# EDGAR Filing Document

**Accession Number:** 0000790163
**File Stem:** 0001193125-26-188929
**Filing Date:** 2026-4
**Character Count:** 48522
**Document Hash:** 26afb195eac8cd64a6375d9f92ee2ff7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-188929.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001193125-26-188929

**CONFORMED SUBMISSION TYPE**: 497VPU

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**EFFECTIVENESS DATE**: 20260429

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NML VARIABLE ANNUITY ACCT C OF NORTHWESTERN MUT LIFE INS CO
- **CENTRAL INDEX KEY:** 0000790163

**ORGANIZATION NAME:**
- **EIN:** 390509570
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497VPU
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-89905-01
- **FILM NUMBER:** 26910497

**BUSINESS ADDRESS:**
- **STREET 1:** 720 E WISCONSIN AVE
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 4142992508

**MAIL ADDRESS:**
- **STREET 1:** 720 EAST WISCONSIN AVENUE
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### NML VARIABLE ANNUITY ACCT C OF NORTHWESTERN MUT LIFE INS CO (Series ID: S000000062)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000000097 | Group Combination Annuity |  |

Group Combination <br> Annuity (Account C)

Issued by The [Northwestern Mutual](#bookmark_northwesternmutual_64b41421-eba9-4186-83fb-69f60e78e4fd) Life Insurance [Company](#bookmark_company_64b41421-eba9-4186-83fb-69f60e78e4fd) through <br>NML Variable Annuity Account C (the "[Separate Account](#bookmark_separateaccount_64b41421-eba9-4186-83fb-69f60e78e4fd)")

Updating [Summary Prospectus](#bookmark_summaryprospectus_64b41421-eba9-4186-83fb-69f60e78e4fd) <br>May 1, 2026

This [Summary Prospectus](#bookmark_summaryprospectus_64b41421-eba9-4186-83fb-69f60e78e4fd) summarizes key features of the unallocated Group Combination Annuity Contract (the "[Contract](#bookmark_contract_64b41421-eba9-4186-83fb-69f60e78e4fd)") to provide retirement annuity benefits for self-employed persons and their eligible employees. Although the [Contract](#bookmark_contract_64b41421-eba9-4186-83fb-69f60e78e4fd) is no longer offered for sale to retirement plans of self-employed persons, subsequent [Purchase Payments](#bookmark_purchasepayments_64b41421-eba9-4186-83fb-69f60e78e4fd) may continue to be made under in-force [Contracts](#bookmark_contract_64b41421-eba9-4186-83fb-69f60e78e4fd). You may choose to invest your Net [Purchase Payments](#bookmark_purchasepayments_64b41421-eba9-4186-83fb-69f60e78e4fd) on a variable, fixed, or a combination thereof on a tax-deferred basis.

The Prospectus for the [Contract](#bookmark_contract_64b41421-eba9-4186-83fb-69f60e78e4fd) contains more information about the Contract, including its features, benefits, and risks. You can find the current Prospectus and other information about the Contract, including the annual and semi-annual reports for your underlying [Portfolios](#bookmark_portfolio_64b41421-eba9-4186-83fb-69f60e78e4fd), online at www.nmprospectus.com. You can also obtain this information at no cost by calling (866) 910-1232 or by sending an email request to vavldocrequest@northwesternmutual.com.

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

**The Securities and Exchange Commission ("SEC") has not approved or disapproved the** [**Contract**](#bookmark_contract_64b41421-eba9-4186-83fb-69f60e78e4fd) **or passed upon the adequacy of this** [**Summary Prospectus**](#bookmark_summaryprospectus_64b41421-eba9-4186-83fb-69f60e78e4fd)**. Any representation to the contrary is a criminal offense.**

![](g334335nwmutual_logo.gif)

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Page** |
| [Glossary of Special Terms](#xx_ab3a6db0-164d-4117-b09c-3fc0a3c6d7dd_1) | 1  |
| [Updated Information About Your Contract](#xx_3ba64818-4b9c-43ea-bf27-18d19404967d_1) | 3  |
| [Important Information You Should Consider About the Contract](#xx_de920704-4999-4ba9-aa05-d324222e1e5e_1) | 4  |
| [Appendix A - Investment Options Available Under the Contract](#xx_013a3e20-2ad0-48ca-85fe-aa747a5b092c_1) | 7  |
| [Additional Information](#xx_256ae55b-8916-4ccf-aeb3-812a9c239142_1) | 12 |

---

------

Glossary of Special Terms

Unless otherwise specified in this prospectus, the words "Northwestern Mutual," "we," "us," "our," and "Company" mean The Northwestern Mutual Life Insurance Company. The words "you" and "your," unless otherwise specified, mean the Contract Owner. We use a number of special terms in this summary prospectus, including the following:

**Accumulation Unit**—An accounting unit of measure representing the Contract Value, before the date on which Annuity Payments begin, in one or more Divisions of the Separate Account. The related term "Accumulation Unit Value" ("AUV") means the value of a particular Accumulation Unit at a particular time and is analogous to, but not the same as, the share price of a mutual fund.

**Annuitant**—The person upon whose life the Contract is issued and Contract benefits depend. The Primary Annuitant is the person upon whose life the Contract is initially issued. The Contingent Annuitant is the person who becomes the Annuitant upon the death of the Primary Annuitant. If the Contract is annuitized under a single life income plan, there will be one Annuitant. If the Contract is annuitized under a joint life income plan, there will be two Joint Annuitants.

**Annuity Payments**— Money we pay under a variable income plan or a fixed income plan during the annuitization phase of the Contract.

**Annuity Unit**—An accounting unit of measure representing the actuarial value of a variable income plan's interest in a Division of the Separate Account after Annuity Payments begin.

**Beneficiary**— A person who receives payments under the Contract pursuant to an Income Plan or upon the death of the Annuitant before the Maturity Date provided that the Annuitant was an Owner of the Contract at the time of death.

**Company**—The Northwestern Mutual Life Insurance Company

**Contract**—The agreement between you and us described in this variable annuity prospectus. During the accumulation period of the Contract, you may invest money under your Contract and any earnings on your investment will accumulate on a tax-deferred basis. During the annuitization period, you receive periodic payments based largely on the amounts you accumulate, all or a portion of which will be taxable as ordinary income.

