Midland National Life Separate Account C

04/27/2026 | Press release | Distributed by Public on 04/27/2026 07:36

Updating Summary Prospectus (Form 497VPU)


LiveWell Variable Annuity Updating Summary Prospectus

May 1, 2026
An Individual Flexible Premium Deferred Variable Annuity
issued by: Midland National Life Insurance Company through the Midland National Life Separate Account C

This summary prospectus summarizes key features of the LiveWell Variable Annuity Contract (the "Contract").
In this summary prospectus "we," "our," "us," "Midland National," and "Company" mean Midland National Life Insurance Company, "you" and "your" mean the owner of the Contract.
Before you invest, you should review the prospectus for the Contract, which contains more information about the features, benefits and risks. You can find this document and other important information about the Contract online at www.SRSLiveWell.com/individual-investors-va-prospectuses. You can also obtain this information at no cost by calling (866) 747-3421, or by sending an email request to [email protected].
The Contract is a complex investment vehicle and involves risks, including potential loss of principal. The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Withdrawals could result in surrender charges, taxes and tax penalties.
Our obligations under the Contract are subject to our financial strength and claims-paying ability.

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



TABLE OF CONTENTS

Definitions
1
Updated Information About Your Contract
3
Important Information You Should Consider About the Contract
5
Appendix A
A-1


DEFINITIONS
For your convenience, below is a glossary of the special terms we use in this prospectus.

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 an 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.
Company (or we/us) means Midland National Life Insurance Company.
Contract Anniversary means the same date in each Contract year as the issue date.
Contract Month means a month that starts on the same date as the issue date in each month. For this purpose, if the issue date is not a calendar date in every month, then we look forward to the first day of the next calendar month. For example, assume a Contract is issued on January 31st; subsequent Contract months will begin on the first day of each month (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 31st; 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 9261, Des Moines, Iowa, 50306-9261 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 9261, Des Moines, Iowa, 50306-9261. The overnight mailing address is Midland National, 8300 Mills Civic Parkway, West Des Moines, Iowa 50266-3833. 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 and in the Accumulation phase. The amount of the death benefit is based on which death benefit option is elected and determined as of the business day that our Customer Service Center receives the required documentation in good order.
Enhanced Death Benefit means the optional Enhanced Death Benefit available for an additional charge, which pays your beneficiary the greater of (i) your accumulation value, (ii) your net premium, and (iii) your Enhanced Death Benefit value. For more detailed information, see the "Death Benefit" section.
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" section.
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 (collectively "Portfolio").
Issue Age means the age of the owner on the last birthday before the issue date. In the case of Joint owners, Issue Age is based on the age of the oldest of the Joint Owners. For non-natural owners, Issue Age is based on the age of the Annuitant.
1

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 first 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 115th 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.
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.
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.
Return of Premium Death Benefit means the optional Return of Premium Death Benefit available for an additional charge, which pays your beneficiary the greater of (i) your accumulation value or (ii) your net premium. For more detailed information, see the "Death Benefit" section.

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 a division of our Registered Separate Account which invests exclusively in one share class of one Investment Portfolio. We may use this term interchangeably with the term "Investment Division."

Surrender Value means (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.
2

UPDATED INFORMATION ABOUT YOUR CONTRACT
The information in this Updating Summary Prospectus is a summary of certain Contract features that have changed since the Updating Summary Prospectus dated May 1, 2025. This may not reflect all of the changes that have occurred since you entered into your Contract.
Calvert VP SRI Mid Cap Portfolio Liquidation
On or about April 27, 2026, the Calvert VP SRI Mid Cap Portfolio was liquidated. Any Accumulation Value that was invested in the Calvert VP SRI Mid Cap Subaccount at the time of the liquidation was automatically allocated to the Fidelity VIP Government Money Market Service 2 Subaccount. You may transfer Accumulation Value that was automatically allocated to the Fidelity VIP Government Money Market Service 2 Subaccount to any other available Subaccount within 60 days after the liquidation without incurring any charges and without such transfer counting against the 15 free transfers allowed each Contract Year.
ClearBridge Portfolio Mergers
On or about April 24, 2026, the ClearBridge Variable Dividend Strategy II Portfolio and the ClearBridge Variable Large Cap Growth II Portfolio (the "ClearBridge Portfolios") were merged into and with substantially similar Portfolios of Lincoln Variable Insurance Products Trust: the LVIP ClearBridge Variable Dividend Strategy II Portfolio and the LVIP ClearBridge Variable Large Cap Growth II Portfolio (the "LVIP Portfolios"). Any Accumulation Value that was invested in the ClearBridge Portfolio Subaccounts at the time of the merger was automatically allocated to the corresponding LVIP Portfolio Subaccounts. The LVIP Portfolio Subaccounts are available as investment options under the Contract.
Portfolio Closures
Effective May 1, 2026, the following Subaccounts are no longer available for new investment allocations:
•Fidelity VIP FundsManager 50% Service 2
•Fidelity VIP FundsManager 70% Service 2
•Fidelity VIP FundsManager 85% Service 2
•Invesco VI Balanced-Risk Allocation II
•Lazard Retirement Global Dynamic Multi Asset Svc
•Lazard Retirement International Equity Ser
•Royce Capital Small-Cap Svc
Any Accumulation Value you currently have invested in the closed Subaccounts will remain invested unless you request a transfer or withdrawal.
New Investment Options
Effective May 1, 2026, the following new Subaccounts are available as investment options under the Contract:
•Columbia VP Intermediate Bond 2
•Columbia VP Small Company Growth 2
•Fidelity VIP Communications Services Svc 2
•Fidelity VIP Disciplined Small Cap Svc 2
•Fidelity VIP Floating Rate High Income Svc 2
•Fidelity VIP Hedged Equity Service 2
•Fidelity VIP Industrials Service 2
•Fidelity VIP Materials Service 2
•Fidelity VIP Utilities Service 2
•Janus Henderson VIT Global Sustainable Equity Svc
Portfolio Name Changes
•Effective August 22, 2025, the Invesco Oppenheimer V.I. International Growth II Portfolio was renamed the Invesco V.I. International Growth II Portfolio.
•Effective April 30, 2026, the MFS VIT II International Intrinsic Value Svc Portfolio was renamed the MFS VIT II International Intrinsic Equity Svc Portfolio.
•In connection with Nomura Holding America Inc's acquisition of the Macquarie Portfolios, effective November 3, 2025 each of the Macquarie Portfolios was renamed to replace "Macquarie" with "Nomura" in the Portfolio name, as reflected in Appendix A to this summary prospectus. The investment sub-advisers to the Macquarie Portfolios no longer serve as investment sub-advisers to the Nomura Portfolios.
•Effective May 1, 2026, the Putnam VT Research IB Portfolio was renamed the Putnam VT U.S. Research IB Portfolio.
•Effective May 1, 2026, the American Funds IS Global Small Capitalization 4 Portfolio was renamed the American Funds IS SMALLCAP World Fund 4 Portfolio and the American Funds IS International 4 Portfolio was renamed the American Funds IS EUPAC 4 Portfolio.
3

