# EDGAR Filing Document

**Accession Number:** 0000072176
**File Stem:** 0001193125-25-136782
**Filing Date:** 2025-6
**Character Count:** 25584
**Document Hash:** 0dc3c42a6d1307df6b14e99fc1887b51
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-136782.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001193125-25-136782

**CONFORMED SUBMISSION TYPE**: 497VPU

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NML VARIABLE ANNUITY ACCOUNT B
- **CENTRAL INDEX KEY:** 0000072176

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

**FILING VALUES:**
- **FORM TYPE:** 497VPU
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-33232
- **FILM NUMBER:** 251029833

**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 ACCOUNT B (Series ID: S000000063)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000000099 | Flexible Payment Variable Annuity (Fee Based) |  |

THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY

**SUPPLEMENT TO THE SUMMARY PROSPECTUSES DATED MAY 1, 2025** 

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**NML VARIABLE ANNUITY ACCOUNT A** <br>SUPPLEMENT TO THE SUMMARY PROSPECTUSES

FLEXIBLE PAYMENT VARIABLE ANNUITY <br>INDIVIDUAL FLEXIBLE PAYMENT VARIABLE ANNUITY (FEE-BASED)

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**NML VARIABLE ANNUITY ACCOUNT B** <br>SUPPLEMENT TO THE SUMMARY PROSPECTUSES

FLEXIBLE PAYMENT VARIABLE ANNUITY <br>FLEXIBLE PAYMENT VARIABLE ANNUITY (FEE-BASED)

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**NML VARIABLE ANNUITY ACCOUNT C** <br>SUPPLEMENT TO THE SUMMARY PROSPECTUSES

GROUP COMBINATION ANNUITY <br>INDIVIDUAL FLEXIBLE PAYMENT VARIABLE ANNUITY (NETWORK EDITION)

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This Supplement updates certain information in the most recent initial summary prospectuses and updating summary prospectuses, as applicable, for the above-referenced variable annuity contracts and any supplements to the initial summary prospectuses and updating summary prospectuses (together the "Prospectuses"). You should read this Supplement in conjunction with your Prospectuses. Unless otherwise indicated, all other information included in the Prospectuses remains unchanged and the terms and section headings used in this Supplement have the same meaning as in the Prospectuses. We will send you another copy of any prospectuses or supplements without charge upon request.

The changes described below are effective July 1, 2025.

On the "**Cover Page"** of the "**Summary Prospectus for New Investors"**, the sentence beginning with "Subject to the limitations discussed in the prospectus for the Contract,…" is replaced in its entirety with the sentence below:

Subject to the limitations discussed in the prospectus for the [Contract](#bookmark_contract_b67181ab-6f13-49dd-96c5-937164d5eb90), you may choose to invest amounts in up to 59 [Divisions](#bookmark_division_b67181ab-6f13-49dd-96c5-937164d5eb90) of the [Separate Account](#bookmark_separateaccount_b67181ab-6f13-49dd-96c5-937164d5eb90) as well as available fixed options under certain circumstances. Each [Division](#bookmark_division_b67181ab-6f13-49dd-96c5-937164d5eb90) of the [Separate Account](#bookmark_separateaccount_b67181ab-6f13-49dd-96c5-937164d5eb90) invests exclusively in shares of a single series of a [Fund](#bookmark_fund_b67181ab-6f13-49dd-96c5-937164d5eb90) (i.e., an underlying [Portfolio](#bookmark_portfolio_b67181ab-6f13-49dd-96c5-937164d5eb90)).

In the "**Ongoing Fees and Expenses (annual charges)**" section under the "**IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT**" table, the row "**Investment Options (Portfolio company fees and expenses)**"is replaced in its entirety with the row shown below:

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

---

| |
|:---|
| **Annual Fee** |
| &nbsp;&nbsp; Investment Options<br> (Portfolio company fees and <br> expenses)<br>0.14%<sup>2</sup> <br>2.73%<sup>2</sup> <br>|

---

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

In the "**Fees and Expenses"** section, under "**Annual Portfolio Operating Expenses"**, the table for Annual Portfolio Operating Expenses is removed in its entirety and replaced with the table below:

---

| | | |
|:---|:---|:---|
|  | **Minimum** | **Maximum** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Annual** [**Portfolio**](#bookmark_portfolio_b67181ab-6f13-49dd-96c5-937164d5eb90) **Operating Expenses** (expenses deducted from [Portfolio](#bookmark_portfolio_b67181ab-6f13-49dd-96c5-937164d5eb90) assets, including management <br> fees, distribution (12b-1) fees, and other expenses as a percentage of average [Portfolio](#bookmark_portfolio_b67181ab-6f13-49dd-96c5-937164d5eb90) assets)<br>| &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 2.73% |
| **Annual** [**Portfolio**](#bookmark_portfolio_b67181ab-6f13-49dd-96c5-937164d5eb90) **Operating Expenses After Contractual Fee Waiver or Reimbursement\*** | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 2.68% |

---

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

------

In "**Appendix A"**, the list of "**Portfolios Available under Your Contract"** is removed in its entirety and replaced with the table below:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Adviser/** <br> **Sub-adviser (if applicable)** | **Current Expenses** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2024)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2024)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2024)** |
| **Investment Objective** | **Adviser/** <br> **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; Mason Street Advisors, LLC <br> (MSA)/T. Rowe Price <br> Associates, Inc<br>| 0.42%<sup>1</sup> <br>| 37.82% | 14.77% | 13.44% |
| Long-term growth of <br> capital<br>**Focused Appreciation** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/Loomis, Sayles & <br> Company, L.P.<br>| 0.61%<sup>1</sup> <br>| 34.43% | 18.22% | 16.94% |
| Long-term growth of <br> capital and income<br>**Large Cap Core Stock** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/Wellington <br> Management Company LLP<br>| 0.43%<sup>1</sup> <br>| 22.16% | 13.86% | 11.88% |
| Long-term growth of <br> capital and income<br>**Large Cap Blend** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/J.P. Morgan Investment <br> Management, Inc.<br>| 0.72%<sup>1</sup> <br>| 23.86% | 10.92% | 10.22% |
| Investment results that <br> approximate the <br> performance of the <br> Standard & Poor's 500<sup>®</sup> <br> Composite Stock Price <br> Index<br>**Index 500 Stock** <br> **Portfolio**<sup>2</sup><br>| MSA/BlackRock Advisors, LLC | 0.19%<sup>1</sup> <br>| 24.75% | 14.30% | 12.86% |
| Long-term growth of <br> capital; income is a <br> secondary objective<br>**Large Company Value** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/American Century <br> Investment Management, <br> Inc.<br>| 0.75%<sup>1</sup> <br>| 10.69% | 7.46% | 7.58% |
| Long-term growth of <br> capital and income<br>**Domestic Equity** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/Delaware Investments <br> Fund Advisers, a series of <br> Macquarie Investment <br> Management Business Trust<br>| 0.50%<sup>1</sup> <br>| 7.07% | 5.90% | 7.40% |
| Long-term growth of <br> capital and income<br>**Equity Income Portfolio**<sup>2</sup> | &nbsp;&nbsp; MSA/T. Rowe Price <br> Associates, Inc<br>| 0.57%<sup>1</sup> <br>| 11.88% | 8.60% | 8.40% |
| Long-term growth of <br> capital<br>**Mid Cap Growth Stock** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/J.P. Morgan Investment <br> Management, Inc.<br>| 0.54%<sup>1</sup> <br>| 8.21% | 5.55% | 7.03% |
| Investment results that <br> approximate the <br> performance of the <br> Standard & Poor's <br> MidCap 400<sup>®</sup> Stock Price <br> Index<br>**Index 400 Stock** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/Northern Trust <br> Investments, Inc.<br>| 0.24%<sup>1</sup> <br>| 13.63% | 10.07% | 9.41% |
| Long-term growth of <br> capital; current income is <br> a secondary objective<br>**Mid Cap Value Portfolio**<sup>2</sup> | &nbsp;&nbsp; MSA/American Century <br> Investment Management, <br> Inc.<br>| 0.72%<sup>1</sup> <br>| 8.65% | 7.42% | 8.15% |
