33,999	)
Inverse S&P 500 Strategy Fund		104,997		87,067		17,930			3,340		4,484		(1,144	)
Inverse NASDAQ-100 Strategy Fund		38,279		55,086		(16,807	)		13,950		11,245		2,705
Inverse Government Long Bond Strategy Fund		1,667		1,076		591			2,769		12,023		(9,254	)
Government Long Bond 1.2x Strategy		274,663		267,710		6,953			333,053		335,862		(2,809	)
NASDAQ-100 2x Strategy Fund		-		-		-			-		-		-
Inverse Dow 2x Strategy Fund		-		-		-			-		-		-
Rydex Variable Insurance Funds
Biotechnology Fund		77,523		92,596		(15,073	)		38,907		63,290		(24,383	)
S&P 500 Pure Growth Fund		27,989		74,618		(46,629	)		45,875		46,766		(891	)
S&P MidCap 400 Pure Growth Fund		5,791		23,927		(18,136	)		10,066		10,966		(900	)
Guggenheim Variable Insurance Funds
Long Short Equity Fund		19,582		5,991		13,591			19,291		3,512		15,779
Multi-Hedge Strategies Fund		34,240		52,615		(18,375	)		13,589		46,575		(32,986	)
Global Managed Futures Strategies Fund		2,658		11,098		(8,440	)		82,648		88,662		(6,014	)
Small Cap Value Fund		47,204		26,219		20,985			26,850		32,843		(5,993	)

55

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	2020							2019
					Net Increase/							Net Increase/
Portfolio	Purchases		Sales		(Decrease)			Purchases		Sales		(Decrease)
ProFunds VP
Access VP High Yield Fund		6,603		12,291		(5,688	)		7,803		16,543		(8,740	)
Asia 30		6,686		7,380		(694	)		6,455		6,842		(387	)
Banks		4,683		7,304		(2,621	)		8,062		8,847		(785	)
Basic Materials		2,433		2,628		(195	)		1,066		3,005		(1,939	)
Bear		20,125		29,899		(9,774	)		1,438		8,727		(7,289	)
Biotechnology		8,732		11,639		(2,907	)		4,638		6,033		(1,395	)
Bull		29,001		81,930		(52,929	)		70,756		47,946		22,810
Consumer Goods		17,915		15,847		2,068			7,593		4,964		2,629
Consumer Services		4,913		3,677		1,236			8,413		9,826		(1,413	)
Dow 30		5,954		2,026		3,928			6,338		8,370		(2,032	)
Emerging Markets		33,622		35,618		(1,996	)		12,439		16,290		(3,851	)
Europe 30		1,640		4,306		(2,666	)		3,682		5,315		(1,633	)
Falling U.S. Dollar		4,143		4,700		(557	)		880		1,383		(503	)
Financials		837		5,911		(5,074	)		5,992		4,409		1,583
Health Care		9,783		11,979		(2,196	)		11,036		21,196		(10,160	)
Industrials		10,448		12,737		(2,289	)		10,729		8,156		2,573
International		23,271		23,817		(546	)		127		1,116		(989	)
Internet		8,416		8,986		(570	)		8,642		13,237		(4,595	)
Japan		543		448		95			564		2,510		(1,946	)
Large-Cap Growth		23,401		25,013		(1,612	)		17,632		19,654		(2,022	)
Large-Cap Value		17,136		29,266		(12,130	)		28,271		27,602		669
Mid-Cap		180,658		365,690		(185,032	)		567,103		580,780		(13,677	)
Mid-Cap Growth		13,216		12,888		328			7,680		8,953		(1,273	)
Mid-Cap Value		1,496		2,325		(829	)		3,211		5,632		(2,421	)
Government Money Market		1,047,606		885,493		162,113			639,619		946,236		(306,617	)
Oil & Gas		43,379		53,397		(10,018	)		15,526		36,132		(20,606	)
NASDAQ-100		22,900		30,296		(7,396	)		27,265		34,428		(7,163	)
Pharmaceuticals		1,160		2,549		(1,389	)		700		3,185		(2,485	)
Precious Metals		177,075		258,680		(81,605	)		117,373		141,864		(24,491	)
Real Estate		9,053		20,203		(11,150	)		10,855		13,592		(2,737	)
Rising Rates Opportunity		1,578		7,915		(6,337	)		696		34,240		(33,544	)
Semiconductor		7,199		7,666		(467	)		10,257		7,356		2,901
Short Dow 30		1,016,268		1,008,424		7,844			-		60		(60	)
Short Emerging Markets		-		-		-			-		-		-
Short International		1,634		1,671		(37	)		366		3,300		(2,934	)
Short Mid-Cap		2,065		2,424		(359	)		794		848		(54	)
Short NASDAQ-100		23,614		16,064		7,550			-		58		(58	)
Short Small-Cap		367,212		367,570		(358	)		842		9,603		(8,761	)
Small-Cap		15,081		22,349		(7,268	)		9,465		8,159		1,306
Small-Cap Growth		24,644		25,245		(601	)		8,356		11,564		(3,208	)
Small-Cap Value		17,861		11,048		6,813			1,137		1,564		(427	)
Technology		20,415		19,205		1,210			21,969		18,457		3,512
Telecommunications		297		225		72			344		1,184		(840	)
U.S. Government Plus		39,940		30,024		9,916			9,488		18,107		(8,619	)
UltraBull		14,505		4,983		9,522			14,818		19,993		(5,175	)
UltraMid-Cap		125,333		114,564		10,769			292,882		315,021		(22,139	)
UltraNASDAQ-100		5,361		4,952		409			6,146		7,875		(1,729	)
UltraShort Dow 30		-		599		(599	)		509,892		510,274		(382	)
UltraShort NASDAQ-100		1		1,348		(1,347	)		662,850		663,625		(775	)
UltraSmall-Cap		104,588		88,590		15,998			88,642		92,790		(4,148	)
Utilities		8,534		6,856		1,678			12,231		12,607		(376	)

56

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	2020							2019
					Net Increase/							Net Increase/
Portfolio	Purchases		Sales		(Decrease)			Purchases		Sales		(Decrease)
VanEck Worldwide Insurance Trust
Global Hard Assets Fund		157,027		132,823		24,204			72,417		82,834		(10,417	)
Emerging Markets Fund		12,144		18,694		(6,550	)		9,585		15,800		(6,215	)
Emerging Markets Bond Fund		39,913		36,296		3,617			28,390		33,361		(4,971	)
Janus Henderson Series
Global Technology and Innovation Portfolio		153,006		96,535		56,471			71,096		47,190		23,906
Overseas Portfolio		21,495		15,127		6,368			11,480		12,056		(576	)
Research Portfolio		3,707		8,079		(4,372	)		1,706		5,144		(3,438	)
Enterprise Services Portfolio		294,875		222,911		71,964			276,680		129,353		147,327
Global Research Portfolio		10,635		13,049		(2,414	)		20,278		14,676		5,602
Mid Cap Value Portfolio		61,912		50,609		11,303			50,587		39,472		11,115
Balanced Portfolio		1,018,435		600,003		418,432			841,237		193,976		647,261
Flexible Bond Portfolio		367,933		200,434		167,499			339,254		223,936		115,318
GI Unconstrained Bond Portfolio		-		-		-			7,210		106,164		(98,954	)
PIMCO Variable Insurance Trust
Total Return Portfolio		1,670,377		2,193,134		(522,757	)		1,430,726		1,415,912		14,814
Low Duration Portfolio		1,365,809		1,072,501		293,308			609,703		611,584		(1,881	)
High Yield Portfolio		708,788		842,632		(133,844	)		553,003		288,774		264,229
Real Return Portfolio		406,446		392,872		13,574			239,000		250,060		(11,060	)
All Asset Portfolio		32,980		86,091		(53,111	)		31,953		88,909		(56,956	)
Global Managed Asset Allocation Portfolio		25,440		7,561		17,879			17,163		11,834		5,329
Short-Term Portfolio		3,559,634		2,331,640		1,227,994			997,399		1,302,319		(304,920	)
Emerging Markets Bond Portfolio		33,369		25,171		8,198			53,119		34,648		18,471
Global Bond Opportunities Portfolio		525		18,867		(18,342	)		1,920		2,552		(632	)
Commodity Real Return Strategy Portfolio		99,462		162,249		(62,787	)		58,627		139,714		(81,087	)
International Bond (USD-Hedged) Portfolio		52,727		30,837		21,890			68,183		33,112		35,071
Dynamic Bond Adv Portfolio		48,911		78,580		(29,669	)		78,101		45,491		32,610
Income Advisor Portfolio		794,669		1,417,751		(623,082	)		1,046,549		291,015		755,534
Goldman Sachs Variable Insurance Trust
Small Cap Equity Insights Fund		20,493		36,049		(15,556	)		35,024		51,098		(16,074	)
Large Cap Value Fund		1,316		1,919		(603	)		3,575		27,420		(23,845	)
Mid Cap Value Fund		21,924		19,943		1,981			24,129		34,704		(10,575	)
Neuberger Berman Advisors Management Trust
Mid-Cap Growth Portfolio		10,398		19,077		(8,679	)		25,564		19,339		6,225
AMT Mid Cap Intrinsic Value Portfolio		5,347		15,948		(10,601	)		13,692		8,381		5,311
BNY Mellon Variable Investment Fund
Appreciation Portfolio		11,229		14,915		(3,686	)		7,003		7,345		(342	)
International Value Portfolio		8		1,479		(1,471	)		912		3,804		(2,892	)
Sustainable U.S. Equity Portfolio		2,503		3,923		(1,420	)		1,766		982		784
Invesco Van Kampen Variable Insurance Fund
Growth and Income Portfolio		6,672		11,209		(4,537	)		24,249		22,954		1,295
Value Opportunities Fund		5,119		5,183		(64	)		641		3,428		(2,787	)
American Value Fund		4,459		6,406		(1,947	)		7,194		7,678		(484	)

57

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	2020							2019
					Net Increase/							Net Increase/
Portfolio	Purchases		Sales		(Decrease)			Purchases		Sales		(Decrease)
Morgan Stanley Variable Institutional Funds
Emerging Markets Debt Portfolio		1,324		3,287		(1,963	)		1,106		4,688		(3,582	)
Emerging Markets Equity Portfolio		20,598		21,282		(684	)		7,001		21,007		(14,006	)
Discovery Portfolio		3,698		3,899		(201	)		15		3,917		(3,902	)
U.S. Real Estate Portfolio		1,764		3,770		(2,006	)		3,923		7,577		(3,654	)
Northern Lights Variable Trust
Power Income Fund		4,062		18,241		(14,179	)		8,288		41,418		(33,130	)
Power Dividend Index Fund		56,931		834,309		(777,378	)		600,350		1,153,879		(553,529	)
AB Variable Products Series
Real Estate Investment Portfolio		-		-		-			127		140,698		(140,571	)
Dynamic Asset Allocation Portfolio		28,552		15,381		13,171			163,096		9,694		153,402
Small Cap Growth Portfolio		2,106		4,300		(2,194	)		770		419		351
Small Mid Cap Value Portfolio		43,499		48,950		(5,451	)		65,983		34,798		31,185
BlackRock Variable Series Fund, Inc.
Basic Value Fund		37,405		69,838		(32,433	)		34,321		66,400		(32,079	)
Capital Appreciation Fund		2,813		3,815		(1,002	)		403		9,593		(9,190	)
Equity Dividend Fund		332,589		172,026		160,563			203,364		104,787		98,577
Global Allocation Fund		130,514		191,064		(60,550	)		56,389		186,792		(130,403	)
Advantage Large Cap Core Fund		4,690		15,478		(10,788	)		2,286		14,921		(12,635	)
Large Cap Focus Growth Fund		164,613		98,273		66,340			213,140		28,305		184,835
60/40 Target Allocation ETF Fund		215,549		64,745		150,804			205,828		36,756		169,072
Total Return Portfolio		45,834		12,845		32,989			121,154		23,843		97,311
S&P 500 Portfolio		24,715		8,075		16,640			71,250		3,912		67,338
Columbia Variable Portfolio
Contrarian Core 2 Portfolio		72,119		65,758		6,361			34,872		44,689		(9,817	)
Dividend Opportunity Portfolio		58,473		50,463		8,010			72,636		48,662		23,974
Emerging Markets Bond Portfolio		9,098		100,434		(91,336	)		11,901		109,527		(97,626	)
High Yield Portfolio		91,189		86,624		4,565			64,522		56,265		8,257
Select Large-Cap Value Portfolio		20,421		76,111		(55,690	)		26,104		7,992		18,112
Seligman Global Tech Portfolio		159,452		90,520		68,932			99,640		35,532		64,108
US Government Mortgage Portfolio		210,582		64,954		145,628			61,021		8,585		52,436
Strategic Income Portfolio		23,343		762		22,581			-		-		-
DWS Variable Insurance Portfolios
Equity 500 Index Portfolio		427,403		282,903		144,500			542,516		205,812		336,704
Small Cap Index Portfolio		106,589		91,461		15,128			106,234		37,370		68,864
Alternative Asset Allocation Portfolio		6,013		34,840		(28,827	)		10,402		55,147		(44,745	)
Global Small Cap Portfolio		7,665		14,892		(7,227	)		14,025		11,914		2,111
Small Mid Cap Value Portfolio		59,370		67,039		(7,669	)		36,266		65,142		(28,876	)
CROCI US Portfolio		3,080		7,227		(4,147	)		141		4,027		(3,886	)
Eaton Vance Variable Trust
Floating Rate Income Portfolio		343,589		977,329		(633,740	)		509,530		536,836		(27,306	)
Delaware Variable Insurance Portfolios
Total Return Portfolio		1,618		7,284		(5,666	)		9,496		5,735		3,761
International Portfolio		7,249		31,895		(24,646	)		37,973		39,142		(1,169	)
Opportunity Portfolio		40,797		154,294		(113,497	)		25,209		133,567		(108,358	)
Covered Call Strategy Portfolio		189		12,121		(11,932	)		1,052		374		678
Franklin Templeton Variable Insurance Products Trust
Mutual Shares Fund		74,265		94,958		(20,693	)		50,598		64,974		(14,376	)
Income Fund		254,284		341,278		(86,994	)		223,534		160,512		63,022

58

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	2020							2019
					Net Increase/							Net Increase/
Portfolio	Purchases		Sales		(Decrease)			Purchases		Sales		(Decrease)
Global Bond Fund		336,924		336,139		785			450,339		291,181		159,158
Foreign Fund		326,800		335,256		(8,456	)		403,197		302,903		100,294
Developing Markets Fund		20,661		77,990		(57,329	)		22,908		80,438		(57,530	)
Mutual Global Discovery Fund		82,068		127,005		(44,937	)		36,953		76,792		(39,839	)
Rising Dividends Fund		109,919		213,358		(103,439	)		146,705		139,304		7,401
Ivy Variable Insurance Portfolios
Asset Strategy Portfolio		9,817		89,480		(79,663	)		8,172		42,105		(33,933	)
Balanced Portfolio		19,270		103,167		(83,897	)		18,794		39,270		(20,476	)
Global Equity Income Portfolio		5,447		13,323		(7,876	)		1,003		6,912		(5,909	)
Energy Portfolio		165,813		198,318		(32,505	)		217,885		157,983		59,902
Global Bond Portfolio		37,334		47,626		(10,292	)		17,660		14,520		3,140
Natural Resources Portfolio		28,948		54,755		(25,807	)		52,661		22,105		30,556
Growth Portfolio		38,906		38,707		199			41,096		37,890		3,206
High Income Portfolio		347,170		377,318		(30,148	)		316,663		322,615		(5,952	)
International Core Equity Portfolio		63,019		86,856		(23,837	)		112,750		87,794		24,956
Global Growth Portfolio		977		6,075		(5,098	)		8,413		3,627		4,786
Mid Cap Growth Portfolio		165,614		94,527		71,087			71,668		52,879		18,789
Science and Technology Portfolio		137,252		84,961		52,291			114,939		69,820		45,119
Small Cap Growth Portfolio		40,173		103,894		(63,721	)		116,118		54,390		61,728
Small Cap Core Portfolio		86,091		108,741		(22,650	)		90,795		79,349		11,446
Lazard Retirement Series, Inc.
International Equity Portfolio		11,700		10,158		1,542			15,650		7,732		7,918
Global Dynamic Multi Asset Portfolio		13,847		19,259		(5,412	)		7,106		25,951		(18,845	)
Legg Mason Partners Variable Equity Trust
Western Asset Variable Global High Yield Bond Portfolio		34,226		22,570		11,656			51,555		23,013		28,542
ClearBridge Variable Mid Cap Portfolio		86,459		76,917		9,542			74,298		75,203		(905	)
ClearBridge Variable Dividend Strategy Portfolio		754,678		475,223		279,455			530,543		107,483		423,060
ClearBridge Variable Small Cap Growth Portfolio		40,410		56,569		(16,159	)		59,437		51,389		8,048
ClearBridge Variable Aggressive Growth Portfolio		1,844		22,643		(20,799	)		9,009		8,894		115
Western Asset Variable Core Bond Plus Portfolio		1,177,295		1,200,820		(23,525	)		1,209,355		533,429		675,926
ClearBridge Variable Large Cap Growth Portfolio		198,444		167,824		30,620			359,385		127,677		231,708
QS Legg Mason Partners Variable Income Trust
Dynamic Multi Strategy Portfolio		2,759		1,365		1,394			557		4,466		(3,909	)
Pioneer Variable Contracts Trust
Fund Portfolio		2,421		3,212		(791	)		1,841		4,684		(2,843	)
Bond Portfolio		480,522		461,711		18,811			550,372		327,347		223,025
Strategic Income Portfolio		134,259		160,231		(25,972	)		193,934		168,045		25,889
Equity Income Portfolio		94,779		140,051		(45,272	)		133,798		65,123		68,675
High Yield Portfolio		2,895		17,595		(14,700	)		4,565		13,511		(8,946	)
Prudential Series Funds
Jennison 20/20 Focus Portfolio		10		874		(864	)		2,355		970		1,385
Natural Resources Portfolio		19,772		90,899		(71,127	)		100,478		37,715		62,763
SP Prudential US Emerging Growth Portfolio		366		9,420		(9,054	)		1,726		11,543		(9,817	)
Royce Capital Fund
Micro-Cap Portfolio		3,791		17,152		(13,361	)		3,212		7,026		(3,814	)
Small Cap Portfolio		71,621		88,121		(16,500	)		41,125		90,904		(49,779	)
Alps Fund
Alerian Energy Infrastructure Portfolio		92,321		49,454		42,867			29,870		42,634		(12,764	)
Red Rocks Global Opportunity Portfolio		29,942		30,373		(431	)		37,578		40,439		(2,861	)

59

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	2020							2019
					Net Increase/							Net Increase/
Portfolio	Purchases		Sales		(Decrease)			Purchases		Sales		(Decrease)
American Funds IS
Asset Allocation Fund		1,763,189		721,734		1,041,455			1,843,077		433,357		1,409,720
Blue Chip Income and Growth Fund		441,140		410,751		30,389			605,957		277,857		328,100
Ultra-Short Bond Fund		3,463,282		2,195,677		1,267,605			920,470		926,297		(5,827	)
Capital Income Builder Fund		183,204		266,907		(83,703	)		270,876		158,921		111,955
Global Growth Fund		352,553		154,640		197,913			262,946		82,800		180,146
Global Growth and Income Fund		281,494		109,810		171,684			167,164		157,491		9,673
Global Small Capitalization Fund		62,433		67,520		(5,087	)		105,307		52,962		52,345
Growth Fund		343,235		334,283		8,952			282,677		136,659		146,018
Growth-Income Fund		503,963		430,151		73,812			563,678		195,615		368,063
International Fund		186,716		188,965		(2,249	)		133,543		110,321		23,222
International Growth and Income Fund		145,014		122,239		22,775			142,606		55,521		87,085
New World Fund		320,090		370,517		(50,427	)		417,785		237,897		179,888
U.S. Government/AAA-Rated Securities Fund		3,200,373		1,480,564		1,719,809			854,332		457,365		396,967
Invesco Oppenheimer
Total Return Bond Fund		169,766		66,108		103,658			157,066		66,065		91,001
Discovery Mid Cap Growth Fund		73,737		51,363		22,374			71,255		20,344		50,911
Global Multi-Alternatives Fund		-		-		-			38		9,743		(9,705	)
Global Fund		72,018		98,758		(26,740	)		112,783		100,160		12,623
International Growth Fund		288,592		142,134		146,458			409,534		98,956		310,578
Main Street Fund		90,488		169,642		(79,154	)		309,614		72,633		236,981
Main Street Small Cap Fund		91,343		124,998		(33,655	)		84,089		43,538		40,551
T. Rowe Price
Blue Chip Growth Portfolio		538,971		502,003		36,968			776,117		179,780		596,337
Health Sciences Portfolio		462,744		250,914		211,830			465,856		219,740		246,116
John Hancock Variable Insurance Trust
Financial Industries Portfolio		47,703		22,632		25,071			30,054		1,133		28,921
Fundamental All Cap Core Portfolio		148		154		(6	)		1,869		914		955
Select Bond Portfolio		22,463		9,905		12,558			20,149		5,837		14,312
Strategic Income Opportunities Portfolio		17,524		4,463		13,061			18,349		221		18,128
Federated Hermes
High Income Bond Portfolio		38,791		33,146		5,645			33,665		246		33,419
Kaufmann Portfolio		245,285		16,841		228,444			79,676		11,859		67,817
Managed Volatility Portfolio		30,035		25,997		4,038			2,425		-		2,425

60

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

5. Financial Highlights

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

The following table was developed by determining which products offered by the Company have the lowest and highest total return. Only product designs within each portfolio that had units outstanding during the respective periods were considered when determining the lowest and highest total return. The summary may not reflect the minimum and maximum contract charges offered by the Company as contract owners may not have selected all available and applicable contract options.

	December 31					Year Ended December 31
	Units		Unit Fair Value   Lowest to Highest	Net Assets		Investment       Income Ratio*		Expense Ratio Lowest to Highest**	Total Return         Lowest to Highest***
Net assets represented by
Fidelity Variable Insurance Products
Government Money Market Portfolio
2020		930,135	$7.81 to 13.36		$9,787,427		0.30%	0.95% to 1.55%	-2.30% to -0.63%
2019		609,594	7.99 to 13.50		$6,389,717		1.45%	0.95% to 1.55%	-0.90% to 1.05%
2018		1,066,545	8.11 to 13.42		$11,296,135		0.96%	0.95% to 1.55%	-1.27% to 0.69%
2017		1,222,766	8.06 to 13.39		$12,927,349		0.46%	0.95% to 1.55%	-2.35% to -0.28%
2016		537,525	8.17 to 13.49		$5,702,461		0.10%	0.95% to 1.55%	-2.81% to -0.74%
High Income Portfolio
2020		378,909	10.83 to 28.47		$6,587,049		3.59%	0.95% to 1.65%	0.19% to 1.45%
2019		597,939	11.01 to 28.06		$12,059,687		7.32%	0.95% to 1.55%	12.27% to 13.68%
2018		273,526	9.72 to 24.69		$4,109,077		13.31%	0.95% to 1.55%	-5.74% to -4.54%
2017		389,972	10.21 to 25.86		$6,022,440		2.99%	0.95% to 1.55%	4.59% to 5.91%
2016		971,321	11.88 to 24.42		$18,861,790		8.45%	0.95% to 1.55%	11.69% to 13.09%
Equity-Income Portfolio
2020		185,468	19.42 to 63.49		$6,685,108		1.54%	0.95% to 1.55%	3.66% to 5.43%
2019		208,657	17.05 to 60.34		$7,166,866		1.91%	0.95% to 1.55%	23.47% to 25.91%
2018		245,323	13.81 to 48.02		$6,570,148		2.14%	0.95% to 1.55%	-11.17% to -9.41%
2017		300,652	14.93 to 53.10		$8,907,143		1.47%	0.95% to 1.55%	9.11% to 11.59%
2016		376,454	13.68 to 47.70		$9,774,609		2.14%	0.95% to 1.55%	14.00% to 16.60%
Growth Portfolio
2020		103,342	39.25 to 105.81		$9,135,476		0.07%	0.95% to 1.55%	40.08% to 42.19%
2019		130,728	26.82 to 74.57		$7,729,119		0.22%	0.95% to 1.55%	30.73% to 32.71%
2018		150,717	21.32 to 56.30		$6,756,009		0.22%	0.95% to 1.55%	-2.86% to -1.38%
2017		172,145	21.80 to 57.20		$7,746,338		0.20%	0.95% to 1.55%	31.56% to 33.55%
2016		186,071	15.86 to 42.93		$6,313,943		0.03%	0.95% to 1.55%	-1.88% to -0.40%
Overseas Portfolio
2020		282,895	17.25 to 34.21		$6,929,633		0.22%	0.95% to 1.65%	12.32% to 14.24%
2019		307,083	13.23 to 30.01		$6,565,374		1.55%	0.95% to 1.55%	23.86% to 26.30%
2018		341,634	10.68 to 23.82		$5,760,737		1.32%	0.95% to 1.55%	-17.50% to -15.86%
2017		395,965	12.82 to 28.36		$8,054,715		1.22%	0.95% to 1.55%	25.91% to 28.76%
2016		449,447	10.08 to 22.07		$7,167,103		1.20%	0.95% to 1.55%	-8.25% to -6.16%
Mid Cap Portfolio
2020		665,757	13.35 to 52.45		$16,098,689		0.36%	0.95% to 1.65%	14.67% to 16.75%
2019		722,872	11.47 to 44.93		$15,243,046		0.71%	0.95% to 1.55%	19.83% to 22.01%
2018		729,226	9.43 to 36.82		$12,880,026		0.46%	0.95% to 1.55%	-17.10% to -15.58%
2017		748,760	11.21 to 43.62		$15,996,166		0.52%	0.95% to 1.55%	16.58% to 19.40%
2016		701,998	15.14 to 36.53		$13,075,933		0.33%	0.95% to 1.55%	8.24% to 10.87%

61

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value   Lowest to Highest		Net Assets		Investment       Income Ratio*		Expense Ratio Lowest to Highest**		Total Return         Lowest to Highest***
Asset Manager Portfolio
2020		35,853		19.31 to 40.11		$1,116,302		1.28%		0.95% to 1.55%		11.93% to 13.45%
2019		44,479		17.25 to 35.41		$1,184,709		1.78%		0.95% to 1.55%		15.33% to 16.90%
2018		44,236		14.96 to 30.37		$988,568		1.63%		0.95% to 1.55%		-7.77% to -6.51%
2017		45,483		16.22 to 32.54		$1,108,425		1.73%		0.95% to 1.55%		11.16% to 12.67%
2016		50,399		14.59 to 28.92		$1,103,446		1.30%		0.95% to 1.55%		0.50% to 1.87%
Investment Grade Bond Portfolio
2020		166,405		13.39 to 28.24		$3,431,417		2.08%		0.95% to 1.55%		6.52% to 8.13%
2019		177,520		11.74 to 26.18		$3,418,470		2.67%		0.95% to 1.55%		6.28% to 8.37%
2018		185,377		11.05 to 24.21		$3,319,039		2.21%		0.95% to 1.55%		-3.64% to -1.73%
2017		222,145		11.46 to 24.68		$4,019,611		2.18%		0.95% to 1.55%		1.03% to 3.01%
2016		265,273		11.35 to 24.02		$4,645,035		2.13%		0.95% to 1.55%		1.49% to 3.49%
Index 500 Portfolio
2020		824,903		13.87 to 91.04		$23,666,018		1.51%		0.95% to 1.65%		14.75% to 16.83%
2019		785,629		11.91 to 78.08		$21,551,004		1.90%		0.95% to 1.55%		27.28% to 29.78%
2018		484,759		17.69 to 60.29		$15,222,800		1.65%		0.95% to 1.55%		-7.47% to -5.64%
2017		616,686		18.31 to 64.02		$20,080,603		1.63%		0.95% to 1.55%		17.42% to 20.26%
2016		708,709		15.59 to 53.34		$18,936,510		1.30%		0.95% to 1.55%		7.91% to 10.53%
Contrafund Portfolio
2020		1,178,776		12.37 to 111.47		$39,822,428		0.10%		0.95% to 1.65%		27.08% to 29.00%
2019		1,216,399		13.18 to 86.57		$33,859,564		0.27%		0.95% to 1.55%		28.10% to 30.03%
2018		1,152,445		10.17 to 66.72		$26,061,685		0.53%		0.95% to 1.55%		-8.91% to -7.53%
2017		1,154,260		11.03 to 72.28		$29,362,042		0.86%		0.95% to 1.55%		18.65% to 20.44%
2016		1,005,538		15.56 to 60.14		$23,032,917		0.64%		0.95% to 1.55%		5.12% to 6.71%
Asset Manager: Growth Portfolio
2020		24,803		20.37 to 43.77		$887,421		0.99%		0.95% to 1.55%		14.29% to 15.84%
2019		25,820		17.82 to 37.86		$798,018		1.52%		0.95% to 1.55%		19.71% to 21.34%
2018		26,726		14.89 to 31.25		$692,215		1.46%		0.95% to 1.55%		-9.99% to -8.76%
2017		25,904		16.54 to 34.32		$763,812		1.24%		0.95% to 1.55%		15.81% to 17.37%
2016		26,923		14.28 to 29.32		$678,289		1.25%		0.95% to 1.55%		-0.15% to 1.21%
Balanced Portfolio
2020		107,172		26.36 to 40.63		$3,734,962		1.23%		0.95% to 1.55%		19.35% to 20.97%
2019		103,239		21.05 to 33.66		$2,994,631		1.68%		0.95% to 1.55%		22.78% to 28.45%
2018		102,737		16.98 to 27.42		$2,415,987		1.38%		0.95% to 1.55%		-6.77% to -5.35%
2017		112,357		19.50 to 29.03		$2,792,652		1.28%		0.95% to 1.55%		13.48% to 15.02%
2016		150,941		17.18 to 25.29		$3,218,268		1.22%		0.95% to 1.55%		4.55% to 5.97%
Growth & Income Portfolio
2020		40,129		22.03 to 42.53		$1,519,482		1.81%		0.95% to 1.55%		4.68% to 6.58%
2019		46,710		20.57 to 39.99		$1,666,471		4.65%		0.95% to 1.55%		21.11% to 28.24%
2018		49,486		16.68 to 31.19		$1,369,397		0.32%		0.95% to 1.55%		-11.67% to -10.06%
2017		57,456		17.16 to 34.75		$1,777,858		1.17%		0.95% to 1.55%		12.78% to 15.51%
2016		65,708		15.22 to 30.15		$1,752,760		1.55%		0.95% to 1.55%		11.99% to 14.71%
Growth Opportunities Portfolio
2020		859,730		15.19 to 75.22		$19,518,772		0.00%		0.95% to 1.65%		64.16% to 66.64%
2019		236,128		10.94 to 45.59		$4,894,768		0.07%		0.95% to 1.55%		9.44% to 39.17%
2018		69,787		25.67 to 33.09		$2,202,365		0.12%		0.95% to 1.55%		9.76% to 11.14%
2017		70,470		23.34 to 30.07		$2,010,137		0.26%		0.95% to 1.55%		31.53% to 32.91%
2016		76,426		17.75 to 22.85		$1,642,818		0.23%		0.95% to 1.55%		-1.92% to -0.88%
Value Strategies Portfolio
2020		158,855		12.67 to 28.16		$3,461,782		0.93%		0.95% to 1.65%		5.41% to 7.00%
2019		207,898		11.88 to 26.31		$4,212,064		1.46%		0.95% to 1.55%		30.85% to 32.83%
2018		227,861		8.97 to 19.81		$3,481,341		0.72%		0.95% to 1.55%		-19.51% to -18.28%
2017		253,806		11.01 to 24.24		$4,727,608		1.29%		0.95% to 1.55%		16.21% to 17.96%
2016		228,649		15.28 to 20.55		$3,697,663		0.96%		0.95% to 1.55%		6.63% to 8.24%
Strategic Income Portfolio
2020		1,058,570		10.85 to 13.01		$13,485,831		3.11%		1.15% to 1.65%		5.72% to 5.93%
2019		985,299		10.81 to 12.28		$11,890,430		3.47%		1.15% to 1.35%		9.17% to 9.39%
2018		839,972		9.89 to 11.23		$9,340,409		3.87%		1.15% to 1.35%		-4.13% to -3.94%
2017		710,192		10.31 to 11.69		$8,233,259		3.39%		1.15% to 1.35%		6.11% to 6.32%
2016		534,063		10.94 to 10.99		$5,845,982		3.73%		1.00% to 1.50%		6.57% to 6.78%

62

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value   Lowest to Highest		Net Assets		Investment       Income Ratio*		Expense Ratio Lowest to Highest**		Total Return         Lowest to Highest***
Emerging Markets Portfolio
2020		307,443		16.41 to 17.88		$5,427,630		0.56%		1.15% to 1.65%		29.12% to 29.38%
2019		298,922		12.70 to 13.82		$4,085,653		1.44%		1.15% to 1.35%		27.46% to 27.72%
2018		292,843		9.95 to 10.82		$3,145,115		0.57%		1.15% to 1.35%		-19.27% to -19.10%
2017		274,546		12.32 to 13.38		$3,638,965		0.59%		1.15% to 1.35%		45.09% to 45.37%
2016		147,226		9.16 to 9.20		$1,349,736		0.14%		1.00% to 1.50%		1.57% to 1.77%
Real Estate Portfolio
2020		1,174,541		10.54 to 16.01		$18,444,735		1.83%		1.15% to 1.65%		-8.04% to -7.86%
2019		1,123,074		11.45 to 17.37		$19,207,943		1.71%		1.15% to 1.35%		21.30% to 21.54%
2018		972,515		9.43 to 14.29		$13,743,142		2.65%		1.15% to 1.35%		-7.72% to -7.53%
2017		975,021		10.20 to 15.46		$14,953,636		1.58%		1.15% to 1.35%		2.38% to 2.59%
2016		968,831		14.99 to 15.07		$14,545,145		1.27%		1.00% to 1.50%		4.05% to 4.26%
Funds Manager 50% Portfolio
2020		652,743		13.07 to 16.56		$10,514,394		1.07%		1.15% to 1.65%		12.36% to 12.58%
2019		390,642		11.62 to 14.71		$5,531,550		1.77%		1.15% to 1.35%		16.11% to 16.34%
2018		263,215		10.00 to 12.64		$3,305,990		1.55%		1.15% to 1.35%		-6.65% to -6.46%
2017		198,441		10.70 to 13.52		$2,669,845		1.03%		1.15% to 1.35%		12.72% to 12.94%
2016		202,694		11.91 to 11.97		$2,420,472		1.20%		1.00% to 1.50%		2.68% to 2.89%
Funds Manager 70% Portfolio
2020		211,343		13.83 to 19.19		$3,988,691		0.75%		1.15% to 1.65%		14.38% to 14.61%
2019		195,113		12.07 to 16.74		$3,215,544		1.29%		1.15% to 1.35%		20.85% to 21.09%
2018		160,732		9.98 to 13.83		$2,187,534		0.96%		1.15% to 1.35%		-8.92% to -8.74%
2017		141,689		10.95 to 15.15		$2,124,719		0.82%		1.15% to 1.35%		17.35% to 17.58%
2016		128,472		12.82 to 12.89		$1,652,282		1.07%		1.00% to 1.50%		3.45% to 3.66%
Funds Manager 85% Portfolio
2020		51,994		14.43 to 21.46		$1,025,047		0.67%		1.15% to 1.65%		15.69% to 15.92%
2019		58,243		12.46 to 18.51		$957,280		1.10%		1.15% to 1.35%		24.45% to 24.70%
2018		64,190		10.01 to 14.84		$881,870		0.66%		1.15% to 1.35%		-10.31% to -10.13%
2017		66,292		11.14 to 16.52		$1,036,023		0.73%		1.15% to 1.35%		21.26% to 21.50%
2016		44,169		13.53 to 13.59		$599,483		0.87%		1.00% to 1.50%		4.06% to 4.27%
Government Money Market Portfolio Service Class 2
2020		471,550		9.22 to 9.34		$4,357,277		0.22%		1.15% to 1.65%		-1.11% to -0.91%
2019		404,659		9.33 to 9.43		$3,782,351		2.05%		1.15% to 1.35%		0.40% to 0.60%
2018		274,293		9.29 to 9.37		$2,550,426		1.29%		1.15% to 1.35%		0.03% to 0.23%
2017		204,960		9.29 to 9.29		$1,903,208		0.41%		1.15% to 1.35%		-0.92% to -0.92%
2016		237,859		9.37 to 9.37		$2,229,175		0.01%		1.00% to 1.50%		-1.33% to -1.33%
International Capital Appreciation Portfolio
2020		46,564		13.87 to 13.89		$646,274		0.18%		1.15% to 1.65%		38.70% to 38.88%
American Century Variable
Portfolios, Inc.
Balanced Fund
2020		171,886		11.17 to 33.93		$2,639,998		1.04%		0.95% to 1.65%		9.48% to 11.46%
2019		85,773		10.64 to 30.58		$1,630,677		1.46%		0.95% to 1.55%		6.42% to 18.72%
2018		60,186		16.21 to 25.87		$1,243,684		1.46%		0.95% to 1.55%		-6.45% to -4.74%
2017		66,901		17.33 to 27.29		$1,467,007		1.57%		0.95% to 1.55%		10.83% to 12.84%
2016		96,579		14.86 to 24.29		$1,890,953		1.45%		0.95% to 1.55%		4.09% to 5.98%
Capital Appreciation Fund
2020		35,591		51.06 to 77.03		$2,380,600		0.00%		0.95% to 1.55%		39.01% to 41.11%
2019		50,296		36.73 to 54.84		$2,336,783		0.00%		0.95% to 1.55%		32.28% to 34.28%
2018		43,725		27.77 to 41.02		$1,560,985		0.00%		0.95% to 1.55%		-7.50% to -6.10%
2017		56,685		29.90 to 43.88		$2,121,643		0.00%		0.95% to 1.55%		18.85% to 20.64%
2016		54,467		24.98 to 36.54		$1,724,354		0.00%		0.95% to 1.55%		0.73% to 2.25%
International Fund
2020		145,052		13.01 to 30.49		$3,854,284		0.37%		0.95% to 1.90%		21.15% to 24.47%
2019		170,774		10.74 to 24.56		$3,652,645		0.73%		0.95% to 1.90%		23.55% to 26.93%
2018		172,262		8.69 to 19.40		$2,900,218		1.26%		0.95% to 1.90%		-18.35% to -16.10%
2017		194,253		10.65 to 23.20		$3,936,889		0.78%		0.95% to 1.90%		26.26% to 29.70%
2016		196,227		8.43 to 18.08		$3,120,591		0.93%		0.85% to 1.55%		-8.94% to -6.45%
Value Fund
2020		3,366,384		11.91 to 47.11		$65,728,799		1.93%		0.95% to 1.65%		-1.81% to -0.12%
2019		3,224,422		11.96 to 47.31		$63,837,412		1.97%		0.95% to 1.55%		23.30% to 25.72%
2018		3,065,660		9.54 to 37.77		$49,039,862		1.62%		0.95% to 1.55%		-11.89% to -10.14%
2017		2,797,772		10.65 to 42.16		$50,910,805		1.48%		0.95% to 1.55%		5.17% to 7.55%
2016		2,383,218		15.67 to 39.32		$41,913,966		1.55%		0.95% to 1.55%		16.49% to 19.14%

63

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value   Lowest to Highest		Net Assets		Investment       Income Ratio*		Expense Ratio Lowest to Highest**		Total Return         Lowest to Highest***
Disciplined Core Value Fund
2020		169,691		11.78 to 32.40		$2,829,639		1.62%		0.95% to 1.90%		7.40% to 10.39%
2019		86,210		10.71 to 29.39		$1,786,997		1.86%		0.95% to 1.90%		7.12% to 22.58%
2018		73,390		12.96 to 24.04		$1,478,926		1.66%		0.95% to 1.90%		-10.58% to -8.08%
2017		95,945		14.50 to 26.18		$2,120,192		1.82%		0.95% to 1.90%		15.94% to 19.16%
2016		94,538		12.51 to 23.14		$1,762,167		2.66%		0.85% to 1.55%		9.14% to 12.13%
Inflation Protection Fund
2020		499,768		10.42 to 15.39		$6,057,618		1.30%		0.95% to 1.65%		6.90% to 8.52%
2019		474,712		9.64 to 14.18		$5,470,382		2.29%		0.95% to 1.55%		5.79% to 7.87%
2018		512,725		8.98 to 13.15		$5,679,743		2.82%		0.95% to 1.55%		-5.61% to -3.74%
2017		513,891		9.36 to 13.66		$6,144,459		2.54%		0.95% to 1.55%		0.57% to 2.69%
2016		558,254		9.15 to 13.30		$6,660,454		1.83%		0.95% to 1.55%		1.25% to 3.40%
Large Company Value Fund
2020		22,008		15.03 to 22.67		$410,305		1.24%		0.95% to 1.90%		-1.04% to 1.52%
2019		31,865		15.19 to 22.33		$581,962		2.52%		0.95% to 1.90%		22.93% to 26.10%
2018		28,298		12.36 to 17.71		$431,595		1.79%		0.95% to 1.90%		-11.36% to -9.06%
2017		40,383		12.75 to 19.47		$678,885		1.37%		0.95% to 1.90%		6.94% to 9.91%
2016		69,646		11.92 to 17.72		$1,068,958		1.82%		0.85% to 1.55%		11.07% to 13.94%
Mid Cap Value Fund
2020		1,465,158		11.72 to 34.15		$30,621,899		1.49%		0.95% to 1.90%		-2.56% to 0.15%
2019		1,368,066		11.73 to 34.10		$28,990,438		1.91%		0.95% to 1.90%		24.31% to 27.77%
2018		1,196,299		9.21 to 26.68		$20,178,339		1.36%		0.95% to 1.90%		-16.14% to -13.79%
2017		1,028,234		10.72 to 30.95		$20,474,619		1.42%		0.95% to 1.90%		7.43% to 10.42%
2016		907,794		17.78 to 28.03		$16,892,336		1.53%		0.85% to 1.55%		18.50% to 21.56%
Ultra Fund
2020		176,506		13.73 to 47.32		$6,680,541		0.00%		0.95% to 1.90%		44.41% to 48.14%
2019		185,616		15.24 to 31.94		$4,847,138		0.00%		0.95% to 1.90%		29.84% to 33.19%
2018		219,402		11.48 to 23.98		$4,360,242		0.11%		0.95% to 1.90%		-2.74% to -0.36%
2017		144,118		11.56 to 24.07		$2,892,088		0.22%		0.95% to 1.90%		27.48% to 30.76%
2016		62,392		14.43 to 18.41		$987,916		0.17%		0.85% to 1.55%		0.97% to 3.37%
MFS Variable Insurance Trust
Research Series
2020		11,622		29.91 to 42.27		$449,673		0.58%		0.95% to 1.40%		13.50% to 15.21%
2019		15,535		26.35 to 37.06		$524,343		0.64%		0.95% to 1.40%		29.39% to 31.35%
2018		21,621		20.36 to 28.50		$544,784		0.67%		0.95% to 1.40%		-6.95% to -5.53%
2017		16,081		21.88 to 30.47		$439,389		1.27%		0.95% to 1.40%		20.10% to 21.91%
2016		19,722		18.22 to 25.25		$440,413		0.78%		0.95% to 1.40%		6.66% to 7.46%
Growth Series
2020		35,031		43.03 to 63.80		$1,922,507		0.00%		0.95% to 1.40%		28.35% to 30.29%
2019		54,317		33.48 to 49.46		$2,277,555		0.00%		0.95% to 1.40%		34.44% to 36.48%
2018		50,585		26.22 to 36.60		$1,590,189		0.06%		0.95% to 1.40%		-0.08% to 1.44%
2017		54,737		25.85 to 36.45		$1,692,492		0.07%		0.95% to 1.40%		27.92% to 29.85%
2016		52,572		20.13 to 28.35		$1,263,117		0.03%		0.95% to 1.40%		-0.04% to 1.21%
Investors Trust Series
2020		9,831		28.48 to 36.02		$330,272		0.53%		0.95% to 1.40%		11.35% to 12.53%
2019		10,497		25.58 to 32.01		$312,969		0.65%		0.95% to 1.40%		28.65% to 30.01%
2018		10,751		20.44 to 24.62		$247,965		0.82%		0.95% to 1.40%		-7.63% to -6.60%
2017		12,151		22.13 to 26.36		$300,384		0.69%		0.95% to 1.40%		20.54% to 21.87%
2016		12,410		18.36 to 21.63		$251,318		0.82%		0.95% to 1.40%		6.12% to 7.29%
New Discovery Series
2020		242,603		14.37 to 96.63		$8,811,176		0.00%		0.95% to 1.65%		42.06% to 44.21%
2019		206,829		15.43 to 67.17		$5,768,564		0.00%		0.95% to 1.40%		37.86% to 39.94%
2018		161,830		11.06 to 48.07		$3,381,752		0.00%		0.95% to 1.40%		-4.11% to -2.65%
2017		141,752		11.40 to 49.48		$3,178,688		0.00%		0.95% to 1.40%		23.28% to 25.14%
2016		120,575		13.48 to 39.62		$2,351,074		0.00%		0.95% to 1.40%		6.59% to 7.77%
Corporate Bond Portfolio
2020		507,623		10.69 to 13.18		$6,553,210		3.23%		1.15% to 1.65%		8.86% to 9.07%
2019		336,788		11.11 to 12.08		$3,996,954		3.40%		1.15% to 1.35%		12.92% to 13.15%
2018		285,257		9.83 to 10.68		$3,009,012		3.62%		1.15% to 1.35%		-4.61% to -4.42%
2017		337,728		10.29 to 11.17		$3,740,989		3.94%		1.15% to 1.35%		4.69% to 4.90%
2016		240,658		10.60 to 10.65		$2,554,034		5.84%		1.00% to 1.50%		4.56% to 4.77%

64

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value   Lowest to Highest		Net Assets		Investment       Income Ratio*		Expense Ratio Lowest to Highest**		Total Return         Lowest to Highest***
Emerging Markets Equity Portfolio
2020		347,963		12.31 to 13.80		$4,326,030		2.65%		1.15% to 1.65%		8.85% to 9.07%
2019		347,537		11.31 to 11.86		$3,967,495		0.39%		1.15% to 1.35%		18.57% to 18.81%
2018		279,063		9.54 to 9.99		$2,677,402		0.12%		1.15% to 1.35%		-15.29% to -15.12%
2017		140,088		11.26 to 11.77		$1,581,252		0.92%		1.15% to 1.35%		35.82% to 36.10%
2016		46,908		8.29 to 8.33		$389,170		0.49%		1.00% to 1.50%		7.58% to 7.80%
Technology Portfolio
2020		223,568		22.64 to 44.24		$9,325,705		0.00%		1.15% to 1.65%		44.44% to 44.73%
2019		159,504		15.66 to 30.56		$4,536,402		0.00%		1.15% to 1.35%		34.05% to 34.32%
2018		143,958		11.67 to 22.75		$3,062,555		0.00%		1.15% to 1.35%		0.15% to 0.35%
2017		108,390		11.64 to 22.67		$2,353,173		0.00%		1.15% to 1.35%		36.80% to 37.07%
2016		108,325		16.46 to 16.54		$1,785,849		0.00%		1.00% to 1.50%		6.93% to 7.15%
Global Tactical Allocation Portfolio
2020		102,241		11.66 to 14.13		$1,425,162		1.41%		1.15% to 1.65%		4.56% to 4.77%
2019		102,347		11.14 to 13.49		$1,362,722		2.64%		1.15% to 1.35%		12.77% to 12.99%
2018		86,446		9.87 to 11.94		$1,019,727		0.50%		1.15% to 1.35%		-6.09% to -5.90%
2017		122,063		10.50 to 12.69		$1,535,748		2.73%		1.15% to 1.35%		9.11% to 9.32%
2016		84,702		11.55 to 11.61		$979,859		0.00%		1.00% to 1.50%		4.56% to 4.77%
International Intrinsic Value Portfolio
2020		727,659		12.25 to 24.09		$17,035,693		0.76%		1.15% to 1.65%		18.59% to 18.83%
2019		754,246		12.56 to 20.27		$14,878,599		1.49%		1.15% to 1.35%		23.97% to 24.22%
2018		711,952		10.12 to 16.32		$11,345,060		0.97%		1.15% to 1.35%		-10.94% to -10.76%
2017		630,846		11.36 to 18.29		$11,319,744		1.38%		1.15% to 1.35%		25.12% to 25.37%
2016		443,000		14.52 to 14.59		$6,438,766		1.23%		1.00% to 1.50%		2.45% to 2.65%
Utilities Series Portfolio
2020		584,085		11.45 to 19.11		$10,974,016		2.18%		1.15% to 1.65%		4.20% to 4.41%
2019		611,789		13.03 to 18.30		$11,022,016		3.98%		1.15% to 1.35%		23.13% to 23.37%
2018		545,782		10.57 to 14.84		$8,005,693		0.84%		1.15% to 1.35%		-0.55% to -0.35%
2017		514,610		10.62 to 14.89		$7,582,594		4.42%		1.15% to 1.35%		12.96% to 13.19%
2016		464,431		13.09 to 13.15		$6,088,629		3.74%		1.00% to 1.50%		9.74% to 9.96%
Blended Research Core Equity Portfolio
2020		111,347		12.16 to 16.16		$1,773,875		1.22%		1.15% to 1.65%		13.51% to 13.74%
2019		129,335		12.97 to 14.21		$1,822,295		1.51%		1.15% to 1.35%		27.15% to 27.40%
2018		188,802		10.18 to 11.15		$2,091,274		1.28%		1.15% to 1.35%		-9.23% to -9.05%
2017		157,770		12.20 to 12.26		$1,926,691		1.69%		1.15% to 1.35%		18.86% to 19.10%
2016		47,719		10.27 to 10.30		$490,595		1.34%		1.00% to 1.50%		6.72% to 6.94%
Global Real Estate Portfolio
2020		20,453		10.90 to 11.88		$223,797		2.29%		1.15% to 1.65%		-0.21% to -0.01%
2019		30,844		10.93 to 10.94		$337,178		2.13%		1.15% to 1.35%		9.26% to 9.41%
Lord Abbett Series Fund, Inc.
Growth and Income Portfolio
2020		57,719		21.11 to 32.75		$1,601,094		1.53%		0.95% to 1.40%		0.71% to 1.73%
2019		60,148		20.84 to 32.34		$1,652,412		1.69%		0.95% to 1.40%		20.13% to 21.33%
2018		62,205		17.24 to 26.77		$1,418,592		1.33%		0.95% to 1.40%		-9.93% to -9.02%
2017		74,874		19.03 to 29.56		$1,916,553		1.31%		0.95% to 1.40%		11.20% to 12.31%
2016		83,368		17.01 to 26.44		$1,881,106		1.41%		0.95% to 1.40%		14.85% to 16.01%
Mid-Cap Stock Portfolio
2020		59,659		17.80 to 42.22		$1,760,151		0.90%		0.95% to 1.40%		-0.08% to 1.53%
2019		70,764		17.04 to 41.78		$2,067,659		0.90%		0.95% to 1.40%		19.55% to 21.48%
2018		84,952		14.06 to 34.54		$2,017,140		0.65%		0.95% to 1.40%		-17.19% to -15.85%
2017		103,864		14.63 to 41.23		$2,965,787		0.55%		0.95% to 1.40%		3.63% to 5.82%
2016		132,965		14.12 to 39.14		$3,521,556		0.48%		0.95% to 1.40%		12.90% to 15.29%
International Opportunities Portfolio
2019		-		-		$0		1.92%		0.95% to 1.40%		n/a
2018		250,017		12.82 to 26.60		$5,854,396		0.88%		0.95% to 1.40%		-25.86% to -24.39%
2017		288,234		17.29 to 35.25		$8,941,762		1.10%		0.95% to 1.40%		34.64% to 37.90%
2016		347,117		12.57 to 25.82		$7,840,838		0.87%		0.95% to 1.40%		-7.43% to -5.18%