•Effective May 1, 2026, the LVIP American Century Disciplined Core Value Fund was renamed the LVIP Avantis Large Cap Value Fund and its investment objectives, strategies, and risks changed. Please refer to the fund's prospectus for information about its investment objectives, strategies, and risks.
Information about each of the investment options available under your Contract, including their type, their investment advisers and sub-advisers, their current expenses and performance information, is located in Appendix A to this summary prospectus. Additional information about the investment options can be found in the prospectuses for the Portfolios, which may be amended from time to time and can be found online at www.srslivewell.com/individual-investors-va-prospectuses. You can also request this information at no cost by calling 866-747-3421 or by sending an email request to [email protected].


4

Important Information You Should Consider About the Contract
FEES, EXPENSES, AND ADJUSTMENTS
LOCATION IN PROSPECTUS
Are There Charges or Adjustments for Early
Withdrawals?
Yes.
Owners who have a Contract without an Optional Value Endorsement can make withdrawals without being assessed a surrender charge of up to 8% as a percent of premiums withdrawn during the first seven years following the premium payment. If you elect an Optional Value Endorsement and make a withdrawal within the first Contract Year after the premium payment, you could pay a surrender charge of up to $8,000 on a $100,000 investment. This loss will be greater if there are taxes or tax penalties.
Charges, Fees and Deductions - Optional Value Endorsement-Surrender Charges
Summary - Fee Table - Transaction Expenses
Are There Transaction Charges?
Yes.
In addition to surrender charges, you may also be charged for other transactions, such as fund transfers when transferring between investment options more than 15 times a year, or if you request expedited delivery or wire transfer of funds.
Charges, Fees and
Deductions -
Transfer Charge
Are There Ongoing Fees and Expenses?
Yes.
The table below describes the fees and expenses that you may pay each year, depending on the investment options and optional benefits you choose. Please refer to your Contract specifications page for information about the specific fees you will pay each year based on the options you have elected.
Summary - Fee Table - Annual Expenses
Annual Fee Minimum Maximum
Base Contract Expenses1,2
0.94% 1.14%
Investment Portfolios3 (Portfolio Company fees and expenses)
0.01% 0.03%
Optional benefits available for an additional charge4
0.25% 0.55%
1 As a percentage of accumulated value in each investment option.
2 Includes mortality and expense risk charge, asset based administration charge, and contract maintenance fee.
3 As a percentage of average daily net assets of the investment option before any applicable waivers.
4 As a percentage of average accumulated value
Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each year, based on current charges. This estimate assumes that you do not take withdrawals from the Contract, which could add Surrender Charges that substantially increase costs.
Annual Fund Expenses
5

FEES AND EXPENSES
Lowest Annual
Cost: $1,927
Highest Annual
Cost: $3,384
LOCATION IN PROSPECTUS
Assumes:

•Investment of $100,000
Assumes:

•Investment of $100,000
Additional Information about LiveWell Variable Annuity - Suitability of the Contract
•5% annual appreciation
•5% annual appreciation
Summary - Fee Table - Example
•Least expensive combination of Base Contract charges (i.e. selection of the 7 year Optional Value Endorsement) and portfolio fees and expenses
•Most expensive combination of Base Contract charges (i.e. no Optional Value Endorsement), additional benefits, and portfolio fees and expenses
•No optional death benefits
•No additional purchase payments, transfers, or withdrawals
•No additional purchase payments, transfers, or withdrawals
•No sales charges
•No sales charges
RISKS LOCATION IN PROSPECTUS
Is There a Risk of Loss from Poor Performance?
Yes.
You can lose money by investing in this Contract.
Summary -
Principal Risks of Investing in the Contract
Is this a Short-Term Investment?
No.
The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. 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. A surrender charge may apply for up to seven years from the last premium payment if an Optional Value Endorsement is elected, which would reduce the amount received. Amounts withdrawn from the Contract may also result in taxes and tax penalties.
Summary -
Principal Risks of Investing in the Contract
What Are the Risks Associated with the Investment Options?
An investment in the Contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment options you choose. Each investment option has its own unique risks. You should review the investment options before making an investment decision.
Summary -
Principal Risks of Investing in the Contract
What Are the Risks Related to the Insurance Company?
Investing in the Contract is subject to the risks related to the Company. Any obligations, guarantees, or benefits are subject to the claims-paying ability of the Company, and our long term ability to make such payments, and are not guaranteed by any other party. There is no guarantee that we will be able to meet our claims paying obligations; there are risks to purchasing any insurance product. More information about the Company, including financial strength ratings, is available upon request by calling (866) 747-3421. Summary -
Principal Risks of Investing in the Contract
6

RESTRICTIONS LOCATION IN PROSPECTUS
Are There Restrictions on the Investment Options?
Yes.
•We do not currently charge a fee for transfers among investment options but reserve the right to impose a transfer fee of $15 for transfers in excess of 15 per Contract year.
Detailed Information About the Contract -
Your Accumulation Value - Transfers of Accumulation Value;
•We reserve the right to add, remove or substitute investment options.
•The Company also has policies and procedures that attempt to detect and deter frequent transfers.
Transfer Limitations
•We reserve the right to reject or place limitations on the acceptance and allocation of additional premiums.
Detailed Information about the Contract - Premium Payments
Are There any Restrictions on Contract Benefits?
Yes.
•Certain optional benefits may limit withdrawals or other rights under the Contract. Under certain benefits, a withdrawal could reduce the value of a benefit by more than the dollar amount of the withdrawal.
Summary - Features of LiveWell Variable Annuity -
Death Benefit
•The availability of Contract benefits may vary depending on the broker-dealer through which the Contract is sold and the state or date of purchase.
Appendix C - State Variations
Appendix D - Financial Intermediary Variations
•Selection of certain benefits (i.e. Optional Value Endorsements) may subject you to a surrender charge.
Summary - Fee Table - Transaction Expenses
•We may modify or discontinue offering an optional benefit for new elections at any time. We reserve the right to end certain benefits, such as the Dollar Cost Averaging Program or the Portfolio Rebalancing Program, upon notice to you.
•You may participate in either the Dollar Cost Averaging Program or the Portfolio Rebalancing Program, but not both.
Benefits Available Under the Contract
TAXES LOCATION IN PROSPECTUS
What Are the Contract's Tax Implications?
•You should consult with a tax professional to determine the tax implications of an investment in and purchase payments received under the Contract.
Federal Tax Status
•There is no additional tax deferral benefit if you purchase the Contract through a tax-qualified plan or individual retirement account (IRA).
•Earnings in the Contract are taxed at the ordinary income tax rates when you make the withdrawal, and a penalty may apply if you make the withdrawal before age 59 1/2.
CONFLICTS OF INTEREST LOCATION IN PROSPECTUS
How Are Investment Professionals Compensated?
Financial professionals will receive compensation for selling the Contract. The financial professional will receive a base commission and may also receive trailing compensation based on the Contracts' accumulation value. Financial professionals may have an incentive to offer or recommend the Contract over another investment.
Additional Information -
Distribution of the Contracts
Should I Exchange My Contract?
Some investment professionals may have a financial incentive to offer you a new contract in place of the one you already own. You should only exchange your contract if you determine, after comparing the features, fees, and risks of both contracts, and any fees or penalties to terminate the existing contract, that it is preferable for you to purchase the new contract rather than continue to own the existing contract.
Detailed Information about the Contact -
Tax-Free "Section 1035" Exchanges
7

APPENDIX A - INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT
The following is a list of Portfolios available under the Contract. More information about the Portfolios is available in the prospectuses for the Portfolios, which may be amended from time to time and can be found online at www.srslivewell.com/individual-investors-va-prospectuses. You can also request this information at no cost by calling 866-747-3421 or by sending an email request to [email protected].
The current expenses and performance information below reflects fees and expenses of the Portfolios, but does not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these charges were included. Each Portfolio's past performance is not necessarily an indication of future performance.