**Contract Value**—The value of your Contract on any Valuation Date is the sum of: (1) the value of your amounts held in the Divisions of the Separate Account on that Valuation Date; and (2) the sum of your amounts allocated to the Guaranteed Account(s), plus credited interest; less (3) any applicable fees and amounts withdrawn or transferred from the Guaranteed Account(s).

**Division**—A sub-account of the Separate Account, the assets of which are invested exclusively in the shares of one of the Portfolios of the underlying Funds.

**Fund**—A Fund is registered under the Investment Company Act of 1940 (the "1940 Act") as an open-end management investment company or as a unit investment trust, or is not required to be registered under the 1940 Act. A Fund is available as an investment option under the Contract. The assets of each of the Divisions of the Separate Account are used to purchase shares of the corresponding Portfolio of a Fund.

**General Account—**All assets of the Company, other than those held in the Separate Account or in other separate accounts that have been or may be established by the Company.

**Guaranteed Account**—A fixed investment option under the Contract, supported by the assets held in the Company's General Account, that has a term of a specified duration (called a "Guaranteed Period").

**Income Plan**—An optional method of receiving the death benefit, maturity benefit, surrender proceeds or withdrawal proceeds of an insurance policy or annuity contract generally through a series of periodic payments. An Income Plan may also be known as a "payment plan."

**Market Value Adjustment**—An amount that may be credited (or charged) to an amount withdrawn or transferred from a multi-year Guaranteed Account before the end of a Guaranteed Period.

**Maturity Date**—The date, stated on the specifications page of the Contract, on which Purchase Payments must cease and Annuity Payments become payable.

**Northwestern Mutual**—The Northwestern Mutual Life Insurance Company

**Owner**—The person with the sole right to exercise all rights and privileges under the Contract, except as the Contract otherwise provides.

**Portfolio**—A series of a Fund available for investment under the Contract which corresponds to a particular Division of the Separate Account.

**Account C Prospectus**

------

**Prospectus**— The full statutory prospectus for the Contract.

**Purchase Payments**—Money you give us to apply to your Contract. The related term "Net Purchase Payment" refers to Purchase Payments after all applicable deductions.

**Required Minimum Distribution ("RMD")—**A minimum amount that the federal tax law generally requires be withdrawn from certain tax-qualified annuities each year.

**Separate Account**—The account the Company has established pursuant to Wisconsin law for those assets that, although belonging to the Company, are reserved for you and other owners of variable annuity contracts supported by the Separate Account.

**Summary Prospectus**—The summary version of the Contract, which summarizes key information found in the Prospectus for the Contract.

**Valuation Date**—Any day on which the New York Stock Exchange ("NYSE") is open for trading and any other day we are required under the 1940 Act to value assets of a Division of the Separate Account.

**Account C Prospectus**

------

Updated Information About Your Contract

**The information in this section of the Updating** [**Summary Prospectus**](#bookmark_summaryprospectus_64b41421-eba9-4186-83fb-69f60e78e4fd) **is a summary of certain** [**Contract**](#bookmark_contract_64b41421-eba9-4186-83fb-69f60e78e4fd) **features that have changed since your** [**Prospectus**](#bookmark_prospectus_64b41421-eba9-4186-83fb-69f60e78e4fd) **dated July 1, 2025. This may not reflect all of the changes that have occurred since you entered into your** [**Contract**](#bookmark_contract_64b41421-eba9-4186-83fb-69f60e78e4fd). <br>

Certain charges in the **Annual** [**Portfolio**](#bookmark_portfolio_64b41421-eba9-4186-83fb-69f60e78e4fd) **Operating Expenses** table have been updated to reflect current minimum and maximum total operating expenses for the portfolios as follows:

---

| | | |
|:---|:---|:---|
|  | **Minimum** | **Maximum** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Annual** [**Portfolio**](#bookmark_portfolio_64b41421-eba9-4186-83fb-69f60e78e4fd) **Operating Expenses** (expenses deducted from [Portfolio](#bookmark_portfolio_64b41421-eba9-4186-83fb-69f60e78e4fd) assets, including management fees, <br> distribution (12b-1) fees, and other expenses as a percentage of average [Portfolio](#bookmark_portfolio_64b41421-eba9-4186-83fb-69f60e78e4fd) assets)<br>| &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 2.50% |
| **Annual** [**Portfolio**](#bookmark_portfolio_64b41421-eba9-4186-83fb-69f60e78e4fd) **Operating Expenses After Contractual Fee Waiver or Reimbursement\*** | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 2.45% |

---

\*

The "Annual [Portfolio](#bookmark_portfolio_64b41421-eba9-4186-83fb-69f60e78e4fd) Operating Expenses After Contractual Fee Waiver or Reimbursement" line in the above table shows the minimum and maximum fees and expenses as of December 31, 2025 charged by all of the [Portfolios](#bookmark_portfolio_64b41421-eba9-4186-83fb-69f60e78e4fd) after taking into account contractual fee waiver or reimbursement arrangements in place. Those contractual arrangements are designed to reduce total Annual [Portfolio](#bookmark_portfolio_64b41421-eba9-4186-83fb-69f60e78e4fd) Operating Expenses and will continue for at least one year from the date of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Appendix A – Investment Options Available Under the Contract** has been updated to reflect the following changes to the available Portfolios and the addition of a fixed investment options section:

**Portfolio & Trust Name Changes** 

The name of the Sustainable Equity Portfolio has changed to "Quality Equity Portfolio".

The name of the Active/Passive All Equity Portfolio has changed to "Active/Passive Very Aggressive Portfolio".

The name of the Commodity Return Strategy Portfolio has changed to "Cantor Fitzgerald Commodity Return Strategy Portfolio" and the name of the Portfolio's trust has changed from "Credit Suisse Trust" to "Cantor Fitzgerald Variable Insurance Trust".

**Investment Adviser and Sub-Adviser Changes**

Putnam Investment Management, LLC has replaced Delaware Investments Fund Advisers as the sub-adviser for the Domestic Equity Portfolio.

O'Connor Alternative Investments, LLC has replaced UBS Asset Management (Americas) LLC as the investment adviser for the Cantor Fitzgerald Commodity Return Strategy Portfolio.

**Portfolio Expenses Change**

The Current Expenses for the Emerging Markets Equity Portfolio (as set forth on Appendix A hereto) have changed from 0.89% to 0.79%.