65

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value   Lowest to Highest		Net Assets		Investment       Income Ratio*		Expense Ratio Lowest to Highest**		Total Return         Lowest to Highest***
Bond-Debenture Portfolio
2020		1,665,760		11.23 to 14.72		$23,849,233		3.66%		1.15% to 1.65%		5.86% to 6.07%
2019		1,691,833		11.07 to 13.88		$23,012,603		4.29%		1.15% to 1.35%		11.83% to 12.06%
2018		1,462,361		9.89 to 12.38		$17,841,186		4.53%		1.15% to 1.35%		-5.31% to -5.12%
2017		1,395,341		10.44 to 13.05		$18,051,413		4.91%		1.15% to 1.35%		7.75% to 7.97%
2016		989,650		12.03 to 12.09		$11,923,220		5.10%		1.00% to 1.50%		10.63% to 10.85%
Fundamental Equity Portfolio
2020		94,541		11.98 to 19.06		$1,711,130		1.12%		1.15% to 1.65%		0.40% to 0.61%
2019		95,557		11.92 to 18.94		$1,757,521		1.30%		1.15% to 1.35%		19.89% to 20.13%
2018		97,268		9.94 to 15.77		$1,512,416		1.65%		1.15% to 1.35%		-9.39% to -9.21%
2017		87,303		17.25 to 17.37		$1,510,765		1.04%		1.15% to 1.35%		11.07% to 11.29%
2016		91,478		15.53 to 15.61		$1,423,577		1.18%		1.00% to 1.50%		14.19% to 14.42%
Developing Growth Portfolio
2020		162,728		15.76 to 38.96		$6,096,951		0.00%		1.15% to 1.65%		70.28% to 70.62%
2019		132,524		15.77 to 22.83		$2,951,762		0.00%		1.15% to 1.35%		30.00% to 30.26%
2018		146,497		12.12 to 17.53		$2,539,423		0.00%		1.15% to 1.35%		3.47% to 3.68%
2017		99,135		11.71 to 16.91		$1,662,341		0.00%		1.15% to 1.35%		28.19% to 28.44%
2016		98,595		13.10 to 13.16		$1,293,233		0.00%		1.00% to 1.50%		-3.91% to -3.72%
Short Duration Income Portfolio
2020		1,794,042		10.58 to 10.82		$19,215,169		2.70%		1.15% to 1.65%		1.74% to 1.95%
2019		1,853,386		10.39 to 10.61		$19,527,957		3.11%		1.15% to 1.35%		3.65% to 3.85%
2018		1,661,011		10.01 to 10.22		$16,864,578		3.99%		1.15% to 1.35%		-0.21% to -0.01%
2017		1,106,388		10.02 to 10.22		$11,247,886		4.29%		1.15% to 1.35%		0.82% to 1.02%
2016		668,380		10.08 to 10.11		$6,743,618		4.00%		1.00% to 1.50%		2.08% to 2.29%
Alger Fund
LargeCap Growth Portfolio
2020		176,154		30.39 to 56.24		$7,542,435		0.16%		0.95% to 1.40%		62.67% to 65.45%
2019		215,054		18.45 to 34.33		$5,626,299		0.00%		0.95% to 1.40%		23.79% to 26.23%
2018		271,640		14.68 to 27.47		$5,649,133		0.00%		0.95% to 1.40%		-0.73% to 1.24%
2017		327,042		14.57 to 27.41		$6,786,993		0.00%		0.95% to 1.40%		24.43% to 27.25%
2016		393,955		11.50 to 21.76		$6,527,385		0.00%		0.95% to 1.40%		-3.95% to -1.77%
MidCap Growth Portfolio
2020		141,563		33.35 to 53.66		$5,958,203		0.00%		0.95% to 1.40%		60.33% to 63.07%
2019		168,048		18.08 to 33.24		$4,401,275		0.00%		0.95% to 1.40%		26.53% to 29.02%
2018		164,109		14.29 to 26.02		$3,315,112		0.00%		0.95% to 1.40%		-10.11% to -8.33%
2017		202,877		15.89 to 28.67		$4,517,235		0.00%		0.95% to 1.40%		25.72% to 28.57%
2016		251,756		12.39 to 22.52		$4,393,261		0.00%		0.95% to 1.40%		-2.21% to 0.02%
Capital Appreciation Portfolio
2020		87,877		37.93 to 78.45		$4,581,915		0.00%		0.95% to 1.40%		38.33% to 40.41%
2019		96,426		27.13 to 56.43		$3,519,221		0.00%		0.95% to 1.40%		30.47% to 32.44%
2018		112,131		20.58 to 43.03		$3,107,490		0.09%		0.95% to 1.40%		-2.62% to -1.14%
2017		123,843		20.91 to 43.97		$3,521,120		0.16%		0.95% to 1.40%		27.92% to 29.85%
2016		143,197		16.18 to 34.20		$3,086,508		0.16%		0.95% to 1.40%		-1.93% to -0.45%
SmallCap Growth Portfolio
2020		24,929		35.28 to 71.82		$1,036,808		0.98%		1.30% to 1.90%		63.19% to 65.57%
2019		28,717		21.40 to 43.38		$725,070		0.00%		1.30% to 1.90%		26.27% to 28.11%
2018		32,143		16.78 to 33.86		$640,494		0.00%		1.30% to 1.90%		-0.98% to 0.47%
2017		37,725		16.78 to 33.70		$746,906		0.00%		1.30% to 1.90%		25.69% to 27.52%
2016		44,028		13.22 to 28.96		$680,183		0.00%		0.85% to 1.45%		3.72% to 5.23%
Capital Appreciation Portfolio Class S
2020		1,414,534		13.04 to 37.38		$50,279,382		0.00%		1.15% to 1.65%		39.50% to 39.78%
2019		1,652,500		14.64 to 26.74		$42,742,263		0.00%		1.15% to 1.35%		31.46% to 31.72%
2018		1,767,628		11.12 to 20.30		$35,116,472		0.00%		1.15% to 1.35%		-1.71% to -1.51%
2017		1,805,119		11.31 to 20.62		$36,708,181		0.00%		1.15% to 1.35%		28.99% to 29.25%
2016		1,757,056		15.87 to 15.95		$27,932,263		0.00%		1.00% to 1.50%		-1.12% to -0.93%

66

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value   Lowest to Highest		Net Assets		Investment       Income Ratio*		Expense Ratio Lowest to Highest**		Total Return         Lowest to Highest***
Calvert Variable Series, Inc.
Mid Cap Growth Portfolio
2020		169,492		14.52 to 35.07		$3,619,712		0.37%		0.95% to 1.65%		10.03% to 11.19%
2019		135,215		19.06 to 31.85		$2,765,780		0.45%		0.95% to 1.40%		28.50% to 30.12%
2018		122,026		14.71 to 24.73		$1,951,529		0.67%		0.95% to 1.40%		-6.52% to -5.34%
2017		106,881		15.60 to 26.38		$1,862,527		0.69%		0.95% to 1.40%		9.23% to 10.60%
2016		108,711		14.16 to 24.09		$1,778,568		0.00%		0.95% to 1.40%		4.90% to 6.22%
S&P 500 Index Portfolio
2020		77,843		15.96 to 40.40		$1,945,124		1.37%		0.95% to 1.65%		15.71% to 16.98%
2019		57,822		13.69 to 34.53		$1,444,394		1.70%		0.95% to 1.40%		28.49% to 29.91%
2018		64,136		17.82 to 26.58		$1,335,229		2.03%		0.95% to 1.40%		-6.68% to -5.64%
2017		76,599		18.96 to 28.17		$1,663,499		1.47%		0.95% to 1.40%		19.01% to 20.32%
2016		81,964		15.82 to 23.41		$1,515,372		1.30%		0.95% to 1.40%		9.31% to 10.52%
SRI Balanced Portfolio
2020		199,727		13.45 to 13.52		$2,690,929		1.72%		0.95% to 1.65%		13.22% to 13.44%
2019		81,473		11.88 to 11.92		$969,305		0.94%		0.95% to 1.40%		22.61% to 22.86%
2018		26,401		9.69 to 9.70		$256,115		3.16%		0.95% to 1.40%		-3.09% to -2.96%
Invesco Variable Insurance Funds
Technology Fund
2020		42,169		36.52 to 55.29		$1,828,280		0.00%		0.95% to 1.40%		42.58% to 44.73%
2019		39,957		25.06 to 38.59		$1,198,233		0.00%		0.95% to 1.40%		32.59% to 34.59%
2018		39,479		18.84 to 28.96		$887,568		0.00%		0.95% to 1.40%		-2.88% to -1.40%
2017		33,087		19.65 to 29.67		$753,802		0.00%		0.95% to 1.40%		31.87% to 33.86%
2016		20,092		14.84 to 22.38		$339,618		0.00%		0.95% to 1.40%		-3.16% to -1.69%
Managed Volatility Fund
2020		23,140		23.78 to 30.76		$648,472		1.75%		0.95% to 1.40%		-3.64% to -2.42%
2019		30,560		22.80 to 31.84		$886,021		1.35%		0.95% to 1.40%		15.37% to 17.46%
2018		34,530		18.43 to 27.38		$856,720		1.74%		0.95% to 1.40%		-13.43% to -11.85%
2017		37,821		21.13 to 31.37		$1,071,793		1.16%		0.95% to 1.40%		7.57% to 9.52%
2016		53,249		19.50 to 28.93		$1,379,034		1.70%		0.95% to 1.40%		7.61% to 9.57%
Diversified Dividend Fund
2020		57,070		11.42 to 14.09		$745,103		2.77%		0.95% to 1.40%		-2.04% to -0.81%
2019		61,141		10.28 to 14.20		$804,640		4.09%		0.95% to 1.40%		21.70% to 23.91%
2018		66,707		8.45 to 11.46		$716,583		2.86%		0.95% to 1.40%		-10.10% to -8.45%
2017		73,764		9.40 to 12.52		$860,319		1.59%		0.95% to 1.40%		5.64% to 7.55%
2016		93,420		8.52 to 11.64		$1,020,691		1.46%		0.95% to 1.40%		11.70% to 13.73%
Health Care Fund
2020		42,262		30.27 to 38.11		$1,535,526		0.27%		0.95% to 1.40%		11.69% to 13.38%
2019		53,181		27.10 to 33.62		$1,694,997		0.04%		0.95% to 1.40%		29.30% to 31.25%
2018		60,632		20.96 to 25.80		$1,474,378		0.00%		0.95% to 1.40%		-1.55% to -0.05%
2017		59,493		21.29 to 26.07		$1,462,576		0.36%		0.95% to 1.40%		13.03% to 14.73%
2016		69,202		18.26 to 22.95		$1,465,196		0.00%		0.95% to 1.40%		-13.47% to -12.30%
Global Real Estate Fund
2020		10,620		9.70 to 13.01		$116,666		2.86%		1.30% to 1.90%		-15.62% to -13.91%
2019		21,492		11.50 to 15.12		$271,311		4.65%		1.30% to 1.90%		18.37% to 20.76%
2018		15,834		9.71 to 12.52		$168,990		3.32%		1.30% to 1.90%		-9.62% to -7.78%
2017		19,967		10.75 to 13.57		$236,006		3.02%		1.30% to 1.90%		8.81% to 11.00%
2016		21,304		9.88 to 12.23		$228,979		3.01%		0.85% to 1.45%		-1.73% to 0.25%
International Growth Fund
2020		18,888		13.08 to 17.16		$274,266		2.29%		1.30% to 1.90%		9.94% to 11.99%
2019		24,018		11.90 to 15.32		$313,835		1.24%		1.30% to 1.90%		23.95% to 26.27%
2018		13,975		9.60 to 12.13		$153,261		1.32%		1.30% to 1.90%		-18.06% to -16.52%
2017		34,589		11.71 to 14.53		$450,107		1.57%		1.30% to 1.90%		18.64% to 20.84%
2016		32,886		9.87 to 12.03		$357,909		1.32%		0.85% to 1.45%		-4.02% to -2.22%
Mid Cap Core Equity Fund
2020		16,785		15.33 to 19.67		$291,398		0.43%		1.30% to 1.90%		5.35% to 7.16%
2019		18,120		14.55 to 18.48		$295,438		0.19%		1.30% to 1.90%		20.92% to 23.05%
2018		16,124		12.03 to 15.02		$220,938		0.12%		1.30% to 1.90%		-14.53% to -13.01%
2017		23,986		13.51 to 17.27		$383,293		0.31%		1.30% to 1.90%		10.50% to 12.84%
2016		30,586		12.23 to 15.06		$427,305		0.00%		0.85% to 1.45%		9.71% to 11.20%

67

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value   Lowest to Highest		Net Assets		Investment       Income Ratio*		Expense Ratio Lowest to Highest**		Total Return         Lowest to Highest***
J.P. Morgan Series Trust II
Core Bond Portfolio
2020		138,043		10.95 to 14.73		$1,863,705		2.04%		0.95% to 1.40%		5.39% to 6.83%
2019		163,089		9.12 to 13.79		$2,079,002		2.55%		0.95% to 1.40%		5.08% to 7.15%
2018		271,366		8.67 to 12.87		$3,189,953		2.23%		0.95% to 1.40%		-2.83% to -0.90%
2017		244,804		8.76 to 12.99		$2,956,412		2.50%		0.95% to 1.40%		0.47% to 2.60%
2016		285,934		8.72 to 12.66		$3,395,498		3.66%		0.95% to 1.40%		-0.95% to 1.15%
Small Cap Core Portfolio
2020		69,708		24.19 to 41.83		$2,429,425		0.83%		0.95% to 1.40%		10.71% to 12.61%
2019		70,901		19.61 to 37.52		$2,187,263		0.39%		0.95% to 1.40%		21.02% to 23.40%
2018		71,677		16.21 to 30.71		$1,781,995		0.41%		0.95% to 1.40%		-14.46% to -12.77%
2017		80,679		18.95 to 35.56		$2,328,221		0.31%		0.95% to 1.40%		11.94% to 14.14%
2016		103,406		16.93 to 31.46		$2,639,261		0.43%		0.95% to 1.40%		16.78% to 19.08%
Rydex Variable Trust
Nova Fund
2020		13,914		32.78 to 50.16		$559,898		0.65%		0.95% to 1.40%		17.13% to 18.90%
2019		24,632		27.98 to 42.62		$847,228		1.18%		0.95% to 1.40%		41.53% to 43.67%
2018		29,327		19.77 to 29.96		$701,253		0.17%		0.95% to 1.40%		-12.51% to -11.17%
2017		27,237		22.60 to 34.07		$742,031		0.05%		0.95% to 1.40%		28.60% to 30.54%
2016		32,874		17.57 to 26.36		$692,932		0.00%		0.95% to 1.40%		12.92% to 14.63%
NASDAQ-100 Fund
2020		33,377		50.48 to 78.18		$2,274,528		0.25%		0.95% to 1.40%		41.46% to 43.59%
2019		28,224		35.68 to 54.99		$1,340,877		0.12%		0.95% to 1.40%		33.55% to 35.57%
2018		29,953		26.72 to 40.97		$1,057,358		0.00%		0.95% to 1.40%		-4.20% to -2.74%
2017		27,872		27.89 to 42.55		$1,031,427		0.00%		0.95% to 1.40%		27.96% to 29.88%
2016		22,039		23.92 to 33.09		$627,513		0.00%		0.95% to 1.40%		3.68% to 4.98%
U.S. Government Money Market Fund
2020		9,554		7.26 to 9.52		$86,303		0.07%		0.95% to 1.45%		-2.75% to -0.88%
2019		13,622		7.43 to 9.60		$124,031		1.11%		0.95% to 1.45%		-1.53% to -0.09%
2018		47,621		7.55 to 9.61		$445,354		0.38%		0.95% to 1.45%		-1.81% to -0.37%
2017		60,153		7.69 to 9.65		$572,532		0.00%		0.95% to 1.45%		-2.36% to -0.94%
2016		23,570		7.87 to 9.74		$220,542		0.00%		0.95% to 1.45%		-2.37% to -0.95%
Inverse S&P 500 Strategy Fund
2020		50,856		0.75 to 1.03		$45,664		1.08%		0.95% to 1.40%		-26.62% to -25.73%
2019		32,926		1.02 to 1.63		$41,658		0.81%		0.95% to 1.40%		-24.55% to -23.64%
2018		34,070		1.35 to 2.14		$57,051		0.00%		0.95% to 1.40%		1.74% to 2.98%
2017		40,345		1.33 to 2.09		$65,662		0.00%		0.95% to 1.40%		-19.10% to -18.13%
2016		73,955		1.64 to 2.44		$148,204		0.00%		0.95% to 1.40%		-13.88% to -12.84%
Inverse NASDAQ-100 Strategy Fund
2020		55,051		0.26 to 0.35		$17,010		0.58%		0.95% to 1.40%		-39.20% to -38.59%
2019		71,858		0.43 to 0.57		$35,787		0.53%		0.95% to 1.40%		-29.90% to -29.20%
2018		69,153		0.62 to 0.80		$49,606		0.00%		0.95% to 1.40%		-3.98% to -3.01%
2017		87,116		0.65 to 1.27		$66,748		0.00%		0.95% to 1.40%		-26.11% to -25.37%
2016		119,942		0.87 to 1.11		$121,182		0.00%		0.95% to 1.40%		-11.23% to -10.34%
Inverse Government Long Bond Strategy Fund
2020		5,576		1.62 to 1.92		$9,580		0.24%		0.95% to 1.40%		-22.61% to -21.84%
2019		4,985		2.10 to 2.46		$11,198		0.00%		0.95% to 1.40%		-15.04% to -14.18%
2018		14,239		2.47 to 2.97		$36,479		0.00%		0.95% to 1.40%		1.86% to 2.89%
2017		4,174		2.43 to 2.78		$10,769		0.00%		0.95% to 1.40%		-10.64% to -9.75%
2016		9,898		2.71 to 3.23		$28,913		0.00%		0.95% to 1.40%		-4.82% to -3.86%
Government Long Bond 1.2x Strategy
2020		13,410		18.94 to 24.07		$310,786		0.25%		0.95% to 1.40%		19.01% to 20.81%
2019		6,457		15.91 to 19.93		$124,669		2.48%		0.95% to 1.40%		13.99% to 15.71%
2018		9,266		13.96 to 17.22		$155,464		1.46%		0.95% to 1.40%		-7.65% to -6.25%
2017		14,583		15.12 to 18.37		$260,461		1.12%		0.95% to 1.40%		6.98% to 8.59%
2016		20,845		14.13 to 16.92		$336,452		5.09%		0.95% to 1.40%		-2.74% to -1.27%

68

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value   Lowest to Highest		Net Assets		Investment       Income Ratio*		Expense Ratio Lowest to Highest**		Total Return         Lowest to Highest***
Rydex Variable Insurance Funds
Biotechnology Fund
2020		259,748		14.61 to 27.44		$6,893,292		0.00%		1.15% to 1.65%		19.68% to 19.92%
2019		274,821		12.19 to 22.88		$6,058,557		0.00%		1.15% to 1.35%		23.00% to 23.24%
2018		299,204		9.90 to 18.56		$5,377,373		0.00%		1.15% to 1.35%		-10.67% to -10.49%
2017		309,349		11.07 to 20.74		$6,335,674		0.00%		1.15% to 1.35%		27.71% to 27.96%
2016		314,517		16.13 to 16.21		$5,082,563		0.00%		1.00% to 1.50%		-20.74% to -20.58%
S&P 500 Pure Growth Fund
2020		149,921		12.85 to 28.76		$4,004,339		0.00%		1.15% to 1.65%		25.61% to 25.87%
2019		196,550		13.13 to 22.85		$4,290,516		0.00%		1.15% to 1.35%		24.90% to 25.15%
2018		197,441		10.50 to 18.26		$3,449,466		0.00%		1.15% to 1.35%		-6.91% to -6.72%
2017		178,493		11.27 to 19.58		$3,356,794		0.00%		1.15% to 1.35%		22.73% to 22.98%
2016		125,350		15.84 to 15.92		$1,990,152		0.00%		1.00% to 1.50%		1.20% to 1.40%
S&P MidCap 400 Pure Growth Fund
2020		90,505		13.53 to 19.20		$1,698,938		0.00%		1.15% to 1.65%		28.71% to 28.97%
2019		108,641		10.50 to 14.89		$1,585,408		0.00%		1.15% to 1.35%		13.86% to 14.09%
2018		109,541		9.21 to 13.05		$1,402,480		0.00%		1.15% to 1.35%		-15.98% to -15.81%
2017		85,002		10.95 to 15.50		$1,289,701		0.00%		1.15% to 1.35%		17.17% to 17.41%
2016		65,558		13.14 to 13.20		$863,140		0.00%		1.00% to 1.50%		1.32% to 1.52%
Guggenheim Variable Insurance Funds
Long Short Equity Fund
2020		81,310		12.01 to 16.89		$1,020,715		0.78%		0.95% to 1.65%		3.06% to 3.94%
2019		67,719		11.60 to 16.25		$825,276		0.52%		0.95% to 1.40%		4.12% to 5.02%
2018		51,940		11.14 to 15.48		$617,103		0.00%		0.95% to 1.40%		-14.89% to -13.94%
2017		58,807		12.97 to 18.03		$812,450		0.33%		0.95% to 1.40%		12.59% to 13.77%
2016		55,939		11.44 to 15.85		$690,817		0.00%		0.95% to 1.50%		-1.34% to -0.30%
Multi-Hedge Strategies Fund
2020		178,747		10.53 to 10.88		$1,928,879		1.27%		1.15% to 1.65%		5.94% to 6.16%
2019		197,122		9.93 to 10.25		$2,005,173		2.27%		1.15% to 1.35%		3.60% to 3.81%
2018		230,108		9.57 to 9.88		$2,257,538		0.00%		1.15% to 1.35%		-6.35% to -6.17%
2017		285,836		10.45 to 10.52		$2,992,781		0.00%		1.15% to 1.35%		2.29% to 2.49%
2016		340,483		10.22 to 10.27		$3,484,188		0.11%		0.85% to 1.45%		-1.82% to -1.62%
Global Managed Futures Strategies Fund
2020		34,118		8.64 to 10.20		$296,674		3.56%		1.15% to 1.65%		1.22% to 1.42%
2019		42,558		8.53 to 10.06		$367,226		0.87%		1.15% to 1.35%		6.69% to 6.91%
2018		48,572		8.00 to 9.42		$392,483		0.00%		1.15% to 1.35%		-10.25% to -10.07%
2017		46,227		8.91 to 10.48		$416,230		1.42%		1.15% to 1.35%		7.26% to 7.47%
2016		56,508		8.31 to 8.35		$470,218		3.01%		0.85% to 1.45%		-15.91% to -15.74%
Small Cap Value Fund
2020		188,894		10.46 to 16.30		$2,995,915		0.87%		1.15% to 1.65%		-2.30% to -2.11%
2019		167,909		10.69 to 16.65		$2,747,725		0.82%		1.15% to 1.35%		20.93% to 21.18%
2018		173,902		8.83 to 13.74		$2,355,101		0.39%		1.15% to 1.35%		-13.84% to -13.67%
2017		162,176		10.24 to 15.91		$2,558,208		0.40%		1.15% to 1.35%		2.31% to 2.52%
2016		203,114		15.45 to 15.52		$3,139,446		0.10%		0.85% to 1.45%		24.91% to 25.16%
ProFunds VP
Access VP High Yield Fund
2020		2,600		14.31 to 18.23		$41,796		8.74%		1.30% to 1.90%		-3.41% to -1.80%
2019		8,288		14.42 to 19.48		$145,287		4.11%		1.30% to 1.90%		8.46% to 10.87%
2018		17,028		13.29 to 17.57		$258,731		3.85%		1.30% to 1.90%		-4.15% to -2.00%
2017		14,091		14.19 to 17.93		$229,753		4.89%		1.30% to 1.90%		1.30% to 3.34%
2016		25,847		14.01 to 17.35		$409,262		3.49%		0.85% to 1.45%		5.36% to 7.49%
Asia 30
2020		4,762		15.91 to 18.97		$80,009		0.95%		1.30% to 1.90%		31.87% to 33.46%
2019		5,456		12.06 to 14.21		$69,847		0.26%		1.30% to 1.90%		22.88% to 24.36%
2018		5,843		9.21 to 11.43		$60,652		0.40%		1.30% to 1.90%		-21.22% to -19.86%
2017		9,158		11.69 to 14.26		$117,521		0.00%		1.30% to 1.90%		28.64% to 30.84%
2016		7,741		9.59 to 10.90		$78,213		0.90%		0.85% to 1.45%		-2.09% to -0.91%

69

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value   Lowest to Highest		Net Assets		Investment       Income Ratio*		Expense Ratio Lowest to Highest**		Total Return         Lowest to Highest***
Banks
2020		4,657		5.43 to 6.48		$27,578		1.38%		1.30% to 1.90%		-17.80% to -16.81%
2019		7,279		6.52 to 7.79		$52,386		1.04%		1.30% to 1.90%		32.13% to 33.86%
2018		8,064		4.69 to 5.82		$43,616		0.25%		1.30% to 1.90%		-20.82% to -19.45%
2017		14,551		5.92 to 7.23		$96,800		0.13%		1.30% to 1.90%		13.76% to 15.71%
2016		21,861		5.21 to 6.24		$125,039		0.10%		0.85% to 1.45%		19.53% to 20.91%
Basic Materials
2020		1,696		13.89 to 16.93		$25,467		0.58%		1.30% to 1.90%		13.32% to 14.87%
2019		1,892		11.68 to 14.74		$24,969		0.29%		1.30% to 1.90%		14.12% to 16.08%
2018		3,831		10.23 to 12.86		$42,888		0.26%		1.30% to 1.90%		-20.19% to -18.73%
2017		7,655		12.82 to 15.82		$111,540		0.56%		1.30% to 1.90%		19.22% to 21.37%
2016		5,782		10.76 to 12.69		$66,637		0.60%		0.85% to 1.45%		14.87% to 16.67%
Bear
2020		28,541		0.96 to 1.17		$29,685		0.47%		1.30% to 1.90%		-28.00% to -27.02%
2019		38,315		1.33 to 1.60		$54,539		0.09%		1.30% to 1.90%		-25.41% to -24.40%
2018		45,604		1.78 to 2.11		$87,088		0.00%		1.30% to 1.90%		0.71% to 2.09%
2017		49,737		1.77 to 2.07		$95,271		0.00%		1.30% to 1.90%		-20.58% to -19.51%
2016		52,976		2.23 to 2.57		$127,038		0.00%		0.85% to 1.45%		-15.54% to -14.69%
Biotechnology
2020		7,641		29.36 to 39.09		$264,358		0.02%		1.30% to 1.90%		11.30% to 13.49%
2019		10,548		26.38 to 34.44		$319,069		0.00%		1.30% to 1.90%		12.34% to 14.55%
2018		11,943		23.63 to 30.07		$321,578		0.00%		1.30% to 1.90%		-10.02% to -8.28%
2017		15,974		26.26 to 33.75		$477,485		0.00%		1.30% to 1.90%		18.28% to 20.84%
2016		19,526		22.20 to 27.93		$491,608		0.00%		0.85% to 1.45%		-18.43% to -16.65%
Bull
2020		16,086		17.74 to 24.51		$334,702		0.02%		1.30% to 1.90%		12.04% to 14.53%
2019		69,015		15.84 to 21.40		$1,324,552		0.35%		1.30% to 1.90%		24.45% to 27.22%
2018		46,205		12.73 to 16.82		$687,801		0.00%		1.30% to 1.90%		-9.39% to -7.37%
2017		95,202		14.05 to 18.16		$1,551,482		0.00%		1.30% to 1.90%		15.25% to 17.81%
2016		90,174		12.19 to 15.25		$1,228,781		0.00%		0.85% to 1.45%		5.89% to 8.14%
Consumer Goods
2020		9,395		21.65 to 28.40		$237,187		0.59%		1.30% to 1.90%		26.42% to 28.78%
2019		7,327		17.60 to 22.05		$144,514		2.14%		1.30% to 1.90%		22.33% to 24.37%
2018		4,698		14.39 to 18.77		$76,661		1.13%		1.30% to 1.90%		-17.67% to -15.91%
2017		8,337		17.47 to 22.33		$169,427		1.47%		1.30% to 1.90%		11.22% to 13.57%
2016		12,131		15.71 to 19.66		$214,397		1.64%		0.85% to 1.45%		0.08% to 2.21%
Consumer Services
2020		5,633		27.10 to 36.08		$176,939		0.00%		1.30% to 1.90%		23.81% to 26.25%
2019		4,397		22.04 to 28.58		$115,044		0.00%		1.30% to 1.90%		20.29% to 22.60%
2018		5,810		18.21 to 23.31		$123,818		0.00%		1.30% to 1.90%		-2.96% to -1.04%
2017		9,951		18.76 to 23.83		$215,762		0.00%		1.30% to 1.90%		14.19% to 16.55%
2016		10,305		16.52 to 20.45		$194,430		0.00%		0.85% to 1.45%		0.55% to 2.58%
Dow 30
2020		11,740		17.05 to 21.56		$229,519		0.55%		1.30% to 1.90%		4.34% to 6.02%
2019		7,812		16.34 to 20.34		$140,000		0.09%		1.30% to 1.90%		18.69% to 20.60%
2018		9,844		13.77 to 16.86		$151,386		0.00%		1.30% to 1.90%		-8.73% to -7.25%
2017		10,930		14.48 to 18.18		$182,323		0.00%		1.30% to 1.90%		19.66% to 22.01%
2016		9,988		12.10 to 14.74		$131,454		0.00%		0.85% to 1.45%		9.71% to 11.37%
Emerging Markets
2020		7,214		7.16 to 9.43		$58,742		0.50%		1.30% to 1.90%		22.36% to 24.96%
2019		9,211		5.85 to 7.55		$60,942		0.48%		1.30% to 1.90%		19.96% to 22.51%
2018		13,062		4.88 to 6.23		$71,589		0.23%		1.30% to 1.90%		-18.20% to -16.37%
2017		27,496		5.97 to 7.45		$186,590		0.12%		1.30% to 1.90%		28.69% to 31.54%
2016		22,668		4.64 to 5.53		$116,103		0.32%		0.85% to 1.45%		7.19% to 9.30%
Europe 30
2020		4,253		7.30 to 9.30		$35,878		1.79%		1.30% to 1.90%		-11.96% to -10.50%
2019		6,919		8.29 to 10.39		$65,288		2.63%		1.30% to 1.90%		14.25% to 16.15%
2018		8,552		7.26 to 9.06		$70,156		2.59%		1.30% to 1.90%		-16.72% to -15.24%
2017		8,886		8.72 to 10.69		$86,997		1.78%		1.30% to 1.90%		16.13% to 18.17%
2016		9,390		7.51 to 8.81		$77,994		2.72%		0.85% to 1.45%		4.57% to 6.15%

70

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value   Lowest to Highest		Net Assets		Investment       Income Ratio*		Expense Ratio Lowest to Highest**	Total Return         Lowest to Highest***
Falling U.S. Dollar
2020		5,210		5.05 to 5.22		$26,756		0.39%	1.30% to 1.90%	2.32% to 2.58%
2019		5,767		4.94 to 5.15		$28,678		0.04%	1.30% to 1.90%	-4.66% to -4.32%
2018		6,270		5.18 to 5.56		$32,846		0.00%	1.30% to 1.90%	-8.54% to -7.94%
2017		6,843		5.66 to 6.04		$39,268		0.00%	1.30% to 1.90%	5.89% to 6.58%
2016		7,450		5.35 to 5.67		$40,388		0.00%	0.85% to 1.45%	-8.09% to -7.49%
Financials
2020		2,449		8.25 to 10.98		$24,880		0.32%	1.30% to 1.90%	-5.24% to -3.38%
2019		7,523		8.70 to 11.36		$73,035		0.22%	1.30% to 1.90%	25.67% to 28.14%
2018		5,940		6.97 to 8.87		$49,249		0.32%	1.30% to 1.90%	-13.57% to -11.90%
2017		15,740		8.02 to 10.37		$143,511		0.11%	1.30% to 1.90%	14.02% to 16.55%
2016		117,382		7.03 to 8.89		$966,039		0.04%	0.85% to 1.45%	11.30% to 13.72%
Health Care
2020		9,867		24.61 to 32.77		$285,948		0.00%	1.30% to 1.90%	10.39% to 12.56%
2019		12,063		22.29 to 29.11		$310,528		0.00%	1.30% to 1.90%	15.15% to 17.42%
2018		22,223		19.61 to 25.92		$490,365		0.00%	1.30% to 1.90%	0.82% to 3.08%
2017		17,789		19.45 to 24.42		$385,951		0.00%	1.30% to 1.90%	16.77% to 19.06%
2016		68,810		16.65 to 20.51		$1,315,986		0.00%	0.85% to 1.45%	-7.35% to -5.53%
Industrials
2020		7,403		18.73 to 24.93		$163,542		0.11%	1.30% to 1.90%	12.63% to 14.85%
2019		9,692		16.97 to 21.71		$187,693		0.00%	1.30% to 1.90%	26.07% to 28.36%
2018		7,119		13.21 to 16.91		$110,012		0.10%	1.30% to 1.90%	-15.87% to -14.20%
2017		11,053		15.70 to 19.94		$197,506		0.20%	1.30% to 1.90%	18.08% to 20.52%
2016		8,497		13.30 to 16.55		$125,630		0.17%	0.85% to 1.45%	13.62% to 15.74%
International
2020		5,799		6.26 to 7.47		$42,580		0.45%	1.30% to 1.90%	1.39% to 2.77%
2019		6,345		6.17 to 7.27		$45,390		0.26%	1.30% to 1.90%	15.28% to 16.85%
2018		7,334		5.35 to 6.76		$44,929		0.00%	1.30% to 1.90%	-18.59% to -16.85%
2017		14,171		6.58 to 8.13		$107,712		0.00%	1.30% to 1.90%	17.74% to 20.23%
2016		12,976		5.59 to 6.70		$80,595		0.00%	0.85% to 1.45%	-4.24% to -2.30%
Internet
2020		6,641		49.06 to 63.90		$363,590		0.00%	1.30% to 1.90%	45.71% to 48.36%
2019		7,211		33.44 to 43.07		$268,072		0.00%	1.30% to 1.90%	13.97% to 16.10%
2018		11,806		29.34 to 37.10		$385,249		0.00%	1.30% to 1.90%	1.30% to 3.21%
2017		11,237		28.96 to 36.37		$363,555		0.00%	1.30% to 1.90%	31.39% to 33.97%
2016		12,539		22.05 to 27.15		$307,871		0.00%	0.85% to 1.45%	1.90% to 3.91%
Japan
2020		4,516		8.44 to 10.68		$45,332		0.29%	1.30% to 1.90%	12.23% to 14.04%
2019		4,421		7.52 to 9.49		$38,851		0.14%	1.30% to 1.90%	16.16% to 18.15%
2018		6,367		6.48 to 8.04		$47,826		0.00%	1.30% to 1.90%	-14.48% to -13.00%
2017		6,194		7.57 to 9.24		$53,758		0.00%	1.30% to 1.90%	14.68% to 16.64%
2016		15,216		6.60 to 7.92		$110,735		0.00%	0.85% to 1.45%	-2.80% to -1.13%
Large-Cap Growth
2020		35,785		24.90 to 34.90		$1,091,999		0.00%	1.30% to 1.90%	26.30% to 29.24%
2019		37,397		19.99 to 27.01		$868,675		0.00%	1.30% to 1.90%	24.46% to 27.22%
2018		39,419		16.06 to 21.23		$740,051		0.00%	1.30% to 1.90%	-5.16% to -3.13%
2017		48,720		16.75 to 21.91		$966,247		0.00%	1.30% to 1.90%	20.87% to 23.68%
2016		40,785		14.16 to 17.72		$665,632		0.04%	0.85% to 1.45%	1.50% to 3.66%
Large-Cap Value
2020		25,061		12.53 to 16.21		$377,859		0.86%	1.30% to 1.90%	-3.50% to -1.79%
2019		37,191		12.99 to 16.50		$570,190		1.00%	1.30% to 1.90%	25.31% to 27.52%
2018		36,522		10.36 to 12.94		$439,372		0.75%	1.30% to 1.90%	-13.72% to -12.19%
2017		58,880		12.01 to 15.53		$834,969		0.83%	1.30% to 1.90%	9.54% to 11.97%
2016		66,923		10.97 to 13.87		$856,099		0.80%	0.85% to 1.45%	11.46% to 13.94%
Mid-Cap
2020		7,822		15.10 to 20.41		$133,330		0.07%	1.30% to 1.90%	6.84% to 9.33%
2019		192,854		14.13 to 18.67		$2,977,627		0.01%	1.30% to 1.90%	19.16% to 21.93%
2018		206,531		11.86 to 15.31		$2,630,056		0.00%	1.30% to 1.90%	-15.96% to -13.99%
2017		247,613		14.11 to 17.80		$3,823,445		0.00%	1.30% to 1.90%	9.43% to 11.97%
2016		252,920		12.90 to 15.90		$3,577,317		0.00%	0.85% to 1.45%	14.01% to 16.66%

71

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value   Lowest to Highest		Net Assets		Investment       Income Ratio*		Expense Ratio Lowest to Highest**		Total Return         Lowest to Highest***
Mid-Cap Growth
2020		15,758		19.26 to 25.27		$354,260		0.00%		1.30% to 1.90%		16.62% to 18.80%
2019		15,430		16.98 to 21.72		$297,810		0.00%		1.30% to 1.90%		20.09% to 22.27%
2018		16,703		14.14 to 17.87		$276,021		0.00%		1.30% to 1.90%		-14.94% to -13.34%
2017		23,686		16.62 to 20.99		$451,663		0.00%		1.30% to 1.90%		14.36% to 16.67%
2016		28,573		14.53 to 17.99		$468,951		0.00%		0.85% to 1.45%		9.10% to 11.31%
Mid-Cap Value
2020		5,201		14.19 to 18.08		$86,232		0.33%		1.30% to 1.90%		-1.12% to 0.52%
2019		6,031		14.16 to 17.62		$99,634		0.18%		1.30% to 1.90%		19.81% to 21.75%
2018		8,452		11.81 to 14.75		$114,532		0.07%		1.30% to 1.90%		-16.29% to -14.80%
2017		20,107		14.11 to 18.25		$323,868		0.15%		1.30% to 1.90%		6.81% to 9.18%
2016		30,569		13.21 to 16.71		$468,145		0.11%		0.85% to 1.45%		20.06% to 22.61%
Government Money Market
2020		532,131		6.42 to 9.00		$4,022,896		0.04%		1.30% to 1.90%		-3.49% to -1.25%
2019		370,018		6.65 to 9.11		$2,912,327		0.74%		1.30% to 1.90%		-2.79% to -0.53%
2018		676,635		6.84 to 9.16		$5,522,693		0.35%		1.30% to 1.90%		-3.15% to -0.89%
2017		840,720		7.07 to 9.24		$6,983,028		0.02%		1.30% to 1.90%		-3.51% to -1.27%
2016		415,989		7.40 to 9.36		$3,536,380		0.02%		0.85% to 1.45%		-3.42% to -1.27%
Oil & Gas
2020		28,010		4.32 to 5.76		$134,545		1.81%		1.30% to 1.90%		-36.72% to -35.47%
2019		38,028		6.83 to 8.92		$283,197		1.36%		1.30% to 1.90%		4.78% to 6.85%
2018		58,634		6.52 to 8.35		$410,449		1.79%		1.30% to 1.90%		-22.98% to -21.46%
2017		84,586		8.37 to 10.63		$761,640		1.15%		1.30% to 1.90%		-6.59% to -4.66%
2016		140,512		8.96 to 11.15		$1,347,231		1.35%		0.85% to 1.45%		19.91% to 22.27%
NASDAQ-100
2020		12,973		40.13 to 55.42		$615,178		0.00%		1.30% to 1.90%		40.57% to 43.69%
2019		20,368		28.55 to 38.57		$685,380		0.00%		1.30% to 1.90%		32.00% to 34.94%
2018		27,531		21.63 to 28.23		$685,118		0.00%		1.30% to 1.90%		-5.26% to -3.24%
2017		33,311		22.30 to 29.17		$878,315		0.00%		1.30% to 1.90%		25.65% to 28.56%
2016		63,804		17.75 to 22.33		$1,250,808		0.00%		0.85% to 1.45%		1.43% to 3.64%
Pharmaceuticals
2020		3,036		17.68 to 22.86		$63,933		0.09%		1.30% to 1.90%		8.75% to 10.67%
2019		4,425		16.26 to 20.66		$83,608		0.96%		1.30% to 1.90%		10.23% to 12.17%
2018		6,910		14.75 to 18.41		$112,035		1.24%		1.30% to 1.90%		-9.35% to -7.74%
2017		8,247		16.27 to 19.96		$147,974		1.06%		1.30% to 1.90%		6.68% to 8.56%
2016		12,522		15.25 to 18.39		$211,731		0.42%		0.85% to 1.45%		-6.95% to -5.31%
Precious Metals
2020		91,374		4.43 to 5.99		$446,026		0.24%		1.30% to 1.90%		19.72% to 22.20%
2019		172,978		3.70 to 4.90		$725,931		0.04%		1.30% to 1.90%		40.82% to 43.74%
2018		197,469		2.66 to 3.41		$580,199		0.00%		1.30% to 1.90%		-16.46% to -14.81%
2017		231,622		3.19 to 4.00		$801,627		0.00%		1.30% to 1.90%		1.67% to 3.66%
2016		218,288		3.13 to 3.86		$722,397		0.00%		0.85% to 1.45%		50.54% to 53.42%
Real Estate
2020		7,521		10.67 to 14.10		$91,882		0.74%		1.30% to 1.90%		-9.56% to -7.83%
2019		18,671		11.80 to 15.51		$250,321		1.95%		1.30% to 1.90%		22.34% to 24.81%
2018		21,408		9.64 to 12.43		$233,780		1.59%		1.30% to 1.90%		-9.01% to -7.16%
2017		10,685		10.60 to 13.38		$124,847		4.41%		1.30% to 1.90%		4.29% to 6.39%
2016		12,156		10.16 to 12.58		$137,417		3.02%		0.85% to 1.45%		2.04% to 4.10%
Rising Rates Opportunity
2020		17,474		0.98 to 1.16		$19,158		0.54%		1.30% to 1.90%		-28.80% to -27.97%
2019		23,811		1.27 to 1.61		$36,098		0.10%		1.30% to 1.90%		-20.26% to -18.85%
2018		57,355		1.59 to 1.98		$106,509		0.00%		1.30% to 1.90%		0.56% to 2.34%
2017		26,545		1.58 to 1.94		$48,570		0.00%		1.30% to 1.90%		-14.93% to -13.43%
2016		63,493		1.85 to 2.24		$129,889		0.00%		0.85% to 1.45%		-8.42% to -6.81%
Semiconductor
2020		4,641		29.68 to 37.27		$144,703		0.26%		1.30% to 1.90%		39.94% to 42.13%
2019		5,108		21.21 to 26.22		$112,770		0.32%		1.30% to 1.90%		44.70% to 46.96%
2018		2,207		14.66 to 17.84		$33,289		0.00%		1.30% to 1.90%		-13.29% to -11.93%
2017		1,948		17.31 to 20.26		$36,793		0.23%		1.30% to 1.90%		31.24% to 33.01%
2016		2,809		13.19 to 14.99		$39,241		0.03%		0.85% to 1.45%		24.99% to 25.12%

72

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31					Year Ended December 31
	Units		Unit Fair Value       Lowest to Highest	Net Assets		Investment       Income Ratio*		Expense Ratio Lowest to Highest**		Total Return         Lowest to Highest***
Short Dow 30
2020		10,264	0.77 to 0.95		$9,644		0.42%		1.30% to 1.90%		-23.69% to -22.58%
2019		2,420	1.07 to 1.18		$2,821		0.04%		1.30% to 1.90%		-21.71% to -21.16%
2018		2,480	1.37 to 1.50		$3,664		0.00%		1.30% to 1.90%		-0.78% to -0.08%
2017		2,541	1.38 to 1.58		$3,755		0.00%		1.30% to 1.90%		-24.39% to -23.52%
2016		2,968	1.83 to 2.07		$5,809		0.00%		0.85% to 1.45%		-19.00% to -18.43%
Short Emerging Markets
2020		-	-		$0		0.00%		1.30% to 1.90%		n/a
2019		-	-		$0		0.00%		1.30% to 1.90%		n/a
2018		-	-		$0		0.00%		1.30% to 1.90%		n/a
2017		-	2.67 to 2.67		$0		0.00%		1.30% to 1.90%		-29.62% to -29.62%
2016		251	3.80 to 3.80		$951		0.00%		0.85% to 1.45%		-18.31% to -18.31%
Short International
2020		2,670	2.23 to 2.34		$6,133		0.63%		1.30% to 1.90%		-19.12% to -18.83%
2019		2,707	2.76 to 2.84		$7,613		0.32%		1.30% to 1.90%		-19.58% to -19.38%
2018		5,641	3.43 to 3.53		$19,689		0.00%		1.30% to 1.90%		12.44% to 12.72%
2017		5,649	3.05 to 3.13		$17,533		0.00%		1.30% to 1.90%		-22.71% to -22.51%
2016		5,658	4.00 to 4.04		$22,711		0.00%		0.85% to 1.45%		-8.22% to -8.13%
Short Mid-Cap
2020		2,066	0.81 to 0.91		$1,884		1.18%		1.30% to 1.90%		-28.89% to -28.32%
2019		2,425	1.14 to 1.26		$3,007		0.27%		1.30% to 1.90%		-23.57% to -23.04%
2018		2,479	1.49 to 1.63		$3,990		0.00%		1.30% to 1.90%		7.57% to 8.33%
2017		2,534	1.39 to 1.51		$3,763		0.00%		1.30% to 1.90%		-17.45% to -16.87%
2016		2,587	1.68 to 1.81		$4,621		0.00%		0.85% to 1.45%		-22.63% to -22.08%
Short NASDAQ-100
2020		7,909	0.37 to 0.43		$3,405		0.41%		1.30% to 1.90%		-44.53% to -43.99%
2019		360	0.67 to 0.67		$243		0.14%		1.30% to 1.90%		-30.25% to -30.25%
2018		418	0.97 to 0.97		$405		0.00%		1.30% to 1.90%		-5.87% to -5.87%
2017		479	1.03 to 1.25		$492		0.00%		1.30% to 1.90%		-27.52% to -26.28%
2016		3,503	1.42 to 1.70		$5,773		0.00%		0.85% to 1.45%		-12.81% to -12.37%
Short Small-Cap
2020		4,666	0.66 to 0.76		$3,518		0.57%		1.30% to 1.90%		-34.38% to -33.75%
2019		5,024	1.08 to 1.18		$5,715		0.06%		1.30% to 1.90%		-23.20% to -22.74%
2018		13,785	1.41 to 1.52		$20,735		0.00%		1.30% to 1.90%		7.01% to 7.65%
2017		15,041	1.32 to 1.41		$21,057		0.00%		1.30% to 1.90%		-16.81% to -16.31%
2016		17,220	1.58 to 1.69		$28,825		0.00%		0.85% to 1.45%		-23.99% to -23.53%
Small-Cap
2020		10,953	14.66 to 20.25		$188,232		0.04%		1.30% to 1.90%		13.03% to 15.54%
2019		18,222	12.97 to 17.53		$284,232		0.00%		1.30% to 1.90%		19.35% to 22.01%
2018		16,916	10.87 to 14.37		$209,307		0.00%		1.30% to 1.90%		-15.91% to -14.03%
2017		23,012	12.92 to 16.71		$338,478		0.00%		1.30% to 1.90%		8.57% to 10.98%
2016		32,393	11.90 to 15.06		$440,535		0.00%		0.85% to 1.45%		15.57% to 18.14%
Small-Cap Growth
2020		11,095	19.75 to 24.08		$237,390		0.00%		1.30% to 1.90%		13.64% to 15.18%
2019		11,696	16.80 to 22.70		$221,210		0.00%		1.30% to 1.90%		15.02% to 17.58%
2018		14,904	14.60 to 19.30		$257,385		0.00%		1.30% to 1.90%		-9.01% to -6.97%
2017		22,458	15.86 to 20.75		$415,721		0.00%		1.30% to 1.90%		8.99% to 11.51%
2016		31,058	14.55 to 18.61		$521,485		0.00%		0.85% to 1.45%		15.98% to 18.38%
Small-Cap Value
2020		13,191	13.85 to 17.39		$205,866		0.01%		1.30% to 1.90%		-2.02% to -0.49%
2019		6,378	14.13 to 17.47		$97,219		0.00%		1.30% to 1.90%		18.82% to 20.68%
2018		6,805	11.52 to 14.94		$86,612		0.00%		1.30% to 1.90%		-17.06% to -15.33%
2017		12,852	13.49 to 17.65		$202,299		0.01%		1.30% to 1.90%		5.84% to 8.30%
2016		64,723	12.75 to 16.30		$962,479		0.00%		0.85% to 1.45%		24.53% to 26.80%
Technology
2020		11,888	36.15 to 48.13		$504,019		0.00%		1.30% to 1.90%		39.69% to 42.44%
2019		10,678	25.88 to 33.79		$321,408		0.00%		1.30% to 1.90%		40.05% to 42.81%
2018		7,166	18.48 to 23.66		$152,767		0.00%		1.30% to 1.90%		-5.77% to -3.90%
2017		11,161	19.61 to 24.91		$248,374		0.08%		1.30% to 1.90%		30.42% to 33.11%
2016		5,954	15.53 to 18.71		$103,172		0.00%		0.85% to 1.45%		8.70% to 10.62%