| Long-term growth of <br> capital<br>**Small Cap Growth Stock** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/Wellington <br> Management Company LLP<br>| 0.56% | 13.18% | 5.89% | 8.12% |
| Investment results that <br> approximate the <br> performance of the <br> Standard & Poor's <br> SmallCap 600<sup>®</sup> Index<br>**Index 600 Stock** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/Northern Trust <br> Investments, Inc.<br>| 0.27% | 8.43% | 8.01% | 8.61% |
| Long-term growth of <br> capital<br>**Small Cap Value** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/T. Rowe Price <br> Investment Management, <br> Inc.<br>| 0.87%<sup>1</sup> <br>| 10.36% | 6.59% | 7.77% |
| Long-term growth of <br> capital<br>**International Growth** <br> **Portfolio**<sup>2</sup><br>| MSA/FIAM LLC | 0.61%<sup>1</sup> <br>| 5.30% | 5.96% | 7.03% |
| Capital appreciation<br> **Research International** <br> **Core Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/Massachusetts <br> Financial Services Company <br>| 0.72%<sup>1</sup> <br>| 3.25% | 4.20% | 5.48% |
| Long-term growth of <br> capital and income<br>**International Equity** <br> **Portfolio**<sup>2</sup><br>| MSA/Dodge & Cox | 0.68% | 3.94% | 2.81% | 3.02% |
| Capital appreciation<br> **Emerging Markets Equity** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/abrdn Investments <br> Limited<br>| 0.89%<sup>1</sup> <br>| 4.02% | 0.12% | 2.50% |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Adviser/** <br> **Sub-adviser (if applicable)** | **Current Expenses** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2024)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2024)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2024)** |
| **Investment Objective** | **Adviser/** <br> **Sub-adviser (if applicable)** | **Current Expenses** | **1 Year** | **5 Year** | **10 Year** |
| Maximum current income <br> to the extent consistent <br> with liquidity and stability <br> of capital<sup>3</sup> <br>**Government Money** <br> **Market Portfolio**<sup>2</sup><br>| MSA/BlackRock Advisors, LLC | 0.33%<sup>1</sup> <br>| 4.99% | 2.28% | 1.56% |
| Provide as high a level of <br> current income as is <br> consistent with prudent <br> investment risk<br>**Short-Term Bond** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/T. Rowe Price <br> Associates, Inc.<br>| 0.40% | 5.04% | 1.92% | 1.90% |
| 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; MSA/Allspring Global <br> Investments, LLC<br>| 0.31%<sup>1</sup> <br>| 1.76% | 0.09% | 1.57% |
| Maximum total return, <br> consistent with <br> preservation of capital <br> and prudent investment <br> management<br>**Long-Term U.S.** <br> **Government Bond** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/Pacific Investment <br> Management Company LLC<br>| 2.68%<sup>1</sup> <br>| -5.78% | -5.29% | -0.93% |
| Pursue total return using <br> a strategy that seeks to <br> protect against U.S. <br> inflation<br>**Inflation Managed** <br> **Portfolio**<sup>2</sup>**("Inflation** <br> **Protection Portfolio"** <br> **until 9/30/2025)**<br>| &nbsp;&nbsp; MSA/American Century <br> Investment Management, <br> Inc.<br>| 0.45%<sup>1</sup> <br>| 1.96% | 1.50% | 1.95% |
| High current income and <br> capital appreciation<br>**High Yield Bond** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/Federated Investment <br> Management Company<br>| 0.46% | 6.38% | 3.71% | 4.95% |
| Maximum total return, <br> consistent with prudent <br> investment management<br>**Multi-Sector Bond** <br> **Portfolio**<sup>2</sup><br>| &nbsp;&nbsp; MSA/Pacific Investment <br> Management Company LLC<br>| 0.75%<sup>1</sup> <br>| 6.42% | 0.93% | 3.33% |
| 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>**Active/Passive** <br> **Conservative Portfolio**<sup>2</sup><br>| MSA | 0.55%<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>**Active/Passive Balanced** <br> **Portfolio**<sup>2</sup> **(formerly** <br> **"Balanced Portfolio")**<br>| MSA | 0.47%<sup>1</sup> <br>| 7.43% | 4.76% | 5.53% |
| 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>**Active/Passive Moderate** <br> **Portfolio**<sup>2</sup>**(formerly** <br> **"Asset Allocation** <br> **Portfolio")**<br>| MSA | 0.53%<sup>1</sup> <br>| 9.72% | 6.17% | 6.72% |