**Fixed Investment Options**

A new section entitled "Fixed Account Investment Options Available Under the Contract" describing the fixed investment options, including their respective terms and minimum guaranteed interest rates, has been added to **Appendix A.** 

**Account C Prospectus**

------

Important Information You Should Consider About the Contract

**FEES, EXPENSES, AND ADJUSTMENTS** **Cross-Reference(s)** **to Location in** **Prospectus** 

**Account C Prospectus**

------

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| | | |
|:---|:---|:---|
|  | **RISKS** | &nbsp;&nbsp; **Cross-Reference(s)** <br> **to Location in** <br> **Prospectus**<br>|
| **Is There a Risk of** <br> **Loss from Poor** <br> **Performance?**<br>| **Yes.** You can lose money by investing in the [Contract](#bookmark_contract_64b41421-eba9-4186-83fb-69f60e78e4fd). | &nbsp;&nbsp; The Investment <br> Options <br>|
| **Is This a Short-Term** <br> **Investment?**<br>| &nbsp;&nbsp; **No.** The [Contract](#bookmark_contract_64b41421-eba9-4186-83fb-69f60e78e4fd) is not a short-term investment and is not appropriate for you <br> if you need ready access to cash. It is intended for retirement and long-term <br> savings.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> A transfer, withdrawal, surrender, or annuitization from GRF prior to the <br> Maturity Date or end of a Guaranteed Period may result in a negative Market <br> Value Adjustment. A negative Market Value Adjustment will result in the loss of <br> some or all previously credited interest in excess of the minimum guaranteed <br> annual effective interest rate, if any.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Upon expiration of a Guaranteed Period for GRF, any amounts remaining in <br> that Guaranteed Account will be transferred to the Government Money Market <br> Division of the Separate Account, unless you instruct us to allocate the amounts <br> to the other Division(s) of the Separate Account of a new Guaranteed Period <br> for GRF. | &nbsp;&nbsp; The Investment <br> Options – Fixed <br> Options<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> The Contract – <br> Generally <br>|
| **What Are the Risks** <br> **Associated with the** <br> **Investment** <br> **Options?**<br>| &nbsp;&nbsp; Investment in the [Contract](#bookmark_contract_64b41421-eba9-4186-83fb-69f60e78e4fd) is subject to the risk of poor investment <br> performance and can vary depending on the performance of the investment <br> options ([Portfolios](#bookmark_portfolio_64b41421-eba9-4186-83fb-69f60e78e4fd)) and fixed account options you choose. Each [Portfolio](#bookmark_portfolio_64b41421-eba9-4186-83fb-69f60e78e4fd)<br> (including any fixed account investment options) will have its own unique risks. <br> You should review these investment options before making an investment <br> decision.<br>The Guaranteed Return [Fund](#bookmark_fund_64b41421-eba9-4186-83fb-69f60e78e4fd) (GRF) accounts, fixed investment options offered <br> under the [Contracts](#bookmark_contract_64b41421-eba9-4186-83fb-69f60e78e4fd), are subject to the risk of negative [Market Value](#bookmark_marketvalueadjustment_64b41421-eba9-4186-83fb-69f60e78e4fd)<br> [Adjustment](#bookmark_marketvalueadjustment_64b41421-eba9-4186-83fb-69f60e78e4fd) (MVA) which could decrease the amount available for transfer or <br> withdrawal from a GRF account. You should carefully consider the effects of a <br> negative MVA before making a transfer or withdrawal from a GRF account. | &nbsp;&nbsp; The Investment <br> Options <br>|
| **What Are the Risks** <br> **Related to the** <br> **Insurance** <br> **Company?**<br>| &nbsp;&nbsp; Investment in the [Contract](#bookmark_contract_64b41421-eba9-4186-83fb-69f60e78e4fd) is subject to the risks related to the Insurance <br> Company ([Northwestern Mutual](#bookmark_northwesternmutual_64b41421-eba9-4186-83fb-69f60e78e4fd)), and any obligations (including under any <br> fixed account investment options), guarantees, or benefits are subject to the <br> claims-paying ability of [Northwestern Mutual](#bookmark_northwesternmutual_64b41421-eba9-4186-83fb-69f60e78e4fd). More information about <br> [Northwestern Mutual](#bookmark_northwesternmutual_64b41421-eba9-4186-83fb-69f60e78e4fd), including its financial strength ratings, is available upon <br> request by calling (888) 455-2232. | The Company  |
|  | **RESTRICTIONS** |  |
| **Are There** <br> **Restrictions on the** <br> **Investment** <br> **Options?**<br>| &nbsp;&nbsp; **Yes.** Transfer requests involving the fixed account options are subject to special <br> restrictions, including individual state law restrictions as to availability or <br> amounts. These options are available only during the accumulation phase of <br> your [Contract](#bookmark_contract_64b41421-eba9-4186-83fb-69f60e78e4fd) and after your initial investment may be subject to limits on <br> additional amounts, including minimum required investments or maximum <br> limits on total amounts. Transfers out of these fixed options are also subject to <br> specific limitations, including charges, and monies moved out of these options <br> may limit the availability of any positive [market value adjustment](#bookmark_marketvalueadjustment_64b41421-eba9-4186-83fb-69f60e78e4fd) that might <br> otherwise apply.<br>Transfers among [Divisions](#bookmark_division_64b41421-eba9-4186-83fb-69f60e78e4fd) are subject to the [Contract's](#bookmark_contract_64b41421-eba9-4186-83fb-69f60e78e4fd) short-term and <br> excessive trading policies.<br>Under certain circumstances [Northwestern Mutual](#bookmark_northwesternmutual_64b41421-eba9-4186-83fb-69f60e78e4fd) reserves the right to <br> remove a [Portfolio](#bookmark_portfolio_64b41421-eba9-4186-83fb-69f60e78e4fd) or substitute another [Portfolio](#bookmark_portfolio_64b41421-eba9-4186-83fb-69f60e78e4fd) for such [Portfolio](#bookmark_portfolio_64b41421-eba9-4186-83fb-69f60e78e4fd). | &nbsp;&nbsp; The Investment <br> Options – Fixed <br> Options and The <br> Contract – Purchase <br> Payments Under the <br> Contract <br> (Guaranteed <br> Account Investment <br> Minimums and <br> Maximums) <br>The Investment <br> Options (Short Term <br> and Excessive <br> Trading) <br>Contract Owner <br> Services <br> (Substitution of <br> Portfolio Shares and <br> Other Changes) <br>|