73

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value   Lowest to Highest		Net Assets		Investment       Income Ratio*		Expense Ratio Lowest to Highest**	Total Return         Lowest to Highest***
Telecommunications
2020		474		11.65 to 13.49		$5,900		0.89%	1.30% to 1.90%	0.45% to 1.46%
2019		402		11.59 to 13.29		$5,006		1.88%	1.30% to 1.90%	11.77% to 12.89%
2018		1,242		10.37 to 11.78		$13,550		4.17%	1.30% to 1.90%	-17.34% to -16.50%
2017		2,048		12.40 to 14.10		$26,980		0.38%	1.30% to 1.90%	-4.77% to -3.72%
2016		53,902		13.02 to 14.65		$753,817		0.13%	0.85% to 1.45%	18.36% to 19.67%
U.S. Government Plus
2020		18,153		17.77 to 24.90		$396,418		0.02%	1.30% to 1.90%	16.42% to 19.13%
2019		8,237		15.26 to 20.90		$147,073		0.74%	1.30% to 1.90%	14.04% to 16.69%
2018		16,856		13.38 to 17.91		$257,704		0.87%	1.30% to 1.90%	-8.79% to -6.65%
2017		11,630		15.02 to 18.97		$198,838		0.17%	1.30% to 1.90%	5.83% to 7.97%
2016		59,078		14.19 to 17.57		$956,100		0.00%	0.85% to 1.45%	-3.59% to -1.94%
UltraBull
2020		31,328		25.82 to 36.73		$988,666		0.82%	1.30% to 1.90%	15.47% to 18.28%
2019		21,806		22.36 to 30.63		$593,749		0.32%	1.30% to 1.90%	54.35% to 57.94%
2018		26,981		14.49 to 19.64		$466,571		0.00%	1.30% to 1.90%	-18.60% to -16.60%
2017		31,169		17.80 to 23.55		$669,377		0.00%	1.30% to 1.90%	35.92% to 39.20%
2016		22,446		14.03 to 16.74		$360,275		0.00%	0.85% to 1.45%	15.04% to 16.78%
UltraMid-Cap
2020		29,383		19.98 to 26.60		$648,391		0.20%	1.30% to 1.90%	1.49% to 3.50%
2019		18,611		20.09 to 25.70		$412,736		0.00%	1.30% to 1.90%	42.78% to 45.37%
2018		40,750		14.07 to 18.48		$610,133		0.00%	1.30% to 1.90%	-29.27% to -27.72%
2017		46,847		20.48 to 25.57		$1,005,435		0.00%	1.30% to 1.90%	24.81% to 27.20%
2016		49,743		16.59 to 20.10		$858,209		0.00%	0.85% to 1.45%	33.70% to 36.13%
UltraNASDAQ-100
2020		6,221		126.60 to 174.85		$882,258		0.00%	1.30% to 1.90%	79.72% to 83.71%
2019		5,812		71.90 to 95.18		$466,110		0.00%	1.30% to 1.90%	73.58% to 77.17%
2018		7,541		41.42 to 54.41		$346,340		0.00%	1.30% to 1.90%	-12.72% to -10.81%
2017		7,962		48.87 to 61.00		$421,197		0.00%	1.30% to 1.90%	63.05% to 66.16%
2016		7,352		30.45 to 34.99		$243,338		0.00%	0.85% to 1.45%	5.36% to 6.42%
UltraShort Dow30
2020		9,203		0.10 to 0.10		$941		7.11%	1.30% to 1.90%	-46.98% to -46.98%
2019		9,803		0.19 to 0.19		$1,890		3.03%	1.30% to 1.90%	-38.64% to -38.64%
2018		10,185		0.30 to 0.32		$3,200		0.00%	1.30% to 1.90%	-2.44% to -1.85%
2017		16,836		0.31 to 0.33		$5,438		0.00%	1.30% to 1.90%	-41.82% to -41.47%
2016		24,820		0.53 to 0.56		$13,766		0.00%	0.85% to 1.45%	-33.94% to -33.55%
UltraShort NASDAQ-100
2020		33,769		0.02 to 0.02		$590		0.65%	1.30% to 1.90%	-72.44% to -72.27%
2019		35,116		0.06 to 0.06		$2,212		0.74%	1.30% to 1.90%	-52.20% to -51.90%
2018		35,891		0.12 to 0.13		$4,703		0.00%	1.30% to 1.90%	-14.65% to -14.09%
2017		37,158		0.14 to 0.15		$5,665		0.00%	1.30% to 1.90%	-46.83% to -46.48%
2016		37,513		0.27 to 0.29		$10,691		0.00%	0.85% to 1.45%	-22.96% to -22.45%
UltraSmall-Cap
2020		26,004		14.10 to 18.10		$409,774		0.15%	1.30% to 1.90%	12.16% to 14.08%
2019		10,006		12.57 to 15.86		$139,999		0.00%	1.30% to 1.90%	41.98% to 44.41%
2018		14,154		8.85 to 10.98		$137,118		0.00%	1.30% to 1.90%	-29.63% to -28.41%
2017		14,172		12.58 to 15.80		$198,759		0.00%	1.30% to 1.90%	20.67% to 23.03%
2016		9,953		11.17 to 12.84		$117,261		0.00%	0.85% to 1.45%	35.40% to 36.62%
Utilities
2020		5,864		16.60 to 21.78		$115,289		1.51%	1.30% to 1.90%	-5.76% to -4.00%
2019		4,186		18.23 to 22.69		$87,157		3.33%	1.30% to 1.90%	18.95% to 20.86%
2018		4,562		15.33 to 18.77		$78,896		1.58%	1.30% to 1.90%	-0.42% to 1.19%
2017		6,833		16.03 to 18.55		$119,953		2.63%	1.30% to 1.90%	7.49% to 8.83%
2016		9,545		14.92 to 17.05		$154,597		2.46%	0.85% to 1.45%	11.79% to 13.19%
VanEck Worldwide Insurance Trust
Global Hard Assets Fund
2020		479,886		6.38 to 29.80		$6,663,338		0.72%	0.95% to 1.90%	14.74% to 17.99%
2019		455,682		5.56 to 25.26		$5,651,543		0.00%	0.95% to 1.90%	7.71% to 10.81%
2018		466,099		5.16 to 22.80		$5,266,523		0.00%	0.95% to 1.90%	-30.90% to -28.96%
2017		524,574		7.30 to 32.78		$8,487,983		0.00%	0.95% to 1.90%	-5.52% to -2.62%
2016		626,212		7.73 to 33.90		$10,135,813		0.39%	0.85% to 1.50%	38.55% to 42.35%

74

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value   Lowest to Highest		Net Assets		Investment       Income Ratio*		Expense Ratio Lowest to Highest**	Total Return         Lowest to Highest***
Emerging Markets Fund
2020		29,835		28.12 to 55.17		$1,536,938		1.76%	0.95% to 1.40%	14.07% to 16.14%
2019		36,385		29.02 to 47.98		$1,622,587		0.53%	0.95% to 1.40%	27.05% to 29.36%
2018		42,600		18.01 to 37.46		$1,457,114		0.29%	0.95% to 1.40%	-25.58% to -24.21%
2017		63,611		24.02 to 49.93		$2,802,208		0.39%	0.95% to 1.40%	46.08% to 49.61%
2016		52,001		16.22 to 33.71		$1,568,804		0.46%	0.95% to 1.40%	-3.20% to -0.84%
Emerging Markets Bond Fund
2020		32,467		13.62 to 19.21		$554,814		12.28%	0.95% to 1.40%	6.71% to 7.89%
2019		28,850		11.55 to 17.81		$461,861		0.63%	0.95% to 1.40%	10.39% to 11.55%
2018		33,821		10.46 to 15.96		$492,835		9.63%	0.95% to 1.40%	-8.05% to -7.03%
2017		49,355		10.67 to 17.17		$791,433		2.53%	0.95% to 1.40%	9.54% to 11.19%
2016		65,434		9.74 to 15.44		$945,819		0.00%	0.95% to 1.40%	4.26% to 5.42%
Janus Henderson Series
Global Technology and Innovation Portfolio
2020		227,665		13.89 to 52.13		$11,077,250		0.00%	1.15% to 1.65%	48.70% to 49.00%
2019		171,194		17.10 to 34.99		$5,605,246		0.00%	1.15% to 1.35%	42.88% to 43.16%
2018		147,288		11.96 to 24.44		$3,437,928		0.00%	1.15% to 1.35%	-0.45% to -0.25%
2017		106,809		12.00 to 24.50		$2,538,098		0.00%	1.15% to 1.35%	42.98% to 43.26%
2016		66,993		17.02 to 17.10		$1,142,061		0.08%	1.00% to 1.50%	12.32% to 12.55%
Overseas Portfolio
2020		55,050		11.34 to 13.62		$656,299		0.97%	1.15% to 1.65%	14.46% to 14.69%
2019		48,682		9.91 to 11.89		$488,302		1.74%	1.15% to 1.35%	25.01% to 25.26%
2018		49,258		7.93 to 9.50		$395,000		1.75%	1.15% to 1.35%	-16.28% to -16.11%
2017		56,799		9.47 to 11.34		$543,020		2.24%	1.15% to 1.35%	29.06% to 29.31%
2016		52,504		7.34 to 7.37		$385,736		4.72%	1.00% to 1.50%	-7.96% to -7.77%
Research Portfolio
2020		17,589		31.84 to 32.25		$561,464		0.19%	1.15% to 1.65%	30.79% to 31.06%
2019		21,961		24.34 to 24.61		$536,101		0.29%	1.15% to 1.35%	33.41% to 33.68%
2018		25,399		18.25 to 18.41		$464,875		0.37%	1.15% to 1.35%	-4.15% to -3.96%
2017		31,413		19.04 to 19.17		$599,282		0.27%	1.15% to 1.35%	25.85% to 26.10%
2016		30,729		15.13 to 15.20		$465,551		0.37%	1.00% to 1.50%	-1.07% to -0.88%
Enterprise Services Portfolio
2020		1,214,723		12.77 to 26.66		$30,922,087		0.00%	1.15% to 1.65%	17.58% to 17.82%
2019		1,142,759		15.07 to 22.63		$24,865,839		0.06%	1.15% to 1.35%	33.34% to 33.61%
2018		995,432		11.29 to 16.93		$16,238,499		0.12%	1.15% to 1.35%	-2.00% to -1.81%
2017		687,373		11.51 to 17.25		$11,539,277		0.13%	1.15% to 1.35%	25.39% to 25.64%
2016		354,446		13.66 to 13.73		$4,847,632		0.03%	1.00% to 1.50%	10.60% to 10.82%
Global Research Portfolio
2020		48,040		15.58 to 23.25		$1,089,276		0.49%	1.15% to 1.65%	18.15% to 18.39%
2019		50,454		13.17 to 19.64		$969,267		0.93%	1.15% to 1.35%	26.99% to 27.24%
2018		44,852		10.36 to 15.43		$683,618		1.07%	1.15% to 1.35%	-8.34% to -8.15%
2017		44,442		11.29 to 16.80		$738,548		0.83%	1.15% to 1.35%	24.99% to 25.24%
2016		42,850		13.35 to 13.42		$573,168		0.87%	1.00% to 1.50%	0.45% to 0.65%
Mid Cap Value Portfolio
2020		208,421		11.63 to 17.86		$3,568,721		1.02%	1.15% to 1.65%	-2.54% to -2.34%
2019		197,118		11.92 to 18.29		$3,477,494		1.07%	1.15% to 1.35%	28.30% to 28.56%
2018		186,003		9.28 to 14.22		$2,579,014		0.98%	1.15% to 1.35%	-14.98% to -14.81%
2017		192,293		10.90 to 16.70		$3,154,990		0.66%	1.15% to 1.35%	12.11% to 12.34%
2016		172,121		14.79 to 14.86		$2,548,863		0.87%	1.00% to 1.50%	17.17% to 17.40%
Balanced Portfolio
2020		2,669,628		11.61 to 21.17		$55,162,863		1.43%	1.15% to 1.65%	12.50% to 12.72%
2019		2,251,196		13.21 to 18.78		$41,323,181		1.72%	1.15% to 1.35%	20.63% to 20.88%
2018		1,603,935		10.94 to 15.54		$24,628,415		1.86%	1.15% to 1.35%	-0.92% to -0.72%
2017		990,962		11.03 to 15.65		$15,400,133		1.40%	1.15% to 1.35%	16.56% to 16.79%
2016		772,313		13.34 to 13.40		$10,307,917		2.11%	1.00% to 1.50%	2.92% to 3.13%
Flexible Bond Portfolio
2020		788,942		11.56 to 12.43		$9,649,511		2.53%	1.15% to 1.65%	8.77% to 8.99%
2019		621,443		10.61 to 11.40		$6,994,524		2.64%	1.15% to 1.35%	7.81% to 8.03%
2018		506,125		9.84 to 10.56		$5,303,727		2.42%	1.15% to 1.35%	-2.62% to -2.42%
2017		395,731		10.09 to 10.82		$4,255,966		2.48%	1.15% to 1.35%	1.97% to 2.17%
2016		409,203		10.54 to 10.59		$4,314,965		2.75%	1.00% to 1.50%	0.85% to 1.05%

75

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31					Year Ended December 31
	Units		Unit Fair Value   Lowest to Highest	Net Assets		Investment       Income Ratio*		Expense Ratio Lowest to Highest**		Total Return         Lowest to Highest***
GI Unconstrained Bond Portfolio
2019		-	-		$0		1.29%		1.15% to 1.35%		n/a
2018		98,954	9.51 to 9.58		$942,017		2.55%		1.15% to 1.35%		-5.06% to -4.87%
2017		92,634	10.02 to 10.07		$928,697		3.20%		1.15% to 1.35%		0.34% to 0.54%
2016		92,217	9.99 to 10.01		$921,572		7.36%		1.00% to 1.50%		3.20% to 3.41%
PIMCO Variable Insurance Trust
Total Return Portfolio
2020		3,527,603	10.27 to 19.87		$46,554,357		2.03%		0.95% to 1.90%		4.76% to 7.62%
2019		4,050,360	10.68 to 18.47		$50,056,375		3.04%		0.95% to 1.90%		4.48% to 7.34%
2018		4,035,547	9.99 to 17.20		$47,287,227		2.56%		0.95% to 1.90%		-4.12% to -1.49%
2017		3,903,746	10.19 to 17.46		$47,973,212		2.02%		0.95% to 1.90%		1.17% to 3.93%
2016		3,818,433	10.51 to 16.80		$46,163,641		2.09%		0.85% to 1.50%		-1.00% to 1.71%
Low Duration Portfolio
2020		2,779,815	9.51 to 13.86		$28,712,551		1.14%		0.95% to 1.90%		-0.50% to 2.02%
2019		2,486,507	9.37 to 13.59		$25,289,738		2.68%		0.95% to 1.90%		0.36% to 3.05%
2018		2,488,388	9.33 to 13.19		$24,682,261		1.84%		0.95% to 1.90%		-3.23% to -0.62%
2017		2,110,065	9.64 to 13.27		$21,281,171		1.18%		0.95% to 1.90%		-2.23% to 0.39%
2016		1,997,087	9.86 to 13.22		$20,264,692		1.59%		0.85% to 1.50%		-2.18% to 0.45%
High Yield Portfolio
2020		633,058	11.59 to 26.35		$10,181,904		4.17%		0.95% to 1.90%		1.80% to 4.75%
2019		766,902	11.11 to 25.16		$11,878,657		4.84%		0.95% to 1.90%		10.46% to 13.66%
2018		502,674	9.82 to 22.14		$7,294,631		5.04%		0.95% to 1.90%		-6.32% to -3.59%
2017		558,843	10.22 to 22.96		$8,637,362		4.90%		0.95% to 1.90%		2.64% to 5.60%
2016		593,692	12.28 to 21.74		$9,233,370		5.52%		0.85% to 1.50%		8.31% to 11.38%
Real Return Portfolio
2020		2,135,710	10.60 to 18.82		$24,012,468		1.30%		0.95% to 1.90%		7.76% to 10.66%
2019		2,122,136	9.97 to 17.01		$21,521,058		1.56%		0.95% to 1.90%		4.61% to 7.42%
2018		2,133,195	9.33 to 15.83		$20,301,950		2.42%		0.95% to 1.90%		-5.69% to -3.14%
2017		2,200,216	9.68 to 16.35		$21,756,775		2.26%		0.95% to 1.90%		-0.10% to 2.68%
2016		2,059,005	9.47 to 15.92		$19,988,829		2.23%		0.85% to 1.50%		1.48% to 4.20%
All Asset Portfolio
2020		304,908	12.76 to 17.00		$3,938,978		4.41%		0.95% to 1.90%		4.20% to 6.67%
2019		358,019	11.99 to 16.34		$4,350,224		2.78%		0.95% to 1.90%		7.90% to 10.47%
2018		414,975	9.97 to 14.82		$4,586,867		3.10%		0.95% to 1.90%		-8.72% to -6.53%
2017		427,745	11.66 to 15.90		$5,085,136		4.54%		0.95% to 1.90%		9.49% to 12.09%
2016		455,788	10.42 to 14.22		$4,857,731		2.63%		0.85% to 1.50%		9.02% to 11.61%
Global Managed Asset Allocation Portfolio
2020		67,354	13.26 to 13.43		$893,068		8.44%		1.15% to 1.65%		15.14% to 15.38%
2019		49,475	11.51 to 11.64		$569,726		2.22%		1.15% to 1.35%		15.39% to 15.62%
2018		44,146	9.98 to 10.07		$440,541		1.60%		1.15% to 1.35%		-6.88% to -6.70%
2017		42,294	10.72 to 10.79		$453,296		2.40%		1.15% to 1.35%		12.47% to 12.69%
2016		35,831	9.53 to 9.57		$341,433		2.33%		1.00% to 1.50%		2.53% to 2.73%
Short-Term Portfolio
2020		5,617,645	10.09 to 10.39		$57,770,230		1.27%		1.15% to 1.65%		0.77% to 0.97%
2019		4,389,651	10.18 to 10.29		$44,795,827		2.25%		1.15% to 1.35%		1.32% to 1.52%
2018		4,694,571	10.05 to 10.13		$47,247,593		2.03%		1.15% to 1.35%		0.06% to 0.26%
2017		4,498,478	10.04 to 10.11		$45,244,074		1.53%		1.15% to 1.35%		0.93% to 1.13%
2016		4,502,212	9.95 to 9.99		$44,840,939		1.46%		1.00% to 1.50%		0.90% to 1.10%
Emerging Markets Bond Portfolio
2020		168,484	11.53 to 13.42		$2,203,410		4.38%		1.15% to 1.65%		5.16% to 5.38%
2019		160,286	10.95 to 12.73		$1,987,562		4.33%		1.15% to 1.35%		13.12% to 13.34%
2018		141,815	9.67 to 11.23		$1,578,041		4.10%		1.15% to 1.35%		-6.11% to -5.92%
2017		113,889	10.29 to 11.94		$1,334,555		4.83%		1.15% to 1.35%		8.30% to 8.51%
2016		83,940	10.95 to 11.00		$920,654		5.18%		1.00% to 1.50%		11.68% to 11.90%
Global Bond Opportunities Portfolio
2020		17,483	10.61 to 10.75		$185,660		2.05%		1.15% to 1.65%		8.53% to 8.75%
2019		35,825	9.77 to 9.88		$351,738		2.34%		1.15% to 1.35%		4.60% to 4.81%
2018		36,457	9.34 to 9.43		$341,868		6.30%		1.15% to 1.35%		-5.58% to -5.39%
2017		38,990	9.90 to 9.97		$386,836		1.92%		1.15% to 1.35%		7.07% to 7.28%
2016		40,963	9.24 to 9.29		$379,316		1.43%		1.00% to 1.50%		2.54% to 2.75%

76

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31					Year Ended December 31
	Units		Unit Fair Value   Lowest to Highest	Net Assets		Investment       Income Ratio*		Expense Ratio Lowest to Highest**		Total Return         Lowest to Highest***
Commodity Real Return Strategy Portfolio
2020		976,246	5.02 to 9.73		$4,932,228		5.48%		1.15% to 1.65%	-0.13% to 0.07%
2019		1,039,033	5.03 to 9.73		$5,244,209		4.40%		1.15% to 1.35%	9.86% to 10.08%
2018		1,120,120	4.58 to 8.85		$5,142,150		2.05%		1.15% to 1.35%	-15.36% to -15.19%
2017		1,252,137	5.41 to 10.45		$6,786,599		10.65%		1.15% to 1.35%	0.68% to 0.88%
2016		1,324,651	5.37 to 5.40		$7,123,636		1.05%		1.00% to 1.50%	13.33% to 13.56%
International Bond (USD-Hedged) Portfolio
2020		201,369	11.19 to 11.83		$2,355,459		5.88%		1.15% to 1.65%	4.03% to 4.24%
2019		179,479	10.74 to 11.35		$2,017,025		1.70%		1.15% to 1.35%	5.47% to 5.68%
2018		144,408	10.18 to 10.74		$1,539,607		1.36%		1.15% to 1.35%	0.64% to 0.85%
2017		73,753	10.10 to 10.65		$781,044		5.88%		1.15% to 1.35%	1.29% to 1.49%
2016		41,620	10.46 to 10.49		$435,755		1.54%		1.00% to 1.50%	4.94% to 5.15%
Dynamic Bond Adv Portfolio
2020		211,426	10.84 to 11.13		$2,333,712		2.50%		1.15% to 1.65%	3.30% to 3.50%
2019		241,095	10.49 to 10.76		$2,574,903		4.13%		1.15% to 1.35%	3.42% to 3.63%
2018		208,485	10.13 to 10.38		$2,152,016		2.73%		1.15% to 1.35%	-0.43% to -0.23%
2017		224,134	10.16 to 10.40		$2,322,720		1.65%		1.15% to 1.35%	3.50% to 3.71%
2016		184,597	10.00 to 10.03		$1,848,338		1.79%		1.00% to 1.50%	3.23% to 3.43%
Income Advisor Portfolio
2020		2,554,048	10.78 to 11.33		$28,750,387		3.74%		1.15% to 1.65%	4.97% to 5.19%
2019		3,177,130	10.72 to 10.77		$34,058,314		3.40%		1.15% to 1.35%	7.00% to 7.22%
2018		2,421,596	10.01 to 10.04		$24,253,965		3.50%		1.15% to 1.35%	-1.07% to -0.87%
2017		630,868	10.12 to 10.13		$6,386,284		0.84%		1.15% to 1.35%	1.22% to 1.30%
Goldman Sachs Variable Insurance Trust
Small Cap Equity Insights Fund
2020		58,336	16.73 to 26.14		$1,341,725		0.17%		0.95% to 1.90%	4.85% to 7.56%
2019		73,892	15.96 to 24.30		$1,622,180		0.47%		0.95% to 1.90%	20.55% to 23.66%
2018		89,966	12.19 to 19.65		$1,611,852		0.53%		0.95% to 1.90%	-11.78% to -9.49%
2017		89,065	13.16 to 21.71		$1,776,378		0.46%		0.95% to 1.90%	7.53% to 10.51%
2016		128,423	12.24 to 19.65		$2,279,264		1.18%		0.85% to 1.45%	19.20% to 22.04%
Large Cap Value Fund
2020		11,220	19.27 to 22.61		$239,412		1.30%		0.95% to 1.40%	1.97% to 3.00%
2019		11,823	18.61 to 21.95		$245,289		0.82%		0.95% to 1.40%	23.37% to 24.74%
2018		35,668	14.87 to 17.60		$601,559		2.12%		0.95% to 1.40%	-10.32% to -9.33%
2017		12,121	16.57 to 19.41		$219,163		1.40%		0.95% to 1.40%	7.69% to 8.82%
2016		17,716	15.39 to 17.84		$293,658		2.01%		0.95% to 1.40%	9.37% to 10.53%
Mid Cap Value Fund
2020		125,109	23.01 to 30.21		$3,558,519		0.59%		0.95% to 1.40%	5.57% to 7.38%
2019		123,128	19.28 to 28.13		$3,256,746		0.81%		0.95% to 1.40%	27.77% to 30.28%
2018		133,703	15.09 to 21.59		$2,714,840		1.26%		0.95% to 1.40%	-13.03% to -11.31%
2017		166,043	17.35 to 24.35		$3,806,884		0.68%		0.95% to 1.40%	7.58% to 10.02%
2016		200,671	16.08 to 22.13		$4,206,027		1.31%		0.95% to 1.40%	9.96% to 12.46%
Mid-Cap Growth Portfolio
2020		22,317	39.16 to 47.83		$991,422		0.00%		0.95% to 1.40%	36.67% to 38.39%
2019		30,996	27.60 to 34.56		$991,797		0.00%		0.95% to 1.40%	29.28% to 31.23%
2018		24,771	21.35 to 26.34		$608,374		0.00%		0.95% to 1.40%	-8.83% to -7.45%
2017		44,576	23.42 to 28.46		$1,189,961		0.00%		0.95% to 1.40%	21.56% to 23.39%
2016		26,813	19.85 to 23.06		$586,906		0.00%		0.95% to 1.40%	1.90% to 3.18%
AMT Mid Cap Intrinsic Value Portfolio
2020		5,816	17.45 to 22.60		$122,415		0.53%		0.95% to 1.40%	-4.98% to -3.54%
2019		16,417	18.18 to 23.43		$347,181		0.85%		0.95% to 1.40%	13.92% to 15.64%
2018		11,106	15.79 to 20.26		$208,610		1.01%		0.95% to 1.40%	-17.34% to -16.08%
2017		6,804	18.90 to 24.14		$155,171		0.56%		0.95% to 1.40%	13.92% to 15.64%
2016		19,451	16.42 to 20.88		$368,313		0.65%		0.95% to 1.40%	13.36% to 15.07%

77

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31					Year Ended December 31
	Units		Unit Fair Value   Lowest to Highest	Net Assets		Investment       Income Ratio*		Expense Ratio Lowest to Highest**		Total Return         Lowest to Highest***
BNY Mellon Variable Investment Fund
Appreciation Portfolio
2020		12,486	22.36 to 29.77		$332,922		0.56%		1.30% to 1.90%	18.90% to 21.24%
2019		16,172	18.81 to 25.06		$357,379		0.96%		1.30% to 1.90%	30.85% to 33.63%
2018		16,514	14.37 to 18.76		$278,795		0.91%		1.30% to 1.90%	-10.50% to -8.59%
2017		27,469	16.06 to 21.00		$505,415		1.29%		1.30% to 1.90%	22.41% to 25.25%
2016		35,122	13.54 to 16.77		$533,985		1.51%		0.85% to 1.45%	4.40% to 6.51%
International Value Portfolio
2020		-	-		$0		4.78%		1.30% to 1.90%	n/a
2019		1,471	7.52 to 9.55		$12,552		2.06%		1.30% to 1.90%	17.91% to 19.99%
2018		4,363	6.38 to 7.96		$33,455		1.86%		1.30% to 1.90%	-19.74% to -18.31%
2017		4,403	7.94 to 9.75		$41,407		1.37%		1.30% to 1.90%	23.94% to 26.12%
2016		4,884	6.41 to 7.73		$36,762		2.12%		0.85% to 1.45%	-4.82% to -3.14%
Sustainable U.S. Equity Portfolio
2020		1,111	24.12 to 29.19		$28,762		1.01%		1.30% to 1.90%	20.14% to 21.71%
2019		2,531	20.08 to 23.98		$55,040		1.02%		1.30% to 1.90%	29.99% to 31.69%
2018		1,747	15.44 to 18.21		$29,142		1.60%		1.30% to 1.90%	-7.52% to -6.30%
2017		1,815	16.70 to 19.44		$32,387		0.97%		1.30% to 1.90%	11.59% to 13.05%
2016		1,959	14.96 to 17.19		$31,051		1.01%		0.85% to 1.45%	7.09% to 8.17%
Invesco Van Kampen Variable Insurance Fund
Growth and Income Portfolio
2020		29,340	15.50 to 19.90		$505,212		1.60%		1.30% to 1.90%	-1.51% to 0.18%
2019		33,877	15.74 to 20.55		$591,115		1.26%		1.30% to 1.90%	20.74% to 23.11%
2018		32,582	13.04 to 16.69		$485,152		1.79%		1.30% to 1.90%	-16.46% to -14.80%
2017		34,885	15.61 to 19.59		$617,019		1.61%		1.30% to 1.90%	10.29% to 12.46%
2016		65,031	14.15 to 17.42		$1,030,227		0.81%		0.85% to 1.45%	15.50% to 17.77%
Value Opportunities Fund
2020		2,107	11.62 to 14.28		$25,825		0.07%		1.30% to 1.90%	2.17% to 3.61%
2019		2,171	11.38 to 13.78		$25,814		0.00%		1.30% to 1.90%	26.21% to 27.99%
2018		4,958	9.02 to 10.77		$48,247		0.00%		1.30% to 1.90%	-21.79% to -20.68%
2017		5,175	11.53 to 13.57		$64,054		0.01%		1.30% to 1.90%	13.72% to 15.32%
2016		6,035	10.30 to 11.77		$66,332		0.06%		0.85% to 1.45%	14.55% to 15.47%
American Value Fund
2020		6,841	15.24 to 20.15		$120,249		0.49%		1.30% to 1.90%	-2.66% to -0.79%
2019		8,788	15.66 to 20.31		$157,644		0.43%		1.30% to 1.90%	20.36% to 22.67%
2018		9,272	13.01 to 16.56		$136,422		0.17%		1.30% to 1.90%	-15.92% to -14.30%
2017		14,070	15.48 to 19.32		$247,138		0.52%		1.30% to 1.90%	5.87% to 7.89%
2016		13,022	14.62 to 17.91		$212,113		0.10%		0.85% to 1.45%	11.20% to 13.33%
Morgan Stanley Variable Institutional Funds
Emerging Markets Debt Portfolio
2020		2,311	13.22 to 18.13		$35,101		4.09%		1.30% to 1.90%	1.85% to 4.07%
2019		4,274	12.98 to 17.42		$63,483		6.40%		1.30% to 1.90%	10.19% to 12.58%
2018		7,856	11.78 to 15.67		$104,046		3.87%		1.30% to 1.90%	-10.31% to -8.25%
2017		14,230	13.13 to 17.08		$218,427		4.58%		1.30% to 1.90%	5.77% to 8.17%
2016		10,493	12.42 to 15.21		$144,333		7.34%		0.85% to 1.45%	6.72% to 8.77%
Emerging Markets Equity Portfolio
2020		17,155	11.05 to 14.71		$223,909		1.03%		1.30% to 1.90%	10.43% to 12.60%
2019		17,839	10.00 to 13.06		$209,484		1.12%		1.30% to 1.90%	15.40% to 17.68%
2018		31,845	8.67 to 11.10		$318,320		0.37%		1.30% to 1.90%	-20.37% to -18.79%
2017		31,687	11.02 to 13.91		$398,099		0.64%		1.30% to 1.90%	30.57% to 33.19%
2016		24,003	8.44 to 10.45		$231,227		0.59%		0.85% to 1.45%	3.06% to 5.14%
Discovery Portfolio
2020		3,151	58.00 to 62.41		$192,113		0.00%		1.30% to 1.90%	144.86% to 146.08%
2019		3,352	23.05 to 26.43		$82,756		0.00%		1.30% to 1.90%	35.69% to 37.06%
2018		7,254	16.98 to 19.28		$134,709		0.00%		1.30% to 1.90%	7.13% to 8.22%
2017		7,626	15.85 to 18.24		$131,241		0.00%		1.30% to 1.90%	34.38% to 36.00%
2016		8,528	11.80 to 13.41		$108,488		4.96%		0.85% to 1.45%	-11.63% to -10.56%

78

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value   Lowest to Highest		Net Assets		Investment       Income Ratio*		Expense Ratio Lowest to Highest**		Total Return         Lowest to Highest***
U.S. Real Estate Portfolio
2020		6,169		10.32 to 13.85		$74,245		2.00%		1.30% to 1.90%		-19.99% to -18.38%
2019		8,175		12.90 to 16.97		$121,382		1.78%		1.30% to 1.90%		14.54% to 16.85%
2018		11,829		11.27 to 14.52		$148,599		2.48%		1.30% to 1.90%		-11.20% to -9.39%
2017		13,643		12.69 to 16.31		$191,465		1.44%		1.30% to 1.90%		-0.71% to 1.44%
2016		10,847		12.78 to 16.08		$150,865		0.69%		0.85% to 1.45%		2.83% to 5.07%
Northern Lights Variable Trust
Adaptive Allocation Portfolio
2017		-		-		$0		0.00%		1.30% to 1.90%		n/a
2016		745,164		7.02 to 8.84		$6,287,771		0.00%		0.85% to 1.45%		-2.33% to 0.04%
Power Income Fund
2020		66,534		9.41 to 9.53		$626,172		1.85%		1.15% to 1.65%		-7.24% to -7.05%
2019		80,713		10.14 to 10.25		$819,116		2.05%		1.15% to 1.35%		6.28% to 6.49%
2018		113,843		9.53 to 9.63		$1,086,635		2.12%		1.15% to 1.35%		-4.62% to -4.42%
2017		121,905		9.98 to 10.08		$1,219,911		0.88%		1.15% to 1.35%		0.75% to 0.95%
2016		119,818		9.93 to 9.98		$1,190,117		0.00%		1.00% to 1.50%		2.97% to 3.18%
Power Dividend Index Fund
2020		108,012		8.50 to 8.56		$919,990		1.25%		1.15% to 1.65%		-8.50% to -8.32%
2019		885,390		9.29 to 9.33		$8,225,059		2.07%		1.15% to 1.35%		-4.42% to -3.88%
2018		1,438,919		9.69 to 9.72		$13,943,760		1.90%		1.15% to 1.35%		-9.29% to -9.00%
2017		322,095		10.68 to 10.69		$3,439,562		0.05%		1.15% to 1.35%		6.78% to 6.87%
AB Variable Products Series
Real Estate Investment Portfolio
2019		-		-		$0		2.22%		1.15% to 1.35%		n/a
2018		140,571		13.69 to 13.81		$1,929,587		1.86%		1.15% to 1.35%		-5.74% to -5.55%
2017		172,352		14.52 to 14.62		$2,507,758		1.61%		1.15% to 1.35%		4.95% to 5.16%
2016		144,991		13.84 to 13.90		$2,009,142		1.34%		1.00% to 1.50%		5.95% to 6.16%
Dynamic Asset Allocation Portfolio
2020		243,826		11.57 to 14.07		$3,330,917		1.48%		1.15% to 1.65%		3.45% to 3.66%
2019		230,655		11.17 to 13.57		$3,039,410		2.65%		1.15% to 1.35%		13.70% to 13.92%
2018		77,253		9.81 to 11.91		$909,782		1.47%		1.15% to 1.35%		-8.60% to -8.41%
2017		53,972		10.73 to 13.01		$695,261		1.82%		1.15% to 1.35%		12.79% to 13.02%
2016		71,596		11.45 to 11.51		$820,963		0.59%		1.00% to 1.50%		1.98% to 2.18%
Small Cap Growth Portfolio
2020		676		36.20 to 36.67		$24,497		0.00%		1.15% to 1.65%		51.58% to 51.88%
2019		2,870		23.88 to 24.14		$68,815		0.00%		1.15% to 1.35%		34.18% to 34.45%
2018		2,519		17.80 to 17.96		$44,952		0.00%		1.15% to 1.35%		-2.44% to -2.24%
2017		1,620		18.24 to 18.37		$29,628		0.00%		1.15% to 1.35%		31.99% to 32.26%
2016		2,422		13.82 to 13.89		$33,521		0.00%		1.00% to 1.50%		4.79% to 5.00%
Small Mid Cap Value Portfolio
2020		159,470		11.09 to 19.94		$2,910,076		0.69%		1.15% to 1.65%		1.67% to 1.87%
2019		164,921		10.90 to 19.58		$2,957,126		0.34%		1.15% to 1.35%		18.29% to 18.53%
2018		133,736		9.21 to 16.51		$2,119,867		0.28%		1.15% to 1.35%		-16.44% to -16.27%
2017		111,441		11.01 to 19.72		$2,179,500		0.22%		1.15% to 1.35%		11.34% to 11.56%
2016		115,978		17.59 to 17.68		$2,041,996		0.28%		1.00% to 1.50%		23.12% to 23.37%
BlackRock Variable Series Fund, Inc.
Basic Value Fund
2020		146,538		12.15 to 19.52		$2,741,309		1.57%		1.15% to 1.65%		1.74% to 1.95%
2019		178,971		11.98 to 19.15		$3,350,527		2.07%		1.15% to 1.35%		21.87% to 22.12%
2018		211,050		9.82 to 15.68		$3,248,128		1.62%		1.15% to 1.35%		-9.35% to -9.17%
2017		216,653		10.82 to 17.26		$3,689,563		1.29%		1.15% to 1.35%		6.57% to 6.78%
2016		189,455		16.09 to 16.17		$3,052,926		1.41%		1.00% to 1.50%		16.14% to 16.38%
Capital Appreciation Fund
2020		35,199		21.13 to 35.70		$1,249,034		0.00%		1.15% to 1.65%		39.62% to 39.90%
2019		36,201		25.24 to 25.52		$920,991		0.00%		1.15% to 1.35%		29.78% to 30.04%
2018		45,391		19.45 to 19.62		$888,609		0.00%		1.15% to 1.35%		0.75% to 0.95%
2017		51,199		19.31 to 19.44		$993,206		0.00%		1.15% to 1.35%		31.17% to 31.43%
2016		50,474		14.72 to 14.79		$745,023		0.00%		1.00% to 1.50%		-1.47% to -1.28%

79

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value   Lowest to Highest		Net Assets		Investment       Income Ratio*		Expense Ratio Lowest to Highest**		Total Return         Lowest to Highest***
Equity Dividend Fund
2020		974,221		11.85 to 21.05		$19,808,363		1.72%		1.15% to 1.65%		2.18% to 2.38%
2019		813,658		12.81 to 20.56		$16,238,995		1.83%		1.15% to 1.35%		25.75% to 26.00%
2018		715,081		10.18 to 16.32		$11,414,294		1.86%		1.15% to 1.35%		-8.66% to -8.48%
2017		566,070		11.13 to 17.83		$9,952,277		1.58%		1.15% to 1.35%		14.93% to 15.16%
2016		412,279		15.41 to 15.48		$6,358,296		1.56%		1.00% to 1.50%		14.50% to 14.73%
Global Allocation Fund
2020		1,023,271		13.48 to 16.38		$16,519,119		1.20%		1.15% to 1.65%		19.09% to 19.32%
2019		1,083,821		11.31 to 13.72		$14,718,867		1.25%		1.15% to 1.35%		16.18% to 16.41%
2018		1,214,224		9.72 to 11.79		$14,193,918		0.87%		1.15% to 1.35%		-8.83% to -8.64%
2017		1,288,463		10.66 to 12.91		$16,525,815		1.32%		1.15% to 1.35%		12.19% to 12.41%
2016		1,245,044		11.42 to 11.48		$14,239,018		1.29%		1.00% to 1.50%		2.41% to 2.62%
Advantage Large Cap Core Fund
2020		19,678		26.07 to 26.40		$514,509		0.71%		1.15% to 1.65%		17.89% to 18.13%
2019		30,466		22.11 to 22.35		$675,815		1.00%		1.15% to 1.35%		26.83% to 27.09%
2018		43,101		17.43 to 17.59		$754,291		1.30%		1.15% to 1.35%		-6.78% to -6.60%
2017		44,002		18.70 to 18.83		$825,109		0.96%		1.15% to 1.35%		20.34% to 20.58%
2016		55,102		15.54 to 15.62		$857,631		0.85%		1.00% to 1.50%		8.78% to 9.00%
Large Cap Focus Growth Fund
2020		462,241		13.02 to 38.43		$13,103,358		0.00%		1.15% to 1.65%		41.50% to 41.79%
2019		395,901		11.45 to 27.11		$7,798,946		0.00%		1.15% to 1.35%		30.56% to 30.82%
2018		211,066		8.76 to 20.72		$3,549,201		0.00%		1.15% to 1.35%		1.38% to 1.59%
2017		123,956		11.39 to 20.40		$2,428,145		0.00%		1.15% to 1.35%		27.50% to 27.75%
2016		94,271		15.89 to 15.97		$1,500,082		0.47%		1.00% to 1.50%		6.10% to 6.32%
iShares Alternatives Strategies Fund
2018		-		-		$0		0.00%		1.15% to 1.35%		n/a
2017		108,680		10.55 to 11.30		$1,223,435		3.03%		1.15% to 1.35%		10.94% to 11.16%
2016		74,957		10.12 to 10.17		$759,535		2.89%		1.00% to 1.50%		4.80% to 5.01%
60/40 Target Allocation ETF Fund
2020		428,532		11.70 to 14.11		$5,985,133		1.66%		1.15% to 1.65%		12.81% to 13.04%
2019		277,728		12.11 to 12.49		$3,443,481		2.65%		1.15% to 1.35%		19.60% to 19.84%
2018		108,656		10.12 to 10.42		$1,124,633		1.02%		1.15% to 1.35%		-6.46% to -6.27%
2017		60,383		11.04 to 11.12		$667,193		2.15%		1.15% to 1.35%		13.19% to 13.41%
2016		36,958		9.75 to 9.80		$360,655		2.56%		1.00% to 1.50%		4.74% to 4.95%
iShares Dynamic Fixed Income Fund
2018		-		-		$0		0.00%		1.15% to 1.35%		n/a
2017		88,979		10.13 to 10.21		$904,440		2.30%		1.15% to 1.35%		2.21% to 2.42%
2016		52,273		9.92 to 9.97		$519,734		2.28%		1.00% to 1.50%		1.94% to 2.14%
iShares Equity Appreciation Fund
2018		-		-		$0		0.00%		1.15% to 1.35%		n/a
2017		36,391		11.23 to 11.48		$416,419		1.76%		1.15% to 1.35%		19.94% to 20.18%
2016		30,920		9.51 to 9.56		$294,935		1.61%		1.00% to 1.50%		7.59% to 7.81%
Total Return Portfolio
2020		134,918		11.61 to 11.61		$1,564,132		1.93%		1.15% to 1.65%		7.20% to 7.20%
2019		101,929		10.83 to 10.83		$1,101,828		1.70%		1.15% to 1.35%		7.79% to 7.79%
2018		4,618		10.05 to 10.05		$46,347		0.52%		1.15% to 1.35%		0.48% to 0.48%
S&P 500 Portfolio
2020		130,931		13.61 to 13.61		$1,782,081		1.55%		1.15% to 1.65%		16.46% to 16.46%
2019		114,291		11.69 to 11.69		$1,335,784		2.69%		1.15% to 1.35%		29.34% to 29.34%
2018		46,953		9.04 to 9.04		$424,266		1.82%		1.15% to 1.35%		-9.64% to -9.64%

80

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31					Year Ended December 31
			Unit Fair Value			Investment		Expense Ratio	Total Return
			Lowest to			Income		Lowest to	Lowest to
	Units		Highest	Net Assets		Ratio*		Highest**	Highest***
Columbia Variable Portfolio
Contrarian Core 2 Portfolio
2020		224,793	15.76 to 22.49		$4,776,795		0.00%	1.15% to 1.65%		20.36% to 20.60%
2019		218,432	13.08 to 18.65		$3,895,613		0.00%	1.15% to 1.35%		31.03% to 31.29%
2018		228,249	9.97 to 14.20		$3,121,580		0.00%	1.15% to 1.35%		-10.37% to -10.19%
2017		197,596	11.11 to 15.81		$3,086,917		0.00%	1.15% to 1.35%		19.86% to 20.10%
2016		115,762	13.10 to 13.17		$1,518,631		0.00%	1.00% to 1.50%		6.96% to 7.17%
Dividend Opportunity Portfolio
2020		273,530	11.50 to 15.75		$4,233,602		0.00%	1.15% to 1.65%		-0.46% to -0.26%
2019		265,520	12.41 to 15.79		$4,140,119		0.00%	1.15% to 1.35%		22.10% to 22.34%
2018		241,546	10.15 to 12.91		$3,096,000		0.00%	1.15% to 1.35%		-7.27% to -7.09%
2017		250,379	10.94 to 13.89		$3,458,480		0.00%	1.15% to 1.35%		12.60% to 12.82%
2016		241,432	12.26 to 12.31		$2,963,524		0.00%	1.00% to 1.50%		11.89% to 12.11%
Emerging Markets Bond Portfolio
2020		517,413	11.16 to 12.63		$6,464,503		3.01%	1.15% to 1.65%		5.72% to 5.93%
2019		608,749	10.54 to 11.92		$7,190,869		4.95%	1.15% to 1.35%		10.58% to 10.80%
2018		706,375	9.52 to 10.76		$7,541,962		4.27%	1.15% to 1.35%		-8.63% to -8.45%
2017		795,122	10.41 to 11.75		$9,287,340		4.56%	1.15% to 1.35%		10.20% to 10.42%
2016		675,007	10.59 to 10.64		$7,158,148		2.42%	1.00% to 1.50%		9.59% to 9.81%
High Yield Portfolio
2020		363,617	11.03 to 13.56		$4,867,407		4.89%	1.15% to 1.65%		4.88% to 5.09%
2019		359,052	11.14 to 12.91		$4,594,476		5.47%	1.15% to 1.35%		14.96% to 15.19%
2018		350,795	11.11 to 11.21		$3,905,408		5.58%	1.15% to 1.35%		-5.29% to -5.10%
2017		395,439	11.73 to 11.81		$4,645,428		5.49%	1.15% to 1.35%		4.75% to 4.96%
2016		383,433	11.20 to 11.25		$4,298,366		6.52%	1.00% to 1.50%		10.16% to 10.38%
Select Large-Cap Value Portfolio
2020		57,356	12.69 to 12.77		$729,142		0.00%	1.15% to 1.65%		5.37% to 5.58%
2019		113,046	12.04 to 12.10		$1,362,084		0.00%	1.15% to 1.35%		24.73% to 24.98%
2018		94,934	9.65 to 9.68		$916,799		0.00%	1.15% to 1.35%		-13.63% to -13.46%
2017		23,737	11.18 to 11.18		$265,359		0.00%	1.15% to 1.35%		11.76% to 11.85%
Seligman Global Tech Portfolio
2020		236,402	21.48 to 21.63		$5,089,324		0.00%	1.15% to 1.65%		43.84% to 44.13%
2019		167,470	14.94 to 15.01		$2,505,080		0.00%	1.15% to 1.35%		52.89% to 53.20%
2018		103,362	9.77 to 9.80		$1,010,282		0.00%	1.15% to 1.35%		-9.68% to -9.50%
2017		55,511	10.82 to 10.82		$600,465		0.00%	1.15% to 1.35%		8.16% to 8.25%
US Government Mortgage Portfolio
2020		211,411	10.85 to 10.92		$2,294,024		1.88%	1.15% to 1.65%		3.44% to 3.65%
2019		65,783	10.49 to 10.54		$690,202		0.39%	1.15% to 1.35%		5.07% to 5.28%
2018		13,347	9.98 to 10.01		$133,229		3.71%	1.15% to 1.35%		0.23% to 0.43%
2017		2,871	9.96 to 9.97		$28,594		0.05%	1.15% to 1.35%		-0.41% to -0.33%
Strategic Income Portfolio
2020		22,581	11.40 to 11.42		$257,543		0.00%	1.15% to 1.65%		14.02% to 14.17%
DWS Variable Insurance Portfolios
Equity 500 Index Portfolio
2020		1,478,697	12.36 to 26.59		$37,096,159		1.23%	1.15% to 1.65%		16.05% to 16.28%
2019		1,334,197	11.65 to 22.87		$29,072,836		1.45%	1.15% to 1.35%		28.91% to 29.17%
2018		997,493	9.03 to 17.70		$17,052,810		1.55%	1.15% to 1.35%		-6.22% to -6.03%
2017		1,123,273	11.21 to 18.84		$20,848,853		1.35%	1.15% to 1.35%		19.45% to 19.69%
2016		863,561	15.66 to 15.74		$13,556,369		1.49%	1.00% to 1.50%		9.83% to 10.04%
Small Cap Index Portfolio
2020		290,840	13.81 to 22.91		$6,400,725		0.72%	1.15% to 1.65%		17.49% to 17.72%
2019		275,712	11.74 to 19.46		$5,275,493		0.72%	1.15% to 1.35%		23.20% to 23.44%
2018		206,848	9.52 to 15.76		$3,215,472		0.70%	1.15% to 1.35%		-12.62% to -12.44%
2017		212,406	10.88 to 18.00		$3,794,397		0.62%	1.15% to 1.35%		12.51% to 12.73%
2016		172,972	15.89 to 15.97		$2,751,551		0.48%	1.00% to 1.50%		19.09% to 19.33%
Alternative Asset Allocation Portfolio
2020		107,424	11.00 to 11.14		$1,184,795		2.20%	1.15% to 1.65%		3.90% to 4.11%
2019		136,251	10.58 to 10.70		$1,446,683		3.82%	1.15% to 1.35%		12.82% to 13.04%
2018		180,996	9.38 to 9.47		$1,702,929		1.93%	1.15% to 1.35%		-10.57% to -10.39%
2017		206,819	10.49 to 10.56		$2,173,864		2.09%	1.15% to 1.35%		5.58% to 5.79%
2016		216,735	9.94 to 9.98		$2,156,135		2.24%	1.00% to 1.50%		3.58% to 3.79%