Average Annual Total Returns
(as of 12/31/2025)
Type
Portfolio and Advisor / Subadvisor
Current Expenses 1-Year Return 5-Year Return 10-Year Return
Alliance Bernstein Variable Product Series
Advisor: AllianceBernstein LP
Asset Allocation
AB VPS Dynamic Asset Allocation B2,3

1.10 13.21 4.74 5.25
Small Company
AB VPS Small Cap Growth B2,3

1.15 4.45 (0.69) 10.99
Small Company
AB VPS Discovery Value B
 1.06 2.64 8.48 8.27
The Alger Portfolios
Advisor: Fred Alger Management, LLC
Aggressive Growth
Alger Capital Appreciation S
1.19 32.52 16.04 17.86
ALPS Variable Investment Trust
Advisor: ALPS Advisors, Inc.
Specialty -
Natural Resources
ALPS/Alerian Energy Infrastructure III2
1.30 4.66 22.06 10.70
Growth and Income
ALPS Global Opportunity III2, 3
2.38 1.36 6.30 9.36
American Funds Insurance Series
Advisor: Capital Research and Management Company
Asset Allocation
American Funds IS® Asset Allocation 4
0.79 15.59 8.70 9.50
Growth
American Funds IS® Capital Income Builder®42
0.78 18.66 8.55 7.18
World Stock
American Funds IS® Capital World Growth & Income 42
0.92 24.46 10.01 10.74
Foreign Stock
American Funds IS® EUPAC 4
(formerly American Funds IS® International)
1.03 26.41 3.14 6.73
Balanced
American Funds IS® Global Balanced 42
1.01 16.96 5.85 7.43
World Stock
American Funds IS® Global Growth 42
0.91 21.34 7.97 11.89
Growth American Funds IS® Growth 4 0.84 19.93 13.09 17.67
Growth and Income
American Funds IS® Growth-Income 4
0.78 17.77 13.62 13.63
Foreign Stock
American Funds IS® International Growth And Income 42
1.06 35.09 7.42 7.54
Growth
American Funds IS® New World 42
1.07 27.93 5.06 8.98
Small Company
American Funds IS® SMALLCAP World 42
(formerly American Funds IS® Global Small Cap)
1.15 14.33 0.23 6.96
Corporate Bond - General
American Funds IS® The Bond Fund of America 42
0.73 6.98 (0.38) 2.11
Government Bond - General
American Funds IS® Ultra-Short Bond 4
0.81 3.59 2.53 1.46
A-1

Corporate Bond - High Quality
American Funds IS® US Government Securities 42
0.75 7.54 (0.49) 1.45
Growth and Income
American Funds IS® Washington Mutual Investors 42
0.75 16.90 13.60 12.08
BlackRock Variable Series Funds
Advisor: BlackRock Advisors, LLC
Asset Allocation
BlackRock 60/40 Target Allocation ETF VI III2
0.57 15.37 7.05 8.45
Growth
BlackRock Advantage Large Cap Core V.I. III2,3
0.94 19.73 13.85 14.08
Growth and Income
BlackRock Basic Value V.I. 32
1.01 24.04 12.81 10.52
Growth and Income
BlackRock Capital Appreciation V.I. 32
1.04 11.77 10.50 15.32
Equity-Income
BlackRock Equity Dividend V.I. III2
0.92 21.32 11.45 11.01
Asset Allocation
BlackRock Global Allocation V.I. III2
1.02 19.51 5.51 7.33
Growth
BlackRock Large Cap Focus Growth Equity V.I. III2
1.04 11.48 10.19 15.98
Calvert Variable Portfolio
Advisor: Calvert Research and Management
Growth and Income
CVT VP S&P 500 Index2,3
0.28 17.50 14.10 14.48
Balanced
Calvert VP SRI Balanced F
0.89 11.68 8.44 9.51
Legg Mason Partners Variable Equity Trust
Advisor: Franklin Templeton Fund Adviser, LLC
Subadvisor: ClearBridge Investments, LLC
Growth
ClearBridge Variable Growth II3
1.11 13.10 4.98 7.20
Growth ClearBridge Variable Mid Cap II 1.06 4.08 4.23 7.24
Small Company
ClearBridge Variable Small Cap Growth II
1.05 8.97 (0.42) 9.11
Columbia Variable Portfolio
Advisor: Columbia Management Investment Advisers, LLC
Growth and Income
Columbia VP Contrarian Core 22
0.95 17.35 13.89 14.03
Equity-Income
Columbia VP Dividend Opportunity 22
0.98 15.56 11.60 10.15
Diversified Emerging Markets
Columbia VP Emerging Markets 22, 3
1.34 30.87 (1.37) 7.00
Diversified Emerging Markets
Columbia VP Emerging Markets Bond 22
1.00 12.65 1.47 4.03
Corporate Bond - High Yield
Columbia VP High Yield Bond 22
0.89 8.49 3.93 5.51
Intermediate Core-Plus Bond
Columbia VP Intermediate Bond 2
0.77 8.84 (0.68) 2.52
Growth
Columbia VP Select Large Cap Value 2
0.94 27.97 13.32 12.30
Growth
Columbia VP Select Mid Cap Value 22
1.07 13.87 10.90 10.17
Specialty - Technology
Columbia VP Seligman Global Tech 22
1.18 34.37 18.42 22.70
Growth
Columbia VP Small Cap Value 22
1.13 14.66 12.19 11.20
Small Cap Growth
Columbia VP Small Company Growth
1.12 21.29 3.32 14.89
Multisector Bond
Columbia VP Strategic Income 22
0.94 7.16 1.92 4.02
A-2