---

**Account C Prospectus**

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---

| | | |
|:---|:---|:---|
|  | **TAXES** | &nbsp;&nbsp; **Cross-Reference(s)** <br> **to Location in** <br> **Prospectus**<br>|
| **What Are the** <br> **Contract's Tax** <br> **Implications?**<br>| &nbsp;&nbsp; You should consult with a tax professional to determine the tax implications of <br> an investment in, and payments received under, the [Contract](#bookmark_contract_64b41421-eba9-4186-83fb-69f60e78e4fd). Some <br> distributions will generally be subject to ordinary income tax rates, and may be <br> subject to penalties. | &nbsp;&nbsp; Federal Income <br> Taxes <br>|
|  | **CONFLICTS OF INTEREST** |  |
| **How Are** <br> **Investment** <br> **Professionals** <br> **Compensated?**<br>| &nbsp;&nbsp; The [Contract](#bookmark_contract_64b41421-eba9-4186-83fb-69f60e78e4fd) is sold exclusively through financial representatives of <br> [Northwestern Mutual's](#bookmark_northwesternmutual_64b41421-eba9-4186-83fb-69f60e78e4fd) affiliated broker-dealer, who are compensated with a <br> commission based on a percentage of [Purchase Payments](#bookmark_purchasepayments_64b41421-eba9-4186-83fb-69f60e78e4fd), and [Northwestern](#bookmark_northwesternmutual_64b41421-eba9-4186-83fb-69f60e78e4fd)<br> [Mutual](#bookmark_northwesternmutual_64b41421-eba9-4186-83fb-69f60e78e4fd) may share revenue it earns on the [Contract](#bookmark_contract_64b41421-eba9-4186-83fb-69f60e78e4fd) with its affiliated broker-<br> dealer. These financial representatives may have a financial incentive to offer <br> or recommend the [Contract](#bookmark_contract_64b41421-eba9-4186-83fb-69f60e78e4fd) over other investments. | &nbsp;&nbsp; Additional <br> Information – The <br> Distributor<br>|

---

**Account C Prospectus**

------

Appendix A - Investment Options Available Under the Contract

**Portfolios Available Under the Contract**

The following is a list of [Portfolios](#bookmark_portfolio_64b41421-eba9-4186-83fb-69f60e78e4fd) available under the [Contract](#bookmark_contract_64b41421-eba9-4186-83fb-69f60e78e4fd). More information about the [Portfolios](#bookmark_portfolio_64b41421-eba9-4186-83fb-69f60e78e4fd) is available in the prospectuses for the [Portfolios](#bookmark_portfolio_64b41421-eba9-4186-83fb-69f60e78e4fd), which may be amended from time to time and can be found online at www.nmprospectus.com. You can also request this information at no cost by calling (866) 910-1232 or by sending an email request to vavldocrequest@northwesternmutual.com.

The current expenses and performance information below reflects fees and expenses of the [Portfolios](#bookmark_portfolio_64b41421-eba9-4186-83fb-69f60e78e4fd), but do not reflect the other fees and expenses that your [Contract](#bookmark_contract_64b41421-eba9-4186-83fb-69f60e78e4fd) may charge. Expenses would be higher and performance would be lower if these other charges were included. Each [Portfolio's](#bookmark_portfolio_64b41421-eba9-4186-83fb-69f60e78e4fd) past performance is not necessarily an indication of future performance.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Portfolio and Adviser/Sub-adviser (if applicable)** | **Current Expenses** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment Objective** | **Portfolio and Adviser/Sub-adviser (if applicable)** | **Current Expenses** | **1 Year** | **5 Year** | **10 Year** |
| Long-term growth of <br> capital; current income is <br> a secondary objective<br>**Growth Stock Portfolio**<sup>2</sup>  | &nbsp;&nbsp;&nbsp; Mason Street Advisors, LLC <br> &nbsp;&nbsp;&nbsp;&nbsp;(MSA)/T. Rowe Price <br> Associates, Inc<br>| 0.42%<sup>1</sup> <br>| 19.40% | 11.99% | 14.80% |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **Focused Appreciation** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/Loomis, Sayles & <br> Company, L.P.<br>| 0.58%<sup>1</sup> <br>| 14.91% | 14.89% | 17.07% |
| Long-term growth of <br> capital and income<br>&nbsp;&nbsp; **Large Cap Core Stock** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/Wellington <br> Management Company LLP<br>| 0.43%<sup>1</sup> <br>| 16.59% | 12.70% | 13.96% |
| Long-term growth of <br> capital and income<br>&nbsp;&nbsp; **Large Cap Blend** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/J.P. Morgan Investment <br> Management, Inc.<br>| 0.70%<sup>1</sup> <br>| 14.34% | 11.77% | 11.98% |
| Investment results that <br> approximate the <br> performance of the <br> Standard & Poor's 500<sup>®</sup> <br> Composite Stock Price <br> Index<br>&nbsp;&nbsp; **Index 500 Stock** <br> **Portfolio**<sup>2</sup><br>| MSA/BlackRock Advisors, LLC | 0.19%<sup>1</sup> <br>| 17.64% | 14.19% | 14.58% |
| Long-term growth of <br> capital; income is a <br> secondary objective<br>&nbsp;&nbsp; **Large Company Value** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/American Century <br> Investment Management, <br> Inc.<br>| 0.74%<sup>1</sup> <br>| 14.58% | 9.85% | 9.48% |
| Long-term growth of <br> capital and income<br>&nbsp;&nbsp; **Domestic Equity** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/Putnam Investment <br> Management, LLC<br>| 0.50%<sup>1</sup> <br>| 14.43% | 8.63% | 8.87% |
| Long-term growth of <br> capital and income<br>**Equity Income Portfolio**<sup>2</sup> | &nbsp;&nbsp;&nbsp; MSA/T. Rowe Price <br> Associates, Inc<br>| 0.57%<sup>1</sup> <br>| 14.48% | 11.31% | 10.64% |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **Mid Cap Growth Stock** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/J.P. Morgan Investment <br> Management, Inc.<br>| 0.54%<sup>1</sup> <br>| 8.32% | 2.51% | 7.81% |
| Investment results that <br> approximate the <br> performance of the <br> Standard & Poor's <br> MidCap 400<sup>®</sup> Stock Price <br> Index<br>&nbsp;&nbsp; **Index 400 Stock** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/Northern Trust <br> Investments, Inc.<br>| 0.24%<sup>1</sup> <br>| 7.24% | 8.85% | 10.44% |
| Long-term growth of <br> capital; current income is <br> a secondary objective<br>**Mid Cap Value Portfolio**<sup>2</sup> | &nbsp;&nbsp;&nbsp; MSA/American Century <br> Investment Management, <br> Inc.<br>| 0.71%<sup>1</sup> <br>| 9.16% | 8.96% | 9.25% |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **Small Cap Growth Stock** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/Wellington <br> Management Company LLP<br>| 0.56% | 6.93% | 1.29% | 8.82% |
| Investment results that <br> approximate the <br> performance of the <br> Standard & Poor's <br> SmallCap 600<sup>®</sup> Index<br>&nbsp;&nbsp; **Index 600 Stock** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/Northern Trust <br> Investments, Inc.<br>| 0.26% | 5.78% | 6.98% | 9.48% |