81

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value   Lowest to Highest		Net Assets		Investment       Income Ratio*		Expense Ratio Lowest to Highest**	Total Return         Lowest to Highest***
Global Small Cap Growth Portfolio
2020		22,135		16.11 to 16.32		$357,984		0.54%	1.15% to 1.65%	15.37% to 15.60%
2019		29,362		13.97 to 14.12		$411,529		0.00%	1.15% to 1.35%	19.45% to 19.69%
2018		27,251		11.69 to 11.80		$319,339		0.00%	1.15% to 1.35%	-21.81% to -21.65%
2017		35,520		14.95 to 15.06		$531,759		0.00%	1.15% to 1.35%	18.00% to 18.24%
2016		35,153		12.67 to 12.73		$445,792		0.12%	1.00% to 1.50%	-0.02% to 0.18%
Small Mid Cap Value Portfolio
2020		321,168		10.25 to 16.22		$4,977,766		0.94%	1.15% to 1.65%	-2.44% to -2.24%
2019		328,837		10.50 to 16.59		$5,248,149		0.38%	1.15% to 1.35%	19.37% to 19.61%
2018		357,713		8.78 to 13.87		$4,793,463		1.06%	1.15% to 1.35%	-17.45% to -17.29%
2017		314,554		10.63 to 16.77		$5,149,941		0.28%	1.15% to 1.35%	8.66% to 8.88%
2016		146,442		15.33 to 15.40		$2,247,799		0.13%	1.00% to 1.50%	14.91% to 15.14%
CROCI US Portfolio
2020		11,523		14.62 to 14.81		$168,798		1.84%	1.15% to 1.65%	-13.59% to -13.42%
2019		15,670		16.92 to 17.10		$265,919		1.74%	1.15% to 1.35%	30.71% to 30.97%
2018		19,556		12.94 to 13.06		$253,619		2.31%	1.15% to 1.35%	-11.91% to -11.74%
2017		21,525		11.20 to 14.79		$316,728		1.12%	1.15% to 1.35%	20.81% to 21.06%
2016		23,732		12.16 to 12.22		$288,948		0.65%	1.00% to 1.50%	-5.90% to -5.71%
Eaton Vance Variable Trust
Floating Rate Income Portfolio
2020		1,453,639		10.64 to 11.99		$17,199,803		3.04%	1.15% to 1.65%	0.63% to 0.83%
2019		2,087,379		10.56 to 11.90		$24,554,913		4.27%	1.15% to 1.35%	5.64% to 5.86%
2018		2,114,685		9.98 to 11.24		$23,552,140		3.82%	1.15% to 1.35%	-1.42% to -1.22%
2017		1,856,159		10.12 to 11.38		$20,976,134		3.38%	1.15% to 1.35%	2.04% to 2.25%
2016		1,700,502		11.07 to 11.13		$18,840,585		3.28%	1.00% to 1.50%	7.48% to 7.70%
Large-Cap Value Portfolio
2017		-		-		$0		0.00%	1.15% to 1.35%	n/a
2016		47,061		15.90 to 15.98		$750,069		0.00%	1.00% to 1.50%	7.61% to 7.82%
Bond Initial Portfolio
2016		-		-		$0		4.69%	1.00% to 1.50%	n/a
Delaware Variable Insurance Portfolios
Total Return Portfolio
2020		25,528		13.14 to 13.31		$335,597		0.00%	1.15% to 1.65%	-0.45% to -0.25%
2019		31,194		13.20 to 13.34		$411,863		0.00%	1.15% to 1.35%	17.29% to 17.52%
2018		27,433		11.25 to 11.35		$308,840		0.00%	1.15% to 1.35%	-8.90% to -8.72%
2017		35,458		12.35 to 12.44		$438,039		0.00%	1.15% to 1.35%	10.26% to 10.48%
2016		34,523		11.20 to 11.26		$386,775		0.00%	1.00% to 1.50%	5.19% to 5.40%
International Portfolio
2020		77,015		14.60 to 14.79		$1,128,220		0.00%	1.15% to 1.65%	5.72% to 5.93%
2019		101,661		13.81 to 13.97		$1,408,252		0.80%	1.15% to 1.35%	23.23% to 23.48%
2018		102,830		11.21 to 11.31		$1,155,473		0.76%	1.15% to 1.35%	-13.34% to -13.17%
2017		86,661		12.94 to 13.02		$1,122,163		0.51%	1.15% to 1.35%	31.19% to 31.45%
2016		23,070		9.86 to 9.91		$228,048		0.92%	1.00% to 1.50%	-5.49% to -5.30%
Opportunity Portfolio
2020		778,559		13.01 to 14.83		$11,448,002		0.59%	1.15% to 1.65%	9.31% to 9.53%
2019		892,056		11.89 to 13.54		$11,982,424		1.33%	1.15% to 1.35%	28.37% to 28.62%
2018		1,000,414		9.25 to 10.52		$10,459,941		0.57%	1.15% to 1.35%	-16.52% to -16.36%
2017		1,113,124		11.07 to 12.58		$13,938,681		0.61%	1.15% to 1.35%	17.41% to 17.64%
2016		1,026,650		10.64 to 10.69		$10,950,110		0.38%	1.00% to 1.50%	6.80% to 7.02%
Covered Call Strategy Portfolio
2020		-		-		$0		5.69%	1.15% to 1.65%	n/a
2019		11,932		11.14 to 11.19		$133,172		1.04%	1.15% to 1.35%	19.74% to 19.98%
2018		11,254		9.30 to 9.33		$104,813		0.92%	1.15% to 1.35%	-11.20% to -11.02%
2017		2,960		10.48 to 10.48		$31,030		0.00%	1.15% to 1.35%	4.82% to 4.82%

82

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value   Lowest to Highest		Net Assets		Investment       Income Ratio*		Expense Ratio Lowest to Highest**	Total Return         Lowest  to Highest***
Franklin Templeton Variable Insurance Products Trust
Mutual Shares Fund
2020		397,095		10.45 to 16.62		$6,253,697		2.47%	1.15% to 1.65%	-6.32% to -6.13%
2019		417,788		11.15 to 17.70		$7,147,158		1.85%	1.15% to 1.35%	20.93% to 21.17%
2018		432,164		9.21 to 14.61		$6,165,205		2.55%	1.15% to 1.35%	-10.29% to -10.11%
2017		456,919		10.26 to 16.25		$7,290,214		2.41%	1.15% to 1.35%	6.90% to 7.11%
2016		407,247		15.10 to 15.18		$6,156,063		2.06%	1.00% to 1.50%	14.50% to 14.73%
Income Fund
2020		1,549,894		11.33 to 14.29		$21,672,079		5.55%	1.15% to 1.65%	-0.66% to -0.46%
2019		1,636,888		11.40 to 14.35		$23,159,363		5.26%	1.15% to 1.35%	14.50% to 14.73%
2018		1,573,866		9.94 to 12.51		$19,446,807		5.00%	1.15% to 1.35%	-5.59% to -5.40%
2017		1,609,697		10.52 to 13.22		$21,122,939		4.29%	1.15% to 1.35%	8.21% to 8.42%
2016		1,283,929		12.14 to 12.20		$15,598,217		4.75%	1.00% to 1.50%	12.49% to 12.72%
Global Bond Fund
2020		2,977,823		9.22 to 9.92		$29,210,565		8.18%	1.15% to 1.65%	-6.56% to -6.37%
2019		2,977,038		9.86 to 10.59		$31,244,957		6.93%	1.15% to 1.35%	0.64% to 0.85%
2018		2,817,880		9.78 to 10.50		$29,381,151		0.00%	1.15% to 1.35%	0.56% to 0.77%
2017		2,678,138		9.72 to 10.42		$27,761,595		0.00%	1.15% to 1.35%	0.56% to 0.76%
2016		2,456,441		10.30 to 10.35		$25,322,604		0.00%	1.00% to 1.50%	1.56% to 1.76%
Foreign Fund
2020		3,210,344		9.78 to 12.28		$36,392,804		2.97%	1.15% to 1.65%	-2.49% to -2.29%
2019		3,218,800		10.02 to 11.78		$37,432,029		1.69%	1.15% to 1.35%	11.02% to 11.24%
2018		3,118,506		9.01 to 10.59		$32,674,138		2.79%	1.15% to 1.35%	-16.58% to -16.41%
2017		2,912,676		10.80 to 12.67		$36,631,813		2.53%	1.15% to 1.35%	15.13% to 15.36%
2016		2,526,994		10.93 to 10.98		$27,653,297		1.86%	1.00% to 1.50%	5.74% to 5.95%
Developing Markets Fund
2020		264,790		13.34 to 14.41		$3,538,904		3.70%	1.15% to 1.65%	15.61% to 15.84%
2019		322,119		11.54 to 12.44		$3,721,215		0.98%	1.15% to 1.35%	25.00% to 25.25%
2018		379,649		9.23 to 9.94		$3,508,427		0.90%	1.15% to 1.35%	-16.93% to -16.76%
2017		388,010		11.11 to 11.95		$4,314,059		0.96%	1.15% to 1.35%	38.53% to 38.81%
2016		432,533		8.02 to 8.06		$3,469,945		0.82%	1.00% to 1.50%	15.87% to 16.10%
Mutual Global Discovery Fund
2020		396,053		10.43 to 15.32		$5,988,007		2.06%	1.15% to 1.65%	-5.75% to -5.56%
2019		440,990		11.06 to 16.22		$7,050,017		1.67%	1.15% to 1.35%	22.70% to 22.95%
2018		480,829		9.00 to 13.19		$6,229,211		2.51%	1.15% to 1.35%	-12.42% to -12.24%
2017		466,679		10.27 to 15.03		$6,911,351		1.98%	1.15% to 1.35%	7.15% to 7.36%
2016		393,100		13.93 to 14.00		$5,481,837		1.64%	1.00% to 1.50%	10.67% to 10.89%
Rising Dividends Fund
2020		861,597		12.29 to 26.01		$21,466,410		1.15%	1.15% to 1.65%	14.41% to 14.64%
2019		965,036		13.38 to 22.69		$21,134,814		1.24%	1.15% to 1.35%	27.50% to 27.75%
2018		957,635		10.49 to 17.76		$16,561,268		1.25%	1.15% to 1.35%	-6.35% to -6.17%
2017		889,587		11.19 to 18.92		$16,482,913		1.51%	1.15% to 1.35%	18.95% to 19.18%
2016		802,219		15.80 to 15.88		$12,689,207		1.37%	1.00% to 1.50%	14.49% to 14.72%
Ivy Variable Insurance Portfolios
Asset Strategy Portfolio
2020		258,496		13.89 to 15.48		$3,950,871		1.71%	1.15% to 1.65%	12.35% to 12.57%
2019		338,159		12.35 to 13.75		$4,602,673		2.12%	1.15% to 1.35%	20.15% to 20.39%
2018		372,092		10.27 to 11.42		$4,214,265		1.81%	1.15% to 1.35%	-6.71% to -6.53%
2017		440,494		11.00 to 12.22		$5,348,248		1.54%	1.15% to 1.35%	16.69% to 16.92%
2016		503,731		10.40 to 10.45		$5,242,709		0.59%	1.00% to 1.50%	-3.87% to -3.68%
Balanced Portfolio
2020		409,881		13.64 to 18.37		$7,454,825		1.39%	1.15% to 1.65%	12.58% to 12.81%
2019		493,778		12.11 to 16.29		$7,972,759		1.76%	1.15% to 1.35%	20.46% to 20.70%
2018		514,254		10.04 to 13.49		$6,889,458		1.73%	1.15% to 1.35%	-4.54% to -4.35%
2017		581,661		14.01 to 14.11		$8,161,913		1.53%	1.15% to 1.35%	9.88% to 10.10%
2016		634,134		12.75 to 12.81		$8,093,987		1.65%	1.00% to 1.50%	0.66% to 0.86%
Global Equity Income Portfolio
2020		61,052		17.83 to 18.06		$1,093,882		2.41%	1.15% to 1.65%	1.76% to 1.97%
2019		68,928		17.52 to 17.71		$1,212,070		2.84%	1.15% to 1.35%	21.50% to 21.74%
2018		74,837		14.42 to 14.55		$1,082,235		1.68%	1.15% to 1.35%	-12.87% to -12.69%
2017		79,487		16.55 to 16.66		$1,318,325		1.40%	1.15% to 1.35%	14.02% to 14.24%
2016		82,249		14.52 to 14.59		$1,195,551		1.18%	1.00% to 1.50%	5.52% to 5.73%

83

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value   Lowest to Highest		Net Assets		Investment       Income Ratio*		Expense Ratio Lowest to Highest**	Total Return         Lowest to Highest***
Energy Portfolio
2020		217,485		3.60 to 4.20		$800,671		1.23%	1.15% to 1.65%	-37.69% to -37.56%
2019		249,990		5.78 to 6.73		$1,459,571		0.00%	1.15% to 1.35%	2.09% to 2.29%
2018		190,088		5.66 to 6.58		$1,082,284		0.00%	1.15% to 1.35%	-35.03% to -34.90%
2017		161,100		8.71 to 10.12		$1,410,594		0.62%	1.15% to 1.35%	-13.81% to -13.64%
2016		175,858		10.11 to 10.16		$1,779,688		0.12%	1.00% to 1.50%	32.75% to 33.01%
Global Bond Portfolio
2020		88,181		11.53 to 11.97		$1,044,085		3.21%	1.15% to 1.65%	6.70% to 6.91%
2019		98,473		10.80 to 11.20		$1,093,855		3.47%	1.15% to 1.35%	7.95% to 8.17%
2018		95,333		9.99 to 10.35		$981,104		2.91%	1.15% to 1.35%	-1.52% to -1.32%
2017		77,606		10.42 to 10.49		$811,142		2.59%	1.15% to 1.35%	2.87% to 3.08%
2016		71,482		10.13 to 10.18		$725,672		3.36%	1.00% to 1.50%	5.60% to 5.81%
Natural Resources Portfolio
2020		110,000		5.46 to 11.37		$638,931		1.75%	1.15% to 1.65%	-13.17% to -13.00%
2019		135,807		6.29 to 8.91		$858,039		0.86%	1.15% to 1.35%	7.99% to 8.20%
2018		105,251		5.82 to 8.24		$615,557		0.35%	1.15% to 1.35%	-24.27% to -24.11%
2017		117,999		7.69 to 10.87		$909,763		0.11%	1.15% to 1.35%	1.59% to 1.79%
2016		69,065		7.57 to 7.60		$522,924		0.64%	1.00% to 1.50%	22.15% to 22.39%
Growth Portfolio
2020		127,715		12.43 to 36.22		$4,364,019		0.00%	1.15% to 1.65%	28.79% to 29.05%
2019		127,516		15.60 to 28.07		$3,490,002		0.00%	1.15% to 1.35%	34.75% to 35.02%
2018		124,310		11.57 to 20.79		$2,540,547		0.04%	1.15% to 1.35%	0.90% to 1.11%
2017		129,658		20.42 to 20.56		$2,652,657		0.26%	1.15% to 1.35%	27.61% to 27.86%
2016		133,831		16.00 to 16.08		$2,144,618		0.02%	1.00% to 1.50%	-0.13% to 0.07%
High Income Portfolio
2020		1,094,364		11.37 to 13.03		$14,059,607		6.07%	1.15% to 1.65%	4.60% to 4.81%
2019		1,124,512		10.86 to 12.43		$13,827,906		7.36%	1.15% to 1.35%	9.70% to 9.92%
2018		1,130,464		9.89 to 11.31		$12,671,462		6.74%	1.15% to 1.35%	-3.43% to -3.24%
2017		1,236,981		10.23 to 11.69		$14,372,995		5.31%	1.15% to 1.35%	5.25% to 5.46%
2016		1,217,081		11.03 to 11.08		$13,439,253		7.44%	1.00% to 1.50%	14.63% to 14.86%
International Core Equity Portfolio
2020		532,325		11.10 to 14.93		$7,775,781		2.14%	1.15% to 1.65%	5.75% to 5.96%
2019		556,162		10.49 to 14.09		$7,688,531		1.54%	1.15% to 1.35%	17.10% to 17.34%
2018		531,206		8.95 to 12.01		$6,287,420		1.66%	1.15% to 1.35%	-18.92% to -18.76%
2017		445,061		11.03 to 14.78		$6,533,485		1.35%	1.15% to 1.35%	21.51% to 21.75%
2016		385,765		12.08 to 12.14		$4,670,742		1.27%	1.00% to 1.50%	-0.27% to -0.07%
Global Growth Portfolio
2020		45,228		15.35 to 20.48		$912,647		0.39%	1.15% to 1.65%	18.96% to 19.20%
2019		50,326		12.89 to 17.19		$853,071		0.61%	1.15% to 1.35%	24.24% to 24.49%
2018		45,540		10.36 to 13.80		$619,413		0.50%	1.15% to 1.35%	-7.53% to -7.35%
2017		52,970		11.20 to 14.90		$778,903		0.05%	1.15% to 1.35%	22.86% to 23.10%
2016		55,479		12.04 to 12.10		$669,188		0.23%	1.00% to 1.50%	-4.34% to -4.15%
Mid Cap Growth Portfolio
2020		407,452		13.97 to 33.33		$12,968,074		0.00%	1.15% to 1.65%	47.00% to 47.29%
2019		336,365		15.48 to 22.63		$7,345,062		0.00%	1.15% to 1.35%	36.09% to 36.36%
2018		317,576		11.37 to 16.59		$5,076,728		0.00%	1.15% to 1.35%	-1.41% to -1.21%
2017		184,153		11.52 to 16.80		$3,077,186		0.00%	1.15% to 1.35%	25.20% to 25.45%
2016		188,033		13.32 to 13.39		$2,511,391		0.00%	1.00% to 1.50%	4.69% to 4.90%
Science and Technology Portfolio
2020		450,131		13.71 to 39.53		$16,169,446		0.00%	1.15% to 1.65%	33.54% to 33.81%
2019		397,840		15.88 to 29.54		$11,002,776		0.00%	1.15% to 1.35%	47.48% to 47.78%
2018		352,721		10.75 to 19.99		$6,792,018		0.00%	1.15% to 1.35%	-6.51% to -6.32%
2017		281,262		11.49 to 21.34		$5,900,528		0.00%	1.15% to 1.35%	30.35% to 30.61%
2016		276,852		16.26 to 16.34		$4,507,672		0.00%	1.00% to 1.50%	0.18% to 0.38%
Small Cap Growth Portfolio
2020		286,578		13.99 to 25.08		$6,879,809		0.00%	1.15% to 1.65%	35.81% to 36.09%
2019		350,299		13.00 to 18.43		$6,262,869		0.00%	1.15% to 1.35%	21.71% to 21.96%
2018		288,571		10.67 to 15.11		$4,274,134		0.35%	1.15% to 1.35%	-5.41% to -5.22%
2017		194,088		11.27 to 15.94		$3,074,994		0.00%	1.15% to 1.35%	21.47% to 21.71%
2016		179,990		13.04 to 13.10		$2,349,692		0.00%	1.00% to 1.50%	1.53% to 1.74%

84

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value   Lowest to Highest		Net Assets		Investment       Income Ratio*		Expense Ratio Lowest to Highest**	Total Return         Lowest to Highest***
Small Cap Core Portfolio
2020		575,131		12.46 to 22.55		$12,291,898		0.00%	1.15% to 1.65%	5.59% to 5.80%
2019		597,781		11.80 to 21.31		$12,108,958		0.00%	1.15% to 1.35%	22.66% to 22.91%
2018		586,335		9.61 to 17.34		$9,753,034		0.13%	1.15% to 1.35%	-11.69% to -11.52%
2017		541,759		10.88 to 19.60		$10,437,705		0.00%	1.15% to 1.35%	12.21% to 12.43%
2016		483,311		17.35 to 17.43		$8,394,405		0.35%	1.00% to 1.50%	27.15% to 27.40%
Lazard Retirement Series, Inc.
International Equity Portfolio
2020		79,835		12.13 to 14.85		$1,161,559		2.11%	1.15% to 1.65%	6.78% to 7.00%
2019		78,293		11.35 to 13.88		$1,066,624		0.36%	1.15% to 1.35%	19.38% to 19.62%
2018		70,375		11.50 to 11.60		$809,568		1.71%	1.15% to 1.35%	-15.07% to -14.90%
2017		65,805		11.17 to 13.63		$885,891		2.99%	1.15% to 1.35%	20.70% to 20.94%
2016		44,380		11.22 to 11.27		$498,073		1.41%	1.00% to 1.50%	-5.57% to -5.38%
Global Dynamic Multi Asset Portfolio
2020		89,617		11.88 to 15.37		$1,333,979		0.58%	1.15% to 1.65%	-0.55% to -0.35%
2019		95,029		11.93 to 15.42		$1,423,630		0.05%	1.15% to 1.35%	16.21% to 16.44%
2018		113,874		10.26 to 13.25		$1,480,104		1.29%	1.15% to 1.35%	-7.83% to -7.64%
2017		131,444		11.12 to 14.34		$1,875,157		0.00%	1.15% to 1.35%	18.92% to 19.15%
2016		150,612		11.98 to 12.04		$1,806,575		0.27%	1.00% to 1.50%	1.92% to 2.12%
Legg Mason Partners Variable Equity Trust
Western Asset Variable Global High Yield Bond Portfolio
2020		102,341		11.58 to 14.34		$1,448,658		3.65%	1.15% to 1.65%	5.68% to 5.89%
2019		90,685		10.95 to 13.55		$1,216,548		5.73%	1.15% to 1.35%	12.48% to 12.71%
2018		62,143		9.72 to 12.02		$740,055		4.80%	1.15% to 1.35%	-5.46% to -5.27%
2017		59,840		12.60 to 12.69		$755,250		6.81%	1.15% to 1.35%	6.98% to 7.19%
2016		26,707		11.78 to 11.84		$314,704		5.41%	1.00% to 1.50%	13.81% to 14.04%
ClearBridge Variable Mid Cap Portfolio
2020		474,707		13.18 to 23.03		$10,335,598		0.04%	1.15% to 1.65%	13.56% to 13.78%
2019		465,165		12.06 to 20.24		$8,962,113		0.38%	1.15% to 1.35%	30.87% to 31.13%
2018		466,070		9.21 to 15.43		$6,854,418		0.23%	1.15% to 1.35%	-13.98% to -13.80%
2017		313,410		10.69 to 17.91		$5,378,396		0.23%	1.15% to 1.35%	11.04% to 11.27%
2016		181,020		16.01 to 16.09		$2,901,900		0.31%	1.00% to 1.50%	7.65% to 7.86%
ClearBridge Variable Dividend Strategy Portfolio
2020		1,361,021		11.89 to 22.61		$30,049,701		1.24%	1.15% to 1.65%	6.05% to 6.26%
2019		1,081,566		13.57 to 21.27		$22,541,018		1.28%	1.15% to 1.35%	29.65% to 29.91%
2018		658,506		10.46 to 16.38		$10,619,124		1.49%	1.15% to 1.35%	-6.28% to -6.09%
2017		662,445		11.15 to 17.44		$11,393,886		1.71%	1.15% to 1.35%	17.42% to 17.65%
2016		354,854		14.75 to 14.82		$5,241,368		1.78%	1.00% to 1.50%	13.24% to 13.47%
ClearBridge Variable Small Cap Growth Portfolio
2020		177,253		14.24 to 32.08		$5,195,487		0.00%	1.15% to 1.65%	40.99% to 41.27%
2019		193,412		14.51 to 22.70		$4,103,400		0.00%	1.15% to 1.35%	24.86% to 25.11%
2018		185,364		11.61 to 18.15		$3,162,135		0.00%	1.15% to 1.35%	1.82% to 2.02%
2017		134,260		11.39 to 17.79		$2,265,491		0.00%	1.15% to 1.35%	22.25% to 22.50%
2016		84,481		14.45 to 14.52		$1,221,861		0.00%	1.00% to 1.50%	4.12% to 4.33%
ClearBridge Variable Aggressive Growth Portfolio
2020		72,627		13.57 to 13.74		$988,742		0.49%	1.15% to 1.65%	16.15% to 16.38%
2019		93,426		11.67 to 11.80		$1,094,690		0.77%	1.15% to 1.35%	23.07% to 23.32%
2018		93,311		9.47 to 9.57		$887,811		0.53%	1.15% to 1.35%	-9.80% to -9.62%
2017		51,539		10.49 to 10.59		$543,603		0.25%	1.15% to 1.35%	14.44% to 14.66%
2016		60,450		9.21 to 9.24		$557,403		0.68%	1.00% to 1.50%	-0.42% to -0.22%
Western Asset Variable Core Bond Plus Portfolio
2020		6,118,744		10.55 to 12.15		$73,589,537		1.86%	1.15% to 1.65%	7.59% to 7.80%
2019		6,142,269		10.90 to 11.27		$68,641,263		4.58%	1.15% to 1.35%	10.32% to 10.54%
2018		5,466,343		9.87 to 10.19		$55,352,016		4.03%	1.15% to 1.35%	-3.95% to -3.76%
2017		3,804,443		10.27 to 10.59		$40,107,702		4.66%	1.15% to 1.35%	4.28% to 4.49%
2016		1,881,488		10.11 to 10.14		$19,033,799		3.03%	1.00% to 1.50%	2.78% to 2.98%
ClearBridge Variable Large Cap Growth Portfolio
2020		1,060,091		12.65 to 18.12		$19,100,602		0.02%	1.15% to 1.65%	28.66% to 28.92%
2019		1,029,471		13.99 to 14.05		$14,416,052		0.16%	1.15% to 1.35%	30.07% to 30.33%
2018		797,763		10.75 to 10.78		$8,584,085		0.20%	1.15% to 1.35%	-1.57% to -1.37%
2017		331,712		10.92 to 10.93		$3,624,472		0.25%	1.15% to 1.35%	9.24% to 9.33%

85

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value   Lowest to Highest		Net Assets		Investment       Income Ratio*			Expense Ratio Lowest to Highest**		Total Return         Lowest to Highest***
QS Legg Mason Partners Variable Income Trust
Dynamic Multi Strategy VIT Portfolio
2020		33,892		11.95 to 12.11		$405,881		1.59	%		1.15% to 1.65%		-9.55% to -9.37%
2019		32,498		13.21 to 13.36		$430,218		2.04	%		1.15% to 1.35%		13.96% to 14.19%
2018		36,407		11.59 to 11.70		$422,692		1.61	%		1.15% to 1.35%		-8.50% to -8.32%
2017		36,766		12.67 to 12.76		$466,372		1.19	%		1.15% to 1.35%		12.29% to 12.52%
2016		42,379		11.28 to 11.34		$478,564		0.89	%		1.00% to 1.50%		-1.81% to -1.61%
Pioneer Variable Contracts Trust
Fund Portfolio
2020		29,118		28.04 to 28.41		$821,287		0.45	%		1.15% to 1.65%		22.29% to 22.54%
2019		29,909		22.93 to 23.18		$688,984		0.75	%		1.15% to 1.35%		29.27% to 29.53%
2018		32,752		17.74 to 17.90		$582,979		0.81	%		1.15% to 1.35%		-3.06% to -2.87%
2017		39,852		18.30 to 18.43		$730,502		1.24	%		1.15% to 1.35%		19.73% to 19.97%
2016		29,422		15.28 to 15.36		$449,977		1.58	%		1.00% to 1.50%		8.15% to 8.36%
Bond Portfolio
2020		3,942,638		10.73 to 12.82		$49,841,041		2.72	%		1.15% to 1.65%		6.97% to 7.18%
2019		3,923,827		10.67 to 11.96		$46,394,735		3.03	%		1.15% to 1.35%		7.43% to 7.64%
2018		3,700,802		9.92 to 11.11		$40,731,920		3.08	%		1.15% to 1.35%		-2.33% to -2.13%
2017		3,303,690		10.15 to 11.35		$37,259,655		2.57	%		1.15% to 1.35%		2.26% to 2.46%
2016		2,639,090		11.03 to 11.08		$29,147,631		2.51	%		1.00% to 1.50%		2.53% to 2.73%
Strategic Income Portfolio
2020		1,079,626		11.31 to 12.85		$13,675,201		3.14	%		1.15% to 1.65%		5.93% to 6.14%
2019		1,105,598		10.66 to 12.11		$13,237,496		3.06	%		1.15% to 1.35%		8.05% to 8.26%
2018		1,079,709		9.86 to 11.19		$11,954,464		3.03	%		1.15% to 1.35%		-3.26% to -3.06%
2017		1,054,538		10.18 to 11.54		$12,081,157		3.32	%		1.15% to 1.35%		3.34% to 3.55%
2016		838,274		11.09 to 11.14		$9,306,527		3.24	%		1.00% to 1.50%		5.88% to 6.10%
Equity Income Portfolio
2020		638,005		11.62 to 21.30		$12,659,788		2.13	%		1.15% to 1.65%		-1.61% to -1.41%
2019		683,277		12.34 to 21.61		$13,842,968		2.46	%		1.15% to 1.35%		23.55% to 23.80%
2018		614,602		9.98 to 17.45		$10,079,474		2.41	%		1.15% to 1.35%		-10.00% to -9.82%
2017		455,042		11.08 to 19.35		$8,561,884		1.50	%		1.15% to 1.35%		13.64% to 13.86%
2016		259,241		16.91 to 17.00		$4,390,812		1.91	%		1.00% to 1.50%		17.92% to 18.16%
High Yield Portfolio
2020		74,351		13.87 to 14.05		$1,033,879		4.56	%		1.15% to 1.65%		0.61% to 0.81%
2019		89,051		13.79 to 13.94		$1,231,954		4.69	%		1.15% to 1.35%		12.75% to 12.98%
2018		97,997		12.23 to 12.34		$1,201,429		4.50	%		1.15% to 1.35%		-5.24% to -5.05%
2017		112,617		10.22 to 13.00		$1,455,901		4.21	%		1.15% to 1.35%		5.57% to 5.79%
2016		120,292		12.23 to 12.28		$1,472,228		5.91	%		1.00% to 1.50%		12.24% to 12.47%
Prudential Series Funds
Jennison 20/20 Focus Portfolio
2020		18,436		26.33 to 26.33		$485,480		0.00	%		1.15% to 1.65%		28.66% to 28.66%
2019		19,300		20.47 to 20.47		$395,034		0.00	%		1.15% to 1.35%		26.68% to 26.68%
2018		17,915		16.16 to 16.16		$289,459		0.00	%		1.15% to 1.35%		-6.99% to -6.99%
2017		22,159		17.37 to 17.37		$384,968		0.00	%		1.15% to 1.35%		28.01% to 28.01%
2016		31,278		13.57 to 13.57		$424,475		0.00	%		1.00% to 1.50%		-0.13% to -0.13%
Natural Resources Portfolio
2020		94,469		5.88 to 10.47		$564,254		0.00	%		1.15% to 1.65%		10.31% to 10.53%
2019		165,596		5.33 to 9.47		$890,071		0.00	%		1.15% to 1.35%		8.78% to 8.99%
2018		102,833		4.90 to 8.70		$512,795		0.00	%		1.15% to 1.35%		-19.52% to -19.36%
2017		131,552		6.09 to 10.79		$811,491		0.00	%		1.15% to 1.35%		-1.86% to -1.67%
2016		124,593		6.21 to 6.24		$774,486		0.00	%		1.00% to 1.50%		23.15% to 23.39%
SP Prudential US Emerging Growth Portfolio
2020		9,236		29.20 to 29.58		$270,641		0.00	%		1.15% to 1.65%		44.92% to 45.22%
2019		18,290		20.15 to 20.37		$370,390		0.00	%		1.15% to 1.35%		35.32% to 35.59%
2018		28,107		14.89 to 15.02		$419,675		0.00	%		1.15% to 1.35%		-9.41% to -9.23%
2017		25,997		16.44 to 16.55		$428,302		0.00	%		1.15% to 1.35%		20.31% to 20.55%
2016		28,099		13.66 to 13.73		$384,418		0.00	%		1.00% to 1.50%		2.42% to 2.62%
Royce Capital Fund
Micro-Cap Portfolio
2020		27,087		14.21 to 14.39		$387,137		0.00	%		1.15% to 1.65%		21.89% to 22.14%
2019		40,448		11.65 to 11.78		$473,354		0.00	%		1.15% to 1.35%		17.64% to 17.87%
2018		44,262		9.91 to 10.00		$439,782		0.00	%		1.15% to 1.35%		-10.51% to -10.33%
2017		46,074		10.44 to 11.15		$511,189		0.55	%		1.15% to 1.35%		3.61% to 3.82%
2016		44,814		10.68 to 10.74		$479,544		0.51	%		1.00% to 1.50%		17.77% to 18.01%

86

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value   Lowest to Highest		Net Assets		Investment       Income Ratio*			Expense Ratio Lowest to Highest**		Total Return         Lowest to Highest***
Small Cap Portfolio
2020		557,863		10.31 to 14.33		$7,891,351		0.70	%		1.15% to 1.65%		-8.57% to -8.39%
2019		574,363		11.26 to 15.64		$8,893,239		0.42	%		1.15% to 1.35%		16.85% to 17.08%
2018		624,142		9.63 to 13.36		$8,283,097		0.32	%		1.15% to 1.35%		-9.73% to -9.55%
2017		678,945		14.67 to 14.77		$9,979,307		0.79	%		1.15% to 1.35%		3.69% to 3.90%
2016		678,690		14.14 to 14.21		$9,614,439		1.70	%		1.00% to 1.50%		18.92% to 19.16%
Alps Fund
Alerian Energy Infrastructure Portfolio
2020		272,475		5.57 to 10.43		$1,604,648		2.67	%		1.15% to 1.65%		-26.14% to -25.99%
2019		229,608		7.54 to 9.27		$1,759,551		1.69	%		1.15% to 1.35%		18.80% to 19.04%
2018		242,372		6.35 to 7.80		$1,546,879		1.83	%		1.15% to 1.35%		-20.05% to -19.89%
2017		255,279		7.94 to 9.74		$2,035,885		2.02	%		1.15% to 1.35%		-2.17% to -1.97%
2016		214,149		8.12 to 8.16		$1,742,373		2.55	%		1.00% to 1.50%		38.91% to 39.19%
Red Rocks Global Opportunity Portfolio
2020		111,263		14.27 to 15.52		$1,697,631		10.68	%		1.15% to 1.65%		7.78% to 8.00%
2019		111,694		13.23 to 14.37		$1,583,062		0.00	%		1.15% to 1.35%		37.96% to 38.24%
2018		114,555		9.58 to 10.39		$1,177,653		5.29	%		1.15% to 1.35%		-13.71% to -13.54%
2017		132,509		11.09 to 12.02		$1,584,399		3.76	%		1.15% to 1.35%		23.29% to 23.53%
2016		31,067		9.70 to 9.73		$301,600		0.89	%		1.00% to 1.50%		6.52% to 6.74%
American Funds IS
Asset Allocation Fund
2020		6,004,701		11.50 to 15.64		$88,570,731		1.49	%		1.15% to 1.65%		10.65% to 10.87%
2019		4,963,246		12.13 to 14.10		$67,128,532		1.88	%		1.15% to 1.35%		19.30% to 19.54%
2018		3,553,526		10.16 to 11.80		$41,272,047		1.66	%		1.15% to 1.35%		-6.12% to -5.93%
2017		2,854,380		10.81 to 12.54		$35,466,015		1.60	%		1.15% to 1.35%		14.36% to 14.59%
2016		1,757,313		10.89 to 10.94		$19,162,946		1.76	%		1.00% to 1.50%		7.70% to 7.92%
Blue Chip Income and Growth Fund
2020		2,417,351		11.40 to 15.75		$36,024,945		1.46	%		1.15% to 1.65%		7.01% to 7.23%
2019		2,386,962		10.64 to 14.68		$33,582,903		1.99	%		1.15% to 1.35%		19.41% to 19.65%
2018		2,058,862		8.91 to 12.27		$24,755,085		2.09	%		1.15% to 1.35%		-10.15% to -9.97%
2017		1,617,244		11.13 to 13.63		$21,744,911		2.12	%		1.15% to 1.35%		15.14% to 15.37%
2016		1,191,707		11.76 to 11.82		$14,030,863		2.32	%		1.00% to 1.50%		16.91% to 17.14%
Ultra-Short Bond Fund
2020		2,435,388		9.26 to 9.79		$22,701,543		0.25	%		1.15% to 1.65%		-1.59% to -1.40%
2019		1,167,783		9.41 to 9.93		$11,045,280		1.66	%		1.15% to 1.35%		0.04% to 0.24%
2018		1,173,610		9.41 to 9.92		$11,075,480		0.82	%		1.15% to 1.35%		-0.23% to -0.02%
2017		1,347,923		9.43 to 9.93		$12,736,983		0.07	%		1.15% to 1.35%		-1.18% to -0.98%
2016		1,342,304		9.54 to 9.59		$12,826,412		0.00	%		1.00% to 1.50%		-1.78% to -1.59%
Capital Income Builder Fund
2020		1,419,418		11.64 to 11.90		$16,723,670		2.52	%		1.15% to 1.65%		2.71% to 2.92%
2019		1,503,121		11.32 to 11.56		$17,233,347		2.68	%		1.15% to 1.35%		16.04% to 16.27%
2018		1,391,166		9.74 to 9.94		$13,739,071		2.72	%		1.15% to 1.35%		-8.50% to -8.32%
2017		1,175,195		10.64 to 10.85		$12,674,558		2.67	%		1.15% to 1.35%		11.14% to 11.36%
2016		809,445		9.69 to 9.74		$7,856,367		3.18	%		1.00% to 1.50%		2.39% to 2.60%
Global Growth Fund
2020		960,028		13.10 to 20.76		$18,882,735		0.13	%		1.15% to 1.65%		28.42% to 28.67%
2019		762,115		13.60 to 16.13		$11,989,570		1.05	%		1.15% to 1.35%		33.07% to 33.33%
2018		581,969		10.21 to 12.10		$6,906,376		0.63	%		1.15% to 1.35%		-10.46% to -10.28%
2017		402,383		11.39 to 13.48		$5,351,879		0.68	%		1.15% to 1.35%		29.36% to 29.62%
2016		263,246		10.35 to 10.40		$2,729,142		0.75	%		1.00% to 1.50%		-0.98% to -0.78%
Global Growth and Income Fund
2020		969,706		12.58 to 15.68		$14,909,631		1.05	%		1.15% to 1.65%		7.09% to 7.30%
2019		798,022		13.04 to 14.61		$11,434,351		1.85	%		1.15% to 1.35%		28.98% to 29.24%
2018		788,349		10.10 to 11.30		$8,809,205		1.78	%		1.15% to 1.35%		-11.10% to -10.93%
2017		567,275		11.35 to 12.69		$7,127,276		2.60	%		1.15% to 1.35%		24.14% to 24.39%
2016		407,304		10.15 to 10.20		$4,141,736		2.16	%		1.00% to 1.50%		5.60% to 5.81%
Global Small Capitalization Fund
2020		336,465		13.96 to 17.61		$5,852,838		0.10	%		1.15% to 1.65%		27.65% to 27.91%
2019		341,552		12.91 to 13.77		$4,652,407		0.01	%		1.15% to 1.35%		29.48% to 29.74%
2018		289,207		9.96 to 10.61		$3,041,269		0.02	%		1.15% to 1.35%		-12.01% to -11.83%
2017		209,334		11.31 to 12.04		$2,497,720		0.37	%		1.15% to 1.35%		23.94% to 24.19%
2016		140,116		9.65 to 9.69		$1,355,137		0.08	%		1.00% to 1.50%		0.48% to 0.68%

87

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value   Lowest to Highest		Net Assets		Investment       Income Ratio*			Expense Ratio Lowest to Highest**		Total Return         Lowest to Highest***
Growth Fund
2020		1,663,314		14.25 to 28.11		$44,819,781		0.20	%		1.15% to 1.65%		49.68% to 49.98%
2019		1,654,362		14.29 to 18.75		$29,881,613		0.59	%		1.15% to 1.35%		28.69% to 28.95%
2018		1,508,344		11.10 to 14.54		$21,307,468		0.30	%		1.15% to 1.35%		-1.85% to -1.65%
2017		1,103,029		11.29 to 14.78		$15,869,916		0.53	%		1.15% to 1.35%		26.27% to 26.53%
2016		603,340		11.63 to 11.68		$7,025,261		0.63	%		1.00% to 1.50%		7.75% to 7.97%
Growth-Income Fund
2020		2,356,953		11.95 to 18.31		$41,994,585		1.11	%		1.15% to 1.65%		11.73% to 11.95%
2019		2,283,141		13.49 to 16.35		$36,495,223		1.61	%		1.15% to 1.35%		24.17% to 24.42%
2018		1,915,078		10.86 to 13.14		$24,681,484		1.46	%		1.15% to 1.35%		-3.38% to -3.18%
2017		1,426,572		11.22 to 13.58		$19,064,147		1.52	%		1.15% to 1.35%		20.44% to 20.68%
2016		912,448		11.19 to 11.25		$10,231,418		1.54	%		1.00% to 1.50%		9.76% to 9.98%
International Fund
2020		642,754		13.34 to 13.70		$8,717,502		0.41	%		1.15% to 1.65%		12.13% to 12.36%
2019		645,003		11.92 to 12.19		$7,796,962		1.31	%		1.15% to 1.35%		21.02% to 21.27%
2018		621,781		9.84 to 10.05		$6,210,405		1.87	%		1.15% to 1.35%		-14.58% to -14.40%
2017		417,580		11.51 to 11.74		$4,880,259		1.56	%		1.15% to 1.35%		30.13% to 30.39%
2016		238,483		8.96 to 9.01		$2,143,281		1.42	%		1.00% to 1.50%		1.83% to 2.04%
International Growth and Income Fund
2020		640,891		11.54 to 12.83		$7,449,803		1.17	%		1.15% to 1.65%		4.31% to 4.52%
2019		618,116		11.06 to 11.83		$6,885,708		2.48	%		1.15% to 1.35%		20.82% to 21.06%
2018		531,031		9.16 to 9.78		$4,886,791		2.53	%		1.15% to 1.35%		-12.65% to -12.48%
2017		353,383		10.48 to 11.18		$3,723,128		2.50	%		1.15% to 1.35%		23.05% to 23.30%
2016		223,673		8.52 to 8.56		$1,907,815		2.77	%		1.00% to 1.50%		-0.18% to 0.02%
New World Fund
2020		2,532,532		13.72 to 14.87		$36,511,158		0.04	%		1.15% to 1.65%		21.64% to 21.88%
2019		2,582,959		11.78 to 12.21		$30,590,094		0.80	%		1.15% to 1.35%		27.09% to 27.34%
2018		2,403,071		9.27 to 9.59		$22,371,637		0.76	%		1.15% to 1.35%		-15.41% to -15.24%
2017		1,902,356		10.96 to 11.32		$20,915,092		0.90	%		1.15% to 1.35%		27.33% to 27.59%
2016		1,383,251		8.60 to 8.65		$11,927,318		0.70	%		1.00% to 1.50%		3.63% to 3.84%
U.S. Government/AAA-Rated Securities Fund
2020		3,117,013		10.04 to 11.28		$34,858,071		2.24	%		1.15% to 1.65%		8.01% to 8.23%
2019		1,397,204		10.22 to 10.42		$14,512,239		2.15	%		1.15% to 1.35%		3.73% to 3.94%
2018		1,000,237		9.85 to 10.02		$9,996,749		1.25	%		1.15% to 1.35%		-0.85% to -0.65%
2017		866,874		9.92 to 10.09		$8,709,523		1.10	%		1.15% to 1.35%		-0.08% to 0.12%
2016		768,717		10.03 to 10.08		$7,730,632		1.33	%		1.00% to 1.50%		-0.36% to -0.16%
Invesco Oppenheimer
Total Return Bond Fund
2020		329,083		11.56 to 12.08		$3,936,503		3.07	%		1.15% to 1.65%		7.96% to 8.17%
2019		225,425		10.70 to 11.17		$2,497,124		2.74	%		1.15% to 1.35%		7.79% to 8.00%
2018		134,424		9.92 to 10.34		$1,381,911		3.07	%		1.15% to 1.35%		-2.64% to -2.45%
2017		141,166		10.18 to 10.60		$1,489,489		2.13	%		1.15% to 1.35%		2.98% to 3.19%
2016		183,899		10.23 to 10.28		$1,883,268		3.87	%		1.00% to 1.50%		1.67% to 1.87%
Discovery Mid Cap Growth Fund
2020		167,268		13.48 to 24.92		$3,961,727		0.00	%		1.15% to 1.65%		38.36% to 38.63%
2019		144,894		14.57 to 17.98		$2,537,512		0.00	%		1.15% to 1.35%		37.15% to 37.42%
2018		93,983		10.61 to 13.08		$1,200,322		0.00	%		1.15% to 1.35%		-7.57% to -7.38%
2017		78,421		11.47 to 14.12		$1,081,791		0.00	%		1.15% to 1.35%		26.74% to 26.99%
2016		69,024		11.07 to 11.12		$765,062		0.00	%		1.00% to 1.50%		0.71% to 0.91%
Global Multi-Alternatives Fund
2019		-		-		$0		1.96	%		1.15% to 1.35%		n/a
2018		9,705		8.91 to 8.99		$87,065		0.68	%		1.15% to 1.35%		-4.61% to -4.42%
2017		9,680		9.34 to 9.41		$90,846		0.45	%		1.15% to 1.35%		-1.15% to -0.95%
2016		25,872		9.45 to 9.50		$244,847		1.38	%		1.00% to 1.50%		2.10% to 2.30%
Global Fund
2020		317,456		13.41 to 18.71		$5,816,026		0.40	%		1.15% to 1.65%		25.63% to 25.88%
2019		344,196		13.00 to 14.86		$5,016,048		0.66	%		1.15% to 1.35%		29.69% to 29.95%
2018		331,573		10.01 to 11.44		$3,736,216		0.82	%		1.15% to 1.35%		-14.56% to -14.39%
2017		314,034		11.70 to 13.36		$4,168,595		0.54	%		1.15% to 1.35%		34.50% to 34.77%
2016		101,878		9.86 to 9.91		$1,006,775		0.79	%		1.00% to 1.50%		-1.50% to -1.30%

88

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

	December 31						Year Ended December 31
	Units		Unit Fair Value   Lowest to Highest		Net Assets		Investment       Income Ratio*			Expense Ratio Lowest to Highest**		Total Return         Lowest to Highest***
International Growth Fund
2020		1,158,924		13.06 to 13.65		$15,661,018		0.62	%		1.15% to 1.65%		19.41% to 19.65%
2019		1,012,466		11.19 to 11.41		$11,452,452		0.64	%		1.15% to 1.35%		26.24% to 26.49%
2018		701,888		8.86 to 9.02		$6,284,910		0.63	%		1.15% to 1.35%		-20.64% to -20.48%
2017		321,075		11.15 to 11.34		$3,621,877		0.70	%		1.15% to 1.35%		24.75% to 25.00%
2016		127,654		9.03 to 9.07		$1,154,655		0.92	%		1.00% to 1.50%		-4.02% to -3.83%
Main Street Fund
2020		599,106		12.16 to 17.74		$9,305,031		1.03	%		1.15% to 1.65%		12.16% to 12.39%
2019		678,260		11.64 to 15.78		$9,695,219		0.75	%		1.15% to 1.35%		29.97% to 30.23%
2018		441,279		8.94 to 12.12		$5,103,092		0.94	%		1.15% to 1.35%		-9.34% to -9.15%
2017		303,919		10.78 to 13.34		$3,992,486		1.01	%		1.15% to 1.35%		15.08% to 15.31%
2016		173,754		11.51 to 11.57		$2,003,711		0.90	%		1.00% to 1.50%		9.81% to 10.03%
Main Street Small Cap Fund
2020		317,905		13.69 to 17.30		$5,299,345		0.31	%		1.15% to 1.65%		18.03% to 18.26%
2019		351,560		11.68 to 14.63		$4,988,917		0.00	%		1.15% to 1.35%		24.44% to 24.69%
2018		311,009		9.38 to 11.73		$3,567,016		0.07	%		1.15% to 1.35%		-11.75% to -11.57%
2017		273,894		10.62 to 13.26		$3,591,491		0.60	%		1.15% to 1.35%		12.39% to 12.61%
2016		202,405		11.72 to 11.78		$2,378,265		0.24	%		1.00% to 1.50%		16.09% to 16.33%
Transparent Value VI
Directional Allocation Portfolio
2016		-		-		$0		0.00	%		1.00% to 1.50%		n/a
T. Rowe Price
Blue Chip Growth Portfolio
2020		2,532,772		12.62 to 22.49		$55,679,399		0.00	%		1.15% to 1.65%		32.12% to 32.38%
2019		2,495,804		15.03 to 16.99		$41,710,940		0.00	%		1.15% to 1.35%		27.84% to 28.10%
2018		1,899,467		11.75 to 13.26		$24,860,206		0.00	%		1.15% to 1.35%		0.28% to 0.48%
2017		1,239,795		11.70 to 13.20		$16,205,947		0.00	%		1.15% to 1.35%		34.01% to 34.28%
2016		556,025		9.80 to 9.83		$5,455,076		0.00	%		1.00% to 1.50%		-0.81% to -0.61%
Health Sciences Portfolio
2020		1,456,738		12.30 to 17.87		$23,872,615		0.00	%		1.15% to 1.65%		27.53% to 27.79%
2019		1,244,908		12.68 to 13.99		$15,981,066		0.00	%		1.15% to 1.35%		26.91% to 27.16%
2018		998,792		10.00 to 11.01		$10,053,170		0.00	%		1.15% to 1.35%		-0.50% to -0.30%
2017		710,023		10.05 to 11.05		$7,168,782		0.00	%		1.15% to 1.35%		25.60% to 25.86%
2016		380,909		8.00 to 8.02		$3,048,925		0.00	%		1.00% to 1.50%		-11.91% to -11.74%
John Hancock Variable Insurance Trust
Financial Industries Portfolio
2020		71,200		10.91 to 10.96		$778,002		1.12	%		1.15% to 1.65%		0.61% to 0.82%
2019		46,129		10.84 to 10.88		$500,705		4.14	%		1.15% to 1.35%		29.75% to 30.01%
2018		17,208		8.35 to 8.37		$143,851		0.76	%		1.15% to 1.35%		-16.46% to -16.35%
Fundamental All Cap Core Portfolio
2020		6,560		14.70 to 14.74		$96,473		0.18	%		1.15% to 1.65%		24.95% to 25.07%
2019		6,566		11.77 to 11.79		$77,274		0.28	%		1.15% to 1.35%		34.36% to 34.49%
2018		5,611		8.76 to 8.76		$49,138		0.03	%		1.15% to 1.35%		-12.42% to -12.42%
Select Bond Portfolio
2020		27,255		11.61 to 11.67		$317,121		3.30	%		1.15% to 1.65%		7.39% to 7.61%
2019		14,697		10.81 to 10.85		$159,157		4.16	%		1.15% to 1.35%		7.27% to 7.49%
2018		385		10.08 to 10.09		$3,876		3.83	%		1.15% to 1.35%		0.80% to 0.94%
Strategic Income Opportunities Portfolio
2020		40,279		10.91 to 11.14		$446,640		1.75	%		1.15% to 1.65%		6.91% to 7.12%
2019		27,218		10.37 to 10.40		$282,324		3.43	%		1.15% to 1.35%		9.27% to 9.48%
2018		9,090		9.49 to 9.50		$86,302		3.92	%		1.15% to 1.35%		-5.10% to -4.98%
Federated Hermes
High Income Bond Portfolio
2020		39,064		10.79 to 10.83		$422,194		7.23	%		1.15% to 1.65%		4.04% to 4.25%
2019		33,419		10.37 to 10.38		$346,785		0.00	%		1.15% to 1.35%		3.74% to 3.81%
Kaufmann Portfolio
2020		296,261		11.99 to 13.88		$4,080,488		0.00	%		1.15% to 1.65%		26.76% to 27.01%
2019		67,817		10.91 to 10.92		$740,188		0.00	%		1.15% to 1.35%		9.10% to 9.25%
Managed Volatility Portfolio
2020		6,463		10.64 to 10.67		$68,794		2.50	%		1.15% to 1.65%		-0.65% to -0.45%
2019		2,425		10.71 to 10.72		$25,983		0.00	%		1.15% to 1.35%		7.08% to 7.23%

89

Midland National Life Insurance Company

Separate Account C

Notes to Financial Statements

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

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

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

6. Diversification Requirements

Under the provisions of Section 817(h) of the Internal Revenue Code, as amended (the Code), a variable life insurance policy, other than a policy issued in connection with certain types of employee benefit plans, will not be treated as a life insurance policy for federal tax purposes for any period for which the investment of the segregated asset account, on which the policy is based, are not adequately diversified. The Code provides that the “adequately diversified” requirement may be met if the underlying investments satisfy either a statutory safe harbour test or diversification requirements set forth in regulations issued by the Secretary of the Treasury.