Government Bond - Mortgage
Columbia VP US Government Mortgage 2
0.71 8.83 (0.32) 1.65
Donoghue Forlines Funds
Advisor: Donoghue Forlines LLC
Equity-Income
DF Tactical Dividend VIT 13
(Formerly Donoghue Forlines Dividend VIT 1)
2.00 17.19 8.72 3.46
Deutsche DWS Variable Series
Advisor: DWS Investment Management Americas, Inc
Asset Allocation
DWS Alternative Asset Allocation VIP B
1.26 10.03 4.88 4.52
Growth
DWS Equity 500 Index VIP B2
0.64 17.18 13.70 14.11
Small Company
DWS Small Cap Index VIP B2
0.68 12.37 5.54 9.03
Growth
DWS Small Mid Cap Value VIP B2,3
1.21 17.85 9.27 7.18
Eaton Vance Variable Trust
Advisor: Eaton Vance Management
Income
Eaton Vance VT Floating-Rate Income Init
1.19 3.95 4.64 4.43
Federated Hermes Insurance Series
Advisor: Federated Investment Management Company
Corporate Bond - High Yield
Federated Hermes High Income Bond II S2
1.08 8.18 3.45 5.33
Growth
Federated Hermes Kaufmann II S3
1.81 11.26 1.26 9.61
Growth and Income
Federated Hermes Managed Volatility II S2
1.25 6.73 6.30 6.60
Fidelity® Variable Insurance Products
Advisor: Fidelity Management & Research Company LLC
Growth
Fidelity® VIP Contrafund Service 2
0.81 21.19 15.08 15.49
Communications
Fidelity® VIP Communications Services Svc 2
0.86 34.03 14.90 15.51
Small Cap Blend
Fidelity® VIP Disciplined Small Cap Service 2
0.57 17.09 10.09 10.31
Diversified Emerging Markets
Fidelity® VIP Emerging Markets Service 2
1.13 40.79 5.62 10.66
Specialty - Natural Resources
Fidelity® VIP Energy Service 2
0.85 10.34 23.86 7.69
Bank Loan
Fidelity® VIP Floating Rate High Income Service 2
0.77 5.18 5.99 5.39
Growth and Income
Fidelity® VIP FundsManager 50% Service 22; 3
0.79 14.03 5.63 7.09
Growth and Income
Fidelity® VIP FundsManager 70% Service 22; 3
0.83 16.91 7.58 8.95
Growth and Income
Fidelity® VIP FundsManager 85% Service 22; 3
0.86 19.26 8.93 10.34
Money Mkt - Government
Fidelity® VIP Government Money Market Service 21
0.50 3.60 2.85 1.80
Growth
Fidelity® VIP Growth Opportunities Svc 2
0.82 21.65 11.03 19.64
Growth and Income
Fidelity® VIP High Income Service 23
1.06 10.31 4.00 5.34
Industrials
Fidelity® VIP Industrials Service 2
0.86 24.16 14.49 12.70
Foreign Stock
Fidelity® VIP International Capital Appreciation Svc 2
1.03 18.36 5.99 9.53
Corporate Bond - General
Fidelity® VIP Investment Grade Bond Svc 2
0.63 6.93 (0.21) 2.45
A-3

Natural Resources
Fidelity® VIP Materials Service 2
0.92 11.13 6.81 7.41
Growth
Fidelity® VIP Mid Cap Service 2
0.82 11.49 9.83 10.31
Foreign Stock
Fidelity® VIP Overseas Service 23
0.98 20.05 6.35 7.66
Specialty - Real Estate
Fidelity® VIP Real Estate Service 2
0.86 2.90 3.98 3.61
Multisector Bond
Fidelity® VIP Strategic Income Service 2
0.89 8.58 2.79 4.40
Utilities
Fidelity® VIP Utilities Service 2
0.86 13.83 12.24 12.23
Growth
Fidelity® VIP Value Strategies Service 2
0.84 7.70 11.87 10.54
Franklin Templeton Variable Insurance Products
Advisor: Franklin Advisers, Inc.
Growth
Franklin DynaTech VIP Fund - Class 2
0.87 18.13 9.09 14.08
Specialty - Real Estate
Franklin Global Real Estate VIP 22
1.25 7.93 2.36 3.03
Growth and Income
Franklin Income VIP 22
0.72 12.56 7.66 7.30
World Stock
Franklin Mutual Global Discovery VIP 23
1.16 23.34 12.00 8.52
Growth
Franklin Mutual Shares VIP 23
0.94 11.52 9.21 7.53
Growth and Income
Franklin Rising Dividends VIP 22
0.88 11.80 9.50 12.10
Advisor: Templeton Asset Management Ltd.
Subadvisor: Franklin Templeton Investment Management Limited
Diversified Emerging Markets
Templeton Developing Markets VIP 2
1.36 46.27 5.46 10.40
Foreign Stock
Templeton Foreign VIP 2
1.06 29.19 8.25 5.75
Income
Templeton Global Bond VIP 22
0.75 15.73 (0.96) (0.15)
AIM Variable Insurance Funds (Invesco Variable Insurance Funds)
Advisor: Invesco Advisers, Inc.
Foreign Stock
Invesco V.I. International Growth II (formerly Invesco Oppenheimer VI International Growth II)2
1.25 15.53 1.88 5.34
Growth
Invesco V.I. Discovery Mid Cap Growth II
1.10 4.53 3.64 11.10
Small Company
Invesco V.I. Main Street Small Cap II
1.11 8.44 8.07 10.31
Asset Allocation
Invesco VI Balanced-Risk Allocation II2, 3
1.13 8.69 2.27 4.91
Income
Invesco VI Core Plus Bond II2
0.87 6.96 (0.36) 2.73
Equity-Income
Invesco VI Diversified Dividend II
0.93 15.44 10.53 8.93
Growth and Income
Invesco VI Equally Weighted S&P 500 II
0.59 10.83 9.89 11.11
Equity-Income
Invesco VI Equity and Income II
0.82 12.52 8.68 8.64
World Stock
Invesco VI Global II