---

**Account C Prospectus**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Portfolio and Adviser/Sub-adviser (if applicable)** | **Current Expenses** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment Objective** | **Portfolio and Adviser/Sub-adviser (if applicable)** | **Current Expenses** | **1 Year** | **5 Year** | **10 Year** |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **Small Cap Value** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/T. Rowe Price <br> Investment Management, <br> Inc.<br>| 0.87%<sup>1</sup> <br>| 7.41% | 6.22% | 9.15% |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **International Growth** <br> **Portfolio**<sup>2</sup><br>| MSA/FIAM LLC | 0.61%<sup>1</sup> <br>| 18.70% | 6.11% | 9.07% |
| Capital appreciation<br> &nbsp;&nbsp; **Research International** <br> **Core Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/Massachusetts <br> Financial Services Company <br>| 0.58%<sup>1</sup> <br>| 22.98% | 5.89% | 7.81% |
| Long-term growth of <br> capital and income<br>&nbsp;&nbsp; **International Equity** <br> **Portfolio**<sup>2</sup><br>| MSA/Dodge & Cox | 0.68%<sup>1</sup> <br>| 38.35% | 10.31% | 6.65% |
| Capital appreciation<br> &nbsp;&nbsp; **Emerging Markets Equity** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/abrdn Investments <br> Limited<br>| 0.78%<sup>1</sup> <br>| 34.19% | 1.26% | 6.95% |
| Maximum current income <br> to the extent consistent <br> with liquidity and stability <br> of capital<sup>3</sup> <br>&nbsp;&nbsp; **Government Money** <br> **Market Portfolio**<sup>2</sup><br>| MSA/BlackRock Advisors, LLC | 0.33% | 4.03% | 3.03% | 1.96% |
| Provide as high a level of <br> current income as is <br> consistent with prudent <br> investment risk<br>&nbsp;&nbsp; **Short-Term Bond** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/T. Rowe Price <br> Associates, Inc.<br>| 0.40% | 5.70% | 2.20% | 2.40% |
| Provide as high a level of <br> total return consistent <br> with prudent investment <br> risk; a secondary <br> objective is to seek <br> preservation of <br> shareholders' capital<br>**Select Bond Portfolio**<sup>2</sup> | &nbsp;&nbsp;&nbsp; MSA/Allspring Global <br> Investments, LLC<br>| 0.31%<sup>1</sup> <br>| 7.45% | -0.19% | 2.25% |
| Maximum total return, <br> consistent with <br> preservation of capital <br> and prudent investment <br> management<br>&nbsp;&nbsp; **Long-Term U.S.** <br> **Government Bond** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/Pacific Investment <br> Management Company LLC<br>| 2.45%<sup>1</sup> <br>| 6.15% | -7.18% | -0.19% |
| Pursue total return using <br> a strategy that seeks to <br> protect against U.S. <br> inflation<br>&nbsp;&nbsp; **Inflation Managed** <br> **Portfolio**<sup>2</sup> **(formerly** <br> **"Inflation Protection** <br> **Portfolio")**<br>| &nbsp;&nbsp;&nbsp; MSA/American Century <br> Investment Management, <br> Inc.<br>| 0.46%<sup>1</sup> <br>| 6.51% | 0.92% | 2.82% |
| High current income and <br> capital appreciation<br>&nbsp;&nbsp; **High Yield Bond** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/Federated Investment <br> Management Company<br>| 0.46% | 8.49% | 4.06% | 5.95% |
| Maximum total return, <br> consistent with prudent <br> investment management<br>&nbsp;&nbsp; **Multi-Sector Bond** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp; MSA/Pacific Investment <br> Management Company LLC<br>| 0.75%<sup>1</sup> <br>| 10.00% | 1.66% | 4.56% |
| Realize as high a level of <br> total return as is <br> consistent with <br> conservative investment <br> risk, through income and <br> secondarily through <br> capital appreciation<br>&nbsp;&nbsp; **Active/Passive** <br> **Conservative Portfolio**<sup>2</sup><br>| MSA | 0.54%<sup>1</sup> <br>| N/A | N/A | N/A |
| Realize as high a level of <br> total return as is <br> consistent with <br> reasonable investment <br> risk through appreciation <br> and income<br>&nbsp;&nbsp; **Active/Passive Balanced** <br> **Portfolio**<sup>2</sup> **(formerly** <br> **"Balanced Portfolio")**<br>| MSA | 0.44%<sup>1</sup> <br>| 12.19% | 4.71% | 6.76% |
| Realize as high a level of <br> total return as is <br> consistent with moderate <br> investment risk through <br> appreciation and <br> secondarily through <br> income<br>&nbsp;&nbsp; **Active/Passive Moderate** <br> **Portfolio**<sup>2</sup>**(formerly** <br> **"Asset Allocation** <br> **Portfolio")**<br>| MSA | 0.49%<sup>1</sup> <br>| 14.46% | 6.36% | 8.21% |

