Flexible Premium Deferred Variable Annuity Contract
(Variable Annuity)
Issued by
Midland National Life Insurance Company
(through Midland National Life Separate Account C)
Supplement dated September 1, 1999
to Prospectus dated May 1, 1999
The Midland Variable Annuity now includes the following two new
investment options.
Lord Abbett Mid-Cap Value (hereinafter referred to as Lord Abbett VC
Mid-Cap Value)
Lord Abbett VC International (hereinafter referred to as Lord Abbett
VC International)
The Investment Objectives of the two newly available mutual fund
portfolios are as follows:
Portfolio Objective
Lord Abbett VC Mid-Cap Value Seeks capital appreciation through
investments, primarily in equity
securities which are believed to
be undervalued in the marketplace
Lord Abbett VC International Seeks long-term capital appreciation,
by investing, primarily in equity
securities of non-U.S. issuers.
The two new portfolios each invest in shares of the corresponding
portfolio of the Lord Abbett Series Fund, Inc. (variable contract
class). The Investment Adviser of this Fund is Lord, Abbett & Co.
The table on the following page summarizes the charges and deductions
that may be applicable to an investment in the two portfolios listed
above. These charges and deductions are explained in the prospectus
for the Variable Annuity and the prospectus for the individual
portfolios.
This Prospectus Supplement must be accompanied or preceded by the
Prospectus dated May 1, 1999 for the Variable Annuity and by the
Prospectus dated February 10, 1999 for each fund
portfolio listed above.
As with all the fund portfolios described in your May 1, 1999
prospectus, the fund portfolios described above 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 fund
portfolios that have very similar or nearly identical names and that
are or may be managed by Lord, Abbett & Co. Nevertheless, the
investment
performance and results of the above two fund portfolios may be lower,
or higher than the investment results of any of the other (publicly
available) available portfolios. 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 advisor or manager and the same
investment objectives and policies and a very similar or nearly
identical name.
This Prospectus Supplement provides very limited information about the
two newly available fund
portfolios. The prospectuses for these portfolios, which accompany
this Prospectus Supplement, describe the investment objectives,
policies and risks of the portfolio. The information in the Prospectus
Supplement is qualified in its entirety by the information included in
the Prospectus for the Variable Annuity and the prospectus for the two
new portfolios.
In addition to fees and charges deducted under the Contracts (described
in the Prospectus for the Variable Annuity), certain fees and charges
are deducted by Lord, Abbett & Co. for managing each
portfolio's investments and providing services to the portfolio. The
table below summarizes these
portfolio expenses:
Portfolio Annual Expenses (1)
(as a percentage of Portfolio average net assets)
Management Other Total
Portfolio Fees Expenses(3) Expenses(2)
Lord Abbett VC Mid-Cap Value 0.75% 0.35% 1.10%
Lord Abbett VC International 1.00% 0.35% 1.35%
(1) The fund data was provided by Lord Abbett Distributor LLC. Midland
has not independently verified the accuracy of the fund data.
(2) These portfolios were not available during the prior year.
Therefore, the expenses are based on expenses anticipated to be
incurred during 1999.
(3) Lord, Abbett & Co. has entered into an expense reimbursement
agreement with Lord Abbett VC Mid-Cap Value and Lord Abbett VC
International under which Lord, Abbett & Co. will reimburse each
portfolio if and to the extent such portfolio's Other Expenses
(excluding management fees) exceed or would otherwise exceed 0.35%.
Expense Examples
If you surrender or annuitize Your Contract at the end of the
applicable time period, You would pay the following expenses on a
$1,000 investment, assuming 5% annual return on assets:
One Three Five Ten
Year Year Year Year
Lord Abbett VC Mid-Cap Value Portfolio $96 $131 $169 $294
Lord Abbett VC International Portfolio $99 $139 $184 $319
If you do not surrender Your Contract, You would pay the following
expenses on a $1,000 investment, assuming 5% annual return on assets:
One Three Five Ten
Year Year Year Year
Lord Abbett VC Mid-Cap Value Portfolio $26 $81 $139 $294
Lord Abbett VC International Portfolio $29 $89 $151 $319
The above examples are based on estimated expenses for 1999 as
described in footnote (2) under the table titled 'Portfolio Annual
Expenses' and are net of any fee waivers or expense reimbursements.
The two new portfolios both contain an expense reimbursement
arrangement whereby the portfolio's Other Expenses (excluding
management fees) have a limit of 0.35%. Without this arrangement, the
portfolio's Other Expenses may have been anticipated to be higher than
0.35%. This would result in higher
expenses than what are shown in the above examples. Midland cannot
predict whether such expense reimbursement arrangements will continue.
The examples should not be considered a representation of past or
future expenses. Actual expenses may be greater or less than those
shown. The assumed 5% annual return is hypothetical. Past or future
annual returns may be greater or less than the assumed amount. The
above examples reflect the $33 contract maintenance charge as an annual
charge of 0.11% of assets. The 0.11% is based on an average cash value
of $30,000.
Portfolio Annual Expenses (1)
(as a percentage of Portfolio average net assets)
Management Other Total
Portfolio Fees Expenses(3) Expenses(2)
Lord Abbett VC Mid-Cap Value 0.75% 0.35% 1.10%
Lord Abbett VC International 1.00% 0.35% 1.35%
(1) The fund data was provided by Lord Abbett Distributor LLC. Midland
has not independently
verified the accuracy of the fund data.
(2) These portfolios were not available during the prior year.
Therefore, the expenses are based on expenses anticipated to be
incurred during 1999.
(3) Lord, Abbett & Co. has entered into an expense reimbursement
agreement with Lord Abbett VC Mid-Cap Value and Lord Abbett VC
International under which Lord, Abbett & Co. will reimburse each
portfolio if and to the extent such portfolio's Other Expenses
(excluding management fees) exceed or would otherwise exceed 0.35%.
Expense Examples
If you surrender or annuitize Your Contract at the end of the
applicable time period, You would pay the following expenses on a
$1,000 investment, assuming 5% annual return on assets:
One Three Five Ten
Year Year Year Year
Lord Abbett VC Mid-Cap Value Portfolio $96 $131 $169 $294
Lord Abbett VC International Portfolio $99 $139 $184 $319
If you do not surrender Your Contract, You would pay the following
expenses on a $1,000 investment, assuming 5% annual return on assets:
One Three Five Ten
Year Year Year Year
Lord Abbett VC Mid-Cap Value Portfolio $26 $81 $139 $294
Lord Abbett VC International Portfolio $29 $89 $151 $319
The above examples are based on estimated expenses for 1999 as
described in footnote (2) under the table titled 'Portfolio Annual
Expenses' and are net of any fee waivers or expense reimbursements.
The two new portfolios both contain an expense reimbursement
arrangement whereby the portfolio's Other Expenses (excluding
management fees) have a limit of 0.35%. Without this arrangement, the
portfolio's Other Expenses may have been anticipated to be higher than
0.35%. This would result in higher
expenses than what are shown in the above examples. Midland cannot
predict whether such expense reimbursement arrangements will continue.
The examples should not be considered a representation of past or
future expenses. Actual expenses may be greater or less than those
shown. The assumed 5% annual return is hypothetical. Past or future
annual returns may be greater or less than the assumed amount. The
above examples reflect the $33 contract maintenance charge as an annual
charge of 0.11% of assets. The 0.11% is based on an average cash value
of $30,000.
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STK99VA.txt