1.06 15.01 7.01 10.72
Growth
Invesco VI Main Street II2
1.05 15.64 12.19 12.25
Small Company
Invesco VI Small Cap Equity II
1.20 7.83 7.06 9.28
A-4

Janus Aspen Series
Advisor: Janus Henderson Investors US LLC
Balanced
Janus Henderson VIT Balanced Svc
0.87 14.82 8.21 9.86
Growth
Janus Henderson VIT Enterprise Svc
0.97 7.41 7.35 12.51
Income
Janus Henderson VIT Flexible Bond Svc2, 3
0.82 7.22 (0.47) 2.07
Large Growth
Janus Henderson VIT Forty Svc
0.83 17.86 11.37 15.96
Specialty - Technology
Janus Henderson VIT Global Technology & Innovation Svc
0.97 24.84 13.44 21.18
World Stock
Janus Henderson VIT Global Research Svc
0.97 20.60 12.23 12.64
Global Large-Stock Growth
Janus Henderson VIT Global Sustainable Equity Svc
0.99 17.26 N/A N/A
Growth
Janus Henderson VIT Mid Cap Value Svc
1.18 6.29 8.43 8.40
Foreign Stock
Janus Henderson VIT Overseas Svc
1.13 28.58 9.17 8.97
Growth
Janus Henderson VIT Research Svc3
0.92 18.10 13.83 15.59
John Hancock Variable Insurance Trust
Advisor: John Hancock Variable Trust Advisers LLC
Subadvisor: Manulife Investment Management (US) LLC
Specialty - Financial
JHVIT Financial Industries II2
1.13 11.82 11.21 10.32
Growth
JHVIT Fundamental All Cap Core II2, 3
0.95 4.57 11.51 13.51
Growth and Income
JHVIT Select Bond II2
0.85 7.36 (0.51) 2.01
Multisector Bond
JHVIT Strategic Income Opportunities II2
0.96 7.22 1.34 3.00
Lazard Retirement Series
Advisor: Lazard Asset Management LLC
Asset Allocation
Lazard Retirement Global Dynamic Multi Asset Svc2, 3
1.05 15.72 5.19 5.93
Foreign Stock
Lazard Retirement International Equity Ser2, 3
1.10 33.12 7.95 6.82
Lord Abbett Series
Advisor: Lord, Abbett & Co. LLC
Corporate Bond - High Yield
Lord Abbett Series Bond-Debenture VC
0.99 8.32 2.09 4.72
Growth
Lord Abbett Series Developing Growth VC2,3
1.04 14.59 (1.17) 11.02
Growth and Income
Lord Abbett Series Fundamental Equity VC2, 3
1.08 14.29 11.36 9.75
Income
Lord Abbett Series Short Duration Income VC
0.84 5.90 2.25 2.62
Lincoln Variable Insurance Products Trust
Advisor: Lincoln Financial Investments Corporation
Subadvisor: American Century Investment Management, Inc.
Balanced
LVIP American Century Balanced Service Class2
1.02 9.33 6.23 7.76
Mid-Cap Growth
LVIP American Century Cap Appreciation Svc2
0.94 6.56 5.02 11.31
Growth
LVIP Avantis Large Cap Value Service Class2
(Formerly LVIP American Century Disciplined Core Value Service Class)
0.96 14.56 8.51 10.12
Government Bond - Treasury
LVIP American Century Inflation Protection Service Class2
0.72 6.33 0.62 2.61
Growth
LVIP American Century Mid Cap Value Service Class2
1.01 8.83 8.72 8.96
A-5