---

**Account C Prospectus**

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Portfolio and Adviser/Sub-adviser (if applicable)** | **Current Expenses** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment Objective** | **Portfolio and Adviser/Sub-adviser (if applicable)** | **Current Expenses** | **1 Year** | **5 Year** | **10 Year** |
| Realize as high a level of <br> total return as is <br> consistent with aggressive <br> investment risk, primarily <br> through appreciation and <br> some income <br>&nbsp;&nbsp; **Active/Passive** <br> **Aggressive Portfolio**<sup>2</sup><br>| MSA | 0.60%<sup>1</sup> <br>| N/A | N/A | N/A |
| Long-term growth of <br> capital<br>&nbsp;&nbsp;&nbsp; **Active/Passive Very** <br> **Aggressive Portfolio**<sup>2</sup> <br> (formerly "Active/Passive <br> All Equity Portfolio")<br>| MSA | 0.63%<sup>1</sup> <br>| N/A | N/A | N/A |
| Growth of capital<br> &nbsp;&nbsp; **American Funds**<sup>®</sup> **IS** <br> **Growth Fund - Class 1A**<sup>4</sup><br>| &nbsp;&nbsp;&nbsp; Capital Research and <br> Management Company <br> &nbsp;&nbsp;&nbsp;&nbsp;(CRMC)<br>| 0.58% | 20.24% | 13.37% | N/A |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **American Funds**<sup>®</sup> **IS** <br> **Global Growth Fund -** <br> **Class 1A**<sup>4</sup><br>| CRMC | 0.65%<sup>1</sup> <br>| 21.63% | 8.24% | N/A |
| Long-term capital <br> appreciation<br>&nbsp;&nbsp; **American Funds**<sup>®</sup> **IS New** <br> **World Fund**<sup>®</sup> **- Class 1A**<sup>4</sup><br>| CRMC | 0.82%<sup>1</sup> <br>| 28.27% | 5.32% | N/A |
| Provide as high a level of <br> current income as is <br> consistent with the <br> preservation of capital<br>&nbsp;&nbsp; **American Funds**<sup>®</sup> **IS The** <br> **Bond Fund of America**<sup>®</sup> **-** <br> **Class 1A**<sup>4</sup><br>| CRMC | 0.47%<sup>1</sup> <br>| 7.24% | -0.14% | N/A |
| Provide, over the long <br> term, a high level of total <br> return consistent with <br> prudent investment <br> management <br>&nbsp;&nbsp; **American Funds**<sup>®</sup> **IS** <br> **Capital World Bond** <br> **Fund**<sup>®</sup> **- Class 1A**<sup>4</sup><br>| CRMC | 0.73% | 9.31% | -2.50% | N/A |
| Provide a high level of <br> current income; a <br> secondary objective is <br> capital appreciation<br>&nbsp;&nbsp; **American Funds**<sup>®</sup> **IS** <br> **American High-Income** <br> **Trust**<sup>®</sup> **- Class 1A**<sup>4</sup><br>| CRMC | 0.62%<sup>1</sup> <br>| 8.19% | 5.59% | N/A |
| Seek to match the <br> performance of the MSCI <br> EAFE Index in U.S. dollars <br> with net dividends as <br> closely as possible before <br> deduction of fund <br> expenses<br>&nbsp;&nbsp; **BlackRock International** <br> **Index V.I. Fund - Class I**<sup>5</sup><br>| BlackRock Advisors, LLC | 0.27%<sup>1</sup> <br>| 31.37% | 8.88% | 8.18% |
| Maximize total return, <br> consistent with income <br> generation and prudent <br> investment management<br>&nbsp;&nbsp; **BlackRock Total Return** <br> **V.I. Fund - Class I**<sup>5</sup><br>| &nbsp;&nbsp;&nbsp; BlackRock Advisors, LLC/<br> BlackRock International <br> Limited & BlackRock <br> &nbsp;&nbsp;&nbsp;&nbsp;(Singapore) Limited <br>| 0.43%<sup>1</sup> <br>| 8.00% | -0.37% | 2.18% |
| Total return<br> &nbsp;&nbsp; **Cantor Fitzgerald** <br> **Commodity Return** <br> **Strategy Portfolio – Class** <br> **2**<sup>6</sup><br>| &nbsp;&nbsp;&nbsp; O'Connor Alternative <br> Investments, LLC <sup>7</sup> <br>| 0.80%<sup>1</sup> <br>| 15.68% | 10.61% | N/A |
| Long-term capital <br> appreciation<br>&nbsp;&nbsp; **Columbia VP Small Cap** <br> **Value Discovery Fund -** <br> **Class 1**<sup>8</sup> **(formerly "VP** <br> **Small Cap Value Fund")**<br>| &nbsp;&nbsp;&nbsp; Columbia Management <br> Investment Advisers, LLC<br>| 0.91%<sup>1</sup> <br>| 14.99% | 12.48% | 11.48% |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **Fidelity**<sup>®</sup> **VIP Mid Cap** <br> **Portfolio – Initial Class**<sup>9</sup><br>| &nbsp;&nbsp;&nbsp; Fidelity Management & <br> Research Company LLC <br> &nbsp;&nbsp;&nbsp;&nbsp;(FMR)<sup>10</sup> <br>| 0.55% | 11.75% | 10.10% | 10.59% |
| Long-term capital <br> appreciation <br>&nbsp;&nbsp; **Fidelity**<sup>®</sup> **VIP** <br> **Contrafund**<sup>SM</sup> **Portfolio –** <br> **Initial Class**<sup>9</sup><br>| FMR<sup>10</sup> <br>| 0.54% | 21.52% | 15.37% | 15.78% |
| Capital appreciation<br> &nbsp;&nbsp; **Fidelity**<sup>®</sup> **VIP Value** <br> **Strategies Portfolio -** <br> **Initial Class**<sup>9</sup><br>| FMR<sup>10</sup> <br>| 0.59% | 7.99% | 12.14% | 10.82% |