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

90

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

FINANCIAL STATEMENTS – STATUTORY BASIS

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

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

TABLE OF CONTENTS

DECEMBER 31, 2020, 2019 and 2018

	Page(s)
Midland National Life Insurance Company
Financial Statements
Report of Independent Auditors	1
Statements of Admitted Assets, Liabilities and Capital and Surplus- Statutory Basis	3
Statements of Operations- Statutory Basis	4
Statements of Changes in Capital and Surplus- Statutory Basis	5
Statements of Cash Flow- Statutory Basis	6
Notes to Statutory Financial Statements- Statutory Basis	8

Report of Independent Auditors

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

We have audited the accompanying statutory financial statements of Midland National Life Insurance Company (the “Company”), which comprise the statements of admitted assets, liabilities and capital and surplus – statutory basis as of December 31, 2020 and 2019, and the related statements of operations – statutory basis, changes in capital and surplus – statutory basis, and of cash flows – statutory basis for each of the three years in the period ended December 31, 2020.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting practices prescribed or permitted by the Iowa Insurance Division. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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

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

PricewaterhouseCoopers LLP, Hub Tower, 699 Walnut Street, Des Moines Iowa 50309

T: (515) 246 3800, www.pwc.com/us

1

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.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter discussed in the “Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles” paragraph, the financial statements referred to above do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2020 and 2019, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2020.

Opinion on Statutory Basis of Accounting

In our opinion, the financial statements referred to above present fairly, in all material respects, the admitted assets, liabilities and surplus of the Company as of December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2020, in accordance with the accounting practices prescribed or permitted by the Iowa Insurance Division described in Note 1.

April 21, 2021

2

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

STATEMENTS OF ADMITTED ASSETS, LIABILITIES AND CAPITAL AND SURPLUS - STATUTORY BASIS

AS OF DECEMBER 31, 2020 and 2019

(Dollars in Thousands, except par value)

	2020		2019
ADMITTED ASSETS
Bonds	$	48,452,287	$	44,434,060
Stocks
Preferred		771,536		261,244
Common - subsidiaries		279,528		348,159
Common - other		433,602		266,377
Mortgage loans		4,403,274		4,538,436
Real estate		100,995		38,774
Policy loans		404,383		395,058
Cash, cash equivalents and short-term investments		1,448,036		494,409
Receivable for securities		3,720		4,835
Derivative instruments		459,488		321,814
Other invested assets		2,337,913		1,956,847
Total cash and invested assets		59,094,762		53,060,013
Policy premiums due, deferred or uncollected		158,947		164,952
Accrued investment income		461,240		411,378
Current federal income tax		74,525		116,918
Net deferred tax asset		303,318		264,147
Company owned life insurance		1,124,804		1,036,490
Other admitted assets		265,303		46,246
Separate account assets		5,779,605		5,316,107
Total admitted assets	$	67,262,504	$	60,416,251
LIABILITIES AND CAPITAL AND SURPLUS
Liabilities for future policy benefits	$	43,223,475	$	38,935,399
Liabilities for deposit-type contracts		344,604		548,418
Policy and contract claims		246,619		161,253
Other policyholder funds		2,958		3,006
Total policyholder liabilities		43,817,656		39,648,076
Amounts payable for reinsurance		62,382		100,821
Interest maintenance reserve		60,632		41,232
Asset valuation reserve		506,759		496,408
Repurchase agreements, FHLB advances and collateral on derivatives		7,548,006		6,488,170
Payable for securities		110,817		97,691
Funds held under coinsurance		4,545,324		4,224,140
Derivative instruments		176,402		87,482
Accrued expenses and other liabilities		688,153		289,004
Separate account liabilities		5,541,314		5,090,796
Total liabilities		63,057,445		56,563,820
Capital and surplus
Common stock - $1 par value; 2,549,439 shares authorized, issued, and outstanding		2,549		2,549
Surplus notes		1,037,000		837,000
Additional paid-in capital		793,927		618,927
Unassigned surplus		2,371,583		2,393,955
Total capital and surplus		4,205,059		3,852,431
Total liabilities and capital and surplus	$	67,262,504	$	60,416,251

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

3

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

STATEMENTS OF OPERATIONS - STATUTORY BASIS

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

(Dollars in Thousands, except par value)

	2020			2019			2018
REVENUES
Life insurance and annuity premiums and other considerations	$	6,462,830		$	3,266,328		$	3,701,003
Net investment income		2,320,212			2,353,707			2,252,880
Commissions and expense allowances on reinsurance ceded		96,559			76,949			53,974
Amortization of interest maintenance reserve		22,463			28,652			19,540
Reserve adjustments on reinsurance ceded		(523,700	)		(102,717	)		159,419
Investment income ceded - funds withheld reinsurance		(187,482	)		(225,489	)		(242,236	)
Other income		241,779			121,501			87,203
Total revenues		8,432,661			5,518,931			6,031,783
BENEFITS AND EXPENSES
Life and annuity policy benefits		2,969,121			2,981,481			2,735,271
Increase in liabilities for future life and annuity policy benefits		4,300,648			1,394,173			2,048,680
Commissions		393,037			335,074			351,193
General expenses		252,016			220,706			248,132
Insurance taxes, licenses and fees		49,089			40,255			43,594
Net transfers to (from) separate accounts		(2,377	)		70,516			95,152
Total benefits and expenses		7,961,534			5,042,205			5,522,022
Net gain from operations before federal income taxes and net realized capital gains		471,127			476,726			509,761
Federal income tax expense		125,687			70,237			25,179
Net gain from operations before net realized capital gains		345,440			406,489			484,582
Net realized capital losses		(192,814	)		(35,289	)		(82,977	)
Net income	$	152,626		$	371,200		$	401,605

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

4

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

STATEMENTS OF CHANGES IN CAPITAL AND SURPLUS – STATUTORY BASIS

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

(Dollars in Thousands)

	Common Stock		Surplus Note		Additional Paid-In Capital		Unassigned Surplus			Total Capital and Surplus
Balances at December 31, 2017	$	2,549	$	837,000	$	594,686	$	1,979,827		$	3,414,062
Net income		—		—		—		401,605			401,605
Change in net unrealized capital gains (losses)		—		—		—		45,243			45,243
Change in net deferred income tax		—		—		—		26,898			26,898
Change in nonadmitted assets		—		—		—		(86,770	)		(86,770	)
Change in asset valuation reserve		—		—		—		(17,356	)		(17,356	)
Additional paid in surplus		—		—		24,241		—			24,241
Change in surplus as a result of reinsurance		—		—		—		(8,259	)		(8,259	)
Dividends to stockholder		—		—		—		(232,437	)		(232,437	)
OPEB SSAP92 adjustment		—		—		—		(350	)		(350	)
Correction of errors from prior periods		—		—		—		4,331			4,331
Balances at December 31, 2018		2,549		837,000		618,927		2,112,732			3,571,208
Net income		—		—		—		371,200			371,200
Change in net unrealized capital gains (losses)		—		—		—		101,239			101,239
Change in net deferred income tax		—		—		—		39,873			39,873
Change in nonadmitted assets		—		—		—		(1,163	)		(1,163	)
Change in asset valuation reserve		—		—		—		(49,507	)		(49,507	)
Change in surplus as a result of reinsurance		—		—		—		66,800			66,800
Dividends to stockholder		—		—		—		(222,306	)		(222,306	)
OPEB SSAP92 adjustment		—		—		—		(2,919	)		(2,919	)
Correction of errors from prior periods		—		—		—		(21,994	)		(21,994	)
Balances at December 31, 2019		2,549		837,000		618,927		2,393,955			3,852,431
Net income		—		—		—		152,626			152,626
Change in net unrealized capital gains (losses)		—		—		—		(114,070	)		(114,070	)
Change in net deferred income tax		—		—		—		116,682			116,682
Change in nonadmitted assets		—		—		—		(84,726	)		(84,726	)
Change in liability for reinsurance in unauthorized and certified companies		—		—		—		(221	)		(221	)
Change in reserve on account of change in valuation basis		—		—		—		12,573			12,573
Change in asset valuation reserve		—		—		—		(10,351	)		(10,351	)
Surplus (contributed to) withdrawn from Separate Accounts during period		—		—		—		41,000			41,000
Other changes in surplus in Separate Accounts statement		—		—		—		(41,000	)		(41,000	)
Change in surplus notes		—		200,000		—		—			200,000
Additional paid in surplus		—		—		175,000		—			175,000
Change in surplus as a result of reinsurance		—		—		—		113,521			113,521
Dividends to stockholder		—		—		—		(205,109	)		(205,109	)
OPEB SSAP92 adjustment		—		—		—		(3,297	)		(3,297	)
Balances at December 31, 2020	$	2,549	$	1,037,000	$	793,927	$	2,371,583		$	4,205,059

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

5

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

STATEMENTS OF CASH FLOW – STATUTORY BASIS

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

(Dollars in Thousands)

	2020			2019			2018
OPERATING ACTIVITIES
Life insurance and annuity premiums and other considerations	$	6,461,161		$	3,264,196		$	3,700,644
Net investment income		2,136,137			2,236,611			2,073,937
Other income		278,494			207,103			94,948
Benefits paid		(3,391,507	)		(3,082,581	)		(2,561,745	)
Net transfers (to) from separate account		1,447			(72,759	)		(101,977	)
Insurance expenses paid		(873,997	)		(836,727	)		(880,509	)
Federal income taxes paid		(91,074	)		(26,315	)		(90,618	)
Net cash provided by operating activities		4,520,661			1,689,528			2,234,680
INVESTING ACTIVITIES
Proceeds from investments sold, matured or repaid
Bonds		9,537,519			7,027,473			12,680,499
Preferred and common stocks		117,277			90,107			59,565
Mortgage loans		312,026			647,329			673,385
Real estate		63			9,078			—
Other invested assets		261,725			149,623			262,268
Miscellaneous proceeds		14,373			5,475			510,828
Cost of investments acquired
Bonds		(13,616,114	)		(7,934,329	)		(14,012,547	)
Preferred and common stocks		(770,254	)		(222,779	)		(41,658	)
Mortgage loans		(239,315	)		(662,356	)		(789,416	)
Real estate		(62,948	)		(20,461	)		(1,588	)
Other invested assets		(599,269	)		(369,157	)		(287,159	)
Miscellaneous applications		(136,699	)		(22,385	)		(370,032	)
Net change in policy loans		(9,424	)		(20,206	)		(18,417	)
Net cash used in investing activities		(5,191,040	)		(1,322,588	)		(1,334,272	)
FINANCING ACTIVITIES
Surplus notes		200,000			—			—
Company owned life insurance		834			(521,516	)		(488,711	)
Capital and paid in surplus		—			—			24,241
Net change in collateral liability		(6,987	)		253,511			(322,002	)
Net change in repurchase agreements and FHLB advances		1,066,824			(22,332	)		149,125
Net withdrawals on deposit-type contract		(219,853	)		(17,199	)		(26,865	)
Dividends paid to stockholder		(205,109	)		(222,306	)		(232,437	)
Net change in funds held under coinsurance		321,184			(100,073	)		(138,564	)
Net change in remittances and items not allocated		352,580			11,107			34,087
Other cash provided		114,533			72,931			17,080
Net cash provided (used) by financing activity and other sources		1,624,006			(545,877	)		(984,046	)
RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
Net change in cash, cash equivalents and short-term investments		953,627			(178,937	)		(83,638	)
Cash, cash equivalents and short-term investments:
Beginning of year		494,409			673,346			756,984
End of year	$	1,448,036		$	494,409		$	673,346

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

6

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

STATEMENTS OF CASH FLOW – STATUTORY BASIS

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

(Dollars in Thousands)

SUPPLEMENTAL CASH FLOW
Non-cash transactions:
Accrued capital contribution from parent	$	175,000	$	—	$	—
Capitalized Interest		75,078		64,135		72,000

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

7

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

1. NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES AND PROCEDURES

Organization

Midland National Life Insurance Company (“Midland National” or the “Company”) is a stock life insurance company domiciled in the state of Iowa. The Company operates predominantly in the individual life and annuity business of the life insurance industry and is licensed to operate in 49 states, the District of Columbia, and several U.S. territories. The Company is a wholly owned subsidiary of Sammons Financial Group, Inc. (“SFG”), which is a wholly owned subsidiary of Sammons Enterprises, Inc. (“SEI”). MNL Reinsurance Company (“MNL Re”), Solberg Reinsurance Company (“Solberg Re”) and Canal Reinsurance Company (“Canal Re”), subsidiaries of Midland National, are captive reinsurance companies domiciled in Iowa. The Company is affiliated through common ownership with North American Company for Life and Health Insurance (“North American”), Sammons Securities, Inc. (“Sammons Securities”), Sammons Financial Network, LLC (“SFN”), Sammons Institutional Group, Inc. (“SIG”), SFG Tenura LLC (“Tenura”), Heyday Insurance Agency, LLC (“Heyday”), and Property Disposition, Inc. (“PDI”).

Basis of presentation

The Company is domiciled in Iowa and prepares its statutory basis financial statements in accordance with accounting practices prescribed or permitted by the Iowa Insurance Division. Prescribed statutory accounting practices (“SAP”) include state laws, regulations and general administrative rules, as well as a variety of publications of the National Association of Insurance Commissioners (“NAIC”), including the NAIC Annual Statement Instructions, and the NAIC Accounting Practices and Procedures Manual (“NAIC SAP”). The NAIC SAP was promulgated within a set of approved and published Statements of Statutory Accounting Principles (“SSAP”). Permitted practices encompass all accounting practices not so prescribed. The Company’s capital and surplus was adequate for regulatory purposes prior to the effect of the prescribed practices described below and would not have been subject to a risk-based capital triggering event. The Company’s financial statements reflect the following prescribed practices in 2020, 2019 and 2018:

a. Iowa Bulletin 07-06 – In 2006 the Commissioner of Insurance of the State of Iowa issued Bulletin 07-06 that allows a prescribed practice for Iowa domiciled companies. This prescribed practice instructs insurance companies to use other than market value for assets held in separate accounts where general account guarantees are present on such separate accounts. Based on this prescribed practice the Company adopted Bulletin 07-06 in 2006 and presents the assets on its Bank-Owned Life Insurance (“BOLI”) Separate Account at book value. The impact of applying this prescribed practice had no impact on 2020 statutory net income; however, Capital and Surplus as of December 31, 2020 is decreased by $312,374 as a result of this prescribed practice. The impact of applying this prescribed practice had no impact on 2019 statutory net income; however, Capital and Surplus as of December 31, 2019 is decreased by $191,482 as a result of this prescribed practice. The impact of applying this prescribed practice had no impact on 2018 statutory net income; however, Capital and Surplus as of December 31, 2018 is decreased by $54,923 as a result of this prescribed practice.

8

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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, 2020 by $35,751 and the cumulative effect on Capital and Surplus at December 31, 2020 was a decrease of $251,909. The impact of applying this prescribed practice decreased the Company’s statutory net income for the year ended December 31, 2019 by $278,340 and the cumulative effect on Capital and Surplus at December 31, 2019 was a decrease of $216,158. The impact of applying this prescribed practice increased the Company’s statutory net income for the year ended December 31, 2018 by $124,181 and the cumulative effect on Capital and Surplus at December 31, 2018 was an increase of $62,182.

Under either the NAIC basis or the IAC 191-97, the Company elects to establish a voluntary reserve to offset the timing mismatch between the derivative instruments and the hedged liabilities, if that mismatch results in an increase in surplus. Under the IAC 191-97, a timing mismatch occurs related to the emergence of earnings. The impact of equity markets is reflected in investment income from futures during the policyholder’s contract years, but is not reflected in the reserve until the policy anniversary, at which time the index credit is applied to the account value. The voluntary reserve established as of December 31, 2020 is $126,888 which offsets the portion of investment income on futures that has been determined to represent earnings that will be used to fund index credits that have not yet been applied to policy account balances. This eliminates the timing mismatch of the assets and liabilities calculated in accordance with IAC 191-97. Under the NAIC basis, a voluntary reserve of $378,798 would have been established as of December 31, 2020 to eliminate the timing mismatch of the assets and liabilities. The impact of applying this prescribed practice, net of the effect of the difference between the above mentioned voluntary reserve and the voluntary reserve that would have been established without the prescribed practice resulted in no impact to the Company’s statutory net income for the year ended December 31, 2020 and there was no cumulative impact to the Company’s Capital and Surplus at December 31, 2020. The voluntary reserve established as of December 31, 2019 is $102,324 which offsets the portion of investment income on futures that has been determined to represent earnings that will be used to fund index credits that have not yet been applied to policy account balances. This eliminates the timing mismatch of the assets and liabilities calculated in

9

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

accordance with IAC 191-97. Under the NAIC basis, a voluntary reserve of $318,482 would have been established as of December 31, 2019 to eliminate the timing mismatch of the assets and liabilities. The impact of applying this prescribed practice, net of the effect of the difference between the above mentioned voluntary reserve and the voluntary reserve that would have been established without the prescribed practice resulted in a decrease to the Company’s statutory net income of $62,182 for the year ended December 31, 2019 and there was no cumulative impact to the Company’s Capital and Surplus at December 31, 2019. The voluntary reserve established as of December 31, 2018 is $0 as the timing mismatch between the futures and the hedged liabilities results in a $42,978 decrease to the Company’s statutory net income and surplus under the prescribed practice. Under the NAIC basis, a voluntary reserve of $0 would have been established as of December 31, 2018 as the timing mismatch between the futures and hedged liabilities would have resulted in a $105,160 decrease to the Company’s statutory net income and surplus. The impact of applying this prescribed practice, net of the effect of the difference between the above mentioned voluntary reserve and the voluntary reserve that would have been established without the prescribed practice resulted in an increase to the Company’s statutory net income of $62,182 for the year ended December 31, 2018 and increased the Company’s Capital and Surplus by $62,182 at December 31, 2018.

c. Iowa Administrative Code 191 – Chapter 43, “Annuity Mortality Tables For Use in Determining Reserve Liabilities For Annuities” (“IAC 191-43”) allows a prescribed practice for Iowa domiciled companies. This prescribed practice allows insurance companies domiciled in Iowa to use the Annuity 2000 Mortality Table for determining the minimum standard of valuation for annuities issued during 2015. SSAP 51 requires the 2012 Individual Annuity Reserving (“IAR”) Mortality Table for determining the minimum standard of valuation for annuities issued on or after January 1, 2015. The impact of applying this prescribed practice increased the Company’s statutory net income for the year ended December 31, 2020 by $3,295 and the cumulative effect on Capital and Surplus at December 31, 2020 was an increase of $57,271. The impact of applying this prescribed practice increased the Company’s statutory net income for the year ended December 31, 2019 by $1,641 and the cumulative effect on Capital and Surplus at December 31, 2019 was an increase of $53,976. The impact of applying this prescribed practice increased the Company’s statutory net income for the year ended December 31, 2018 by $11,911 and the cumulative effect on Capital and Surplus at December 31, 2018 was an increase of $52,335.

10

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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

	For the years ended December 31,
	2020		2019		2018
Net Income:
(1) Midland National state basis	$	152,626	$	371,200	$	401,605
(2) State prescribed practice that increase(decrease) NAIC SAP:
(a) Economic hedge of call option derivative assets (IAC 191-97)		(35,751)		(278,340)		124,181
(b) Deferral of 2012 annuity mortality table (IAC 191-43)		3,295		1,641		11,911
(3) NAIC SAP (1-2=3)	$	185,082	$	647,899	$	265,513
Surplus:
(4) Midland National state basis	$	4,205,059	$	3,852,431	$	3,571,208
(5) State prescribed practices that increase(decrease) NAIC SAP:
(a) Book value of BOLI separate account assets (Bulletin 07-06)		(312,374)		(191,482)		(54,923)
(b) Economic hedge of call option derivative assets (IAC 191-97)		(251,909)		(216,158)		62,182
(c) Deferral of 2012 annuity mortality table (IAC 191-43)		57,271		53,976		52,335
(6) NAIC SAP (4-5=6)	$	4,712,071	$	4,206,095	$	3,511,614

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

The impact of the Company’s limited purpose subsidiary life insurance companies applying this prescribed practice has no impact the Company’s statutory net income but the cumulative effect on the Company’s Capital and Surplus was an increase of $1,969,923, $1,899,476, and $1,700,984 as of December 31, 2020, 2019, and 2018, respectively.

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

The Company’s investment in MNL Re, Solberg Re and Canal Re at December 31, 2020 was $53,086, $92,387 and $134,055, respectively. If the Company’s subsidiaries had not used this prescribed practice, the Company’s investment in MNL Re, Solberg Re and Canal Re at December 31, 2020, respectively, would have been negative $972,878, negative $510,423 and negative $207,094.

11

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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

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

• Acquisition costs of acquiring new business are charged to current operations as incurred rather than deferred and amortized over the life of the policies;

• Policy reserves on traditional life products are based on statutory mortality and interest rates which may differ from reserves based on expected mortality, interest and withdrawals which include a provision for possible unfavorable deviation from such assumptions;

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

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

• An Interest Maintenance Reserve (“IMR”) liability, prescribed by the NAIC, reflects the net accumulated unamortized realized capital gains and losses, net of tax, attributable to changes in market interest rates. Such gains and losses are deferred into the reserve when incurred, rather than recognized as gains or losses in the statement of operations, then amortized back into operations over the expected remaining period to maturity of the investment that was sold. When cumulative capital losses exceed capital gains, a negative IMR liability occurs which is not admitted and is charged directly to unassigned surplus. There were no disallowed IMR liabilities recorded at 2020 and 2019;

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

12

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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

	2020		2019		Changes in 2020
Policy loans	$	1,289	$	1,191	$	98
Other invested assets		891		500		391
Agents’ balances		13,939		9,738		4,201
Amounts recoverable from reinsurers		7,392		6,267		1,125
Net deferred tax asset		152,426		65,682		86,744
Electronic data processing equipment		32,143		46,243		(14,100)
Furniture and Equipment		571		628		(57)
Other assets		31,316		24,992		6,324
Total nonadmitted assets	$	239,967	$	155,241	$	84,727

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

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

• Available-for-sale and trading bonds rated by the NAIC as five or higher are reported at amortized cost rather than fair value. Available-for-sale and trading bonds rated by the NAIC as six are reported at the lower of cost or fair value with changes in fair value reported as a change in surplus. Under GAAP reporting, available-for-sale and trading bonds are reported at fair value with changes in fair value presented as a component of other comprehensive income for available-for-sale securities and as a component of net income for trading securities;

• Redeemable and perpetual preferred stocks rated four or higher are reported at amortized cost rather than fair value. Redeemable and perpetual preferred stocks rated by the NAIC as five or lower are reported at the lower of cost or fair value with changes in fair value reported as a change in surplus. Under GAAP, redeemable and perpetual preferred stocks are reported at fair value with changes in fair value presented as a component of other comprehensive income for redeemable preferred stocks and as a component of net income for perpetual preferred stocks;

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

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

13

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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

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

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

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

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

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

• Under SAP, when total consideration received on securities called before their maturity is greater than the par value of that security, the excess of consideration received over par value is reported as net investment income, while the excess of par value over book value is report as realized capital gains. Under GAAP reporting there is no such requirement to bifurcate total consideration between net investment income and realized capital gains/(losses). As such, the Company recognizes the excess of total consideration received over book value as part of realized capital gains/(losses) for GAAP reporting purposes.

14

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

Other 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 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

15

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

mortgage is assigned a spread corresponding to its risk profile. These spreads are adjusted for current market conditions. The discount rates used include internally generated illiquidity and default factors.

Cash, cash equivalents and short-term investments

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

Derivative instruments

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

Other invested assets

Other invested assets consist of limited partnerships, limited liability companies, residual equity interests, collateral loans, surplus notes and reverse mortgages. The carrying amounts for other invested assets other than collateral loans, surplus notes, residual equity interests and reverse mortgages, which are carried at amortized cost, represent the Company’s share of each entity’s underlying equity reported to the Company. There is a limited market for these other invested assets and the fair value is determined based on inputs received from the entities. Fair value of residual equity interests, surplus notes and collateral loans are obtained using the same techniques as investment securities. Fair value for reverse mortgages are obtained using the same techniques as mortgage loans.

Company owned life insurance

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

	2020		2019
Bonds	$	446,516	$	380,905
Mutual funds		32,566		—
Cash and short-term investments		236,418		372,298
Other invested assets		409,304		283,287
Total company owned life insurance	$	1,124,804	$	1,036,490

16

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

Investment-type insurance contracts

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

Repurchase agreements, FHLB advances and collateral on derivative instruments

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

Investments and Investment Income

Bonds

Bonds not backed by other loans, loan-backed bonds, collateralized mortgage obligations (“CMOs”) and other structured securities are carried at amortized cost using the interest method, except for those bonds with an NAIC designation of six or those securities which have an other-than-temporary impairment, which are reported at the lower of amortized cost or fair value.

For CMOs and mortgage-backed securities, the Company recognizes income using a constant effective yield based on anticipated prepayments and the estimated economic life of the securities. When actual prepayments differ from anticipated prepayments, the effective yield is recalculated to reflect actual payments to date and anticipated future payments. When actual prepayments differ from anticipated prepayments, the effective yield is recalculated prospectively to reflect actual payments to date and anticipated future payments for loan backed securities under SSAP 43R. When actual prepayments differ from anticipated prepayments for highly rated CMO’s and mortgage-backed securities, the effective yield is recalculated retrospectively to reflect actual payments to date and anticipated future payments under SSAP 26R. This adjustment is included in net investment income. Included in this category are approximately $95,792 and $169,790 of mortgage-backed securities that are all or partially collateralized by sub-prime mortgages at December 31, 2020 and 2019, respectively. A sub-prime mortgage is defined as a mortgage with one or more of the following attributes: weak credit score, high debt-to-income ratio, high loan-to-value ratio or undocumented income. At December 31, 2020 and 2019, 98% and 100% of the Company’s securities with sub-prime exposure are rated as investment grade, respectively.

Stocks

Preferred stocks are stated at cost except for those with an NAIC designation of four or lower which are stated at the lower of cost or fair value.

17

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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

Investment in common stocks of the affiliated insurance subsidiaries are valued at audited statutory capital and surplus. The audited statutory capital and surplus of MNL Re, Solberg Re and Canal Re has not been reduced for prescribed practices allowed by the State of Iowa for reinsurance transactions entered into by MNL Re, Solberg Re and Canal Re with the Company and North American. Refer to Note 8 for further discussion of the reinsurance transactions and prescribed practices for MNL Re, Solberg Re and Canal Re. Undistributed earnings or losses of the subsidiary and unrealized appreciation or depreciation on common stocks are reflected as unrealized capital gains and losses directly in unassigned surplus.

Mortgage loans

Mortgage loans consist principally of commercial mortgage loans and are carried at the adjusted unpaid balances. The Company’s lending policies allow for primarily first-lien mortgages that generally do not exceed 77% of the fair market value of the property allowing for sufficient excess collateral to absorb losses should the Company be required to foreclose and take possession of the collateral. The mortgage portfolio invests primarily in larger metropolitan areas across the U.S. and is diversified by type of property. Property and casualty insurance is required on all properties covered by mortgage loans at least equal to the excess of the loan over the maximum loan which would be permitted by law on the land without the buildings. Interest income on non-performing loans is generally recognized on a cash basis.

Policy loans

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

Cash, cash equivalents and short-term investments

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

Other invested assets

Other invested assets are comprised of limited partnerships, limited liability companies, residual equity interests, collateral loans, surplus notes and reverse mortgages. Limited partnerships and limited liability companies are valued in accordance with SSAP No. 48, Joint Ventures, Partnerships, and Limited Liability Companies and SSAP No. 97, Investments in Subsidiary, Controlled, and Affiliated Entities, a Replacement of SSAP No. 88 that allow the Company to carry these interests based on the underlying tax or GAAP audited equity of the investee. Residual equity interest, surplus notes and collateral loans are carried at amortized cost under SSAP No. 43R, SSAP No. 41R and SSAP No. 21R, respectively. The reverse mortgages are first liens on the related residential properties located primarily in California and Florida. These reverse mortgages are valued in accordance with SSAP No. 39, Reverse Mortgages that allow the Company to carry these securities at remaining principal balances. Income on reverse

18

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

mortgages is recognized using effective yield based on the contractual interest rate and anticipated repayment of the mortgage.

Other-than-temporary impairment losses

The Company reviews its investments to determine if declines in fair value are other-than-temporary. If the fair value of a fixed income security is less than its amortized cost basis or an equity security is less than its original cost basis at the balance sheet date, the Company must assess whether the impairment is other-than-temporary.

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

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

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

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

19

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

computed using the prospective method and is determined based on the current estimate of the amount and timing of future cash flows.

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

Investment income

Investment income is recorded when earned and includes interest and dividends received and accrued, amortization of purchased premium and accretion of discounts on securities, certain proceeds from derivatives and equity earnings from limited partnerships. Investment expenses are reported as a reduction in investment income.

Net realized investment gains (losses)

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

Net unrealized investment gains (losses)

Unrealized capital gains and losses on bonds, preferred stocks, common stocks, derivatives that do not qualify for hedge accounting and other invested assets are reported as a component of surplus net of related income taxes.

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

Derivatives and derivative instruments

Derivatives consist of options, futures, interest rate floors, interest rate swaps, and foreign currency forwards. Futures are reported at the cash balances held in counterparty variation margin accounts, which equals fair value. Options, interest rate floors, interest rate swaps and foreign currency forwards are reported at fair value, with the exception of call and put options which are carried in accordance with IAC191-97 as discussed in the prescribed practice footnote.

The Company uses derivative instruments to manage its fixed indexed and policy obligation interest guarantees and interest rate and credit risks applicable to its investments. To mitigate these risks, the Company enters into interest rate swaps, interest rate floors, futures contracts and equity indexed call and put options. To qualify for 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

20

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

Company has no derivatives that qualify as effective hedges. The Company also uses foreign currency forwards to protect itself against currency fluctuations between trade and settlement dates on foreign financial instruments.

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

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

Accrued investment income

Accrued investment income consists of amounts due on invested assets. It excludes amounts the Company does not expect to receive or is 90 days past due.

Future policy benefits and policy and contract claims

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

The liability for future policy benefits provides amounts adequate to discharge estimated future obligations on policies in force. Reserves for life policies issued through 2019 are computed principally by the Net Level Reserve Method and the Commissioners’ Reserve Valuation Method using interest rates ranging from 2.5% to 6.0% and mortality assumptions (primarily Commissioners’ Standard Ordinary mortality tables 1941, 1958, 1980, 2001, 2017) as prescribed by regulatory authorities. Starting in 2020, reserves for life policy issues are calculated as the greatest of the stochastic, deterministic and net premium reserve as defined in VM-20. The stochastic and deterministic reserves are principles based reserves using prudent estimate assumptions for interest, mortality and other assumptions. The net premium reserve is calculated using rates of interest from 3.50% to 4.25% and 2017 Commissioners Standard Ordinary mortality.

The NAIC adopted revisions to Actuarial Guideline XXXVIII (“AG38”), effective December 31, 2012. AG38 8D applies to policies issued July 1, 2005 to December 31, 2012 containing secondary guarantees with multiple sets of charges. AG38 8D requires that for this business a company needs to calculate the reserve as it had as of December 31, 2011 (“2011 method”), as well as calculate the deterministic reserve as prescribed under the Valuation Manual (“VM method”) adopted by the NAIC on August 17, 2012, with prescribed changes to have projected asset yields and discount rates, and hold the greater of the two. The Company has calculated its gross and net of reinsurance reserves under both methods described above and holds the greater of the two reserves calculated on both a gross and net basis. The 2020 impact of performing the VM method calculations resulted in a gross reserve increase of $575,587 and a net reserve increase of $331,650 over what would have been calculated if only using the 2011 method. The

21

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

2019 impact of performing the VM method calculations resulted in a gross reserve increase of $309,524 and a net reserve increase of $63,182 over what would have been calculated if only using the 2011 method.

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

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

Reinsurance

For annuity coinsurance and life insurance mortality reinsurance arrangements, reinsurance premiums, claims and claim adjustment expenses are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. The Company remains contingently liable for the liabilities ceded in the event the reinsurers are unable to meet their obligations under the reinsurance agreements. To limit the possibility of such losses, the Company evaluates the financial condition of its reinsurers and monitors its concentration of credit risk. The Company generally reinsures with companies rated “A” or better by A.M. Best. The Company monitors these ratings on an on-going basis as a reinsurer may be downgraded after an agreement has been entered.

The Company has coinsurance agreements with MNL Re, Solberg Re and Canal Re. Reinsurance premiums, claims and expenses and reserves under those agreements are accounted for in accordance with the terms of the reinsurance contracts.

Premiums and related costs

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

Repurchase agreements

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

A majority of the Company’s repurchase agreement arrangements are for contractual terms of greater than one year. As a result, the par value and fair value of the securities sold under agreement to repurchase can change during the term of the repurchase agreement due to amortization, pay downs and changes in fair values. In situations where the underlying collateral subject to repurchase has a fair value greater or less than the contractual requirements under the repurchase agreement, the Company or counterparties are

22

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

required to post additional collateral. Generally, the amount advanced by the counterparty cannot be less than 95% of the fair value of the underlying collateral sold under the agreement to repurchase.

Income taxes

Under SSAP No. 101, income taxes incurred are charged or credited to net income based upon amounts estimated to be payable or recoverable for the current year. The Company recognizes deferred income tax assets and liabilities for the expected future tax effects attributable to temporary differences between financial statement and tax return bases of assets and liabilities, based on enacted rates and other provisions of the tax laws. All changes in deferred tax assets and liabilities are reported directly in surplus, including the effect of a change in tax laws or rates in the period in which such change is enacted. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that all or some portion of the deferred tax assets will not be realized. The Company files a consolidated federal income tax return with its subsidiaries, MNL Re, Solberg Re and Canal Re.

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

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

Variable life and annuity products

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

Bank owned life insurance products

Another portion of the separate accounts held by the Company relates to individual bank owned life insurance policies that are non-indexed with fixed guarantees. These amounts are subject to limited discretionary withdrawal at book value without a market value adjustment. The assets in this separate account are carried at book value in accordance with the prescribed practice promulgated by the State of Iowa. The Company assumes the underlying risk for the performance of the assets in this separate account. The Company reflects these assets and liabilities in the separate account assets and liabilities lines in the statements of admitted assets, liabilities and capital and surplus.

23

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

Accounting changes and correction of prior period errors

During 2019, the Company recorded a correction of error related to a block of interest only bonds. The amortization of the book value of these securities had been calculated incorrectly resulting in a cumulative overstatement of book value and overstatement of investment income related to amortization, which was corrected during 2019. The statements of changes in capital and surplus contains an adjustment of negative $21,994 in 2019 to correct this error.

24

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

2. FAIR VALUE OF FINANCIAL INSTRUMENTS

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

	December 31, 2020
Type of Financial Instrument	Estimated Fair Value		Carrying Value		(Level 1)		(Level 2)		(Level 3)		Not Practicable (Carrying Value)
Financial assets:
Bonds	$	53,763,661	$	48,452,287	$	—	$	48,422,711	$	5,340,950	$	—
Preferred stocks		831,674		771,536		—		831,209		465		—
Common stocks		433,602		433,602		287,409		135,273		10,920		—
Mortgage loans		4,540,386		4,403,274		—		4,540,386		—		—
Policy loans		404,383		404,383		—		404,383		—		—
Cash, cash equivalents and short-term investments		1,448,042		1,448,036		923,238		524,804		—		—
Derivative instruments		1,603,398		459,488		40,466		1,562,932		—		—
Other invested assets		1,420,580		1,266,969		—		906,090		514,490		28,079
Separate accounts		6,174,350		5,779,605		2,839,353		3,127,820		207,177		—
Financial liabilities:
Liabilities for deposit-type contracts	$	353,341	$	344,604	$	—	$	—	$	353,341	$	—
Repurchase agreements, FHLB advances and collateral on derivative instruments		7,614,421		7,548,006		295,682		7,318,739		—		—
Derivative instruments		849,035		176,402		—		849,035		—		—

25

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

	December 31, 2019
Type of Financial Instrument	Estimated Fair Value		Carrying Value		(Level 1)		(Level 2)		(Level 3)		Not Practicable (Carrying Value)
Financial assets:
Bonds	$	47,550,841	$	44,434,060	$	—	$	42,793,468	$	4,757,373	$	—
Preferred stocks		287,527		261,244		—		247,892		39,635		—
Common stocks		266,377		266,377		149,344		105,246		11,787		—
Mortgage loans		4,659,340		4,538,436		—		4,659,340		—		—
Policy loans		395,058		395,058		—		395,058		—		—
Cash, cash equivalents and short-term investments		494,409		494,409		361,888		132,521		—		—
Derivative instruments		1,100,687		321,814		11,476		1,089,211		—		—
Other invested assets		1,155,654		1,011,464		—		609,603		546,051		33,552
Separate accounts		5,558,510		5,316,107		2,415,392		2,975,999		167,119		—
Financial liabilities:
Liabilities for deposit-type contracts	$	560,192	$	548,418	$	—	$	—	$	560,192	$	—
Repurchase agreements, FHLB advances and collateral on derivative instruments		6,507,033		6,488,170		302,669		6,204,364		—		—
Derivative instruments		422,829		87,482		—		422,829		—		—

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

Fair value measurements

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

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

26

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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

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

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

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

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

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

The Company relies on third party pricing services and independent broker quotes to value bonds and equity securities. The third party pricing services use discounted cash flow models or the market approach to value the securities when the securities are not traded on an exchange. The following

27

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

characteristics are considered in the valuation process: benchmark yields, reported trades, issuer spreads, bids, offers, benchmark and comparable securities, estimated cash flows and prepayment speeds.

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

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

	December 31, 2020
	Level 1		Level 2		Level 3		Net Asset Value		Total
Financial assets (carried at fair value):
Bonds - industrial & miscellaneous	$	—	$	10,609	$	7,430	$	—	$	18,039
Common stocks - other		287,409		135,273		10,920		—		433,602
Derivative instruments - interest rate floors		—		7,670		—		—	$	7,670
Derivative instruments - foreign exchange forwards		—		2		—		—		2
Derivative instruments - futures		40,466		—		—		—		40,466
Separate account assets (a)		2,765,174		—		—		—		2,765,174
Financial liabilities (carried at fair value):
Derivative instruments - foreign exchange forwards	$	—	$	1,754	$	—	$	—	$	1,754
	December 31, 2019
	Level 1		Level 2		Level 3		Net Asset Value		Total
Financial assets (carried at fair value):
Bonds - industrial & miscellaneous	$	—	$	1,464	$	—	$	—	$	1,464
Common stocks - other		149,344		105,246		11,787		—		266,377
Derivative instruments - interest rate floors and swaps		—		5,563		—		—		5,563
Derivative instruments - foreign exchange forwards		—		17		—		—		17
Derivative instruments - futures		11,476		—		—		—		11,476
Separate account assets (a)		2,381,598		—		—		—		2,381,598
Financial liabilities (carried at fair value):
Derivative instruments - foreign exchange forwards	$	—	$	159	$	—	$	—	$	159

^(a) Fair values and changes in fair values of separate account assets generally accrue directly to policyholders and are not included in the Company’s revenues, benefits, expenses or surplus. The amounts shown in

28

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

the previous tables include only the assets for the variable life insurance and variable annuity separate accounts; the amounts exclude the assets for the bank owned life insurance separate accounts.

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

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

	December 31, 2020
	Beginning Balance		Transfers into Level 3		Transfers out of Level 3		Total gains and (losses) included in Net Income		Total gains and (losses) in Surplus		Purchases		Sales		Ending Balance
Financial assets (carried at fair value):
Bonds - industrial & miscellaneous	$	—	$	7,430	$	—	$	—	$	—	$	—	$	—	$	7,430
Common stocks - other		11,787		—		—		—		(953)		163		(77)		10,920
Total assets	$	11,787	$	7,430	$	—	$	—	$	(953)	$	163	$	(77)	$	18,350
	December 31, 2019
	Beginning Balance		Transfers into Level 3		Transfers out of Level 3		Total gains and (losses) included in Net Income		Total gains and (losses) in Surplus		Purchases		Sales		Ending Balance
Financial assets (carried at fair value):
Common stocks - other	$	7,906	$	—	$	—	$	—	$	(899)	$	4,780	$	—	$	11,787
Total assets	$	7,906	$	—	$	—	$	—	$	(899)	$	4,780	$	—	$	11,787

29

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

3. INVESTMENTS AND INVESTMENT INCOME

Bond and stock investments

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

	December 31, 2020
	Admitted Value		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Bonds
U.S. governments	$	2,857,238	$	438,404	$	1,243	$	3,294,399
All other governments		356,028		23,382		1,130		378,280
U.S. special revenue & special assessment obligations, non-guaranteed		12,770,970		2,101,652		1,498		14,871,124
Industrial and miscellaneous		30,616,769		2,923,759		185,289		33,355,239
Bank loans		1,232,890		21,697		8,818		1,245,769
Parent, subsidiaries and affiliates		618,392		12,368		11,910		618,850
Total bonds	$	48,452,287	$	5,521,262	$	209,888	$	53,763,661
Preferred stocks	$	771,536	$	60,144	$	6	$	831,674
	December 31, 2019
	Admitted Value		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Bonds
U.S. governments	$	3,897,795	$	320,357	$	3,042	$	4,215,110
All other governments		118,217		12,119		—		130,336
U.S. special revenue & special assessment obligations, non-guaranteed		12,666,754		1,330,300		10,235		13,986,819
Industrial and miscellaneous		26,641,842		1,557,875		92,710		28,107,007
Bank loans		437,285		2,822		2,115		437,992
Parent, subsidiaries and affiliates		672,167		11,516		10,106		673,577
Total bonds	$	44,434,060	$	3,234,989	$	118,208	$	47,550,841
Preferred stocks	$	261,244	$	27,925	$	1,642	$	287,527

30

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

The cost and admitted value of common stocks - subsidiaries and common stocks - other are as follows:

	December 31, 2020
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Admitted Value
Subsidiaries	$	71,422	$	208,106	$	—	$	279,528
Other		409,489		28,443		4,330		433,602
Total	$	480,911	$	236,549	$	4,330	$	713,130
	December 31, 2019
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Admitted Value
Subsidiaries	$	57,422	$	290,737	$	—	$	348,159
Other		267,099		2,007		2,729		266,377
Total	$	324,521	$	292,744	$	2,729	$	614,536

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

	2020
	Admitted Value		Estimated Fair Value
Due in one year or less	$	727,317	$	733,984
Due after one year through five years		4,804,693		5,251,829
Due after five years through ten years		6,321,205		7,204,541
Due after ten years		18,302,170		20,914,961
Securities not due at a single maturity date (primarily mortgage-backed securities)		18,296,902		19,658,346
Total bonds	$	48,452,287	$	53,763,661

31

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

Gross unrealized losses

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

	December 31, 2020
	Less than 12 Months				12 Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Bonds
U.S. governments	$	296,626	$	1,243	$	—	$	—	$	296,626	$	1,243
All other governments		127,302		1,130		—		—		127,302		1,130
U.S. special revenue & special assessment obligations, non-guaranteed		93,664		1,252		18,798		246		112,462		1,498
Industrial and miscellaneous		2,595,001		111,608		3,083,063		73,683		5,678,064		185,291
Bank loans		87,699		7,555		68,708		1,263		156,407		8,818
Parent, subsidiaries and affiliates		29,364		2,537		93,411		9,373		122,775		11,910
Total bonds		3,229,656		125,325		3,263,980		84,565		6,493,636		209,890
Preferred stocks		22		6		—		—		22		6
Total bonds and preferred stocks	$	3,229,678	$	125,331	$	3,263,980	$	84,565	$	6,493,658	$	209,896
	December 31, 2019
	Less than 12 Months				12 Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Bonds
U.S. government	$	138,671	$	2,834	$	53,802	$	208	$	192,473	$	3,042
U.S. special revenue & special assessment obligations, non-guaranteed		638,598		7,917		181,248		2,318		819,846		10,235
Industrial and miscellaneous		1,606,354		11,765		3,444,911		80,945		5,051,265		92,710
Bank loans		61,938		316		61,723		1,799		123,661		2,115
Parent, subsidiaries and affiliates		28,623		1,377		146,720		8,729		175,343		10,106
Total bonds		2,474,184		24,209		3,888,404		93,999		6,362,588		118,208
Preferred stocks		—		—		17,521		1,642		17,521		1,642
Total bonds and preferred stocks	$	2,474,184	$	24,209	$	3,905,925	$	95,641	$	6,380,109	$	119,850

32

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

At December 31, 2020, the Company held 12,531 positions in bonds and preferred stocks. The table above includes 696 securities of 523 issuers as of December 31, 2020. As of December 31, 2020, 93% of the unrealized losses on bonds were securities rated investment grade. Investment grade securities are defined as those securities rated 1 or 2 by the SVO. Preferred stocks in the above table consist primarily of non-redeemable preferred stocks. At December 31, 2020, bonds and preferred stocks in an unrealized loss position had fair value equal to 97% of amortized cost.

The following summarizes the unrealized losses by investment category as of December 31, 2020.

U.S. government

The unrealized losses on U.S. government securities represent 1% of total unrealized losses at December 31, 2020. The total unrealized losses in this category have decreased at December 31, 2020 compared to December 31, 2019. The unrealized losses are applicable to securities with yields lower than the market yield available on similar securities at December 31, 2020. The previous table indicates 100% of the unrealized losses have been in an unrealized loss position for twelve months or less. The Company does not intend to sell and has the intent and ability to retain the investment until recovery of each security’s amortized cost; therefore, the securities in these categories are not considered to be other-than-temporarily impaired at December 31, 2020.

All other governments

The unrealized losses on all other governments represent 1% of total unrealized losses at December 31, 2020. The Company did not own any other government securities prior to 2020. The unrealized losses are applicable to securities with yields lower than the market yield available on similar securities at December 31, 2020. The previous table indicates 100% of the unrealized losses have been in an unrealized loss position for twelve months or less. The Company does not intend to sell and has the intent and ability to retain the investment until recovery of each security’s amortized cost; therefore, the securities in these categories are not considered to be other-than-temporarily impaired at December 31, 2020.

U.S. special revenue and special assessment obligations, non-guaranteed

The unrealized losses on U.S. special revenue and special assessment obligations, non-guaranteed, represent 1% of total unrealized losses at December 31, 2020. The total unrealized losses in this category have decreased at December 31, 2020 compared to December 31, 2019. The unrealized losses are applicable to securities with yields higher than the market yield available on similar securities at December 31, 2020. The table indicates 84% of the unrealized losses have been in an unrealized loss position for twelve months or less. Yields decreased during 2020 causing increases in the fair values of investments of this category compared to 2019. The Company does not intend to sell and has the intent and ability to retain the investment until recovery of each security’s amortized cost; therefore, the securities in these categories are not considered to be other-than-temporarily impaired at December 31, 2020.

33

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

Industrial and miscellaneous

The unrealized losses on industrial and miscellaneous, represent 88% of unrealized losses at December 31, 2020 and are primarily in corporate bonds, private asset backed securities and collateralized debt obligations backed by various assets. The unrealized losses in this category have increased at December 31, 2020 compared to December 31, 2019. The table indicates 60% of the unrealized losses have been in an unrealized loss position for twelve months or less. The increase in unrealized losses is largely attributable to high yield credit spreads widening during 2020. The Company reviews its security positions with unrealized losses on an on-going basis and recognizes OTTI if evidence indicates a loss will be incurred. In all other cases, if the Company does not intend to sell these securities prior to recovery and has the intent and ability to retain the investment until recovery of each security’s amortized cost, the security is not considered to be other-than-temporarily impaired.

Bank loans

The unrealized losses on bank loans, represent 4% of unrealized losses at December 31, 2020. The unrealized losses in this category have increased at December 31, 2020 compared to December 31, 2019. The increase in unrealized losses is largely attributable to high yield credit spreads widening during 2020. The table indicates 86% of the unrealized losses have been in an unrealized loss position for less than twelve months. The Company does not intend to sell and has the intent and ability to retain the investment until recovery of each security’s amortized cost; therefore, the securities in these categories are not considered to be other-than-temporarily impaired at December 31, 2020.

Parent, subsidiaries and affiliates

The unrealized losses on parent, subsidiaries and affiliates, represent 5% of unrealized losses at December 31, 2020. The unrealized losses in this category have increased at December 31, 2020 compared to December 31, 2019. The table indicates 21% of the unrealized losses have been in an unrealized loss position for less than twelve months. The Company does not intend to sell and has the intent and ability to retain the investment until recovery of each security’s amortized cost; therefore, the securities in these categories are not considered to be other-than-temporarily impaired at December 31, 2020.

Preferred stocks

This category, which represents less than 1% of unrealized losses at December 31, 2020, consists of perpetual and redeemable preferred stocks in the industrial and miscellaneous sector, primarily financial institutions. The unrealized losses in this category have decreased at December 31, 2020 compared to December 31, 2019. The table indicates 100% of the unrealized losses have been in an unrealized loss position for less than twelve months. The Company reviews its security positions with unrealized losses on an on-going basis and recognizes OTTI if evidence indicates a loss will be incurred. In all other cases, if the Company does not intend to sell these stocks prior to recovery and has the intent and ability to retain the investment until recovery of each stocks amortized cost, the security is not considered to be other-than- temporarily impaired.