Growth
LVIP American Century Ultra® Service Class2
0.90 12.67 11.52 17.00
Growth
LVIP American Century Value Service Class2
0.86 15.85 11.47 10.07
Equity Income
LVIP ClearBridge Variable Dividend Strategy II2
Subadvisor: ClearBridge Investments, LLC
1.00 12.46 11.69 12.29
Growth
LVIP ClearBridge Variable Large Cap Growth II2
Subadvisor: ClearBridge Investments, LLC
0.99 8.35 10.29 14.17
IVY Variable Insurance Portfolios
Advisor: Delaware Management Company
Growth and Income
Nomura VIP Asset Strategy Svc (formerly Macquarie VIP Asset Strategy Svc)2,3
Subadvisor: Macquarie Investment Management Global Limited
0.85 16.66 7.07 7.84
Balanced
Nomura VIP Balanced Svc (formerly Macquarie VIP Balanced Svc)2, 3
Subadvisor: Macquarie Investment Management Global Limited
1.03 11.79 7.85 8.38
Specialty - Natural Resources
Nomura VIP Energy Svc (formerly Macquarie VIP Energy Svc)2, 3
Subadvisor: Macquarie Investment Management Global Limited
1.11 11.89 18.61 1.74
Foreign Stock
Nomura VIP Global Growth Svc (formerly Macquarie VIP Global Growth Svc)2,3
1.04 17.92 9.99 10.71
Growth
Nomura VIP Growth Svc (formerly Macquarie VIP Growth Svc)3
1.00 8.41 11.89 15.40
Corporate Bond - High Yield
Nomura VIP High Income Svc (formerly Macquarie VIP High Income Svc)3
Subadvisor: Nomura Corporate Research and Asset Management, Inc.
0.97 7.17 7.17 3.73 5.56
Foreign Stock
Nomura VIP International Ser Std (formerly Macquarie VIP International Ser Std) 2,3
0.86 24.55 7.94 6.67
Foreign Stock
Nomura VIP International Core Equity Svc (formerly Macquarie VIP International Core Equity Svc)2, 3
1.11 24.17 7.83 6.62
Growth
Nomura VIP Mid Cap Growth Svc (formerly Macquarie VIP Mid Cap Growth Svc)2,3
1.10 1.18 (0.08) 10.66
Specialty - Natural Resources
Nomura VIP Natural Resources Svc (formerly Macquarie VIP Natural Resources Svc)2, 3
Subadvisor: Macquarie Investment Management Global Limited
1.25 37.75 15.73 6.94
Specialty - Technology
Nomura VIP Science and Technology Svc (formerly Macquarie VIP Science and Technology Svc)3
1.16 33.36 13.71 17.20
Small Company
Nomura VIP Small Cap Growth Svc (formerly Macquarie VIP Small Cap Growth Svc)2, 3
1.14 13.39 2.20 8.69
Growth
Nomura VIP Small Cap Core Svc (formerly Macquarie VIP Small Cap Core Svc)3
1.18 8.38 8.07 9.91
Growth
Nomura VIP Opportunity Ser Standard (formerly Macquarie VIP Opportunity Ser Std)2, 3
0.83 8.81 9.04 9.25
Growth
Nomura VIP Total Return Ser Std (formerly Macquarie VIP Total Return Ser Std)2, 3
Subadvisor: Macquarie Investment Management Global Limited
0.85 12.97 7.97 6.83
MFS® Variable Insurance Trust
Advisor: Massachusetts Financial Services Company
Growth
MFS® VIT II Blended Research Core Equity Svc2
0.69 15.82 15.01 13.59
Corporate Bond - General
MFS® VIT II Corporate Bond Service2
0.88 7.30 (0.32) 3.06
A-6

Diversified Emerging Markets
MFS® VIT II Emerging Markets Equity Svc2
1.48 33.35 4.11 7.65
Asset Allocation
MFS® VIT II Global Tactical Allocation Svc2
1.03 15.21 4.60 5.40
Foreign Stock
MFS® VIT II International Intrinsic Equity Svc2
(Formerly MFS VIT International Intrinsic Value Svc)
1.14 32.96 7.02 9.68
Specialty - Technology
MFS® VIT II Technology Svc2
1.11 16.28 12.17 18.35
Specialty - Real Estate
MFS® VIT III Global Real Estate Service2
1.15 3.30 1.08 4.76
Growth
MFS® VIT New Discovery Svc2
1.12 12.56 (0.54) 10.46
Specialty - Utility
MFS® VIT Utilities Series Service2
1.04 1476.00 7.38 9.22
New Age Alpha Variable Funds Trust
Advisor: New Age Alpha Advisors, LLC
Small Company
NAA Small Cap Value Series Fund2, 3
1.17 3.30 8.47 7.65
PIMCO Variable Insurance Trust
Advisor: Pacific Investment Management Company LLC
Growth and Income
PIMCO Dynamic Bond Adv
1.13 8.00 2.91 3.45
Growth and Income
PIMCO Global Managed Asset Allocation Portfolio Adv2
1.28 21.77 6.94 7.88
Worldwide Bond
PIMCO Global Bond Opportunities (Unhedged) Adv3
1.18 12.64 0.05 2.35
Income
PIMCO Income Advisor
1.16 10.08 3.31 N/A
Growth and Income
PIMCO International Bond (USD-Hedged) Adv
1.11 3.85 0.93 2.78
Growth and Income
PIMCO VIT All Asset Adv2
2.37 14.19 5.49 6.67
Growth and Income
PIMCO VIT CommodityRealReturn® Strategy Adv2
2.38 18.66 10.44 6.42
Growth and Income
PIMCO VIT Emerging Markets Bond Adv
1.38 14.86 2.34 4.96
Tactical
PIMCO VIT Global Diversified Alloc Adv2
1.28 15.07 5.23 6.44
Corporate Bond - High Yield
PIMCO VIT High Yield Adv
0.90 8.85 3.87 5.47
Growth and Income
PIMCO VIT Low Duration Adv
0.77 5.42 1.47 1.69
Worldwide Bond
PIMCO VIT Real Return Adv
1.17 7.74 1.11 3.11
Corporate Bond - General
PIMCO VIT Short-Term Adv
0.76 4.57 3.14 2.65
World Stock
PIMCO VIT StocksPLUS® Global Port Adv2
0.87 24.25 10.89 11.07
Growth and Income
PIMCO VIT Total Return Adv
0.89 8.78 (0.08) 2.26
Victory Capital Management Inc.
Advisor: Victory Capital Management Inc.
Corporate Bond - General
Victory Pioneer Bond VCT ll
0.85 8.87 0.51 2.59
Equity-Income
Victory Pioneer Equity Income VCT II3
1.08 11.13 8.81 9.11
Corporate Bond - High Yield
Victory Pioneer High Yield VCT II2, 3
1.20 7.90 4.04 5.21
Income
Victory Pioneer Strategic Income VCT II2
1.06 10.84 2.04 3.67
A-7