---

**Account C Prospectus**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Portfolio and Adviser/Sub-adviser (if applicable)** | **Current Expenses** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | &nbsp;&nbsp; **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment Objective** | **Portfolio and Adviser/Sub-adviser (if applicable)** | **Current Expenses** | **1 Year** | **5 Year** | **10 Year** |
| Capital appreciation<br> &nbsp;&nbsp; **Fidelity**<sup>®</sup> **VIP Health Care** <br> **Portfolio - Initial Class**<sup>9</sup><br>| FMR<sup>10</sup> <br>| 0.59% | 14.39% | 4.18% | 8.75% |
| Capital appreciation<br> &nbsp;&nbsp; **Fidelity**<sup>®</sup> **VIP Technology** <br> **Portfolio - Initial Class**<sup>9</sup><br>| FMR<sup>10</sup> <br>| 0.56% | 23.36% | 16.83% | 23.76% |
| Seek to provide <br> investment results that <br> correspond to the <br> aggregate price and <br> interest performance of <br> debt securities in the <br> Bloomberg U.S. Aggregate <br> Bond Index<br>&nbsp;&nbsp; **Fidelity**<sup>®</sup> **VIP Bond Index** <br> **Portfolio - Initial Class**<sup>9</sup><br>| FMR <sup>10</sup> <br>| 0.14% | 6.98% | -0.57% | N/A |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **John Hancock Disciplined** <br> **Value International Trust** <br> **- Series NAV**<sup>11</sup><br>| &nbsp;&nbsp;&nbsp; John Hancock Variable Trust <br> Advisers LLC/Boston Partners <br> Global Investors, Inc.<br>| 0.79% | 41.02% | 12.70% | 8.97% |
| Long-term capital <br> appreciation and current <br> income<br>&nbsp;&nbsp; **John Hancock Real Estate** <br> **Securities Trust - Series** <br> **NAV**<sup>11</sup><br>| &nbsp;&nbsp;&nbsp; John Hancock Variable Trust <br> Advisers LLC/Wellington <br> Management Company LLP<br>| 0.76%<sup>1</sup> <br>| 0.63% | 5.77% | 5.91% |
| High level of current <br> income<br>&nbsp;&nbsp; **John Hancock Strategic** <br> **Income Opportunities** <br> **Trust - Series NAV**<sup>11</sup><br>| &nbsp;&nbsp;&nbsp; John Hancock Variable Trust <br> Advisers LLC/Manulife <br> Investment Management <br> &nbsp;&nbsp;&nbsp;&nbsp;(US) LLC<br>| 0.74%<sup>1</sup> <br>| 7.51% | 1.61% | 3.26% |
| Long-term growth of <br> capital by investing <br> primarily in securities of <br> companies that meet the <br> Portfolio's environmental, <br> social and governance <br> criteria<br>&nbsp;&nbsp; **Quality Equity Portfolio**<sup>12</sup> <br> **(formerly "Sustainable** <br> **Equity Portfolio")**<br>| &nbsp;&nbsp;&nbsp; Neuberger Berman <br> Investment Advisers LLC<br>| 0.87%  | 13.71% | 12.83% | 12.94% |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **U.S. Strategic Equity** <br> **Fund**<sup>13</sup><br>| &nbsp;&nbsp;&nbsp; Russell Investment <br> Management LLC (RIM)<sup>14</sup><br>| 0.87%<sup>1</sup> <br>| 14.43% | 10.66% | 12.45% |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **U.S. Small Cap Equity** <br> **Fund**<sup>13</sup><br>| RIM<sup>14</sup> | 1.06%<sup>1</sup> <br>| 8.34% | 7.15% | 8.98% |
| Current income and long-<br> term growth of capital<br>&nbsp;&nbsp; **Global Real Estate** <br> **Securities Fund**<sup>13</sup><br>| RIM<sup>14</sup> | 0.90% | 8.59% | 2.55% | 3.57% |
| Long-term growth of <br> capital<br>&nbsp;&nbsp; **International Developed** <br> **Markets Fund**<sup>13</sup><br>| RIM<sup>14</sup> | 0.95%<sup>1</sup> <br>| 28.64% | 8.53% | 7.51% |
| Provide total return<br> **Strategic Bond Fund**<sup>13</sup> | RIM<sup>14</sup> | 0.65%<sup>1</sup> <br>| 7.35% | -1.07% | 1.77% |
| Current income and <br> moderate long-term <br> capital appreciation<br>&nbsp;&nbsp; **LifePoints**<sup>®</sup> **Variable** <br> **Target Portfolio Series** <br> **Moderate Strategy** <br> **Fund**<sup>13</sup><br>| RIM<sup>14</sup> | 0.83%<sup>1</sup> <br>| 12.24% | 3.96% | 5.05% |
| Above-average long-term <br> capital appreciation and a <br> moderate level of current <br> income<br>&nbsp;&nbsp; **LifePoints**<sup>®</sup> **Variable** <br> **Target Portfolio Series** <br> **Balanced Strategy Fund**<sup>13</sup><br>| RIM<sup>14</sup> | 0.89%<sup>1</sup> <br>| 14.96% | 6.39% | 6.88% |
| High long-term capital <br> appreciation; and as a <br> secondary objective, <br> current income<br>&nbsp;&nbsp; **LifePoints**<sup>®</sup> **Variable** <br> **Target Portfolio Series** <br> **Aggressive Strategy** <br> **Fund**<sup>13</sup><br>| RIM<sup>14</sup> | 0.95%<sup>1</sup> <br>| 17.45% | 8.56% | 8.59% |
| High long-term capital <br> appreciation<br>&nbsp;&nbsp; **LifePoints**<sup>®</sup> **Variable** <br> **Target Portfolio Series** <br> **Equity Aggressive** <br> **Strategy Fund**<sup>13</sup><br>| RIM<sup>14</sup> | 0.98%<sup>1</sup> <br>| 18.47% | 9.53% | 9.23% |

---

<sup>1</sup>

This reflects an expense reimbursement and/or fee waiver arrangement that is in place and reported in the [Portfolio's](#bookmark_portfolio_64b41421-eba9-4186-83fb-69f60e78e4fd) registration statement. This agreement may be terminated in the future and, therefore, the expense figures shown reflect temporary fee reductions.

<sup>2</sup>

A series of Northwestern Mutual Series Fund, Inc., for which Mason Street Advisors, LLC (MSA), our wholly-owned company, serves as investment adviser.

**Account C Prospectus**

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<sup>3</sup>

Although the Government Money Market [Portfolio](#bookmark_portfolio_64b41421-eba9-4186-83fb-69f60e78e4fd) seeks to preserve its value at $1.00 per share, it is possible to lose money by investing in the Government Money Market [Portfolio](#bookmark_portfolio_64b41421-eba9-4186-83fb-69f60e78e4fd). An investment in a money market [portfolio](#bookmark_portfolio_64b41421-eba9-4186-83fb-69f60e78e4fd) is neither [insured](#bookmark_insured_64b41421-eba9-4186-83fb-69f60e78e4fd) nor guaranteed by the Federal Deposit Insurance Corporation or any government agency. During extended periods of low interest rates, the yield of a money market [portfolio](#bookmark_portfolio_64b41421-eba9-4186-83fb-69f60e78e4fd) may also become extremely low and possibly negative.

<sup>4</sup>

A series of American [Funds](#bookmark_fund_64b41421-eba9-4186-83fb-69f60e78e4fd) Insurance Series<sup>®</sup>.