34

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

Other-than-temporary impairments

As a result of the Company’s review of OTTI of investment securities, OTTI recognized on loan-backed and structured securities is summarized in the following table:

CUSIP	Book/Adjusted Carrying Value Amortized Cost Before Current Period OTTI		Recognized Other- Than- Temporary Impairment		Amortized Cost After Other-Than- Temporary Impairment		Fair Value at time of OTTI		Date of Financial Statement Where Reported
89989FAB0	$	1,495	$	660	$	835	$	835		6/30/2020
BGH3K2V74		9,048		3,648		5,400		5,400		9/30/2020
BGH4HBXH2		3,301		809		2,492		2,492		9/30/2020
00037UAC4		7,056		4,190		2,866		2,866		9/30/2020
89473MAD4		17,484		3,099		14,385		14,385		9/30/2020
001406AA5		22,332		6,233		16,099		17,630		12/31/2020
04301YAA1		36,631		21,561		15,070		16,675		12/31/2020
82323MAA7		37,028		19,316		17,712		19,359		12/31/2020
87404LAA0		59,421		6,233		53,187		57,168		12/31/2020
89989FAA2		50,166		9,697		40,470		40,979		12/31/2020
05580HAE9		1,328		646		682		682		12/31/2020
67105VAQ7		1,004		995		9		50		12/31/2020
			$	77,086

Net investment income and net realized capital gains (losses)

The major categories of net investment income reflected in the statements of operations are summarized as follows:

	2020		2019		2018
Bonds	$	2,058,710	$	2,080,762	$	2,090,330
Preferred stocks		25,166		13,650		16,168
Common stocks - other		11,850		7,813		6,126
Mortgage loans		204,361		215,349		208,887
Real estate		2,607		1,992		2,737
Policy loans		22,860		22,797		23,371
Cash, cash equivalents and short-term investments		5,046		15,115		11,415
Derivative instruments		100,840		170,565		46,616
Other invested assets		127,347		118,396		120,039
Other investment income		1,152		2,105		4,913
Total gross investment income		2,559,939		2,648,544		2,530,602
Less: Investment expenses		239,727		294,837		277,722
Net investment income	$	2,320,212	$	2,353,707	$	2,252,880

35

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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 $16,408, $30,680, and $20,788 of net investment income for the years ended December 31, 2020, 2019, and 2018, respectively related to prepayment penalties or acceleration fees on bonds in the general account that were called. The total number of called bonds in the general account were 58, 42, and 51 for the years ended December 31, 2020, 2019, and 2018, respectively.

The Company recognized $523, $806, and $815 of net investment income for the years ended December 31, 2020, 2019, and 2018, respectively related to prepayment penalties or acceleration fees on bonds in the separate account that were called. The total number of called bonds in the separate account were 7, 10, and 16 for the years ended December 31, 2020, 2019, and 2018, respectively.

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

	2020		2019		2018
Bonds	$	(59,149)	$	(41)	$	(255,994)
Preferred stocks		13,775		875		2,009
Common stocks - subsidiaries		—		—		(70,826)
Common stocks - other		(40)		(95)		1,741
Mortgage loans		(57,455)		—		—
Real Estate		63		(5,922)		(7,004)
Short-term investments		3		—		—
Derivative instruments		(1,382)		(812)		(43,511)
Other invested assets		(46,265)		(6,573)		401
Realized capital losses		(150,450)		(12,568)		(373,184)
Income tax effects		(7,780)		(7,214)		56,963
Amounts transferred to IMR (net of federal income taxes of $9,193, $4,122 and $(62,002))		(34,584)		(15,507)		233,244
Net realized capital losses	$	(192,814)	$	(35,289)	$	(82,977)

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

	2020		2019		2018
Proceeds from sales	$	4,076,564	$	1,377,110	$	7,829,963
Gross realized gains		76,899		20,678		38,002
Gross realized losses		(95,042)		(18,358)		(332,565)

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

36

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

Mortgage loans

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

	2020				2019
	Carrying Value		% of Total		Carrying Value		% of Total
Office	$	1,733,208		40%	$	1,899,670		43%
Retail		941,150		21%		921,727		20%
Hotel		610,441		14%		607,454		13%
Multi-family		523,106		12%		567,151		12%
Other		272,365		6%		167,845		4%
Industrial		259,261		6%		290,673		6%
Medical		59,936		1%		75,112		2%
Residential		10,000		0%		10,000		0%
Total	$	4,409,467		100%	$	4,539,632		100%

Mortgage loans by United States geographic locations are as follows:

	2020				2019
	Carrying Value		% of Total		Carrying Value		% of Total
Pacific	$	1,318,536		31%	$	1,182,441		26%
South Atlantic		1,298,280		29%		1,355,706		30%
Middle Atlantic		705,709		16%		823,340		18%
Mountain		309,142		7%		338,985		7%
East North Central		271,257		6%		342,792		8%
New England		225,913		5%		229,114		5%
West South Central		151,767		3%		181,445		4%
West North Central		70,802		2%		71,536		2%
East South Central		58,061		1%		14,273		0%
	$	4,409,467		100%	$	4,539,632		100%

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

	Carrying Value		% of Total
2020	$	197,854		4%
2019		599,514		14%
2018		707,818		16%
2017		284,906		6%
2016 and prior		2,619,375		60%
	$	4,409,467		100%

37

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

The Company has no outstanding commitments on mortgage loans at December 31, 2020.

Any loan delinquent on contractual payments over 90 days past due is considered non-performing. At December 31, 2020 and 2019, there were no non-performing commercial mortgage loans that were over 90 days past due on contractual payments.

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

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

	December 31, 2020				December 31, 2019
	Carrying Value		% of Total		Carrying Value		% of Total
Internal credit risk grade:
High quality	$	2,849,152		65%		3,550,369		78%
Medium quality		526,561		12%		526,125		12%
Low quality		1,023,754		23%		453,138		10%
Residential - unrated		10,000		0%		10,000		0%
Total mortgage loans	$	4,409,467		100%	$	4,539,632		100%

The Company acquired 14 new commercial mortgage loans in 2020 with interest rates ranging from 2.65 to 4.85%.

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

	December 31, 2020				December 31, 2019
	Carrying Value		% of Total		Carrying Value		% of Total
Less than 50%	$	358,963		8%	$	250,318		6%
50% to 60%		2,025,036		46%		2,081,040		46%
61% to 70%		1,847,531		42%		2,055,030		45%
71% to 80%		177,937		4%		153,244		3%
81% to 90%		—		0%		—		0%
91% to 100%		—		0%		—		0%
Total mortgage loans	$	4,409,467		100%	$	4,539,632		100%

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

38

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

The Company reviews its mortgage loans for impairment on an on-going basis. It considers such factors as delinquency of payments, decreases in the value of underlying properties, the financial condition of the mortgagor and the impact of general economic conditions in the geographic areas of the properties collateralizing the mortgages. Once the determination is made that a mortgage loan is impaired, the primary consideration used to determine the amount of the impairment is the fair market value of the underlying property. The Company assumes it would receive the proceeds from the sale of the underlying property less sale expenses. The Company maintains a general allowance for mortgage loan losses. The allowance is determined through an analysis of specific loans that are believed to have a higher risk of credit impairment. The Company held an allowance of $6,193 and $1,196 at December 31, 2020 and 2019, respectively.

Three mortgage loans were impaired during the year ended December 31, 2020, via direct write down of the carrying amount of the loans in the amount of $47,012. The impairment was recognized in Net realized capital losses in the statements of operations. The recorded investment and unpaid principal balance of the impaired mortgage loans are $59,719 and $106,731, respectively, as of December 31, 2020. The average recorded investment in impaired loans was $83,749 and $0 for the years ended December 31, 2020 and 2019, respectively. No mortgage loans were impaired during the year ended December 31, 2019.

The Company did not restructure or take ownership of real estate in satisfaction of any mortgage loans during 2020 and 2019. Real estate acquired through foreclosure is a component of real estate in the statement of admitted assets, liabilities, and capital and surplus.

Credit risk concentration

The Company generally strives to maintain a diversified invested assets portfolio. Other than investments in U.S. governments and U.S. special revenue bonds, the Company had no investments that exceeded 10% of the Company’s capital and surplus at December 31, 2020.

Restricted assets

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

	December 31, 2020
Restricted Asset Category	Total Admitted Restricted		Gross Restricted to Total Assets		Admitted Restricted to Total Admitted Assets
Subject to repurchase agreements	$	3,983,845		6%		6%
FHLB capital stock		132,912		0%		0%
On deposit with states		3,207		0%		0%
Pledged as collateral to FHLB		3,072,795		5%		5%
Pledged as collateral not captured in other categories		60,500		0%		0%
Total restricted assets	$	7,253,259		11%		11%

39

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

	December 31, 2019
Restricted Asset Category	Total Admitted Restricted		Gross Restricted to Total Assets		Admitted Restricted to Total Admitted Assets
Subject to repurchase agreements	$	3,969,921		7%		7%
FHLB capital stock		100,912		0%		0%
On deposit with states		3,212		0%		0%
Pledged as collateral to FHLB		2,272,795		4%		4%
Pledged as collateral not captured in other categories		60,893		0%		0%
Total restricted assets	$	6,407,733		11%		11%

Other

FHLB

The Company is a member of FHLB of Des Moines. In order to maintain its membership and borrow funds, the Company is required to purchase FHLB equity securities. As of December 31, 2020 and 2019, the Company owns common stock totaling $132,912 and $100,912, respectively, which is carried at cost. Resale of these securities is restricted only to FHLB. As a member of FHLB, the Company can borrow money provided that FHLB’s collateral and stock ownership requirements are met. The maximum amount a member can borrow is equal to thirty percent of the Company’s asset balance as of the prior quarter end subject to availability of acceptable collateral. The interest rate and repayment terms differ depending on the type of advance and the term selected. At December 31, 2020 and 2019, the Company had outstanding advances of $3,072,795 and $2,272,795, respectively, from FHLB (see Note 7).

Deposits with regulatory authorities

At December 31, 2020 and 2019, securities (primarily bonds) with admitted carrying values of $3,207 and $3,212 respectively, were on deposit with regulatory authorities as required by law.

40

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

4. DERIVATIVES AND DERIVATIVE INSTRUMENTS

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

	December 31, 2020
	Notional Amount		Amortized Cost		Estimated Fair Value		Carrying Value
Assets:
Derivative instruments:
Call options	$	18,411,245	$	411,350	$	1,555,260	$	411,350
Futures		899,525		—		40,466		40,466
Interest rate floors		113,000		716		7,670		7,670
Foreign exchange forwards		482		—		2		2
			$	412,066	$	1,603,398	$	459,488
Liabilities:
Derivative instruments:
Foreign exchange forwards	$	49,346	$	—	$	1,754	$	1,754
Written options		6,119,887		174,648		847,281		174,648
			$	174,648	$	849,035	$	176,402

	December 31, 2019
	Notional Amount		Amortized Cost		Estimated Fair Value		Carrying Value
Assets:
Derivative instruments:
Call options	$	17,286,953	$	304,759	$	1,083,632	$	304,759
Futures		1,138,155		—		11,476		11,476
Interest rate floors		113,000		981		5,200		5,200
Foreign exchange forwards		4,772		—		17		17
Interest rate swaps		80,900		—		362		362
			$	305,740	$	1,100,687	$	321,814
Liabilities:
Derivative instruments:
Foreign exchange forwards	$	30,300	$	—	$	159	$	159
Written options		5,836,983		87,323		422,670		87,323
			$	87,323	$	422,829	$	87,482

41

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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

	2020			2019			2018
Gain (loss) recognized in net investment income
Options	$	65,988		$	7,106		$	81,266
Futures		32,028			163,155			(35,550	)
Interest rate swaps		726			(83	)		195
Interest rate floors		2,098			387			705
	$	100,840		$	170,565		$	46,616
Gain (loss) recognized in net unrealized gains (losses):
Interest rate swaps	$	(362	)	$	769		$	(956	)
Interest rate floors		2,735			2,185			(2,278	)
Interest rate caps		—			—			47,092
Foreign exchange derivatives		(1,610	)		209			380
	$	763		$	3,163		$	44,238

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

Options and futures

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

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.

42

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

The hedged life liabilities are reported in the statutory statements of admitted assets, liabilities and capital and surplus as a component of liabilities for future policy benefits equal to the implied fair value appreciation of the index options until the policy anniversary date. At the anniversary date, the annuity and life policyholder account values are revalued with amounts credited to the policyholders recognized as a component of increase in aggregate reserves.

The adoption of IAC 191-97 has resulted in a timing variance between the emergence of income on futures and the emergence of the reserve increase associated with the hedged liabilities. The futures earnings are realized daily as they are earned, but the impact to the reserve of market appreciation does not occur until the policy anniversary. To mitigate this variance, to the extent the variance accelerates earnings, the Company has set up a voluntary statutory reserve. The amount of this reserve was $126,888 and $102,234 at December 31, 2020 and 2019, respectively, and is reported as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities and capital and surplus. The voluntary reserve is not reported at a value below zero. Futures losses are recognized as incurred as a reduction in investment income.

Other derivative instruments

The Company has entered into interest rate floor and interest rate swap agreements to help manage its overall exposure to interest rate changes and credit events. These other derivative instruments do not hedge specific assets or liabilities and as such are not accounted for under hedge accounting. In accordance with SSAP 86, these swaps and floors are reported at fair value in the statements of admitted assets, liabilities and capital and surplus and changes in the fair value are reported as a change in unassigned surplus. The Company recognized income (expense) on interest rate swaps through investment income. This income is received or paid on reset/settlement date and is accrued until the next reset date.

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

The following relates to interest rate swaps and interest rate floors. The interest rates are measured against 3-month LIBOR:

	2020	2019
Interest rate swaps:
Fixed rates	—	2.14% to 2.62%
Variable rates	—	1.91% to 1.95%
Interest rate floors, strike rates	3.00%	3.00%

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

43

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

cash collateral and the amount that the Company was permitted to repledge were $295,681 and $302,379 at December 31, 2020 and 2019, respectively. The obligation to repay the collateral is reflected in repurchase agreements, FHLB advances and collateral on derivatives in the statements of admitted assets, liabilities and capital and surplus.

The Company generally limits its selection of counterparties that are obligated under its non-exchange traded derivative contracts to those with investment grade ratings. As of December 31, 2020, no counterparty had more than 3% exposure to the fair value of the Company’s derivative contracts. Entering into such agreements from financial institutions with long-standing performance records minimizes the credit risk. The amounts of such exposure are essentially the net replacement cost or fair value for such agreements with each counterparty, as well as any interest due the Company from the last interest payment period less any collateral posted by the financial institution.

5. OFFSETTING OF ASSETS AND LIABILITIES

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

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

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

	December 31, 2020
	Gross Amounts Presented in the Balance Sheet		Collateral- Financial Instruments and/or Cash		Net Amount
Offsetting of financial assets:
Derivatives	$	459,488	$	295,681	$	163,807
Total financial assets	$	459,488	$	295,681	$	163,807
Offsetting of financial liabilities:
Derivatives	$	176,402	$	—	$	176,402
Repurchase agreements		4,179,530		4,179,530		—
Total financial liabilities	$	4,355,932	$	4,179,530	$	176,402

44

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

	December 31, 2019
	Gross Amounts Presented in the Balance Sheet		Collateral- Financial Instruments and/or Cash		Net Amount
Offsetting of financial assets:
Derivatives	$	321,814	$	302,379	$	19,435
Total financial assets	$	321,814	$	302,379	$	19,435
Offsetting of financial liabilities:
Derivatives	$	87,482	$	—	$	87,482
Repurchase agreements		3,912,706		3,912,706		—
Total financial liabilities	$	4,000,188	$	3,912,706	$	87,482

6. REAL ESTATE AND EQUIPMENT

The Company purchases and capitalizes various classes of assets in the regular course of its insurance operations. These assets are amortized using the straight-line and accelerated declining balance methodologies over a specified period of years that varies with the class of asset that ranges from 3 years to 39 years. The depreciation expense recorded in 2020, 2019 and 2018 was $26,478, $27,200 and $28,789, respectively. Following is a summary of the capitalized assets (including the Company’s office buildings and real estate acquired in satisfaction of mortgage loans) and the related accumulated depreciation for the major classes of assets:

	Range of Useful Lives	2020			2019
Land	N/A	$	10,936		$	10,936
Land improvements	15 years		1,057			835
Buildings and improvements	39 years		95,694			32,967
Leasehold improvements	Remaining Life of Lease		3,466			3,454
Furniture and fixtures	7 years		9,054			8,710
Computer equipment and software	3 years		228,492			218,360
Other	5 years		38			38
			348,737			275,300
Accumulated depreciation			(209,810	)		(184,400	)
Nonadmitted			(33,079	)		(47,382	)
Net admitted value		$	105,848		$	43,518

45

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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

	2020		2019
Real Estate	$	100,995	$	38,774
Other admitted assets		4,853		4,744

At December 31, 2020 and 2019, real estate consists of $100,995 and $38,774, respectively, for the Company’s offices.

The Company recorded impairment losses net of reinsurance of $6,000 in 2019 related to a commercial property foreclosed on in 2016. The property was sold during 2019 for a gain of $78. An additional gain of $63 was recorded for this property due to a residual amount received in 2020.

7. FHLB ADVANCES

The Company is a member of FHLB of Des Moines. In accordance with the FHLB membership agreement, the Company can be required to purchase FHLB common stock in order to borrow funds. These borrowings are reported as FHLB advances in the statements of admitted assets, liabilities and capital and surplus. The Company purchased $32,000 and $0 of additional common stock in 2020 and 2019, respectively. The Company did not sell any common stock in 2020 or 2019. In addition, the Company has posted mortgage loans and agency MBS/CMO fixed income securities with fair values in excess of the amount of the borrowings as collateral.

The amount of FHLB stock held is as follows:

	2020		2019
Membership stock - class A	$	10,000	$	10,000
Activity stock		122,912		90,912
Total	$	132,912	$	100,912

The Class A Membership Stock is not eligible for redemption.

46

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

At December 31, 2020 and 2019, the Company had outstanding advances of $3,072,795 and $2,272,795, respectively. It is not part of the Company’s strategy to utilize these funds for operations, and any funds obtained from the FHLB of Des Moines for use in general operations would be accounted for consistent with SSAP No. 15 as borrowed money. The purpose of the advances is to complement the Company’s repurchase agreement program. The advances are reported as a component of repurchase agreements, FHLB advances and collateral on derivatives in the statements of admitted assets, liabilities and capital and surplus. The borrowings outstanding at December 31, 2020 is as follows:

Maturity Date	Advance		Rate
1/11/2021	$	75,000	2.38%
3/31/2021		57,000	2.03%
11/22/2021		150,000	2.03%
11/23/2021		149,000	2.16%
11/23/2021		8,800	3.14%
12/20/2021		195,000	2.42%
12/20/2021		65,000	2.02%
2/11/2022		88,960	2.84%
3/16/2022		400,000	1.05%
3/18/2022		200,000	2.70%
5/2/2022		90,000	2.63%
6/27/2022		155,455	2.55%
9/9/2022		203,125	3.03%
1/10/2023		75,000	2.03%
1/13/2023		70,000	1.76%
2/3/2023		50,000	1.75%
2/14/2023		130,000	1.75%
3/16/2023		400,000	1.18%
5/18/2023		70,000	1.35%
6/26/2023		155,455	0.93%
10/5/2023		70,000	1.50%
10/30/2023		150,000	1.48%
12/18/2023		65,000	1.98%
	$	3,072,795

Additionally, the Company has entered into borrowings commencing January and March of 2021 with maturity dates of January and April of 2024 and interest rates ranging from 0.57% to 1.93% to lock in future interest rates on our FHLB borrowings. Interest expense incurred during 2020, 2019 and 2018 was $57,271, $48,817 and $40,075, respectively, and is reported as a component of net investment income in the statement of operations. The Company has determined the actual maximum borrowing capacity as $3,880,047. The Company calculated this amount in accordance with limitations in the FHLB capital plan (e.g., current FHLB capital stock, limitations in the FHLB capital plan, current and potential acquisitions of FHLB capital stock, etc.).

47

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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

Amount pledged as of reporting date	Fair Value		Carrying Value		Aggregate total borrowing
2020		4,932,421		4,349,009		3,072,795
2019		4,004,442		3,825,232		2,272,795
Maximum amount pledged during reporting period	Fair Value		Carrying Value		Amount borrowed at time of maximum collateral
2020		5,034,115		4,624,514		3,072,795
2019		4,146,848		3,959,207		2,272,795

48

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

8. REPURCHASE AGREEMENTS

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

Type of Repo Trades Used

	2020
	First     Quarter	Second Quarter	Third Quarter	Fourth   Quarter
Bilateral (YES/NO)	YES	YES	YES	YES
Tri-party (YES/NO)	NO	NO	NO	YES

Original (flow) & residual maturity

	2020
	First     Quarter		Second Quarter		Third Quarter		Fourth Quarter
Maximum amount
Open - no maturity	$	19,323	$	16,978	$	20,530	$	17,701
Overnight		40,066		75,509		175,000		246,392
2 days to 1 week		65,637		163,507		175,000		246,392
>1 week to 1 month		179,005		228,964		175,000		246,392
>1 month to 3 months		40,093		271,000		271,000		364,000
>3 months to 1 year		881,392		1,002,025		1,105,525		859,133
>1 year		3,352,138		3,138,138		2,914,005		3,320,397
Ending balance
Open - no maturity	$	16,956	$	14,046	$	17,701	$	—
Overnight		—		—		—		—
2 days to 1 week		—		—		—		—
>1 week to 1 month		179,005		—		25,051		60,000
>1 month to 3 months		—		271,000		246,938		304,000
>3 months to 1 year		881,392		1,002,025		859,133		495,133
>1 year		3,138,138		2,746,505		2,914,005		3,320,397

49

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

Securities sold under repo- secured borrowing

	2020
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Maximum amount
Book adjusted carrying value (“BACV”)		XXX		XXX		XXX		$  4,042,952
Nonadmitted - subset of BACV		XXX		XXX		XXX		XXX
Fair value		$  4,710,117		$  4,682,917		$  4,711,770		$  4,666,137
Ending Balance
BACV		XXX		XXX		XXX		$  3,983,845
Nonadmitted - subset of BACV		XXX		XXX		XXX		XXX
Fair value		$  4,710,117		$  4,554,482		$  4,531,764		$  4,595,530

Securities sold under repo- secured borrowing by NAIC designation

	As of December 31, 2020
	NONE		NAIC 1		NAIC 2		NAIC 3
Bonds – BACV	$	—	$	1,897,177	$	181,390	$	—
Bonds – FV		—		2,172,569		215,764		—
LB & SS – BACV		—		1,905,278		—		—
LB & SS – FV		—		2,207,198		—		—
Total assets – BACV	$	—	$	3,802,455	$	181,390	$	—
Total assets – FV	$	—	$	4,379,767	$	215,764	$	—

	As of December 31, 2020
	NAIC 4		NAIC 5		NAIC 6		Non- Admitted
Bonds – BACV	$	—	$	—	$	—	$	—
Bonds – FV		—		—		—		—
LB & SS – BACV		—		—		—		—
LB & SS – FV		—		—		—		—
Total assets – BACV	$	—	$	—	$	—	$	—
Total assets – FV	$	—	$	—	$	—	$	—

50

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

Collateral received- secured borrowing

	2020
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Maximum Amount
Cash	$	4,577,653	$	4,896,121	$	4,836,059	$	5,300,407
Securities (FV)		—		—		—		—
Ending Balance
Cash	$	4,215,490	$	4,033,576	$	4,062,281	$	4,179,530
Securities (FV)		—		—		—		—

Cash and non-cash collateral received- secured borrowing by NAIC designation

	As of December 31, 2020
	NONE		NAIC 1		NAIC 2		NAIC 3
Ending balance
Cash	$	4,179,530	$	—	$	—	$	—
Total collateral assets – FV	$	4,179,530	$	—	$	—	$	—
	As of December 31, 2020
	NAIC 4		NAIC 5		NAIC 6		Does Not Qualify As Admitted
Ending balance
Cash	$	—	$	—	$	—	$	—
Total collateral assets – FV	$	—	$	—	$	—	$	—

Allocation of aggregate collateral by remaining contractual maturity

	As of December 31, 2020
	Fair Value
30 days or less	$	60,000
31 to 90 days		304,000
> 90 days		3,815,530

51

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

Allocation of aggregate collateral reinvested by remaining contractual maturity

	As of December 31, 2020
	Amortized Cost		Fair Value
30 days or less	$	33,750	$	33,818
121 to 180 days		1,243		1,246
181 to 365 days		51,749		51,420
1 to 2 years		12,375		11,916
2 to 3 years		53,792		54,951
> 3 years		3,982,248		4,026,187

Liability to return collateral- secured borrowing

	2020
	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER		FOURTH   QUARTER
Maximum amount
Cash (collateral - all)	$	4,577,653	$	4,896,121	$	4,836,059	$	5,300,407
Securities collateral (FV)		—		—		—		—
Ending balance
Cash (collateral - all)	$	4,215,490	$	4,033,576	$	4,062,281	$	4,179,530
Securities collateral (FV)		—		—		—		—

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

9. REINSURANCE

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

52

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

	2020					2019					2018
	Ceded		Assumed			Ceded			Assumed		Ceded			Assumed
Premiums written	$	1,120,417	$	13,064		$	744,001		$	43,933	$	600,377		$	104,815
Claims incurred		491,553		25,763			395,999			23,976		367,303			15,810
Reserve changes		432,783		(169,129	)		(128,679	)		4,008		(189,364	)		109,412

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

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

The Company is a party to a modified coinsurance agreement with a third-party reinsurer. This indemnity agreement covers 80% of all policies issued by the Company on or after January 1, 2014 of specific annuity plans along with 100% of the business the Company assumes from North American in the coinsurance agreement discussed in the previous paragraph. In this agreement, the Company retains, on behalf of the reinsurer, assets equal to the statutory liabilities associated with the reinsured policies. The Company recognized $2,600,569 and $3,003,696 at December 31, 2020 and 2019, respectively, of modified coinsurance reserves under this agreement in the statements of admitted assets, liabilities, and capital and surplus.

The Company is party to a reinsurance agreement providing for the coinsurance of 30% for certain policies that were acquired from an acquisition in 2002. The reinsurer assumes 30% of the net premiums and benefits related to this block of business and reimburses the Company for various expenses related to this business through the expense allowances provided for in the agreement. Reserve credits of $276,549 and $285,182 associated with this agreement are reported as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities, and capital and surplus as of December 31, 2020 and 2019, respectively.

The Company is a party to two funds withheld coinsurance agreements with a third-party reinsurer. These are indemnity agreements that cover 50% of substantially all policies of specific annuity plans issued from January 1, 2002 through March 31, 2005, 60% of substantially all policies of specific annuity plans issued from April 1, 2005 through February 29, 2008 and 50% of substantially all policies of specific annuity plans issued from March 1, 2008 through November 30, 2013 of specific annuity plans. In these agreements, the Company agrees to withhold, on behalf of the assuming company, assets equal to the statutory reserve associated with these policies. A funds withheld liability of $3,092,420 and $3,380,688 is reflected as a component of funds held under coinsurance in the statements of admitted assets, liabilities and capital and surplus as of December 31, 2020 and 2019, respectively.

53

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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

The Company is party to a coinsurance and yearly renewable term agreement with a third-party reinsurer that was effective on January 1, 2016. The Company ceded policies issued during 2016 for specific annuity plans. Premiums ceded under this agreement of $18,050, $15,687 and $14,721 are reported as a component of life insurance and annuity premiums and other considerations in the statements of operations for the year ended December 31, 2020, 2019 and 2018, respectively. Reserve credits of $127,750 and $107,123 associated with this agreement are reported as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities and capital and surplus as of December 31, 2020 and 2019, respectively. A funds withheld liability of $55,331 and $40,205 is reflected as a component of funds held under coinsurance in the statements of admitted assets, liabilities and capital and surplus as of December 31, 2020 and 2019, respectively.

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

On December 31, 2011, the Company entered into a coinsurance agreement with Solberg Re, an affiliated limited purpose subsidiary life insurance company. The agreement has subsequently been amended to extend the term and increase the life insurance policies covered under the agreement. The Company ceded a defined block of term life insurance to Solberg Re. The Company received experience refunds related to this agreement of $18,170, $12,015 and $27,409 during the years ended December 31, 2020, 2019 and 2018, respectively. The Company recognized reserve credits of $540,543 and $535,803 under this agreement on December 31, 2020 and 2019, respectively, which are reflected as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities and capital and surplus. The Company recognized $191,472 and $179,766 at December 31, 2020 and 2019, respectively, of funds held under coinsurance under this agreement which is reported as funds held under coinsurance in the statements of admitted assets, liabilities and capital and surplus. The reserve credit was supported by an

54

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

LLC Note with a balance of $349,070 and $356,037 for 2020 and 2019, respectively. The LLC Note held by Solberg Re, which functions in a manner similar to a standby letter of credit and which Midland National is a beneficiary, is an admitted asset under Iowa prescribed practice and the surplus generated by this prescribed practice has been retained in the carrying value of Solberg Re.

On September 30, 2019, the Company entered into a coinsurance agreement with Canal Re, an affiliated limited purpose subsidiary life insurance company. The Company ceded a defined block of term life insurance products to Canal Re. The Company received experience refunds related to this agreement of $44,467 and $0 during the years ended December 31, 2020 and 2019, respectively. The Company recognized reserve credit of $294,576 and $240,667 under this agreement on December 31, 2020 and 2019, respectively, which is reflected as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities and capital and surplus. The Company recognized $113,471 and $83,095 at December 31, 2020 and 2019, respectively, of funds held under coinsurance under this agreement which is reported as funds held under coinsurance in the statements of admitted assets, liabilities and capital and surplus. The reserve credit was supported by an LLC Note with a balance of $181,105 and $157,571 for 2020 and 2019, respectively. The LLC Note held by Canal Re, which functions in a manner similar to a standby letter of credit and which Midland National is a beneficiary, is an admitted asset under Iowa prescribed practice and the surplus generated by this prescribed practice has been retained in the carrying value of Canal Re.

On December 31, 2020, the Company entered into a coinsurance agreement with a third party reinsurer. The Company has ceded a defined block of permanent life insurance products to the third party reinsurer. Initial premiums ceded under this agreement of $626,313 are reported as a component of life insurance and annuity premiums and other considerations in the statements of operations for the year ended December 31, 2020. The Company recognized $465,852 at December 31, 2020 of funds held under coinsurance under this agreement as a component of funds held under coinsurance in the statements of admitted assets, liabilities and capital and surplus. A reserve credit of $626,313 associated with this agreement is reported as a component of liabilities for future policy benefits in the statements of admitted assets, liabilities and capital and surplus as of December 31, 2020.

The Company is a party to several reinsurance agreements with Scottish Re (U.S.), Inc. (“SRUS”) for cession of mortality risks on its life insurance business. SRUS was put into rehabilitation in 2019. In 2020, as a result of the Company’s ongoing assessment of the rehabilitation proceedings, it was deemed unlikely that the Company would be able to recover from SRUS the full amount of reserve credit recognized for business ceded to SRUS. The Company recorded an impairment of $17,830 which was reflected in increase in liabilities for future life and annuity policy benefits in the statement of operations and as an increase of liabilities for future policy benefits on the statement of admitted assets, liabilities, and capital and surplus. As of December 31, 2020, reserve credit of $14,801, net of impairment, was included in liabilities for future policy benefits on the statement of admitted assets, liabilities, and capital and surplus related to the Company’s reinsurance contracts with SRUS.

The estimated amount of the aggregate reduction in surplus (for agreements other than those under which the reinsurer may unilaterally cancel for reasons other than the nonpayment of premiums or other similar credits) for nonperformance or termination of all reinsurance agreements, by either party, is $907,896 as of December 31, 2020.

55

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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

Reserves for life contracts and deposit-type contracts

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

At December 31, 2020 and 2019, the Company had $16,571,341 and $19,833,836, respectively, of insurance in force for which the gross premiums are less than the net premiums according to the standard of valuation set by the State of Iowa. At December 31, 2020 and 2019, reserves to cover the above insurance totaled $273,443 and $282,724, respectively, before reinsurance ceded. The Company anticipates investment income as a factor in the calculations of its premium deficiency reserves.

The Company adopted valuation manual standard 21 (“VM-21”) as of January 1, 2020. The VM-21 reserving methodology is a principles based approach required for variable annuity policies which uses prudent estimate assumptions for interest and other assumptions. The adoption of VM-21 resulted in a reduction of the applicable reserves on variable annuity policies in the amount of $12,573 and was reflected in the liabilities for future policy benefits and as an increase to unassigned surplus in the statements of admitted assets, liabilities and capital and surplus. The Company elected to record the full impact in 2020 rather than electing to grade in the change in valuation basis.

56

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

Analysis of annuity actuarial reserves and deposit liabilities by withdrawal characteristics

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

Individual Annuities

	2020
	General Account		Separate Account with Guarantees		Separate Account Nonguaranteed		Total		Percent
Subject to discretionary withdrawal
With market value adjustment	$	22,180,061	$	—	$	—	$	22,180,061		70 %
At book value less current surrender charge of 5% or more		254,248		—		—	$	254,248		1 %
At fair value - separate account non- guaranteed		—		—		2,029,339		2,029,339		7 %
Total with market value adjustment		22,434,309		—		2,029,339	$	24,463,648		78 %
At book value without adjustment (minimal or no charge or adjustment)		6,432,378		—		—	$	6,432,378		21 %
Not subject to discretionary withdrawal		287,636		—		—	$	287,636		1 %
Total		29,154,323		—		2,029,339	$	31,183,662		100 %
Reinsurance ceded		2,017,289		—		—		2,017,289
Total (gross - ceded)	$	27,137,034	$	—	$	2,029,339	$	29,166,373
Amount included in book value less surrender charges above that will move to book value without adjustment for the first time within the year after the statement date:	$	5,105

57

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

	2019
	General Account		Separate Account with Guarantees		Separate Account Nonguaranteed		Total		Percent
Subject to discretionary withdrawal
With market value adjustment	$	19,058,891	$	—	$	—	$	19,058,891		70 %
At book value less current surrender charge of 5% or more		359,067		—		—		359,067		1 %
At fair value - separate account non-guaranteed		—		—		1,758,597		1,758,597		7 %
Total with market value adjustment		19,417,958		—		1,758,597		21,176,555		78 %
At book value without adjustment (minimal or no charge or adjustment)		5,577,166		—		—		5,577,166		21 %
Not subject to discretionary withdrawal		289,376		—		—		289,376		1 %
Total		25,284,500		—		1,758,597		27,043,097		100 %
Reinsurance ceded		2,112,056		—		—		2,112,056
Total (gross - ceded)	$	23,172,444	$	—	$	1,758,597	$	24,931,041
Amount included in book value less surrender charges above that will move to book value without adjustment for the first time within the year after the statement date:	$	51,832
Group Annuities
	2020
	General Account		Separate Account with Guarantees		Separate Account Nonguaranteed		Total		Percent
Subject to discretionary withdrawal
With market value adjustment	$	2,298,845	$	—	$	—	$	2,298,845		39 %
At book value less current surrender charge of 5% or more		5,850		—		—		5,850		0 %
At fair value - separate account non-guaranteed		—		—		—		—		0 %
Total with market value adjustment		2,304,695		—		—		2,304,695		39 %
At book value without adjustment (minimal or no charge or adjustment)		3,491,299		—		—		3,491,299		60 %
Not subject to discretionary withdrawal		32,157		—		—		32,157		1 %
Total (gross: direct + assumed		5,828,151		—		—		5,828,151		100 %
Reinsurance ceded		1,336,896		—		—		1,336,896
Total (gross - ceded)	$	4,491,255	$	—	$	—	$	4,491,255
Amount included in book value less surrender charges above that will move to book value without adjustment for the first time within the year after the statement date:	$	—

58

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

	2019
	General Account		Separate Account with Guarantees		Separate Account Nonguaranteed		Total		Percent
Subject to discretionary withdrawal
With market value adjustment	$	2,633,236	$	—	$	—		2,633,236		41 %
At book value less current surrender charge of 5% or more		6,882		—		—		6,882		0 %
At fair value - separate account non-guaranteed		—		—		—		—		0 %
Total with market value adjustment		2,640,118		—		—		2,640,118		41 %
At book value without adjustment (minimal or no charge or adjustment)		3,778,829		—		—		3,778,829		59 %
Not subject to discretionary withdrawal		31,331		—		—		31,331		0 %
Total (gross: direct + assumed		6,450,278		—		—		6,450,278		100 %
Reinsurance ceded		1,526,864		—		—		1,526,864
Total (gross - ceded)	$	4,923,414	$	—	$	—	$	4,923,414
Amount included in book value less surrender charges above that will move to book value without adjustment for the first time within the year after the statement date:	$	746
Deposit-type Contracts
	2020
	General Account		Separate Account with Guarantees		Separate Account Nonguaranteed		Total		Percent
Subject to discretionary withdrawal
With market value adjustment	$	5,243	$	—	$	—		5,243		2 %
At book value less current surrender charge of 5% or more		—		—		—		—		0 %
At fair value - separate account non-guaranteed		—		—		—		—		0 %
Total with market value adjustment		5,243		—		—		5,243		2 %
At book value without adjustment (minimal or no charge or adjustment)		100,256		—		—		100,256		29 %
Not subject to discretionary withdrawal		239,837		—		—		239,837		69 %
Total (gross: direct + assumed		345,336		—		—		345,336		100 %
Reinsurance ceded		732		—		—		732
Total (gross - ceded)	$	344,604	$	—	$	—	$	344,604
Amount included in book value less surrender charges above that will move to book value without adjustment for the first time within the year after the statement date:	$	—

59

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

	2019
	General Account		Separate Account with Guarantees		Separate Account Nonguaranteed		Total		Percent
Subject to discretionary withdrawal
With market value adjustment	$	6,676	$	—	$	—		6,676		1 %
At book value less current surrender charge of 5% or more		—		—		—		—		0 %
At fair value - separate account non-guaranteed		—		—		—		—		0 %
Total with market value adjustment		6,676		—		—		6,676		1 %
At book value without adjustment (minimal or no charge or adjustment)		292,385		—		—		292,385		53 %
Not subject to discretionary withdrawal		250,067		—		—		250,067		46 %
Total (gross: direct + assumed		549,128		—		—		549,128		100 %
Reinsurance ceded		710		—		—		710
Total (gross - ceded)	$	548,418	$	—	$	—	$	548,418
Amount included in book value less surrender charges above that will move to book value without adjustment for the first time within the year after the statement date:	$	—

60

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

Analysis of life actuarial reserves by withdrawal characteristics

	2020
	General Account
	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Universal life	$	6,466,529	$	6,436,172	$	6,374,205
Universal life with secondary guarantees		641,475		477,144		2,163,479
Indexed universal life		3,536,864		3,151,404		3,170,802
Indexed universal life with secondary guarantees		632,652		461,587		875,618
Other permanent cash value life insurance		181,692		181,692		286,980
Variable universal life		83,276		82,000		87,144
Not subject to discretionary withdrawal or no cash values:
Term policies without cash value		—		—		1,331,863
Accidental death benefits		—		—		760
Disability - active lives		—		—		8,927
Disability - disabled lives		—		—		41,791
Miscellaneous reserves		—		—		399,619
Total		11,542,488		10,789,999		14,741,188
Reinsurance ceded		232,935		233,111		3,146,075
Total net of reinsurance ceded	$	11,309,553	$	10,556,888	$	11,595,113
	2020
	Separate Account with Guarantees
	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Universal life	$	2,735,962	$	2,735,962	$	2,735,375
Universal life with secondary guarantees		—		—		—
Indexed universal life		—		—		—
Indexed universal life with secondary guarantees		—		—		—
Other permanent cash value life insurance		—		—		—
Variable universal life		—		—		—
Not subject to discretionary withdrawal or no cash values:
Term policies without cash value		—		—		—
Accidental death benefits		—		—		—
Disability - active lives		—		—		—
Disability - disabled lives		—		—		—
Miscellaneous reserves		—		—		—
Total		2,735,962		2,735,962		2,735,375
Reinsurance ceded		—		—		—
Total net of reinsurance ceded	$	2,735,962	$	2,735,962	$	2,735,375

61

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

	2020
	Separate Account Non-guaranteed
	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Universal life	$	—	$	—	$	—
Universal life with secondary guarantees		—		—		—
Indexed universal life		—		—		—
Indexed universal life with secondary guarantees		—		—		—
Other permanent cash value life insurance		—		—		—
Variable universal life		710,833		695,326		698,073
Not subject to discretionary withdrawal or no cash values:
Term policies without cash value		—		—		—
Accidental death benefits		—		—		—
Disability - active lives		—		—		—
Disability - disabled lives		—		—		—
Miscellaneous reserves		—		—		—
Total		710,833		695,326		698,073
Reinsurance ceded		—		—		—
Total net of reinsurance ceded	$	710,833	$	695,326	$	698,073
	2019
	General Account
	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Universal life	$	5,711,104	$	5,678,300	$	5,624,035
Universal life with secondary guarantees		653,733		469,884		1,948,256
Indexed universal life		3,258,804		2,893,816		2,913,988
Indexed universal life with secondary guarantees		556,485		399,922		718,637
Other permanent cash value life insurance		178,753		178,753		280,931
Variable universal life		81,263		79,673		85,269
Not subject to discretionary withdrawal or no cash values:
Term policies without cash value		—		—		1,278,182
Accidental death benefits		—		—		806
Disability - active lives		—		—		9,737
Disability - disabled lives		—		—		40,745
Miscellaneous reserves		—		—		384,369
Total		10,440,142		9,700,348		13,284,955
Reinsurance ceded		—		—		2,445,414
Total net of reinsurance ceded	$	10,440,142	$	9,700,348	$	10,839,541

62

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

	2019
	Separate Account with Guarantees
	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Universal life	$	—	$	—	$	—
Universal life with secondary guarantees		—		—		—
Indexed universal life		—		—		—
Indexed universal life with secondary guarantees		—		—		—
Other permanent cash value life insurance		—		—		—
Variable universal life		—		—		—
Not subject to discretionary withdrawal or no cash values:
Term policies without cash value		—		—		—
Accidental death benefits		—		—		—
Disability - active lives		—		—		—
Disability - disabled lives		—		—		—
Miscellaneous reserves		—		—		—
Total		—		—		—
Reinsurance ceded		—		—		—
Total net of reinsurance ceded	$	—	$	—	$	—
	2019
	Separate Account Non-guaranteed
	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Universal life	$	—	$	—	$	—
Universal life with secondary guarantees		—		—		—
Indexed universal life		—		—		—
Indexed universal life with secondary guarantees		—		—		—
Other permanent cash value life insurance		—		—		—
Variable universal life		601,207		580,476		586,170
Not subject to discretionary withdrawal or no cash values:
Term policies without cash value		—		—		—
Accidental death benefits		—		—		—
Disability - active lives		—		—		—
Disability - disabled lives		—		—		—
Miscellaneous reserves		—		—		—
Total		601,207		580,476		586,170
Reinsurance ceded		—		—		—
Total net of reinsurance ceded	$	601,207	$	580,476	$	586,170

63

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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:

	2020				2019
	Gross		Net of Loading		Gross		Net of Loading
Ordinary - new business	$	7,632	$	319	$	6,866	$	6,352
Ordinary - renewal		77,002		158,628		76,110		158,600
	$	84,634	$	158,947	$	82,976	$	164,952

11. SEPARATE ACCOUNTS

The Company has separate accounts for its variable life and annuity business and a portion of its bank owned life insurance business. Information regarding the separate accounts of the Company is as follows:

	2020		2019
Reserves at December 31 for accounts with assets at:
Market value	$	2,727,412	$	2,344,767
Amortized cost		2,735,375		2,691,631
Total reserves	$	5,462,787	$	5,036,398
By withdrawal characteristics:
At book value without MV adjustment and with current surrender charges less than 5%	$	5,462,787	$	5,036,398
Not subject to discretionary withdrawal		—		—
Reserves for asset default risk in lieu of AVR	$	5,462,787	$	5,036,398

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

64

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

	2020			2019			2018
Reconciliations of net transfers to (from) separate accounts
Transfers of premiums to separate accounts	$	295,797		$	353,359		$	373,063
Transfers from separate accounts		(298,174	)		(282,843	)		(277,911	)
Net transfers to (from) the separate accounts as reported in the statements of operations	$	(2,377	)	$	70,516		$	95,152

The Company has variable annuities with guaranteed benefits including guaranteed death benefits and guaranteed living benefits. The total maximum guarantee provided to the separate account associated with guaranteed death benefits of $48,759, $48,744, $85,497, $47,313 and $51,719 as of December 31, 2020, 2019, 2018, 2017 and 2016, respectively. The risk charges remitted to the general account associated with these guarantees was $747, $512, $590, $638 and $682 for 2020, 2019, 2018, 2017 and 2016, respectively.

12. CAPITAL AND SURPLUS AND DIVIDEND RESTRICTIONS

The Company has 2,549,439 common stock shares authorized, issued and outstanding. The Company has no preferred stock outstanding. Without prior approval of its domiciliary commissioner, dividends to shareholders is limited by the laws of the Company’s state of incorporation, Iowa, to $420,506 in 2021 an amount that is based on restrictions relating to the 2020 net gain from operations and statutory surplus. Within these limitations, there are no restrictions placed on the portion of Company profits that may be paid as ordinary dividends to its stockholder. The unassigned surplus of $2,371,583 is unrestricted and held for the benefit of the Company’s stockholder.

During 2020, the Company paid ordinary cash dividends in the amounts of $63,365 on March 31; $47,829 on June 30 and $93,915 on September 30 to its stockholder, SFG.

On October 25, 2013, the Company issued a surplus note to its parent, SFG, for $142,000. This note is reported as a component of capital and surplus in the statement of admitted assets, liabilities and capital and surplus. The surplus note bears annual interest at 7.5% payable in semi-annual installments. The maturity date of the note is October 31, 2043. Payment of principal and interest on this note is subject to approval by the Iowa Insurance Division. The Company incurred interest expense of $10,650 in 2020, 2019 and 2018. The Company has recognized life-to-date interest of $74,200.

On December 30, 2014, the Company issued a surplus note to its parent, SFG, for $200,000. This note is reported as a component of capital and surplus in the statement of admitted assets, liabilities and capital and surplus. The surplus note bears annual interest at 7.0% payable in semi-annual installments. The maturity date of the note is December 30, 2044. Payment of principal and interest on this note is subject to approval by the Iowa Insurance Division. The Company incurred interest expense of $14,000 in 2020, 2019 and 2018. The Company has recognized life-to-date interest of $84,000.

On June 30, 2017, the Company issued a surplus note to its parent, SFG, for $295,000. This note is reported as a component of capital and surplus in the statement of admitted assets, liabilities and capital and surplus. The surplus note bears annual interest at 6.0% payable in semi-annual installments. The maturity date of the note is June 30, 2047. Payment of principal and interest on this note is subject to

65

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

approval by the Iowa Insurance Division. The Company incurred interest expense of $17,700 in 2020, 2019, and 2018. The Company has recognized life-to-date interest of $59,647.

On December 30, 2017, the Company issued a surplus note to its parent, SFG, for $200,000. This note is reported as a component of capital and surplus in the statement of admitted assets, liabilities and capital and surplus. The surplus note bears an annual interest rate at 6.0% payable in semi-annual installments. The maturity date of the note is December 30, 2047. Payment of principal and interest on this note is subject to approval by the Iowa Insurance Division. The Company incurred interest expense of $12,000 in 2020, 2019, and 2018. The Company has recognized life-to-date interest of $36,000.

On December 30, 2020, the Company issued a surplus note to its parent, SFG, for $200,000. This note is reported as a component of capital and surplus in the statement of admitted assets, liabilities and capital and surplus. The surplus note bears an annual interest rate at 6.5% payable in semi-annual installments. The maturity date of the note is December 30, 2050. Payment of principal and interest on this note is subject to approval by the Iowa Insurance Division. The Company did not incur interest expense in 2020.

13. INCOME TAXES

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

	2020						2019						Change
	Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary			Capital		Total
Gross deferred tax asset	$	560,764	$	61,252	$	622,016	$	485,449	$	15,404	$	500,853	$	75,315		$	45,848	$	121,163
Statutory valuation allowance		—		—		—		—		—		—		—			—		—
Adjusted gross deferred tax assets		560,764		61,252		622,016		485,449		15,404		500,853		75,315			45,848		121,163
Deferred tax assets nonadmitted		152,426		—		152,426		65,682		—		65,682		86,744			—		86,744
Subtotal net admitted deferred tax asset		408,338		61,252		469,590		419,767		15,404		435,171		(11,429	)		45,848		34,419
Deferred tax liabilities		166,272		—		166,272		171,024		—		171,024		(4,752	)		—		(4,752	)
Net admitted deferred
tax asset (liability)	$	242,066	$	61,252	$	303,318	$	248,743	$	15,404	$	264,147	$	(6,677	)	$	45,848	$	39,171

66

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

	2020						2019						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		242,066		61,252	$	303,318		248,444		15,404	$	263,848		(6,378	)		45,848	$	39,470
Adjusted gross deferred be realized following the balance sheet date		242,066		61,252	$	303,318		248,444		15,404		263,848		(6,378	)		45,848		39,470
Adjusted gross deferred tax assets allowed per limitation threshold		XXX		XXX		584,533		XXX		XXX		541,356		XXX			XXX		43,177
(c) Adjusted gross deferred tax assets offset by gross deferred tax liabilities		166,272		—	$	166,272		171,024		—		171,024		(4,752	)		—	$	(4,752	)
Deferred tax assets admitted as the result of application of SSAP No. 101 (a)+(b)+(c)	$	408,338	$	61,252	$	469,590	$	419,468	$	15,404	$	434,872	$	(11,130	)	$	45,848	$	34,718

67

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

	2020		2019
Ratio percentage used to determine recovery period and threshold limitation amount		752%		875%
Amount of adjusted capital and surplus used to determine recovery period and threshold limitation	$	3,896,885	$	3,583,536

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

	2020						2019						Change
	(1)			(2)			(3)			(4)			(5)				(6)
	Ordinary			Capital			Ordinary			Capital			(Col 1-3) Ordinary				(Col 2-4) Capital
Impact of tax-planning strategies
(a)Determination of adjusted gross deferred tax assets and net admitted deferred tax assets, by tax character as a percentage
1. Adjusted gross DTAs amount from note 9A1(c)	$	560,764		$	61,252		$	485,449		$	15,404		$	75,315			$	45,848
2. Percentage of adjusted gross DTAs by tax character attributable to the impact of tax planning strategies		1.4	%		9.8	%		3.6	%		3.1	%		(2.2	)	%		6.7	%
3. Net admitted adjusted gross DTAs amount from note 9A1(e)	$	408,338		$	61,252		$	419,767		$	15,404		$	(11,429	)		$	45,848
4. Percentage of net admitted adjusted gross DTAs by tax character admitted because of the impact of tax planning strategies		2.8	%		20.2	%		6.9	%		5.8	%		(4.1	)	%		14.4	%

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

There are no deferred tax liabilities that have not been recognized.