Growth and Income
Victory Pioneer VCT II2
1.00 23.08 14.69 15.47
Principal Variable Contracts Funds
Advisor: Principal Global Investors, LLC
Growth
Principal Blue Chip 22
0.90 9.32 9.56 N/A
Balanced
Principal VC Diversified Balanced 2
0.48 12.09 5.66 7.27
Growth
Principal VC Diversified Growth 2
0.49 13.86 7.60 8.90
Income
Principal VC Diversified Income 2
0.48 10.38 3.74 5.61
Equity-Income
Principal VC Equity Income 2
0.73 15.25 9.94 11.24
The Prudential Series Fund
Advisor: PGIM Investments LLC
Growth
PSF PGIM Jennison Growth Portfolio II3
1.00 13.81 10.25 16.15
Growth
PSF PGIM Jennison Blend Port II3
0.85 18.05 11.88 13.50
Putnam Variable Trust
Advisor: Putnam Investment Management, LLC
Subadvisor: Putnam Investments Limited
Large Blend
Putnam VT Core Equity IB
0.93 16.81 15.96 15.20
Emerging Markets
Putnam VT Emerging Markets Equity Fd IB2
1.36 34.16 3.75 7.01
Foreign Large Blend
Putnam VT Focused Intl Eq IB2
1.07 36.44 9.13 9.38
Asset Allocation
Putnam VT George Putnam Balanced IB
0.90 13.95 8.85 10.17
Asset Allocation
Putnam VT Global Asset Allocation IB2
1.11 14.38 8.39 8.43
Health
Putnam VT Global Health Care IB
0.98 15.05 7.71 8.36
High Yield Bond
Putnam VT High Yield IB
0.98 7.00 8.67 4.05 5.70
Foreign Large Blend
Putnam VT International Equity IB
1.08 37.68 9.28 8.13
Foreign Large Value
Putnam VT International Value IB
1.07 34.68 12.49 8.87
Large Growth
Putnam VT Large Cap Growth IB
0.89 14.34 13.44 17.67
Large Value
Putnam VT Large Cap Value IB
0.80 20.35 15.38 13.30
Large Blend
Putnam VT US Research IB
(Formerly Putnam VT Research IB)
0.95 17.88 14.52 15.07
Small Company
Putnam VT Small Cap Growth IB2
1.13 8.80 6.18 11.45
Small Company
Putnam VT Small Cap Value IB
1.02 5.27 10.99 9.13
Royce Capital Fund
Advisor: Royce & Associates, LP d/b/a Royce Investment Partners
Small Company
Royce Capital Micro-Cap Svc2, 3
1.45 13.58 8.85 9.86
Small Company
Royce Capital Small-Cap Svc2, 3
1.38 8.73 10.40 7.63
Rydex Variable Trust
Advisor: Security Investors, LLC d/b/a Guggenheim Investments
Growth and Income
Guggenheim VT Global Managed Futures Strategy2
2.11 3.65 3.94 1.27
A-8

Growth
Guggenheim VT Multi-Hedge Strategies2
1.82 1.25 1.23 1.62
Specialty - Health
Rydex Var Biotechnology2, 3
1.74 30.12 3.55 5.42
Growth
Rydex Var S&P 500 Pure Growth2, 3
1.64 11.75 6.62 10.34
Growth
Rydex Var S&P MidCap 400 Pure Growth2, 3
1.64 7.18 4.39 6.85
T. Rowe Price Associates, Inc.
Advisor: T. Rowe Price Associates, Inc.
Growth
T. Rowe Price Blue Chip Growth Port II2
0.99 18.43 11.41 15.25
Equity-Income
T. Rowe Price Equity Income Port II
0.98 14.07 10.89 10.24
Specialty - Health
T. Rowe Price Health Sciences Port II
1.10 17.80 3.86 8.70
Growth
T. Rowe Price Mid-Cap Growth Port II
1.08 3.29 3.58 9.54
VanEck VIP Trust
Advisor: VanEck Associates Corporation
Growth
VanEck VIP Global Resources Fund S
1.30 36.17 10.24 8.06
Legg Mason Partners Variable Income Trust
Advisor: Franklin Templeton Fund Advisor, LLC
Subadvisors: Western Asset Management Company, LLC;
Western Asset Management Company Limited in London;
Western Asset Management Company Pte. Ltd. in Singapore
Growth and Income
Western Asset Core Plus VIT II3
0.78 7.69 (1.67) 1.85
Corporate Bond - High Yield
Western Asset Variable Global High Yield Bond II3
1.06 9.95 2.34 5.09




1During periods of low interest rates, the yields of the money market investment option may become extremely low and possibly negative.
2This Investment Option is subject to an expense reimbursement and/or fee waiver arrangement resulting in a temporary expense reduction, which is reflected in the table. See the Investment Option's prospectus for additional information.
3This Investment Option is closed to new investors.


A-9
Midland National Life Separate Account C published this content on April 27, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 27, 2026 at 13:37 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]