<sup>5</sup>

The BlackRock International Index V.I. [Fund](#bookmark_fund_64b41421-eba9-4186-83fb-69f60e78e4fd) and BlackRock Total Return V.I. [Fund](#bookmark_fund_64b41421-eba9-4186-83fb-69f60e78e4fd) are series of BlackRock Variable Series [Funds](#bookmark_fund_64b41421-eba9-4186-83fb-69f60e78e4fd), Inc. and BlackRock Variable Series [Funds](#bookmark_fund_64b41421-eba9-4186-83fb-69f60e78e4fd) II, Inc., respectively.

<sup>6</sup>

A series of Cantor Fitzgerald Variable Insurance Trust (formerly "Credit Suisse Trust").

<sup>7</sup>

Effective March 31, 2026, O'Connor Alternative Investments, LLC succeeded UBS Asset Management (Americas) LLC as the Portfolio's investment adviser.

<sup>8</sup>

A series of Columbia [Funds](#bookmark_fund_64b41421-eba9-4186-83fb-69f60e78e4fd) Variable Insurance Trust.

<sup>9</sup>

The Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup> [Portfolio](#bookmark_portfolio_64b41421-eba9-4186-83fb-69f60e78e4fd) is a series of Variable Insurance Products [Fund](#bookmark_fund_64b41421-eba9-4186-83fb-69f60e78e4fd) II. The Fidelity<sup>®</sup> VIP Mid Cap [Portfolio](#bookmark_portfolio_64b41421-eba9-4186-83fb-69f60e78e4fd) and Fidelity<sup>®</sup> VIP Value Strategies [Portfolio](#bookmark_portfolio_64b41421-eba9-4186-83fb-69f60e78e4fd) are each a series of Variable Insurance Products [Fund](#bookmark_fund_64b41421-eba9-4186-83fb-69f60e78e4fd) III. The Fidelity<sup>®</sup> VIP Health Care [Portfolio](#bookmark_portfolio_64b41421-eba9-4186-83fb-69f60e78e4fd) and Fidelity<sup>®</sup> VIP Technology [Portfolio](#bookmark_portfolio_64b41421-eba9-4186-83fb-69f60e78e4fd) are each a series of Variable Insurance Products [Fund](#bookmark_fund_64b41421-eba9-4186-83fb-69f60e78e4fd) IV. The Fidelity<sup>®</sup> VIP Bond Index [Portfolio](#bookmark_portfolio_64b41421-eba9-4186-83fb-69f60e78e4fd) is a series of Variable Insurance Products [Fund](#bookmark_fund_64b41421-eba9-4186-83fb-69f60e78e4fd) V.

<sup>10</sup>

The following affiliates of Fidelity Management & Research Company also assist with foreign investments for each Portfolio: Fidelity Management & Research (U.K.) Inc., Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Inc.

<sup>11</sup>

A series of John Hancock Variable Insurance Trust.

<sup>12</sup>

A series of Neuberger Berman Advisers Management Trust.

<sup>13</sup>

A series of Russell Investment [Funds](#bookmark_fund_64b41421-eba9-4186-83fb-69f60e78e4fd).

<sup>14</sup>

Assets of each [Portfolio](#bookmark_portfolio_64b41421-eba9-4186-83fb-69f60e78e4fd) are invested by one or more investment management organizations researched and recommended by Russell Investment Management LLC, the investment adviser for the Russell Investment [Funds](#bookmark_fund_64b41421-eba9-4186-83fb-69f60e78e4fd).

**Fixed Account Investment Options Available Under the Contract**

The following is a list of Fixed Options currently available under the Contract. We may change the features of the Fixed Options listed below, offer new Fixed Options, and terminate existing Fixed Options. We will provide you with notice before doing so. See "The Investment Options - Fixed Option(s)" above for more information.

**Note: If amounts are withdrawn from a Guaranteed Return Fund before the end of its term, we will apply a Market Value Adjustment. A negative Market Value Adjustment will result in the loss of some or all previously credited interest in excess of the minimum guaranteed annual effective interest rate for the Guaranteed Return Fund, if any. See "Charges and Adjustments - Adjustments" for more information.** 

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| | | |
|:---|:---|:---|
| **Name** | **Term** | **Minimum Guaranteed Interest Rate** |
| Guaranteed Return Fund | 1 Year | &nbsp;&nbsp; 0.01% |
| Guaranteed Return Fund | 3 Year | &nbsp;&nbsp; 0.01% |
| Guaranteed Return Fund | 5 Year | &nbsp;&nbsp; 0.01% |

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**Account C Prospectus**

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Additional Information

More information about the [Contract](#bookmark_contract_64b41421-eba9-4186-83fb-69f60e78e4fd) and [Separate Account](#bookmark_separateaccount_64b41421-eba9-4186-83fb-69f60e78e4fd) is included in a Statement of Additional Information ("SAI"), which is dated the same day as this [Summary Prospectus](#bookmark_summaryprospectus_64b41421-eba9-4186-83fb-69f60e78e4fd) and the [Prospectus](#bookmark_prospectus_64b41421-eba9-4186-83fb-69f60e78e4fd), and is available free of charge from The [Northwestern](#bookmark_northwesternmutual_64b41421-eba9-4186-83fb-69f60e78e4fd)[Mutual](#bookmark_northwesternmutual_64b41421-eba9-4186-83fb-69f60e78e4fd) Life Insurance Company. To request a free copy of the [Separate Account's](#bookmark_separateaccount_64b41421-eba9-4186-83fb-69f60e78e4fd) SAI, or current annual report, send a written request to [Northwestern Mutual](#bookmark_northwesternmutual_64b41421-eba9-4186-83fb-69f60e78e4fd), Risk Products Department, Room T10, 720 East Wisconsin Avenue, Milwaukee, WI 53202 or call us at (866) 910-1232. Under certain circumstances you or your Financial Representative may be able to obtain these documents online at www.nmprospectus.com. Reports and other information about the [Separate Account](#bookmark_separateaccount_64b41421-eba9-4186-83fb-69f60e78e4fd) are available on the SEC's Internet site at www.sec.gov, or they may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

This [Summary Prospectus](#bookmark_summaryprospectus_64b41421-eba9-4186-83fb-69f60e78e4fd) incorporates by reference the [Prospectus](#bookmark_prospectus_64b41421-eba9-4186-83fb-69f60e78e4fd) for the [Contract](#bookmark_contract_64b41421-eba9-4186-83fb-69f60e78e4fd) and the SAI, both dated May 1, 2026, as amended or supplemented. <br>

Edgar Contract Identifier C000000097 <br>

**Account C Prospectus**

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