Current income taxes incurred consist of the following major components at December 31:

	2020		2019		2018
Current income tax:
Federal income tax on operations	$	120,855	$	63,666	$	39,739
Federal income tax on net capital gains		7,780		7,214		(56,963	)
Other		4,832		6,571		(14,560	)
Federal and foreign income taxes incurred	$	133,467	$	77,451	$	(31,784	)

68

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

The components of deferred tax assets and deferred tax liabilities are as follows:

	2020		2019		Change
Deferred tax assets:
Ordinary
Policyholder reserves	$	316,834	$	259,319	$	57,515
Investments		2,722		11,884		(9,162)
Deferred acquisition costs		187,240		161,491		25,749
Fixed assets		6,870		9,843		(2,973)
Compensation and benefits accrual		2,927		2,045		882
Pension accrual		29,005		27,976		1,029
Receivables - nonadmitted		1,552		1,316		236
Other (including items <5% of total ordinary tax assets)		13,614		11,575		2,039
Subtotal		560,764		485,449		75,315
Nonadmitted		152,426		65,682		86,744
Admitted ordinary deferred tax assets		408,338		419,767		(11,429)
Capital
Investments		61,252		15,404		45,848
Admitted capital deferred tax assets		61,252		15,404		45,848
Admitted deferred tax assets	$	469,590	$	435,171	$	34,419
Deferred Tax Liabilities:
Ordinary
Investments	$	58,225	$	49,995	$	8,230
Fixed assets		11,015		10,244		771
Deferred and uncollected premium		33,379		34,640		(1,261)
Policyholder reserves		64,829		76,145		(11,316)
Other (including items <5% of total ordinary tax liabilities)		(1,176)		—		(1,176)
Subtotal		166,272		171,024		(4,752)
Deferred tax liabilities		166,272		171,024		(4,752)
Net deferred tax assets	$	303,318	$	264,147	$	39,171

69

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

The provision for income taxes incurred is different from that which would be obtained by applying the statutory Federal income tax rate to income before income taxes. The significant items causing this difference for the year ended December 31, 2020, are as follows:

	Tax Effect		Effective Tax Rate
Provision computed at statutory rate	$	67,342		21.0%
IMR amortization		(2,624)		-0.8%
Tax exempt income		(34,437)		-10.7%
Tax credits		(40,519)		-12.6%
Change in nonadmitted assets		424		0.0%
Other		26,599		8.3%
Total statutory income taxes	$	16,785		5.2%
Federal income taxes incurred	$	133,467		41.6%
Change in net deferred income taxes		(116,682)		-36.4%
Total statutory income taxes	$	16,785		5.2%

At December 31, 2020, the Company had no operating loss or tax credit carryforwards available and has not made any deposits under Section 6603 of the Internal Revenue Code.

14. EMPLOYEE BENEFIT PLANS

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

The Company anticipates contributing $1,068 to its health care plan in 2021.

The following table summarizes the assets, benefit obligations and other information related to these plans as of December 31, 2020 and 2019:

	Underfunded
Change in Postretirement Benefits	2020		2019		2018
Benefit obligation at beginning of year	$	30,335	$	26,488	$	25,584
Service cost		1,319		1,141		1,215
Interest cost		939		1,050		912
Contribution by plan participants		523		390		205
Actuarial gain (loss)		3,929		2,629		(546)
Benefits paid		(1,214)		(1,363)		(882)
Plan amendments		(682)		—		—
Benefit obligation at end of year	$	35,149	$	30,335	$	26,488

70

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

	Postretirement Benefits
Change in plan assets	2020		2019
Fair value of plan assets at beginning of year	$	—	$	—
Actual return on plan assets		—		—
Foreign currency exchange rate changes		—		—
Reporting entity contribution		690		973
Aplan participants’ contributions		523		390
Benefits paid		(1,213)		(1,363)
Business combinations, divestitures and settlements		—		—
Fair value of plan assets at end of year	$	—	$	—
	Postretirement Benefits
Components of net periodic benefit costs	2020		2019		2018
Service cost	$	1,319	$	1,141	$	1,215
Interest cost		939		1,050		912
Gains and losses		210		—		48
Prior service cost or credits		(81)		104		104
Total net periodic benefit cost	$	2,387	$	2,295	$	2,279
Amounts in unassigned funds (surplus) recognized as components of net periodic benefit cost	Postretirement Benefits
	2020		2019		2018
Net prior service cost or credit arising during the period	$	(683)	$	—	$	—
Net prior service cost or credit recognized		81		(104)		(104)
Net gain and loss arising during the period		3,929		2,629		(546)
Net gain and loss recognized		(210)		—		(48)
Items not yet recognized as a component of net periodic cost - current year	$	3,117	$	2,525	$	(698)
Amounts in unassigned funds (surplus) that have not yet been recognized as components of net periodic benefit cost	Postretirement Benefits
	2020		2019
Net prior service cost or credit	$	(96)	$	15
Net recognized gains and losses		449		4,306
Weighted-average assumptions used to determine net periodic benefit cost as of December 31	Postretirement Benefits
	2020		2019
Weighted-average discount rate		3.12%		4.12%
Expected long-term rate of return on plan assets		n/a		n/a
Rate of compensation increase		n/a		n/a

71

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

Weighted-average assumptions used to determine projected benefit obligation as of December 31	Postretirement Benefits
	2020	2019
Weighted average discount rate	2.40%	3.12%
Rate of compensation increase	n/a	n/a

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

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

The expense for 2020, 2019 and 2018 was $17,501, $22,136 and $24,241, respectively.

15. OTHER RELATED PARTY TRANSACTIONS

The Company pays fees to SEI under management contracts that cover certain investment, accounting, employee benefit and management services. The Company was charged $31,765, $34,493 and $35,522 in 2020, 2019 and 2018 , respectively, related to these contracts.

In 2013, the Company issued guaranteed investment contracts (“GICs”) to SEI for $102,000. In 2016, the Company issued additional GICs of $100,000. During 2020, the contracts were surrendered. These contracts totaling $0 and $202,579 in 2020 and 2019, respectively, are included in liabilities for deposit type funds in the statements of admitted assets, liabilities and capital and surplus. Interest incurred on these contracts was $3,114, $4,932 and $3,190 in 2020, 2019 and 2018, respectively.

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

Guggenheim Commercial Real Estate Finance, LLC, (an indirect subsidiary of Guggenheim) provides commercial mortgage loan origination and servicing services for the Company. The Company incurred expense of $7,776, $8,109 and $8,036 in 2020, 2019 and 2018, respectively, for these commercial mortgage services. The fee is calculated monthly based on the outstanding principal balance of the commercial mortgage loans and real estate owned multiplied by a contractual rate.

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

72

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

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

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

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

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

The Company provides certain insurance and noninsurance services to MNL Re. The Company received reimbursements of $100 in each of 2020, 2019 and 2017 for the costs incurred to render such services.

The Company provides certain insurance and noninsurance services to Solberg Re. The Company received reimbursements of $100 in each of 2020, 2019 and 2018 for the costs incurred to render such services.

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

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

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

The Company issued surplus notes payable to SFG. The borrowings were $1,037,000 and $837,000 as of December 31, 2020 and 2019, respectively. The Company paid interest to SFG in the amount of $54,350 in 2020, 2019 and 2018.. See Note 12 for further discussion of these surplus notes.

The Company is party to a reinsurance agreement with GLAC. See Note 9 for further discussion of this transaction.

73

MIDLAND NATIONAL LIFE INSURANCE COMPANY

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

NOTES TO FINANCIAL STATEMENTS – STATUTORY BASIS

AS OF DECEMBER 31, 2020, 2019 and 2018

(Dollars in Thousands)

The Company is party to a coinsurance agreement with North American. See Note 9 for further discussion on these transactions.

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

16. COMMITMENTS AND CONTINGENCIES

Limited partnership commitments

At December 31, 2020, the Company had outstanding capital commitments to limited partnerships of $832,285.

Lease commitments

The Company leases certain equipment and office space. Rental expense on operating leases of $4,055, $4,323 and $4,468 were incurred in 2020, 2019 and 2018, respectively. The approximate future minimum lease payments under these non-cancelable leases at December 31, 2020 are as follows:

2021	$            383
2022	367
2023	370
2024	142
2025	96
Thereafter	—

Other contingencies

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

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

17. SUBSEQUENT EVENTS

The Company evaluated subsequent events through April 21, 2021, the date the financial statements were available to be issued. There were no subsequent event transactions that required disclosure in the financial statements.

74

Part C

OTHER INFORMATION

Item 24.

(a) Financial Statements

All required financial statements are included in Part B of the Registration Statement

(b) Exhibits:

(1) Resolution of the Board of Directors of Midland National Life Insurance Company authorizing establishment of Separate Account C (2) 

(2) Not Applicable

(3)       (a) Principal Underwriting Agreement between Midland National Life Insurance Company and Sammons Financial Network (8)

(b) Registered Representative Contract (8) 

(4) (a)(1) Form of Flexible Premium Deferred Variable Annuity Contract (8) 

(a)(2) Form of Flexible Premium Deferred Variable Annuity Contract (20)

(b) Optional LiveWell Value Endorsement (16)

(c) Enhanced Death Benefit Endorsement (19) 

(5) Application for Flexible Premium Deferred Variable Annuity Contract (8) 

(6)       (a) Articles of Incorporation of Midland National Life Insurance Company (2) 

(b) By-laws of Midland National Life Insurance Company (2) 

(7) Reinsurance Agreement for contracts issued under this Registration Statement. (4) 

(8)       (a) Participation Agreement between Midland National Life Insurance Company and Fidelity VIP I and VIP II. (5)

(b) Amendments to Participation Agreement for Fidelity Distributors Corporation/Variable Insurance Products Fund, and Variable Products Fund II. (1) 

(c) Participation Agreement between Midland National Life Insurance Company and Fidelity VIP III. (6) 

(d) Amendments to Participation Agreement for Fidelity Distributors Corporation/Variable Insurance Products Fund III. (3) 

(e) Participation Agreement between Midland National Life Insurance Company and Janus Capital Management LLC. (4)

(f) Rule 22c-2 Agreement between Midland National Life Insurance Company Calvert Distributors, Inc. (7)

(g) SEC Rule 22c-2 Amendment to Participation Agreement between Midland National Life Insurance Company and Fidelity Distributors Corporation. (7)

(h) SEC Rule 22c-2 Supplement to Participation Agreement between Midland National Life Insurance Company and Janus Capital Management LLC. (7)

1

(i) Rule 22c-2 Shareholder Information Agreement between Midland National and MFS Fund Distributors Inc. (7)

(j) Participation agreement between Midland National Life Insurance Company and BlackRock. (9)

(k) Participation agreement between Midland National Life Insurance Company and DWS. (9)

(l) Participation agreement between Midland National Life Insurance Company and Eaton Vance. (9)

(m) Participation agreement between Midland National Life Insurance Company and Franklin Templeton. (9)

(n) Amendment to Participation agreement between Midland National Life Insurance Company and Franklin Templeton. (9)

(o) Participation agreement between Midland National Life Insurance Company and Ivy Funds. (9)

(p) Participation agreement between Midland National Life Insurance Company and Legg Mason. (9)

(q) Participation agreement between Midland National Life Insurance Company and Pioneer Funds. (9)

(r) Participation agreement between Midland National Life Insurance Company and Prudential. (9)

(s) Participation agreement between Midland National Life Insurance Company and Royce Funds. (9)

(t) Amendment to Participation agreement between Midland National Life Insurance Company and Janus Capital Management LLC. (9)

(u) Participation Agreement between Midland National Life Insurance Company and Massachusetts Financial Variable Insurance Trusts. (9)

(v) Participation Agreement between Midland National Life Insurance Company and Fred Alger Management, Inc. (9)

(w) Participation Agreement between Midland National Life Insurance Company and Calvert Asset Management Company, Inc. (9)

(x) Participation Agreement between Midland National Life Insurance Company and Pacific Investment Management Company LLC. (9)

(y) Participation Agreement between Midland National Life Insurance Company and Rydex Distributors LLC. (9)

(z) Participation Agreement between Midland National Life Insurance Company and AllianceBernstein. (10)

(aa) Amendment to Participation Agreement between Midland National Life Insurance Company and American Century. (10)

(bb) Participation Agreement Amended and Restated between Midland National Life Insurance Company and DWS. (10)

(cc) Participation Agreement between Midland National Life Insurance Company and Lazard. (10)

2

(dd) Participation Agreement between Midland National Life Insurance Company and Lord Abbett. (10)

(ee) Amendment to Participation Agreement between Midland National Life Insurance Company and Northern Lights Variable Trust. (10)

(ff) Amendment to Participation Agreement between Midland National Life Insurance Company and Van Eck. (10)

(gg) Amendment to the Participation Agreement between Midland National Life Insurance Company, American Century Investment Services, Inc. and American Century Investment Management, Inc. (11)

(hh) Summary Prospectus Agreement between Midland National Life Insurance Company and Fidelity Distributors Corporation. (11)

(ii) Amendment to the Participation Agreement between Midland National Life Insurance Company and Janus Aspen Series. (11)

(jj) Amendment to the Participation Agreement between Midland National Life Insurance Company, The Alger American Portfolios and Fred Alger & Company, Incorporated. (12)

(kk) Amendment to the Participation Agreement between Midland National Life Insurance Company, Sammons Financial Network, LLC, AllianceBernstein L.P. and AllianceBernstein Investments, Inc. (12) 

(ll) Amendment to the Participation Agreement between Midland National Life Insurance Company, DWS Variable Series I, DWS Variable Series II, DWS Investments VIT Funds, DWS Investment Distributors, Inc. and Deutsche Investment Management Americas Inc. (12) 

(mm) Amendment to the Participation Agreement between Midland National Life Insurance Company, Eaton Vance Variable Trust and Eaton Vance Distributors, Inc. (12) 

(nn) Amendment to the Participation Agreement between Midland National Life Insurance Company, Sammons Financial Network, LLC, Lazard Asset Management Securities LLC and Lazard Retirement Series, LLC. (12)

(oo) Amendment to the Participation Agreement between Midland National Life Insurance Company, Legg Mason Partners Variable Equity Trust, Legg Mason Partners Variable Income Trust, Legg Mason Investor Services, LLC and Legg Mason Partners Fund Advisor, LLC. (12) 

(pp) Amendment to the Participation Agreement between Midland National Life Insurance Company, Lord Abbett Series Fund, Inc. and Lord Abbett Distributor LLC. (12)

(qq) Amendment to the Participation Agreement between Midland National Life Insurance Company, Northern Lights Variable Trust and Northern Lights Distributors, LLC. (12)

(rr) Amendment to the Participation Agreement between Midland National Life Insurance Company, PIMCO Variable Insurance Trust and PIMCO Investments LLC. (12)

(ss) Amendment to the Participation Agreement between Midland National Life Insurance Company, Pioneer Variable Contracts Trust, Pioneer Investment Management, Inc., and Pioneer Funds Distributors, Inc. (12)

(tt) Amendment to the Participation Agreement between Midland National Life Insurance Company, Royce Capital Fund and Royce Fund Services, Inc. (12)

(uu) Participation Agreement between Midland National Life Insurance Company, First Life Investors Series Funds and First Investors Corporation (13)

3

(vv) Participation Agreement between Midland National Life Insurance Company, Columbia Funds Variable Insurance Trust, Columbia Management Investment Advisers, LLC and Columbia Management Investment Distributors, Inc. (13)

(ww) Participation Agreement between Midland National Life Insurance Company, Columbia Funds Variable Insurance Trust I, Columbia Management Investment Advisers, LLC and Columbia Management Investment Distributors, Inc. (13)

(xx) Participation Agreement between Midland National Life Insurance Company, Columbia Funds Variable Series Trust II, Columbia Management Investment Advisers, LLC and Columbia Management Investment Distributors, Inc. (13)

(yy) Participation Agreement between Midland National Life Insurance Company, Wanger Advisors Trust, Columbia Wanger Asset Management, LLC and Columbia Management Investment Distributors, Inc. (13)

(zz) Participation Agreement between Midland National Life Insurance Company, ALPS Variable Investment Trust, ALPS Advisors, Inc and ALPS Portfolio Solutions Distributor, Inc. (14)

(aaa) Participation Agreement between Midland National Life Insurance Company, American Funds Distributors, Inc., American Funds Service Company, Capital Research and Management Company, and the American Funds Insurance Series. (14)

(bbb) Participation Agreement between Midland National Life Insurance Company, Oppenheimer Variable Account Funds and Oppenheimer Funds, Inc. (14)

(ccc) Participation Agreement between Midland National Life Insurance Company, Sammons Financial Network, LLC., Transparent Value Trust, Guggenheim Partners Investment Management, LLC, and ALPS Distributors, Inc. (14)

(ddd) Amendment to the Participation Agreement between Midland National Life Insurance Company, BlackRock Variable Series Funds, Inc., and BlackRock Investments, LLC. (14)

(eee) Amendment to the Participation Agreement between Midland National Life Insurance Company, First Life Investors Series Funds and First Investors Corporation. (14)

(fff) Participation Agreement between Midland National Life Insurance Company and T. Rowe Price. (15) 

(ggg) Amendment to the Participation Agreement between Midland National Life Insurance Company, Legg Mason Partners Variable Equity Trust, Legg Mason Partners Variable Income Trust, Legg Mason Investor Services, LLC and Legg Mason Partners Fund Advisor, LLC. (15)

(hhh) Participation Agreement between Midland National Life Insurance Company, Sammons Financial Network, John Hancock Variable Insurance Trust and John Hancock Distributors, LLC (17)

(iii) Participation Agreement between Midland National Life Insurance Company, Federated Insurance Series and Federated Securities Corp. (18)

(9)       (a) Opinion and Consent of Counsel (21)

(b) Power of Attorney (21)

(10)      (a) Consent of Carlton Fields, P.A. (21) 

(b) Consent of Independent Registered Public Accounting Firm (21)

(11) Not Applicable

4

(12) Not Applicable

(13) Performance Data Calculations (4)

1. Incorporated herein by reference to Pre-Effective Amendment No. 2 for Form S-6 on April 23, 1997 (File No. 333-14061)

2. Incorporated herein by reference to Post-Effective Amendment No. 5 for Form N-4 on February 23, 1998 (File No. 33-64016)

3. Incorporated herein by reference to Post-Effective Amendment No. 6 for Form S-6 on February 15, 2001 (File No. 333-14061)

4. Incorporated herein by reference to Post-Effective Amendment No. 5 for Form N-4 on April 28, 2003 (File No. 333-71800)

5. Incorporated herein by reference to Initial N-4 Filing on June 7, 1993 (File 33-64016)

6. Incorporated herein by reference to Post-Effective Amendment No. 4 for Form N-4 on April 29, 1997 (File No. 33-64016)

7. Incorporated herein by reference to Post-Effective Amendment No. 12 for Form N-4 on April 28, 2008 (File No. 333-108437)

8. Incorporated herein by reference to Pre-Effective Amendment No. 1 for Form N-4 on December 15, 2011 (File No. 333-176870)

9. Incorporated herein by reference to Post-Effective Amendment No. 1 for Form N-4 on April 25, 2012 (File No. 333-176870)

10. Incorporated herein by reference to Post-Effective Amendment No. 2 for Form N-4 on September 20, 2012 (File No. 333-176870)

11. Incorporated herein by reference to Post-Effective Amendment No. 8 for Form N-6 on April 26, 2013 (File No. 333-148824)

12. Incorporated herein by reference to Post-Effective Amendment No. 3 for Form N-4 on April 26, 2013 (File No. 333-176870)

13. Incorporated herein by reference to Post-Effective Amendment No. 4 for Form N-4 on July 12, 2013 (File No. 333-176870)

14. Incorporated herein by reference to Post-Effective Amendment No. 7 for Form N-4 on July 25, 2014 (File No. 333-176870)

15. Incorporated herein by reference to Post-Effective Amendment No. 9 for Form N-4 on July 16, 2015 (File No. 333-176870)

16. Incorporated herein by reference to Post-Effective Amendment No. 11 for Form N-4 on April 25, 2017 (File No. 333-176870)

17. Incorporated herein by reference to Post-Effective Amendment No. 12 for Form N-4 on April 27, 2018 (File No. 333-176870)

18. Incorporated herein by reference to Post-Effective Amendment No. 13 for Form N-4 on April 29, 2019 (File No. 333-176870)

19. Incorporated herein by reference to Post-Effective Amendment No. 14 for Form N-4 on March 6, 2020 (File No. 333-176870)

20. Incorporated herein by reference to Post-Effective Amendment No. 16 for Form N-4 on November 2, 2020 (File No. 333-176870)

21. Filed herewith

Item 25. Directors and Officers of the Depositor

Name and Principal Business Address1	Position and Offices with Depositor
Esfandyar E. Dinshaw	Chairman of the Board & Chief Executive Officer
Steven C. Palmitier3	President and Chief Operating Officer – Director
Darron K. Ash	Director
Willard Bunn, III	Director
James Roderick Clark	Director
Thomas Corcoran	Director
George A. Fisk	Director
William D. Heinz	Director
Heather Kreager	Director
Michael M. Masterson	Director
Robert R. TeKolste	President - SIAG

5

Name and Principal Business Address1	Position and Offices with Depositor
William L. Lowe	President—Sammons Institutional Group
Teri L. Ross	President—Shared Services
Anne Cooper	Senior Vice President and Chief Human Resources Officer
Rhonda Elming	Senior Vice President – Annuity Product
Brian Hansen.	Senior Vice President, General Counsel & Secretary
Donald T. Lyons	Senior Vice President
Timothy A. Reuer2	Senior Vice President & Corporate Actuary
Kelly Coomer	Senior Vice President & Chief Information Officer
Stacy Bagby	Vice President – Sales & Compliance Administration-SIG: Chief Compliance Officer of SEC Rule 38a-1
David C. Attaway	Vice President, Chief Financial Officer & Treasurer
Melissa Scheuerman	Vice President—Business & Sales Development
Brent A. Mardis	Vice President, Chief Risk Officer
Jeannie Iannello2	Vice President—Life New Business & Underwriting
Jackie Cockrum	Vice President, Annuity New Business & Suitability Operations
Kirk P. Evans	Vice President, Product Actuary & Risk Management
Jeremy A. Bill2	Vice President—Life Product Development
Gerald R. Blair3	Vice President, Chief Distribution and Sales Officer
Gregory J. Bonzagni	Vice President – National Sales
Cyndi Hall	Vice President – Chief Compliance Officer
Timothy Crawford	Vice President & Associate General Counsel-Life & Annuity Operations
Nicholas Nelson	Vice President – Administration
Daniel Edsen	Vice President – Finance Reporting
Brett Agnew	Vice President and Associate General Counsel—Securities & Corporate Services
Kathleen Bartling2	Vice President – Internal Sales & Marketing
Pat Glover	Associate Vice President – Financial Reporting
Michael P. Hagan	Associate Vice President – Anti-Money Laundering & Financial Crimes Officer
Theresa B. Kuiper2	Associate Vice President – Treasury Operations
Randy D. Shaull2	Associate Vice President – Field Liaison and Actuarial Support
Jill Williams3	Associate Vice President – Market Conduct & Compliance Assessment
Seth Nailor	Associate Vice President – Customer Service & Claims

¹  Unless noted otherwise, the principal business address for each officer and director is 8300 Mills Civic Parkway, West Des Moines, IA 50266

²  One Sammons Plaza, Sioux Falls, SD 57193-9991

³  525 W. Van Buren, Chicago, IL 60607

Item 26. Persons Controlled By or Under Common Control With the Depositor or Registrant.

The Depositor, Midland National Life Insurance Company (Midland) is an indirect subsidiary of Sammons Enterprises, Inc. The Registrant is a segregated asset account of Midland. Shares of Sammons Enterprises, Inc. are held by GreatBanc Trust Company, as Trustee of the Sammons Enterprises, Inc. Employee Stock Ownership Trust (ESOT). Other direct or indirect subsidiaries of Sammons Enterprises, Inc. (SEI), as of December 31, 2020, are:

Name	Jurisdiction	Percent Of Voting Securities Owned
3200 West Twain Holdings I LLC	DE	(No Ownership) Management by Guggenheim Credit Services, LLC
5180 CLO LP	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC

6

Name	Jurisdiction	Percent Of Voting Securities Owned
5180-2 CLO LP	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
550 Capital, Inc.	DE	100% by Sammons Infrastructure, Inc.
AAFT-MSN 29573 Holdco LLC	DE	100% by Acsal Holdco LLC
AAFT-MSN 29573 Lender LLC	DE	100% by Guggenheim Credit Services, LLC
AAFT-MSN 29573 LLC	DE	100% by AAFT-MSN 29573 Holdco LLC
AAFT-MSN 29574 Holdco LLC	DE	100% by Acsal Holdco LLC
AAFT-MSN 29574 Lender LLC	DE	100% by Guggenheim Credit Services, LLC
AAFT-MSN 29574 LLC	DE	100% by AAFT-MSN 29574 Holdco LLC
AAFT-MSN 31163 Holdco LLC	DE	100% by Acsal Holdco LLC
AAFT-MSN 31163 Lender LLC	DE	100% by Guggenheim Credit Services, LLC
AAFT-MSN 31163 LLC	DE	100% by AAFT-MSN 31163 Holdco LLC
AAFT-MSN 31167 Holdco LLC	DE	100% by Acsal Holdco LLC
AAFT-MSN 31167 Lender LLC	DE	100% by Guggenheim Credit Services, LLC
AAFT-MSN 31167 LLC	DE	100% by AAFT-MSN 31167 Holdco LLC
AAFT-MSN 33227 Holdco LLC	DE	100% by Acsal Holdco LLC
AAFT-MSN 33227 Lender LLC	DE	100% by Guggenheim Credit Services, LLC
AAFT-MSN 33227 LLC	DE	100% by AAFT-MSN 33227 Holdco LLC
AAFT-MSN 33229 Holdco LLC	DE	100% by Acsal Holdco LLC
AAFT-MSN 33229 Lender LLC	DE	100% by Guggenheim Credit Services, LLC
AAFT-MSN 33229 LLC	DE	100% by AAFT-MSN 33229 Holdco LLC
AAFT-MSN 33321 Holdco LLC	DE	100% by Acsal Holdco LLC
AAFT-MSN 33321 Lender LLC	DE	100% by Guggenheim Credit Services, LLC
AAFT-MSN 33321 LLC	DE	100% by AAFT-MSN 33321 Holdco LLC
AAFT-MSN 33486 Holdco LLC	DE	100% by Acsal Holdco LLC
AAFT-MSN 33486 Lender LLC	DE	100% by Guggenheim Credit Services, LLC
AAFT-MSN 33486 LLC	DE	100% by AAFT-MSN 33486 Holdco LLC
ABV Holdings, LLC	NC	100% by Heelstone Energy II, LLC
AC Storage, LLC	DE	100% by GC Deferred Compensation I, LLC
ACEI Holdco, LLC	DE	100% by GPFT Holdco, LLC
Acsal Holdco LLC	DE	(No Ownership) Management by Guggenheim Credit Services, LLC
Advanced Software, LLC	IN	100% by Kerauno Holdings, LLC
AECORN, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
AHC Villas Richmond, LLC	TX	70% by E2M Villas at RPW, LLC
AJ Highland Park Investors, LLC	DE	100% by Albion at Highland Park, LLC
AJ Renaissance Place Investors, LLC	DE	100% by Albion at Renaissance Place, LLC
Albemarle Solar Center, LLC	NC	100% by ABV Holdings, LLC
Albion at Beachwood LLC	DE	50% by Albion DeVille Member LLC
Albion at Evanston Investors I, LLC	DE	100% by Albion Residential LLC
Albion at Evanston, LLC	DE	100% by Albion at Evanston Investors I, LLC
Albion at Highland Park, LLC	DE	100% by Albion Residential LLC

7

Name	Jurisdiction	Percent Of Voting Securities Owned
Albion at New Forum Member, LLC	DE	100% by Albion Residential LLC
Albion at Oak Park Investors I, LLC	DE	35% by Albion at Oak Park Member, LLC
Albion at Oak Park Member, LLC	DE	100% by Albion Residential LLC
Albion at Oak Park, LLC	DE	100% by Albion at Oak Park Investors I, LLC
Albion at Parklane GP, LLC	DE	100% by Albion Residential LLC
Albion at Parklane Limited Partner, LLC	DE	100% by Albion Residential LLC
Albion at Renaissance Place, LLC	DE	100% by Albion Residential LLC
Albion Columbus 1, LLC	DE	100% by Albion Residential LLC
Albion Columbus Investors 1, LLC	DE	20% by Albion Columbus 1, LLC
Albion Construction LLC	DE	100% by Albion Residential LLC
Albion DeVille Member LLC	DE	100% by Albion Residential LLC
Albion in the Gulch Investors, LLC	DE	100% by Albion in the Gulch Member, LLC
Albion in the Gulch Member, LLC	DE	100% by Albion Residential LLC
Albion in the Gulch, LLC	DE	100% by Albion in the Gulch Investors, LLC
Albion Jacobs Highland Park, LLC	DE	100% by AJ Highland Park Investors, LLC
Albion Jacobs Renaissance Place, LLC	DE	100% by AJ Renaissance Place Investors, LLC
Albion Residential LLC	DE	100% by Village Green Consolidated LLC
Albion WM 1, LLC	DE	100% by Albion Columbus Investors 1, LLC
AMC Investor Holdings LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
AmeyBriggs Services Holding Limited	GBR	50% by Briggs Equipment UK Limited
AmeyBriggs Services Limited	GBR	100% by AmeyBriggs Services Holding Limited
Artemis Aircraft Investments, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
ASG Mortgage Investors, LLC	DE	35.3% by Compatriot Capital, Inc.
Asheville Resolution Corporation	DE	100% by Consolidated Investment Services, Inc.
Aspen Solar, LLC	NC	100% by PV Project Holdings II, LLC
Asset Consulting Group, LLC	DE	100% by GWM Holdco, LLC
AT Funding Note Issuer, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
AxiaTP Development, LLC	IN	100% by Kerauno Holdings, LLC
AxiaTP Resources, LLC	IN	100% by Kerauno Holdings, LLC
Balloo Hire Centre Limited	IRE	100% by Briggs Equipment UK Limited
Balsam Solar, LLC	NC	100% by PV Project Holdings II, LLC
BBEP Legacy Holdings, LLC	DE	100% by NZC Guggenheim Fund Limited
BE Finance Limited	GBR	100% by Briggs Equipment UK Limited
Beachwood Apartments LLC	DE	100% by Albion at Beachwood LLC
BellTech Capital, LLC	DE	100% by Kerauno Holdings, LLC
Bennington Stark Capital Company, LLC	DE	100% by The Liberty Hampshire Company, LLC

8

Name	Jurisdiction	Percent Of Voting Securities Owned
Beulah Belle Grazing Association, LLC	WY	100% by Pathfinder Dumbell Ranch, LLC
BFC Capital Company, LLC	DE	100% by The Liberty Hampshire Company, LLC
Bingham CDO L.P.	CYM	(No Ownership) Management by GIM GP Ltd.
Biscay GSTF III, LLC	DE	100% by GLAC Holdings, LLC
Blanford Capital Company #1, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #10, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #10, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #11, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #11, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #12, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #12, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #13, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #13, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #14, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #14, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #15, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #15, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #16, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #16, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #17, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #17, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #18, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #18, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #19, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #19, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #2, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #20, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #20, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #21, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #21, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #22, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #22, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #23, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #23, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #24, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #24, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #25, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #25, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #3, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #4, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #5, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #6, LLC	CYM	100% by GIFMS Capital Company, LLC

9

Name	Jurisdiction	Percent Of Voting Securities Owned
Blanford Capital Company #6, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #7, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #7, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #8, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #8, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #9, LLC	CYM	100% by GIFMS Capital Company, LLC
Blanford Capital Company #9, LLC	CYM	100% by GIFMS Capital Company, LLC
Bound Brook Capital Corporation	DE	100% by The Liberty Hampshire Company, LLC
BRE NC Solar 1, LLC	NC	100% by PV Project Holdings I, LLC
Briggs Equipment Ireland Limited	IRE	100% by Briggs Equipment UK Limited
Briggs Equipment Mexico, Inc.	DE	100% by Briggs Equipment, Inc.
Briggs Equipment UK Limited	GBR	100% by Briggs UK Holdings, Inc.
Briggs Equipment, Inc.	DE	100% by Industrial US Holdings, Inc.
Briggs Equipment, S.A. de C.V.	MEX	99% by Briggs Equipment, Inc.; 1% by Briggs Equipment Mexico, Inc.
Briggs International, Inc.	DE	100% by Sammons Industrial, Inc.
Briggs UK Holdings, Inc.	DE	100% by Briggs International, Inc.
Broadway Solar Center, LLC	NC	100% by ABV Holdings, LLC
Bronco Media Holdings LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Bronco Media Holdings LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Bronco Media Holdings LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Bronco Media MM LLC	DE	100% by Guggenheim Partners Investment Management, LLC
Cainhoy Land & Timber, LLC	DE	GC Parent Holdings, LLC
Canal Reinsurance Company	IA	100% by Midland National Life Insurance Company
CardCash Holdings, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Carmocela Investimentos Imobiliarios e Turisticosm Unipessoal, Lda	PRT	100% by GNP-MR, LLC
CCE Funding LLC	DE	100% by Compatriot Capital, Inc.
CCI Bethesda SL LLC	DE	100% by Compatriot Capital, Inc.
CCI Historic, Inc.	DE	100% by Compatriot Capital, Inc.
CCI Tysons SL, LLC	DE	100% by Compatriot Capital, Inc.
CCI/HTC, Inc.	DE	100% by CCI Historic, Inc.
Cedar Solar, LLC	NC	100% by PV Project Holdings II, LLC
Cedar Springs (Cayman) Ltd.	CYM	100% by Cedar Springs Capital Company, LLC

10

Name	Jurisdiction	Percent Of Voting Securities Owned
Cedar Springs Capital Company, LLC	DE	100% by The Liberty Hampshire Company, LLC
Channel Capital Group Holdings, LLC	DE	38.3% by Nominee Holding Company, LLC
Channel Capital Group LLC	DE	100% by Channel Capital Group Holdings, LLC
Chelsea Creek Capital Company, LLC	DE	100% by The Liberty Hampshire Company, LLC
Clear Spring Life Insurance Company	TX	100% by Guggenheim Life and Annuity Company
Clemina Hydro Power GP Ltd.	BC	100% by SRE Hydro Canada Corp
Clemina Hydro Power LP	BC	99% by SRE Hydro Canada Corp
Clemina Hydro Power LP	BC	0.01% by Clemina Hydro Power GP Ltd.
Collectible Antiquities Company, LLC	DE	100% by GC Deferred Compensation I, LLC
Columbia Mountains Power GP Ltd.	BC	100% by SRE Hydro Canada Corp
Columbia Mountains Power LP	BC	99% by SRE Hydro Canada Corp
Columbia Mountains Power LP	BC	0.01% by Columbia Mountains Power GP Ltd.
Community Investments, Inc.	DE	100% by Consolidated Investment Services, Inc.
Compatriot Capital, Inc.	DE	100% by Sammons Equity Alliance, Inc.
Concord Minutemen Capital Company, LLC	DE	100% by The Liberty Hampshire Company, LLC
Consolidated Investment Services, Inc.	NV	100% by Sammons Enterprises, Inc.
Constitution, LLC	DE	100% by Consolidated Investment Services, Inc.
Controladora Briggs de Mexico, S. de R.L. de C.V.	MEX	99% by Briggs Equipment, Inc.; 1% by Briggs Equipment Mexico, Inc.
Copper River CLO Ltd.	CYM	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Corio Funding, LLC	DE	100% by Guggenheim Partners Investment Management, LLC
Corio RR Finance Co., LLC	DE	100% by Corio RR Funding, LLC
Corio RR Finance Co.-2, LLC	DE	100% by Corio RR Funding, LLC
Corio RR Funding, LLC	DE	100% by Corio Funding, LLC
Cornwall Solar Center, LLC	NC	100% by PV Project Holdings V, LLC
Corporate Funding V, LLC	DE	100% by GPFT Holdco, LLC
Corporate Funding VI, LLC	DE	100% by GPFT Holdco, LLC
Crestwood Solar Center, LLC	NC	100% by PV Project Holdings V, LLC
Croton Liquid Markets LLC f/k/a GLM Securities, LLC	DE	100% by Links Holdings LLC
Crown Point Capital Company, LLC	DE	100% by The Liberty Hampshire Company, LLC

11

Name	Jurisdiction	Percent Of Voting Securities Owned
CSCN LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
DBI/ASG Advisors, LP	DE	14% by ASG Mortgage Investors, LLC
DBI/ASG Mortgage Acquisition Fund I, LP	DE	55% by Compatriot Capital, Inc.
DC Solutions LLC	DE	100% by Sammons CAES Holdings, LLC
Dement Farm, LLC	NC	100% by Heelstone Energy, LLC
DLPG II Executive, LLC	DE	(No Ownership) Management by DLPG, LLC
DLPG, LLC	DE	100% by Guggenheim Insurance Holdco, LLC
DS Energy Storage Systems LLC	DE	50% by Sammons Energy Storage Holdings LLC
Duplin Solar II, LLC	NC	100% by Heelstone Energy, LLC
Durham Solar, LLC	NC	100% by PV Project Holdings IV, LLC
E2M Fund II Holdco, LP	DE	38.5% by Compatriot Capital, Inc.; 20% by E2M General Partner II, LLC; 2.3% by E2M Investment II, LP
E2M General Partner II, LLC	DE	17.4% by Compatriot Capital, Inc.; 75.4% by E2M Holdings II, LP; 0.7% by E2M Investment II, LP
E2M Holdings II, LP	DE	63.5% by Compatriot Capital, Inc.
E2M Holdings, LLC	DE	30% by Compatriot Capital, Inc.
E2M Investment II, LP	DE	82.5% by Compatriot Capital, Inc.
E2M Partners, LLC	DE	100% by E2M Holdings, LLC
E2M Villas at RPW, LLC	TX	79.3% by Compatriot Capital, Inc.
E2M/SRC Investment Company, LLC	DE	37% by Compatriot Capital, Inc.; 60% by E2M Fund II Holdco, LP; 3% by E2M Holdings II, LP
Efland Funding 2015-1, LLC	DE	100% by Elsmere Insurance Agency, LLC
Efland Funding 2015-2, LLC	DE	100% by Elsmere Insurance Agency, LLC
Efland Funding 2015-3, LLC	DE	100% by Elsmere Insurance Agency, LLC
Efland Funding 2015-4, LLC	DE	100% by Elsmere Insurance Agency, LLC
Efland Funding 2016-1, LLC	DE	100% by Elsmere Insurance Agency, LLC
Efland Funding 2016-2, LLC	DE	100% by Elsmere Insurance Agency, LLC
Efland Parent 2015-3, LLC	DE	100% by Elsmere Insurance Agency, LLC
Efland Parent 2016-1, LLC	DE	100% by Elsmere Insurance Agency, LLC
ELM 2 MM Funding LLC	DE	100% by Guggenheim Partners Investment Management, LLC
ELM MM LLC	DE	100% by Guggenheim Partners Investment Management, LLC
Elm Solar, LLC	NC	100% by PV Project Holdings II, LLC
ELSL Funding V, LLC	DE	100% by Elsmere Insurance Agency, LLC
ELSL Funding VI, LLC	DE	100% by Elsmere Insurance Agency, LLC
ELSL Funding VII, LLC	DE	100% by Elsmere Insurance Agency, LLC

12

Name	Jurisdiction	Percent Of Voting Securities Owned
Elsmere Insurance Agency, LLC	DE	100% by Guggenheim Life and Annuity Company
Elsmere Renewal Energy, LLC	DE	100% by Elsmere Insurance Agency, LLC
Energy Asset Holdings LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
English Hydro Power GP Ltd.	BC	100% by SRE Hydro Canada Corp
English Hydro Power LP	BC	99% by Columbia Mountains Power LP; 0.01% by English Hydro Power GP Ltd.
Enterhealth, LLC	TX	21.3% by Sammons Capital, Inc.
ESA Newton Grove 1 NC, LLC	NC	100% by PV Project Holdings III, LLC
ESA Selma NC 1, LLC	NC	100% by PV Project Holdings III, LLC
ESA Smithfield 1 NC, LLC	NC	100% by PV Project Holdings III, LLC
ETGP AMZ 1 Venture, LP	DE	97% by Fitzcarraldo Funding LLC
ETGP AMZ 2 Venture, LP	DE	97% by Molly Aida Funding LLC
ETMF C-B LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
ETMF C-G LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
ETUR C-B LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
ETUR C-G 2 LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
ETUR C-G LLC	DE	100% by Guggenheim Partners Opportunistic Investment Grade Securities Master Fund, Ltd.
ETUR C-G LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Fashion Funding, LLC	DE	100% by GLAC Holdings, LLC
FD Orange Beach 859, LLC	DE	100% by Retail Investors III, LLC
Fitzcarraldo Funding LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Forklift Operations de Mexico, S.A. de C.V.	MEX	99% by Controladora Briggs de Mexico, S. de R.L. de C.V.; 1% by Briggs Equipment Mexico, Inc.
Forrestal Portfolios LLC	DE	100% by Moore’s Creek Capital Corporation
Fosthall Creek Power LP	BC	99% by SRE Hydro Canada Corp
Franklin Park (Cyprus) Limited	CYP	100% by GGIC IIP Holdings LP
Gallahan Funding, LLC	DE	100% by GL Marketing, LLC
GC Deferred Compensation I, LLC	DE	100% by Guggenheim Capital, LLC
GC Disbursement Agent, LLC	DE	100% by Guggenheim Services, LLC

13

Name	Jurisdiction	Percent Of Voting Securities Owned
GC Orpheus Investors, LLC	DE	21.7% by Guggenheim Partners Investment Management Holdings, LLC; Management by Guggenheim Partners, LLC
GC Parent Holdings, LLC	DE	100% by Guggenheim Capital, LLC
GC Pilar Golf Investment, LLC	DE	100% by GC Parent Holdings, LLC
GDP - Pilara Lotes, LLC	DE	100% by GC Parent Holdings, LLC
Generation Financial Group LLC	DE	50% by JLx3, LLC; 50% by Guggenheim Partners, LLC; 50% by Guggenheim Partners, LLC
Generation Mortgage Company, LLC	CA	100% by GFMH, LLC
Gerrity Group, LLC	DE	100% by Gerrity Holdings LLC
Gerrity Holdings LLC	DE	40% by Compatriot Capital, Inc.
Gerrity Retail Fund 3 Management, LLC	DE	100% by Gerrity Group, LLC
Gerrity Retail Fund 3, L.P.	DE	40% by Compatriot Capital, Inc.; 4.3% by GRF Special, LLC; Management by Gerrity Retail Partners 3, LLC
Gerrity Retail Investors 3, LLC	DE	94.7% by Gerrity Group, LLC
Gerrity Retail Partners 3, LLC	DE	100% by Gerrity Group, LLC
G-Ficus Holdings LLC	DE	(No Ownership) Management by G-Ficus MM LLC
G-Ficus MM LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
GFL Access Limited	GBR	100% by Gwynedd Forklifts Limited
GFL Holdings Limited	GBR	100% by Briggs Equipment UK Limited
GFMH, LLC	DE	99.77% by GPFT Holdco, LLC
GFP Green Inc.	CYM	100% by GGIC, Ltd.
GFP Peru Dunas Holdings, Inc.	CYM	100% by GGIC, Ltd.
GFPIC, L.P.	CYM	34.5% by GFPID, LLC
GFPID, LLC	DE	40% by GC Parent Holdings, LLC
GGIC Greenbacker Funding Ltd.	CYM	100% by GGIC, Ltd.
GGIC IIP Holdings Ltd.	CYM	100% by GGIC, Ltd.
GGIC IIP Holdings, L.P.	CYM	85.7% by GGIC, Ltd.; Management by GGIC IIP Holdings Ltd.
GGIC KTI Holdings Ltd.	CYM	100% by GGIC, Ltd.
GGIC Manager, LLC	DE	100% by GGIC, Ltd.
GGIC, Ltd.	CYM	75.6% by GFPIC, L.P.
GI Holdco II LLC	DE	100% by Guggenheim Partners, LLC
GI Holdco II Sub LLC	DE	100% by GI Holdco II LLC
GI Holdco LLC	DE	100% by GI Holdco II LLC
GIA Europe Holdings, Ltd.	CYM	100% by GWM Holdco, LLC
GIBSL SN, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC

14

Name	Jurisdiction	Percent Of Voting Securities Owned
GIES Holdco, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
GIES Investment, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
GIES Managing Member, LLC	DE	100% by Guggenheim Partners Investment Management, LLC
GIES, LLC	DE	89.8% by GIES Holdco, LLC; Management by Guggenheim Partners Investment Management, LLC
GIFM Holdings Trust	DE	100% by GIFS Capital Company, LLC
GIFM Holdings Trust	DE	100% by GIFS Capital Company, LLC
GIFMS Capital Company, LLC	CYM	99.5% by The Liberty Hampshire Company, LLC
GIFMS Capital Company, LLC	CYM	(No Ownership) Management by Guggenheim Manager, Inc.
GIFS Capital Company, LLC	CYM	100% by The Liberty Hampshire Company, LLC
Gila Bend Power Partners, LLC	DE	50% by Sammons Power Development, Inc.
GIM GP Ltd.	CYM	100% by Guggenheim Partners Investment Management, LLC
GIS Administrative Services, LLC	DE	100% by Guggenheim Insurance Services, LLC
GIS Asset Company, LLC	DE	100% by Guggenheim Insurance Services, LLC
GL Marketing, LLC	DE	100% by GLAC Holdings, LLC
GLAC GBM Investco, LLC	DE	100% by Guggenheim Life and Annuity Company
GLAC Holdings, LLC	DE	100% by GPFT Holdco, LLC
GLAC Investment Holdings II, LLC	DE	100% by Guggenheim Life and Annuity Company
GLAC Investment Holdings III, LLC	DE	100% by Guggenheim Life and Annuity Company
GLAC Investment Holdings, LLC	DE	100% by Guggenheim Life and Annuity Company
Global 6000 9568 Limited LDC	CYM	50% by GX 9568 Holdings I, LLC; 50% by GX 9568 Holdings II, LLC
GM Lansing 824, LLC	DE	100% by Retail Investors III, LLC
GMI GPIM, LLC	DE	100% by Guggenheim Manager, Inc.
GMI GPIMH, LLC	DE	100% by Guggenheim Manager, Inc.
GN Fund I, LLC	FL	100% by Guggenheim Nicklaus Partners, LLC
GNP-BA S.R.L.	ARG	95% by GNP-BA, LLC
GNP-BA, LLC	FL	100% by Guggenheim Nicklaus Partners, LLC
GNP-IC, LLC	DE	100% by Guggenheim-Nicklaus Fund I, Ltd.
GNP-MR, LLC	ID	100% by Guggenheim-Nicklaus Fund I, Ltd.
GP Feeder Fund Management, LLC	DE	100% by GWM Holdco, LLC

15

Name	Jurisdiction	Percent Of Voting Securities Owned
GP Holdco, LLC	DE	99.5% by Guggenheim Partners, LLC; Management by Guggenheim Manager, Inc.
GP India Opportunities Feeder Fund, LP	CYM	(No Ownership) Management by Guggenheim Partners India GP, LLC
GPAM Holdings II, LLC	DE	100% by Guggenheim Partners Investment Management, LLC
GPAM Holdings, Inc.	DE	100% by Guggenheim Partners Investment Management Holdings, LLC
GPC LIX, LLC	DE	100% by Guggenheim Advisors, LLC
GPF SMLP, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
GPFT Holdco, LLC	DE	100% by GP Holdco, LLC
GPH Funding I, LLC	DE	100% by GPH Funding II, LLC
GPH Funding II, LLC	DE	100% by Guggenheim Partners, LLC
GPI Ventures, LLC	DE	100% by Asheville Resolution Corporation
GPIM Holdings VIII, Ltd.	CYM	100% by Guggenheim Partners Investment Management, LLC
GPIMH Sub Holdco, Inc.	DE	100% by Guggenheim Partners Investment Management Holdings, LLC
GPIMH Sub, LLC	DE	100% by Guggenheim Partners Investment Management Holdings, LLC
GPM: Fundrise, LLC	DE	100% by Guggenheim Capital, LLC
GPM-Center Court, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Great Bridge Capital Company, LLC	DE	100% by The Liberty Hampshire Company, LLC
Great Bridge Capital Company, LLC	DE	100% by The Liberty Hampshire Company, LLC
GRF Special, LLC	DE	100% by Gerrity Retail Investors 3, LLC; Management by Gerrity Group, LLC
GRREP Holdings, LLC	DE	100% by GC Parent Holdings, LLC; Management by Guggenheim Manager, Inc.
GS Gamma Advisors, LLC	DE	50% by Guggenheim Partners Investment Management Holdings, LLC
GS Gamma Investments, LLC	DE	GS Gamma Management, LLC
GS Gamma Management, LLC	DE	50% by Guggenheim Partners Investment Management Holdings, LLC
GSA, LLC	DE	100% by Guggenheim Funds Services, LLC
GSFI, LLC	DE	70% by Guggenheim Partners, LLC; Management by Guggenheim Partners, LLC
GSFI, LLC	DE	30% by JLx3, LLC
Guggenheim Advisors, LLC	DE	100% by Guggenheim Alternative Asset Management, LLC
Guggenheim Aircraft Opportunity Fund, L.P.	DE	(No Ownership) Management by Guggenheim Aircraft Opportunity GP, LLC
Guggenheim Aircraft Opportunity GP, LLC	DE	100% by Guggenheim Partners Investment Management, LLC

16

Name	Jurisdiction	Percent Of Voting Securities Owned
Guggenheim Aircraft Opportunity Master Fund, L.P.	DE	(No Ownership) Management by Guggenheim Aircraft Opportunity GP, LLC
Guggenheim Alternative Asset Management, LLC	DE	100% by GPFT Holdco, LLC
Guggenheim Apsley Fund, L.P.	CYM	(No Ownership) Management by Guggenheim Apsley Holdings, LLC
Guggenheim Apsley Holdings, LLC	DE	100% by Guggenheim Partners Investment Management Holdings, LLC
Guggenheim Capital Management (Asia) Private Limited	IND	99% by Guggenheim Partners India Holdings, LLC
Guggenheim Capital, LLC	DE	36.5% by SAGE Assets, Inc.
Guggenheim Core Plus Fund, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Guggenheim Corporate Funding, LLC	DE	100% by Guggenheim Funds Services, LLC
Guggenheim Corporate Opportunity Fund (Cayman Islands), L.P.	CYM	(No Ownership) Management by Guggenheim Corporate Opportunity Fund GP, LLC
Guggenheim Corporate Opportunity Fund GP, LLC	DE	100% by Guggenheim Partners Investment Management, LLC
Guggenheim Corporate Opportunity Fund ILP, LLC	DE	100% by Guggenheim Partners Investment Management, LLC
Guggenheim Corporate Opportunity Fund Investment Vehicle, L.P.	CYM	(No Ownership) Management by Guggenheim Corporate Opportunity Fund GP, LLC
Guggenheim Corporate Opportunity Fund, L.P.	DE	(No Ownership) Management by Guggenheim Corporate Opportunity Fund GP, LLC
Guggenheim Credit Services, LLC	DE	100% by Guggenheim Partners Investment Management Holdings, LLC
Guggenheim Development Services, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
Guggenheim Disbursement Agent, LLC	DE	100% by Guggenheim Services, LLC
Guggenheim Energy LLC	DE	100% by Guggenheim Partners Investment Management Holdings, LLC
Guggenheim Energy Opportunities Fund, LP	DE	(No Ownership) Management by Guggenheim Energy LLC
Guggenheim Funds Distributors, LLC	DE	100% by Guggenheim Funds Services, LLC
Guggenheim Funds Investment Advisors, LLC	DE	100% by Guggenheim Funds Services, LLC
Guggenheim Funds Services, LLC	DE	100% by Guggenheim Partners Investment Management Holdings, LLC
Guggenheim Global Investments Public Limited Company	IRL	100% by Guggenheim Partners Investment Management Holdings, LLC
Guggenheim Global Investments Public Limited Company	IRL	(No Ownership) Management by Guggenheim Partners Fund Management (Europe) Limited
Guggenheim Golf Properties Investor, LLC	DE	99.5% by GC Parent Holdings, LLC; Management by Guggenheim Manager, Inc.

17

Name	Jurisdiction	Percent Of Voting Securities Owned
Guggenheim High-Yield Fund, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Guggenheim High-Yield Plus Fund LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Guggenheim High-Yield Plus Fund SPC	CYM	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Guggenheim High-Yield Plus Master Fund SPC	CYM	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Guggenheim Holdco Sub II, LLC	DE	100% by GPFT Holdco, LLC
Guggenheim Insurance Holdco, LLC	DE	100% by GPFT Holdco, LLC
Guggenheim Insurance Services, LLC	DE	100% by Guggenheim Insurance Holdco, LLC
Guggenheim Investment Advisors (Europe) Limited	GBR	100% by GIA Europe Holdings, Ltd.
Guggenheim Investment Advisors, LLC	DE	100% by GWM Holdco, LLC
Guggenheim Investor Services, LLC	DE	100% by Guggenheim Funds Services, LLC
Guggenheim Investors Fund LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Guggenheim KBBO Partners Limited	ARE	50% by Links GKPL Holdco, LLC
Guggenheim Life 1099 Reporting Company, LLC	DE	100% by Guggenheim Life and Annuity Company
Guggenheim Life and Annuity Company	DE	15% by PLIC Holdings, LLC
Guggenheim Life and Annuity Company	DE	85% by GLAC Holdings, LLC
Guggenheim Life Reinsurance (U.S.) Corporation	DE	100% by Guggenheim Life and Annuity Company
Guggenheim Loan Agent, LLC	DE	100% by GPFT Holdco, LLC
Guggenheim Loan Fund, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Guggenheim Loan Services Company, Inc.	CA	100% by Guggenheim Loan Services Company, LLC
Guggenheim Loan Services Company, LLC	DE	100% by Guggenheim Partners Investment Management Holdings, LLC
Guggenheim Management, LLC	DE	100% by Guggenheim Alternative Asset Management, LLC
Guggenheim Manager, Inc.	DE	100% by Guggenheim Capital, LLC
Guggenheim Nicklaus Partners, LLC	DE	70% by GC Parent Holdings, LLC
Guggenheim NSA Napoli-Mirabella Trust 2019	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Guggenheim Opportunities Investors I-B, LLC	DE	100% by GC Deferred Compensation I, LLC

18

Name	Jurisdiction	Percent Of Voting Securities Owned
Guggenheim Opportunities Investors IV, LLC	DE	100% by GC Deferred Compensation I, LLC
Guggenheim Opportunities Investors V, LLC	DE	100% by GC Deferred Compensation I, LLC
Guggenheim Opportunities Investors VI, LLC	DE	100% by GC Deferred Compensation I, LLC
Guggenheim Partners Advisors, LLC	DE	100% by Guggenheim Partners Investment Management Holdings, LLC
Guggenheim Partners Advisory Company	SD	100% by Guggenheim Partners, LLC
Guggenheim Partners Europe Limited	IRL	100% by GPIMH Sub Holdco, Inc.
Guggenheim Partners Fund Management (Europe) Limited	IRL	100% by GPIMH Sub Holdco, Inc.
Guggenheim Partners Holdings, LLC	DE	100% by GPH Funding I, LLC
Guggenheim Partners India GP, LLC	DE	33.3% by Guggenheim Partners India Holdings, LLC
Guggenheim Partners India Holdings, LLC	DE	100% by GPFT Holdco, LLC
Guggenheim Partners India Management, LLC	DE	100% by Guggenheim Partners India Holdings, LLC
Guggenheim Partners Investment Management Holdings, LLC	DE	99.5% by GI Holdco LLC
Guggenheim Partners Investment Management Holdings, LLC	DE	(No Ownership) Management by GMI GPIMH, LLC
Guggenheim Partners Investment Management, LLC	DE	(No Ownership) Management by GMI GPIM, LLC
Guggenheim Partners Japan, Ltd.	JPN	100% by Links GPJL Holdco, LLC
Guggenheim Partners Opportunistic Investment Grade Securities Fund 2015, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Guggenheim Partners Opportunistic Investment Grade Securities Fund, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Guggenheim Partners Opportunistic Investment Grade Securities Master Fund, Ltd.	CYM	(No Ownership) Management by Guggenheim Partners Opportunistic Investment Grade Securities Fund, Ltd.
Guggenheim Partners Opportunistic Investment Grade Securities Private Pensions Fund, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Guggenheim Partners, LLC	DE	100% by Guggenheim Capital, LLC
Guggenheim Payroll Agent, LLC	DE	100% by Guggenheim Capital, LLC
Guggenheim Portfolio Company VII, LLC	DE	100% by Guggenheim Advisors, LLC
Guggenheim Portfolio Company X, LLC	DE	100% by Guggenheim Advisors, LLC
Guggenheim Premises I, LLC	DE	99.5% by Guggenheim Capital, LLC; Management by Guggenheim Manager, Inc.
Guggenheim Private Debt Fund 2.0 Managing Member, LLC	DE	100% by Guggenheim Partners Investment Management, LLC
Guggenheim Private Debt Fund 2.0, LLC	DE	(No Ownership) Management by Guggenheim Private Debt Fund 2.0 Managing Member, LLC

19

Name	Jurisdiction	Percent Of Voting Securities Owned
Guggenheim Private Debt Fund 2.0, Ltd.	CYM	(No Ownership) Management by Guggenheim Private Debt Fund 2.0 Managing Member, LLC
Guggenheim Private Debt Fund 2.0-I, LLC	DE	(No Ownership) Management by Guggenheim Private Debt Fund 2.0 Managing Member, LLC
Guggenheim Private Debt Fund 3.0 Managing Member, LLC	DE	100% by Guggenheim Partners Investment Management, LLC
Guggenheim Private Debt Fund Managing Member, LLC	DE	100% by Guggenheim Partners Investment Management, LLC
Guggenheim Private Debt Fund Note Issuer 2.0, LLC	DE	(No Ownership) Management by Guggenheim Private Debt Fund 2.0 Managing Member, LLC
Guggenheim Private Debt Fund Note Issuer, LLC	DE	(No Ownership) Management by Guggenheim Private Debt Fund Managing Member, LLC
Guggenheim Private Debt Fund Throne Investco, LLC	DE	100% by Guggenheim Private Debt Fund, Ltd.
Guggenheim Private Debt Fund Throne Investco, LLC	DE	(No Ownership) Management by Guggenheim Private Debt Fund Managing Member, LLC
Guggenheim Private Debt Fund Trinity Investco, LLC	DE	100% by Guggenheim Private Debt Fund, Ltd.
Guggenheim Private Debt Fund, LLC	DE	(No Ownership) Management by Guggenheim Private Debt Fund Managing Member, LLC
Guggenheim Private Debt Fund, Ltd.	CYM	(No Ownership) Management by Guggenheim Private Debt Fund Managing Member, LLC
Guggenheim Private Debt Master Fund 2.0, LLC	DE	(No Ownership) Management by Guggenheim Private Debt Fund 2.0, Ltd.
Guggenheim Private Debt Master Fund 2.0, LLC	DE	(No Ownership) Management by Guggenheim Private Debt Fund 2.0, LLC
Guggenheim Private Debt Master Fund 2.0, LLC	DE	(No Ownership) Management by Guggenheim Private Debt Fund 2.0-I, LLC
Guggenheim Private Debt Master Fund 2.0, LLC	DE	(No Ownership) Management by Guggenheim Private Debt Fund 2.0 Managing Member, LLC
Guggenheim Private Debt Master Fund, LLC	DE	(No Ownership) Management by Guggenheim Private Debt Fund Managing Member, LLC
Guggenheim Private Debt MFLTB 2.0, LLC	DE	100% by Guggenheim Private Debt Master Fund 2.0, LLC
Guggenheim Real Estate (CA), Inc. (fka Guggenheim Real Estate (CA), Inc. (fka Guggenheim Commercial Real Estate Finance (CA), Inc.)	DE	100% by Guggenheim Real Estate, LLC (fka Guggenheim Commercial Restate Finance, LLC)
Guggenheim Real Estate, LLC (fka Guggenheim Commercial Restate Finance, LLC)	DE	100% by Guggenheim Partners Investment Management Holdings, LLC

20

Name	Jurisdiction	Percent Of Voting Securities Owned
Guggenheim Receivable Financing, LLC	DE	100% by Guggenheim Services, LLC
Guggenheim Retail Real Estate Partners, LLC	DE	100% by GRREP Holdings, LLC
Guggenheim Securities Credit Partners, LLC	DE	100% by Links Holdings LLC
Guggenheim Securities International, Ltd.	GBR	100% by Links Holdings LLC
Guggenheim Securities, LLC	DE	100% by Links Holdings LLC
Guggenheim Services, LLC	DE	99.5% by Guggenheim Capital, LLC; Management by Guggenheim Manager, Inc.
Guggenheim Transparent Value, LLC	DE	99.5% by Guggenheim Partners Investment Management Holdings, LLC; Management by GPIMH Sub, LLC
Guggenheim Treasury Services (Europe) Limited	GBR	100% by Guggenheim Treasury Services International Limited
Guggenheim Treasury Services Corporation (N.Y.)	DE	100% by The Liberty Hampshire Company, LLC
Guggenheim Treasury Services International Limited	CYM	100% by The Liberty Hampshire Company, LLC
Guggenheim Treasury Services, LLC	DE	100% by Liberty Hampshire Holdings, LLC
Guggenheim Trust Assets, LLC	DE	100% by Guggenheim Securities, LLC
Guggenheim-meZocliq Holdings, LLC	DE	100% by GPFT Holdco, LLC
Guggenheim-Nicklaus Fund I, Ltd.	FL	89.5% by Guggenheim Golf Properties Investor, LLC; Management by GN Fund I, LLC
GW Ocean, LLC	DE	50% by Guggenheim Partners Investment Management, LLC
GW Phoenix 799, LLC	DE	100% by Retail Investors III, LLC
GWM Holdco, LLC	DE	99.5% by Guggenheim Partners, LLC; Management by Guggenheim Manager, Inc.
Gwynedd Forklifts Limited	GBR	100% by GFL Holdings Limited
GX 9568 Holdings I, LLC	DE	100% by Guggenheim Aircraft Opportunity Master Fund, L.P.
GX 9568 Holdings II, LLC	DE	100% by Guggenheim Aircraft Opportunity Master Fund, L.P.
Harrell’s Hill Solar Center, LLC	NC	100% by PV Project Holdings V, LLC
Heelstone Energy II, LLC	DE	100% by SRE Utility Solar 1, LLC
Heelstone Energy III, LLC	DE	100% by SRE Utility Solar 1, LLC
Heelstone Energy Investor III, LLC	DE	100% by Heelstone Energy IV, LLC
Heelstone Energy Investor IV, LLC	DE	100% by Heelstone Energy V, LLC
Heelstone Energy Investor V, LLC	DE	100% by Heelstone Energy VI, LLC
Heelstone Energy Investor VI, LLC	DE	1% & Management by Heelstone Energy VII, LLC
Heelstone Energy Investor VII, LLC	DE	1% & Managament by Heelstone Energy VIII, LLC
Heelstone Energy IV, LLC	DE	100% by SRE Utility Solar 1, LLC

21

Name	Jurisdiction	Percent Of Voting Securities Owned
Heelstone Energy V, LLC	DE	100% by SRE Utility Solar 1, LLC
Heelstone Energy VI, LLC	DE	100% by SRE Utility Solar 1, LLC
Heelstone Energy VIII, LLC	DE	100% by SRE Utility Solar 1, LLC
Heelstone Energy, LLC	DE	100% by SRE Utility Solar 1, LLC
Heelstone Land Holdings, LLC	DE	100% by SRE Utility Solar 1, LLC
Heestone Energy VII, LLC	DE	100% by SRE Utility Solar 1, LLC
Hesa GSTF V, LLC	DE	100% by GLAC Holdings, LLC
Highland Solar Center, LLC	NC	100% by PV Project Holdings V, LLC
Hiremech Holdings Limited	GBR	100% by Briggs Equipment UK Limited
Hiremech Limited	GBR	100% by Hiremech Holdings Limited
Hitec Lift Trucks Limited	GBR	100% by Briggs Equipment UK Limited
Hyperscale Funding LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Hyperscale MM Funding LLC	DE	100% by Guggenheim Partners Investment Management, LLC
IDF I, LLC	DE	100% by Guggenheim Life and Annuity Company
IDF II, LLC	DE	100% by Guggenheim Life and Annuity Company
Industrial US Holdings, Inc.	DE	100% by Briggs International, Inc.
Innovative Solar 23, LLC	NC	100% by PV Project Holdings IV, LLC
Internet Radio Funding II, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Internet Radio Funding, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
IPEX LLC	DE	100% by Generation Financial Group LLC
IPEX Services, LLC	DE	100% by IPEX LLC
Iron Hill CLO Designated Activity Company	IRL	(No Ownership) Management by Guggenheim Partners Europe Limited
I-SAIL, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Jasmine Asset Funding Limited	CYM	100% by The Liberty Hampshire Company, LLC
Java Acquisition Company 0013, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
Java Acquisition Company 0031, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
Java Acquisition Company 0049, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
JL Ada 1846, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
JL Appleton 980, LLC	DE	100% by Retail Investors III, LLC

22

Name	Jurisdiction	Percent Of Voting Securities Owned
JL Bedford 1458, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
JL Beloit 1365, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
JL Bentonville 1412, LLC	DE	100% by Retail Investors III, LLC
JL Cape Girardeau 1502, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
JL Chattanooga 1491, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
JL Chickasha 1476, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
JL Corpus Christi 1454, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
JL Cortlandville 1462, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
JL Cypress 821, LLC	DE	100% by Retail Investors III, LLC
JL Cypress 894, LLC	DE	100% by Retail Investors III, LLC
JL Delavan 1363, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
JL Dripping Springs 1369, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
JL Evansville 1459, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
JL Fort Worth 1393, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
JL Fort Worth 834, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
JL Frankfort 1460, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
JL Georgetown 1407, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
JL Hamburg 1301, LLC	DE	100% by Retail Investors III, LLC
JL Huntley 797, LLC	DE	100% by Retail Investors III, LLC
JL Irondequoit 1252, LLC	DE	100% by Retail Investors III, LLC
JL Jeffersonville 1440, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
JL Joplin 1391, LLC	DE	100% by Retail Investors III, LLC
JL Katy 916, LLC	DE	100% by Retail Investors III, LLC
JL Lake Hallie 1434, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
JL Machesney Park 1388, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
JL Manitowoc 1257, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
JL Milwaukee 1397, LLC	DE	100% by Retail Investors III, LLC
JL New Hartford 1463, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
JL Nicholasville 1389, LLC	DE	100% by Retail Investors III, LLC

23

Name	Jurisdiction	Percent Of Voting Securities Owned
JL Nixa 1386, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
JL Normal 1378, LLC	DE	100% by Retail Investors III, LLC
JL Owensboro 1461, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
JL Plover 1320, LLC	DE	100% by Retail Investors III, LLC
JL Porter 1414, LLC	DE	100% by Retail Investors III, LLC
JL Princeton 1332, LLC	DE	100% by Retail Investors III, LLC
JL Providence Village 1239, LLC	DE	100% by Retail Investors III, LLC
JL Rib Mountain 1319, LLC	DE	100% by Retail Investors III, LLC
JL Rockford 1428, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
JL Romeoville 1318, LLC	DE	100% by Retail Investors III, LLC
JL Somers 1403, LLC	DE	100% by Retail Investors III, LLC
JL Spring 1384, LLC	DE	100% by Retail Investors III, LLC
JL Springdale 1357, LLC	DE	100% by Retail Investors III, LLC
JL Springfield 1433, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
JL Springfield 1495, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
JL Sycamore 1379, LLC	DE	100% by Retail Investors III, LLC
JLB 2728 Cedar Springs, LP	TX	30% by JLB Partners LLC; 70% by Compatriot Capital, Inc.
JLB BUILDERS LLC	TX	100% by JLB Partners LLC
JLB Center Street, LP	TX	70% by Compatriot Capital, Inc.; 30% by JLB Partners LLC
JLB Chapman GP LLC	TX	100% by Compatriot Capital, Inc.
JLB Chapman LP	TX	100% by Compatriot Capital, Inc.
JLB Chapman LP	TX	100% by JLB Chapman GP LLC
JLB McLean LLC	DE	39% by Compatriot Capital, Inc.; 21.9% by JLB McLean Partners LP
JLB McLean Partners LP	DE	65.7% by JLB Partners LLC
JLB Partners LLC	DE	40% by Compatriot Capital, Inc.
JLB Portales Partners LLC	DE	50% by JLB Portales Partners Mgr L.P.
JLB Portales Partners Mgr L.P.	TX	23.9% by Compatriot Capital, Inc.; 76.1% by JLB Partners LLC
JLB REALTY LLC	TX	100% by JLB Partners LLC
JLB RESIDENTIAL LLC	TX	100% by JLB Partners LLC
JLB Stafford Land LP	TX	100% by JLB Partners LLC
JLB Stafford Phase I GP LLC	TX	100% by JLB Partners LLC
JLB Stafford Phase I L.P.	TX	70% by Compatriot Capital, Inc.; 30% by JLB Partners LLC; Management by JLB Stafford Phase I GP LLC
JLB Stafford Phase Two GP LLC	TX	100% by JLB Partners LLC

24

Name	Jurisdiction	Percent Of Voting Securities Owned
JLB Stafford Phase Two L.P.	TX	85% by Compatriot Capital, Inc.; 15% by JLB Partners LLC; Management by JLB Stafford Phase Two GP LLC
JLB West Paces Phase I GP LLC	TX	100% by JLB Partners LLC
JLB West Paces Phase I L.P.	TX	80% by Compatriot Capital, Inc.
JLB West Paces Phase I L.P.	TX	19% by JLB Partners LLC; 1% & Management by JLB West Paces Phase I GP LLC
JLB Winhall, LP	TX	70% by Compatriot Capital, Inc.; 30% by JLB Partners LLC
JLSB Fort Smith 1405, LLC	DE	100% by Retail Investors III, LLC
JLx3, LLC	DE	61.1% by Guggenheim Partners, LLC
K Launch, LLC	IN	100% by Advanced Software, LLC
K2 Development, LLC	DE	100% by Compatriot Capital, Inc.
KDC Holdings, LLC	DE	50% by E2M/SRC Investment Company, LLC
Kemps Landing Capital Company, LLC	DE	100% by The Liberty Hampshire Company, LLC
Kenansville Solar Farm, LLC	NC	100% by SRK Holdings, LLC
Kennecott Funding Ltd.	CYM	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Kerauno Holdings, LLC	IN	34% by Hesa GSTF V, LLC
Kips Bay Capital Company #1, LLC	CYM	100% by The Liberty Hampshire Company, LLC
Kips Bay Capital Company #2, LLC	CYM	100% by The Liberty Hampshire Company, LLC
Kips Bay Capital Company #3, LLC	CYM	100% by The Liberty Hampshire Company, LLC
Kips Bay Capital Company #4, LLC	CYM	100% by The Liberty Hampshire Company, LLC
Kips Bay Capital Company #5, LLC	CYM	100% by The Liberty Hampshire Company, LLC
Lafayette Solar I, LLC	NC	100% by PV Project Holdings I, LLC
Lansing 824 Retail, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
Laramie Wind LLC	WY	100% by Pathfinder Renewable Wind Energy, LLC
Laurinburg Solar, LLC	NC	100% by PV Project Holdings III, LLC
LAV MP Holding, LLC	DE	100% by CCI Historic, Inc.
Legacy Capital Company, LLC	DE	100% by The Liberty Hampshire Company, LLC
Lexington Parker Capital Company, L.L.C.	DE	100% by The Liberty Hampshire Company, LLC
Lexington Parker Capital Company, L.L.C.	DE	100% by The Liberty Hampshire Company, LLC
Liberty Hampshire Holdings, LLC	DE	99.5% by Guggenheim Capital, LLC; Management by Guggenheim Manager, Inc.
Links GKPL Holdco, LLC	DE	100% by Links Holdings LLC

25

Name	Jurisdiction	Percent Of Voting Securities Owned
Links GPJL Holdco, LLC	DE	100% by Links Holdings LLC
Links Holdings LLC	DE	99.5% by Guggenheim Partners, LLC
Links Holdings LLC	DE	(No Ownership) Management by Guggenheim Manager, Inc.
Links Holdings, Inc.	DE	100% by Guggenheim Partners, LLC
Lionel Investors LLC	DE	44% by Orpheus Holdings LLC
Lionel Investors LLC	DE	(No Ownership) Management by Guggenheim Credit Services, LLLC
Littlefield Solar Center, LLC	NC	100% by PV Project Holdings V, LLC
Longhorn Trail Ranch II, Ltd.	TX	40% by Compatriot Capital, Inc.
Magma WCFF II Ltd.	CYM	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
MERLIN Series 2015-A LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
MERLIN Series 2015-B LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
MERLIN Series 2015-C LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Mexcolift Servicios de Personnel, S. de R.L. de C.V.	MEX	99% by Controladora Briggs de Mexico, S. de R.L. de C.V.; 1% by Briggs Equipment Mexico, Inc.
meZocliq LLC	DE	41.9% by Guggenheim-meZocliq Holdings, LLC
Midland National Life Insurance Company	IA	100% by Sammons Financial Group, Inc.
Midway Wind, LLC	DE	100% by SRE Midway Member LLC
MNL Reinsurance Company	IA	100% by Midland National Life Insurance Company
Molly Aida Funding LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Montacargas Yale de Mexico, S.A. de C.V.	MEX	99% by Briggs Equipment, Inc.; 1% by Briggs Equipment Mexico, Inc.
Moore’s Creek Capital Corporation	DE	100% by The Liberty Hampshire Company, LLC
Morgan Farm, LLC	NC	100% by PV Project Holdings III, LLC
Morrow Park City Apartments LLC	DE	34.3% by LAV MP Holding, LLC
Morrow Park City Apartments LLC	DE	65.7% by VG Morrow Park Capital LLC
Morrow Park Holding LLC	DE	50% by CCI Historic, Inc.
My Financial Freedom LLC	DE	100% by Sammons Financial Group, Inc.
Mylo, LLC	MO	34.2% by Biscay GSTF III, LLC
Nashville Farms, LLC	NC	100% by PV Project Holdings III, LLC

26

Name	Jurisdiction	Percent Of Voting Securities Owned
National Brand Investors I, LLC	DE	(No Ownership) Management by Stonebridge Investors III, LLC
NC Lincolnshire 624, LLC	DE	100% by Retail Investors III, LLC
NC Little Rock 642, LLC	DE	100% by Retail Investors III, LLC
NC Naperville 623, LLC	DE	100% by Retail Investors III, LLC
NC San Antonio 628, LLC	DE	100% by Retail Investors III, LLC
NE Lewiston 820, LLC	DE	100% by Retail Investors III, LLC
New Forum Apartments JV Investors, LLC	DE	10% by Albion at New Forum Member, LLC
New Forum Owner LLC	DE	100% by New Forum Apartments JV Investors, LLC
Nextgen Re Holdings, LLC	DE	100% by Consolidated Investment Services, Inc.
Nominee Holding Company, LLC	DE	100% by GPFT Holdco, LLC
North American Company for Life and Health Insurance	IA	100% by Sammons Financial Group, Inc.
North Carolina Solar III, LLC	NC	100% by Heelstone Energy, LLC
Northern Forklift (Scotland) Limited	GBR	100% by Briggs Equipment UK Limited
NZC Guggenheim Fund Limited	CYM	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
NZC Guggenheim Fund LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
NZC Guggenheim Master Fund Limited	CYM	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
NZCG Feeder 1, L.P.	CYM	(No Ownership) Management by GPIM Holdings VIII, Ltd.
NZCG Funding LLC	DE	100% by NZCG Funding Ltd.
NZCG Funding Ltd.	CYM	100% by NZC Guggenheim Master Fund Limited
Optimus Funding Company, LLC	DE	100% by The Liberty Hampshire Company, LLC
Orpheus Funding LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Orpheus Holdings LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Otter, Inc.	OK	100% by Sammons Power Development, Inc.
Paragon GBM Investco, LLC	DE	100% by Guggenheim Life and Annuity Company
Parkway Mortgage, Inc.	DE	100% by Consolidated Investment Services, Inc.
Parkway Mortgage, Inc.	DE	100% by Consolidated Investment Services, Inc.
Pathfinder Bison Bend, LLC	WY	100% by Pathfinder Land and Ranch Management, LLC

27

Name	Jurisdiction	Percent Of Voting Securities Owned
Pathfinder Buzzard Bird Ranch, LLC	WY	100% by Pathfinder Land and Ranch Management, LLC
Pathfinder Cardwell Access Ranch, LLC	WY	100% by Pathfinder Land and Ranch Management, LLC
Pathfinder Cardwell Ranch, LLC	WY	100% by Pathfinder Land and Ranch Management, LLC
Pathfinder Dumbell Ranch, LLC	WY	100% by Pathfinder Land and Ranch Management, LLC
Pathfinder Land and Ranch Management, LLC	WY	100% by Pathfinder Ranches, LLC
Pathfinder Miracle Mile Ranch, LLC	WY	100% by Pathfinder Land and Ranch Management, LLC
Pathfinder Pathfinder Ranch, LLC	WY	100% by Pathfinder Land and Ranch Management, LLC
Pathfinder Perkins Ranch, LLC	WY	100% by Pathfinder Land and Ranch Management, LLC
Pathfinder Power Transmission LLC	WY	100% by Laramie Wind LLC
Pathfinder Ranches, LLC	WY	100% by PR Holdings Inc.
Pathfinder Renewable Wind Energy, LLC	WY	100% by DC Solutions LLC
Pathfinder Sand Creek, LLC	WY	100% by Pathfinder Land and Ranch Management, LLC
Pathfinder Stewart Creek Ranch, LLC	WY	100% by Pathfinder Land and Ranch Management, LLC
Pathfinder Sun Ranch, LLC	WY	100% by Pathfinder Land and Ranch Management, LLC
Pathfinder Two Iron Ranch, LLC	WY	100% by Pathfinder Land and Ranch Management, LLC
Pathfinder-Zephyr Wind, LLC	WY	100% by Laramie Wind LLC
Pent House Associates	DE	100% by Albion at Parklane Limited Partner, LLC
Pilar Holdings, LLC	FL	88.4% GC Pilar Golf Investment, LLC; Management by Guggenheim Nicklaus Partners, LLC
Pilara Lotes II, LLC	DE	100% by GC Deferred Compensation I, LLC
PLIC Holdings, LLC	DE	100% by Guggenheim Insurance Holdco, LLC
PLUS Funding IV, LLC	DE	(No Ownership) Management by TEK Financial, LLC
PR Holdings Inc.	DE	100% by Sammons Infrastructure, Inc.
Promenade Funding LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Promenade Holdco LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Promenade MM LLC	DE	100% by Guggenheim Partners Investment Management, LLC

28

Name	Jurisdiction	Percent Of Voting Securities Owned
Promenade-C 2 LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Promenade-C LLC	DE	100% by Guggenheim Partners Opportunistic Investment Grade Securities Master Fund, Ltd.
Promenade-C LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Property Disposition, Inc.	DE	100% by Sammons Financial Group, Inc.
PV Project Holdings I, LLC	NC	90% by Heelstone Energy Investor III, LLC; 10% by PV Project Lessee I, LLC
PV Project Holdings I, LLC	NC	(No Ownership) Management by Heelstone Energy IV, LLC
PV Project Holdings II, LLC	NC	90% by Heelstone Energy Investor IV, LLC; 10% by PV Project Lessee II, LLC
PV Project Holdings II, LLC	NC	(No Ownership) Management by Heelstone Energy V, LLC
PV Project Holdings III, LLC	NC	90% & Management by Heelstone Energy Investor V, LLC; 10% by PV Project Lessee III, LLC
PV Project Holdings IV, LLC	NC	90% by Heelstone Energy Investor VI, LLC; 10% by PV Project Lessee IV, LLC
PV Project Holdings IV, LLC	NC	(No Ownership) Management by Heelstone Energy VII, LLC
PV Project Holdings V, LLC	NC	100% by Heelstone Energy Investor VII, LLC; Management by Heelstone Energy VIII, LLC
PV Project Lessee I, LLC	NC	1% by Heelstone Energy IV, LLC
PV Project Lessee II, LLC	NC	1% & Management by Heelstone Energy V, LLC
PV Project Lessee III, LLC	NC	1% & Management by Heelstone Energy VI, LLC
PV Project Lessee IV, LLC	NC	1% & Management by Heelstone Energy VII, LLC
PV Project Lessee V-2015, LLC	DE	(No Ownership) Management by Heelstone Energy VIII, LLC
Raeford Farm, LLC	NC	100% by Heelstone Energy, LLC
Range Energy Storage Systems LLC	WY	50% by Sammons Energy Storage Holdings LLC
Red Hill Solar Center, LLC	NC	100% by SRK Holdings, LLC
Red Toad 1425 A Powatan Road, LLC	NC	100% by PV Project Holdings IV, LLC
Relationship Funding (Cayman) Ltd.	CYM	100% by The Liberty Hampshire Company, LLC
Relationship Funding (Cayman) Ltd.	CYM	100% by The Liberty Hampshire Company, LLC
REST, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC

29

Name	Jurisdiction	Percent Of Voting Securities Owned
REST-NY, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Retail Investors III, LLC	DE	99.5% by Guggenheim Life and Annuity Company; Management by Stonebridge Investors III, LLC
Ridgefield Funding Company, LLC	DE	100% by The Liberty Hampshire Company, LLC
Rio Bravo Wind Capital, LLC	DE	100% by Rio Bravo Wind Renewables, LLC
Rio Bravo Wind Holdings, LLC	DE	100% by Rio Bravo Wind Capital, LLC
Rio Bravo Wind Renewables, LLC	DE	100% by SRE/Franklin Park Rio Bravo, LLC
Rio Bravo Windpower, LLC	DE	100% by Rio Bravo Wind Holdings, LLC
Rockingham Solar, LLC	NC	100% by PV Project Holdings I, LLC
Rosales Funding LLC	DE	17% by Guggenheim Partners Opportunistic Investment Grade Securities Offshore Master Fund, Ltd.
Rosales Funding LLC	DE	76.5 by Rosales Holdco LLC; Management by Guggenheim Partners Investment Management, LLC
Rosales Holdco LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Rydex Holdings, LLC	KS	100% by Guggenheim Partners Investment Management Holdings, LLC
Saganaw Insurance Agency, LLC	DE	100% by Guggenheim Life and Annuity Company
Saganaw Receivables, LLC f/k/a SG Parent, LLC	DE	100% by Saganaw Insurance Agency, LLC
SAGE Assets, Inc.	DE	100% by Sammons Equity Alliance, Inc.
SAIL 4 Finance, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
SAIL 4 VFN NOTE ISSUER, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
SAILES 4-O, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
SAILS-3, LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Samarcand Solar Farm, LLC	NC	100% by SRK Holdings, LLC
Sammons BW, Inc.	DE	100% by Sammons Distribution Holdings, Inc.
Sammons BW, Inc.	DE	100% by Sammons Distribution Holdings, Inc.
Sammons CAES Holdings, LLC	DE	100% by Sammons Infrastructure, Inc.
Sammons Capital, Inc.	DE	100% by Sammons Equity Alliance, Inc.

30

Name	Jurisdiction	Percent Of Voting Securities Owned
Sammons Corporation	DE	100% by Consolidated Investment Services, Inc.
Sammons Distribution Holdings, Inc.	DE	100% by Consolidated Investment Services, Inc.
Sammons Distribution Holdings, Inc.	DE	100% by Consolidated Investment Services, Inc.
Sammons Energy Storage Holdings LLC	WY	100% by Pathfinder Renewable Wind Energy, LLC
Sammons Enterprises, Inc.	DE	100% by Sammons Enterprises, Inc. ESOT
Sammons Equity Alliance, Inc.	DE	100% by Consolidated Investment Services, Inc.
Sammons Financial Group, Inc.	DE	100% by Consolidated Investment Services, Inc.
Sammons Financial Network, LLC	DE	100% by Sammons Securities, Inc.
Sammons Industrial, Inc.	DE	100% by Consolidated Investment Services, Inc.
Sammons Infrastructure, Inc.	DE	100% by Consolidated Investment Services, Inc.
Sammons Institutional Group, Inc.	DE	100% by Sammons Financial Group, Inc.
Sammons Power Development, Inc.	DE	100% by Sammons Equity Alliance, Inc.
Sammons Renewable Energy Canada Holdings Inc.	BC	100% by SRE/Franklin Park Hydro Canada-1, LLC
Sammons Renewable Energy Holdings, Inc.	DE	100% by Sammons Infrastructure, Inc.
Sammons Securities, Inc.	DE	100% by Sammons Financial Group, Inc.
Sands Point Funding Ltd.	CYM	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Sandy Point Capital Company, LLC	DE	100% by GIFS Capital Company, LLC
Sandy Point Capital Company, LLC	DE	100% by GIFS Capital Company, LLC
Saratoga (Cayman), Ltd.	CYM	100% by GIFS Capital Company, LLC
Saratoga (Cayman), Ltd.	CYM	100% by GIFS Capital Company, LLC
Saratoga Springs Capital Company, LLC	DE	100% by GIFS Capital Company, LLC
Saratoga Springs Capital Company, LLC	DE	100% by GIFS Capital Company, LLC
SB Newington 433, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
SBTree, Inc.	DE	100% by Guggenheim Partners, LLC
SC-H Elizabethtown 1292, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
SC-H Louisville 1262, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
SC-H Madison 1261, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
SC-H North Vernon 1291, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
SC-H Scottsburg 1268, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC

31

Name	Jurisdiction	Percent Of Voting Securities Owned
SE Napa 1279, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
SE Orangevale 1223, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
SE Sacramento 1224, LLC	DE	100% by Retail Investors III, LLC
SE Stockton 1394, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
SE Union City 1247, LLC	DE	100% by Retail Investors III, LLC
Security Investors, LLC	KS	100% by Rydex Holdings, LLC
Seguros Receivables, LLC	DE	33.3% by Biscay GSTF III, LLC
Serpentine Hydro Power GP Ltd.	BC	100% by SRE Hydro Canada Corp
Serpentine Hydro Power LP	BC	99% by SRE Hydro Canada Corp
Serpentine Hydro Power LP	BC	0.01% by Serpentine Hydro Power GP Ltd.
Seven Sticks CLO Ltd.	CYM	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Seven Sticks, LLC	SC	100% by Cainhoy Land & Timber, LLC
Shelby Randolph Road Solar I, LLC	NC	100% by PV Project Holdings I, LLC
SID Solar I, LLC	NC	100% by PV Project Holdings I, LLC
Silverstone Tysons Owner, LLC	DE	100% by Silverstone Tysons, LP
Silverstone Tysons, LP	DE	85% by CCI Tysons SL, LLC
SitePro Rentals, Inc.	DE	100% by Industrial US Holdings, Inc.
Ski Partners II, LLC	DE	32.8% by Compatriot Capital, Inc.
Ski Partners, LLC	DE	32.7% by Compatriot Capital, Inc.
SLBCA Developer LLC	DE	50% by VGH Credit LLC; 50% by SLBCA Holding LLC
SLBCA Holding LLC	DE	90% by CCI/HTC, Inc.; 10% by VGH Credit LLC
SLBCA Tenant LLC	DE	0.001 & Management by % by SLBCA Holding LLC; 99.999% by Compatriot Capital, Inc.
Solberg Reinsurance Company	IA	100% by Midland National Life Insurance Company
Soo Line Building City Apartments LLC	DE	85% by SLBCA Holding LLC; 15% by SLBCA Tenant LLC
South Blacktree Agency, LLC	DE	100% by SBTree, Inc.
Southside Works City Apartments LLC	DE	10% by Southside Works Holding LLC
Southside Works Holding LLC	DE	50% by CCI Historic, Inc.
SP Land Company, LLC	DE	80% by Ski Partners, LLC
SRE Blocker #1, Inc.	DE	100% by SRE Solar OpCo, Inc.
SRE Blocker #2, Inc.	DE	100% by SRE Wind OpCo, Inc.
SRE Blocker #3, Inc.	DE	100% by SRE Wind OpCo, Inc.
SRE Blocker #4, Inc.	DE	100% by Sammons Renewable Energy Holdings, Inc.

32

Name	Jurisdiction	Percent Of Voting Securities Owned
SRE Blocker #5, Inc.	DE	100% by Sammons Renewable Energy Holdings, Inc.
SRE Blocker #6, Inc.	DE	100% by Sammons Renewable Energy Holdings, Inc.
SRE Blocker #7, Inc.	DE	100% by Sammons Renewable Energy Holdings, Inc.
SRE Blocker #8, Inc.	DE	100% by Sammons Renewable Energy Holdings, Inc.
SRE DevCo, Inc.	DE	100% by Sammons Renewable Energy Holdings, Inc.
SRE Focalpoint Holdings, Inc.	DE	100% by SRE Solar OpCo, Inc.
SRE Focalpoint Member, LLC	DE	100% by SRE/Franklin Park Focalpoint, LLC
SRE Hydro Canada Corp	BC	100% by Sammons Renewable Energy Canada Holdings Inc.
SRE Hydro Canada General Services Ltd.	BC	100% by SRE Hydro Canada Corp
SRE Hydro DevCo, Inc.	DE	100% by SRE DevCo, Inc.
SRE Midway HoldCo LLC	DE	100% by SRE/Franklin Park Midway LLC
SRE Midway Member LLC	DE	100% by SRE Midway HoldCo LLC
SRE OpCo, Inc.	DE	100% by Sammons Renewable Energy Holdings, Inc.
SRE Solar OpCo, Inc.	DE	100% by SRE OpCo, Inc.
SRE Utility Solar 1, LLC	DE	100% by SRE/Franklin Park Utility Solar 1, LLC
SRE Wind OpCo Inc.	DE	99% by SRE OpCo, Inc.
SRE/Franklin Park Focalpoint, LLC	DE	99.5% by SRE Focalpoint Holdings, Inc.
SRE/Franklin Park Hydro Canada-1, LLC	DE	99.5% by SRE Hydro DevCo, Inc.
SRE/Franklin Park Midway LLC	DE	99.5% by SRE Blocker #2, Inc.
SRE/Franklin Park Rio Bravo, LLC	DE	99.5% by SRE Blocker #3, Inc.
SRE/Franklin Park Utility Solar 1, LLC	DE	99.5% by SRE Blocker #1, Inc.
SRK Holdings, LLC	NC	90% by Heelstone Energy Investor II, LLC
Stellar Funding, Ltd.	CYM	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Stewart Creek Grazing Association, LLC	WY	50% by Pathfinder Sun Ranch, LLC; 50% by Pathfinder Stewart Creek Ranch, LLC
Stonebriar JL Grand Chute 1216, LLC	DE	100% by Retail Investors III, LLC
Stonebriar JL Henrietta 1273, LLC	DE	100% by Retail Investors III, LLC
Stonebriar JL Muskego 1263, LLC	DE	100% by Retail Investors III, LLC
Stonebridge Investors III, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
Sweetgum Solar, LLC	NC	100% by PV Project Holdings II, LLC
Sweetwater River Conservancy Bald and Golden Eagle Bank, LLC	WY	100% by Sweetwater River Conservancy, LLC
Sweetwater River Conservancy Greater Sage-Grouse Habitat Bank, LLC	WY	100% by Sweetwater River Conservancy, LLC

33

Name	Jurisdiction	Percent Of Voting Securities Owned
Sweetwater River Conservancy Stream and Riparian Bank, LLC	WY	100% by Sweetwater River Conservancy, LLC
Sweetwater River Conservancy, LLC	WY	100% by Pathfinder Ranches, LLC
Sync Storage Solutions, Inc.	DE	100% by Briggs International, Inc.
TCFBK Richton Park 866, LLC	DE	100% by Guggenheim Retail Real Estate Partners, LLC
TEK Financial, LLC	DE	99.5% by Guggenheim Partners, LLC; Management by Guggenheim Manager, Inc.
The Liberty Hampshire Capital Company, LLC	DE	100% by The Liberty Hampshire Company, LLC
The Liberty Hampshire Company, LLC	DE	100% by Guggenheim Treasury Services, LLC
Thomas Creek Capital Corporation	DE	100% by The Liberty Hampshire Company, LLC
Thomas Weisel India Opportunity Fund, L.P.	DE	(No Ownership) Management by Guggenheim Partners India GP, LLC
TLEXP Ellisville 926, LLC	DE	100% by Retail Investors III, LLC
TLEXP Kansas City 1250, LLC	DE	100% by Retail Investors III, LLC
TLEXP Overland Park 978, LLC	DE	100% by Retail Investors III, LLC
TLEXP St. Peters 1200, LLC	DE	100% by Retail Investors III, LLC
TLEXP St. Peters 899, LLC	DE	100% by Retail Investors III, LLC
Toledo-MNG, LLC	DE	90.6% GC Pilar Golf Investment, LLC
Toledo-SLS, LLC	DE	90.6% GC Pilar Golf Investment, LLC
Tomorrow, LLC	DE	100% by Guggenheim Life and Annuity Company
Transparent Value Private Limited	IND	100% by Transparent Value, L.L.C.
Transparent Value, L.L.C.	DE	100% by Guggenheim Transparent Value, LLC
Two Crosses Grazing Association, LLC	WY	25% by Pathfinder Buzzard Bird Ranch, LLC; 25% by Pathfinder Pathfinder Ranch, LLC; 25% by Pathfinder Miracle Mile Ranch, LLC; 25% by Pathfinder Sand Creek, LLC
Ulmus Funding LLC	DE	17% by Guggenheim Partners Opportunistic Investment Grade Securities Offshore Master Fund, Ltd.; 76.5% by Ulmus Holdco LLC; Management by Guggenheim Partners Investment Management, LLC
Ulmus Holdco LLC	DE	(No Ownership) Management by Guggenheim Partners Investment Management, LLC
Valcour Bay Capital Company, LLC	DE	100% by The Liberty Hampshire Company, LLC
Van Slyke Solar Center, LLC	NC	100% by ABV Holdings, LLC
Venice GSTF I, LLC	DE	100% by GLAC Holdings, LLC
VG ECU Holdings LLC	DE	100% by CCI Historic, Inc.
VG Morrow Park Capital LLC	DE	84.8% by Compatriot Capital, Inc.; 15.2% by Morrow Park Holding LLC
VGH Credit LLC	DE	100% by CCI/HTC, Inc.

34

Name	Jurisdiction	Percent Of Voting Securities Owned
VGH/Dallas LLC	DE	70% by Village Green Consolidated LLC
Village Green Communications LLC	DE	100% by Village Green Holding LLC
Village Green Consolidated LLC	DE	CCI Historic, Inc.
Village Green Holding LLC	DE	100% by VGH/Dallas LLC
Village Green Management Company LLC	DE	100% by Village Green Holding LLC
V-Suites LLC	DE	100% by Village Green Holding LLC
Washington Lee Capital Company, LLC	DE	100% by The Liberty Hampshire Company, LLC
Washington Lee Capital Company, LLC	DE	100% by The Liberty Hampshire Company, LLC
West Coast QSR Acquisitions, LLC	DE	100% by Guggenheim Development Services, LLC
Westown Financial LLC	DE	100% by Sammons Financial Group, Inc.
Whirlwind 1, LLC	WY	100% by Laramie Wind LLC
White Oak Guggenheim Feeder Fund, LLC	DE	29.2% by GC Deferred Compensation I, LLC; Management by Guggenheim Partners, LLC
White Plains Capital Company, LLC	DE	100% by The Liberty Hampshire Company, LLC
Woodbine Legacy Holdings, LLC	DE	42.1% by Woodbine Legacy Investment Partners, LP; 42.1% by Woodbine Legacy Pref Partners, LP
Woodbine Legacy Investment Partners, LP	DE	45.7% by Compatriot Capital, Inc.
Woodbine Legacy Pref Partners, LP	DE	42.1% by Compatriot Capital, Inc.
Wooden Rifle Grazing Association, LLC	WY	20% by Pathfinder Cardwell Ranch, LLC; 20% by Pathfinder Bison Bend, LLC; 20% by Pathfinder Perkins Ranch, LLC; 20% by Pathfinder Cardwell Access, LLC; 20% by Pathfinder Two Iron Ranch, LLC
York Road Solar I, LLC	NC	100% by PV Project Holdings I, LLC
ZV Solar 3, LLC	NC	100% by PV Project Holdings IV, LLC

Item 27. Number of Contract Owners

LiveWell Variable Annuity - As of March 31, 2021 –

7,107	Non-Qualified
2,824	Qualified

Item 28. Indemnification

Midland National Life Insurance Company indemnifies actions against all officers, directors, and employees to the full extent permitted by Iowa law. This includes any threatened, pending, or completed action, suit or proceeding, whether civil, criminal, administrative, or investigative. Such indemnification includes expenses, judgments, fines, and amounts paid in settlement of such actions, suits, or proceedings.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission

35

such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Item 29a. Relationship of Principal Underwriter to Other Investment Companies

In addition to Midland National Life Separate Account C, Sammons Financial Network, LLC, the principal underwriter/distributor of the Registrant, is also the principal underwriter/distributor for variable universal life policies issued through Midland National Life Separate Account A.

Item 29b. Principal Underwriters

The directors and principal officers of Sammons Financial Network, LLC are as follows:

Name and Principal Business Address	Positions and Offices with Sammons Financial Network, LLC
William L. Lowe 8300 Mills Civic Parkway West Des Moines, IA 50266	President
Holley Taylor 8300 Mills Civic Parkway West Des Moines, IA 50266	Chief Compliance Officer - Broker Dealer
Arlen Dykhuis 8300 Mills Civic Parkway West Des Moines, IA 50266	Financial Operations Principal
Brett Agnew 8300 Mills Civic Parkway West Des Moines, IA 50266	Corporate Secretary
Theresa B. Kuiper One Sammons Plaza Sioux Falls, SD 57196	Associate Vice President

Item 29c. Compensation of Principal Underwriters

The following commissions and other compensation were received by each principal underwriter, directly or indirectly, from the Registrant with respect to these Contracts (File No. 333-176870) during the Registrant’s last fiscal year:

(1) Name of Principal Underwriter	(2) Net Underwriting Discounts and Commissions*		(3) Compensation on Redemption		(4) Brokerage Commissions		(5) Other Compensation**
Sammons Financial Network, LLC	$	12,859,677.63	$	0	$	0	$	2,642,364.34

* Represents commissions paid on the LiveWell Variable Annuity.

** Represents an underwriting fee paid to Sammons Financial Network, LLC for LiveWell Variable Annuity contract under Separate Account C.

Item 30. Location of Accounts and Records

The records required to be maintained by Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 to 31a-3 promulgated thereunder, are maintained by Midland National Life Insurance Company at 8300 Mills Civic Parkway, West Des Moines, IA 50266 and 525 West Van Buren, Chicago, IL 60607 and 200 SW 6^th Avenue, Topeka, Kansas 66603-3704.

36

Item 31. Management Services

No management related services are provided to the Registrant, except as discussed in Parts A and B.

Item 32. Undertakings and Representations

(a) A post-effective amendment to this registration statement will be filed as frequently as is necessary to ensure that the audited financial statement in the registration statement are never more than 16 months old for so long as payments under the variable annuity contracts may be accepted.

(b) Any application to purchase a contract offered by the prospectus will include a space that an applicant can check to request a Statement of Additional Information.

(c) Any Statement of Additional Information and any financial statements required to be made available under this Form will be delivered promptly upon written or oral request.

(d) Midland National Life Insurance Company represents that all fees and charges deducted under the contract in the aggregate are reasonable in relation to the services rendered, the expenses expected to be incurred and the risk assumed by Midland National Life Insurance Company.

Section 403(b) Representation

Registrant represents that it is relying on a no-action letter dated November 28, 1988, to the American Council of Life Insurance (Ref. No. IP-6-88), regarding sections 22(e), 27(c)(1), and 27(d) of the Investment Company Act of 1940, in connection with redeemability restrictions on Section 403(b) Contracts, and that paragraphs numbered (1) through (4) of that letter will be complied with.

37

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant, Midland National Life Separate Account C, has duly caused this Registration Statement to be signed on its behalf by the undersigned thereunto duly authorized, and its seal to be hereunto affixed and attested, all in West Des Moines, Iowa this 26^th day of April, 2021.

	By:	MIDLAND NATIONAL LIFE SEPARATE
		ACCOUNT C (REGISTRANT)
Attest: *	By:	*
		ESFANDYAR E. DINSHAW
		Chairman of the Board
	By:	MIDLAND NATIONAL LIFE
		INSURANCE COMPANY (DEPOSITOR)
Attest: *	By:	*
		ESFANDYAR E. DINSHAW
		Chairman of the Board

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

Signatures	Title
/s/ *	Chairman of the Board of Directors, Chief Executive Officer
ESFANDYAR E. DINSHAW	(Principal Executive Officer)
/s/ *	Director, President & Chief Operating Officer
STEVEN C. PALMITIER
/S/ *	Vice President & Chief Financial Officer
DAVID C. ATTAWAY	(Principal Financial & Accounting Officer)
/s/ *	Director
DARRON K. ASH
/S/ *	Director
WILLARD BUNN, III
/S/ *	Director
JAMES RODERICK CLARK
/S/ *	Director
THOMAS CORCORAN
/S/ *	Director
GEORGE A. FISK
/S/ *	Director
WILLIAM D. HEINZ
/S/ *	Director
HEATHER KREAGER
/S/ *	Director
MICHAEL M. MASTERSON

*By:	/s/ Stacy Bagby	Date: April 26, 2021
	Stacy Bagby
	Attorney-in-Fact
	Pursuant to Power of Attorney

38

Registration No. 333-176870

Post-Effective Amendment #18

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

EXHIBITS

TO

FORM N-4

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

FOR

MIDLAND NATIONAL LIFE SEPARATE ACCOUNT C

AND

MIDLAND NATIONAL LIFE INSURANCE COMPANY

EXHIBIT INDEX

Item	Exhibit
24(b)(9)(a)	Opinion and Consent of Counsel
24(b)(9)(b)	Power of Attorney
24(b)(10)(a)	Consent of Carlton Fields, P.A.
24(b)(10)(b)	Consent of Independent Registered Public Accounting Firm