| 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>**Active/Passive** <br> **Aggressive Portfolio**<sup>2</sup><br>| MSA | 0.64%<sup>1</sup> <br>| N/A | N/A | N/A |
| Long-term growth of <br> capital<br>**Active/Passive All Equity** <br> **Portfolio**<sup>2</sup><br>| MSA | 0.66%<sup>1</sup> <br>| N/A | N/A | N/A |
| Growth of capital<br> **American Funds**<sup>®</sup> **IS** <br> **Growth Fund - Class 1A**<sup>4</sup><br>| &nbsp;&nbsp; Capital Research and <br> Management Company <br> (CRMC)<br>| 0.59% | 31.61% | 18.83% | N/A |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Adviser/** <br> **Sub-adviser (if applicable)** | **Current Expenses** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2024)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2024)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2024)** |
| **Investment Objective** | **Adviser/** <br> **Sub-adviser (if applicable)** | **Current Expenses** | **1 Year** | **5 Year** | **10 Year** |
| Long-term growth of <br> capital<br>**American Funds**<sup>®</sup> **IS** <br> **Global Growth Fund -** <br> **Class 1A**<sup>4</sup><br>| CRMC | 0.66%<sup>1</sup> <br>| 13.67% | 9.77% | N/A |
| Long-term capital <br> appreciation<br>**American Funds**<sup>®</sup> **IS New** <br> **World Fund**<sup>®</sup> **- Class 1A**<sup>4</sup><br>| CRMC | 0.82%<sup>1</sup> <br>| 6.58% | 4.55% | N/A |
| Provide as high a level of <br> current income as is <br> consistent with the <br> preservation of capital<br>**American Funds**<sup>®</sup> **IS The** <br> **Bond Fund of America**<sup>®</sup> **-** <br> **Class 1A**<sup>4</sup><br>| CRMC | 0.48%<sup>1</sup> <br>| 1.23% | 0.31% | N/A |
| Provide, over the long <br> term, a high level of total <br> return consistent with <br> prudent investment <br> management <br>**American Funds**<sup>®</sup> **IS** <br> **Capital World Bond** <br> **Fund**<sup>®</sup> **- Class 1A**<sup>4</sup><br>| CRMC | 0.73% | -2.97% | -2.40% | N/A |
| Provide a high level of <br> current income; a <br> secondary objective is <br> capital appreciation<br>**American Funds**<sup>®</sup> **IS** <br> **American High-Income** <br> **Trust**<sup>®</sup> **- Class 1A**<sup>4</sup><br>| CRMC | 0.58%<sup>1</sup> <br>| 9.73% | 5.54% | 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>**BlackRock International** <br> **Index V.I. Fund - Class I**<sup>5</sup><br>| BlackRock Advisors , LLC | 0.27%<sup>1</sup> <br>| 3.43% | 4.70% | 5.14% |
| Maximize total return, <br> consistent with income <br> generation and prudent <br> investment management<br>**BlackRock Total Return** <br> **V.I. Fund - Class I**<sup>5</sup><br>| &nbsp;&nbsp; BlackRock Advisors, LLC/<br> BlackRock International <br> Limited & BlackRock <br> (Singapore) Limited <br>| 0.47%<sup>1</sup> <br>| 1.38% | -0.21% | 1.42% |
| Long-term capital <br> appreciation<br>**Columbia VP Small Cap** <br> **Value Fund - Class 1**<sup>6</sup><br>| &nbsp;&nbsp; Columbia Management <br> Investment Advisers, LLC<br>| 0.88%<sup>1</sup> <br>| 8.87% | 11.24% | 9.24% |
| Total return<br> **Commodity Return** <br> **Strategy Portfolio – Class** <br> **2**<sup>7</sup><br>| &nbsp;&nbsp; UBS Asset Management <br> (Americas) LLC <sup>8</sup> <br>| 0.80%<sup>1</sup> <br>| 5.12% | N/A | N/A |
| Long-term growth of <br> capital<br>**Fidelity**<sup>®</sup> **VIP Mid Cap** <br> **Portfolio – Initial Class**<sup>9</sup><br>| &nbsp;&nbsp; Fidelity Management & <br> Research Company LLC <br> (FMR)<sup>10</sup> <br>| 0.57% | 17.49% | 11.34% | 9.21% |
| Long-term capital <br> appreciation <br>**Fidelity**<sup>®</sup> **VIP** <br> **Contrafund**<sup>SM</sup> **Portfolio –** <br> **Initial Class**<sup>9</sup><br>| FMR<sup>10</sup> <br>| 0.56% | 33.79% | 17.04% | 13.62% |
| Capital appreciation<br> **Fidelity**<sup>®</sup> **VIP Value** <br> **Strategies Portfolio -** <br> **Initial Class**<sup>9</sup><br>| FMR<sup>10</sup> <br>| 0.59% | 9.40% | 12.20% | 9.64% |
| Capital appreciation<br> **Fidelity**<sup>®</sup> **VIP Health Care** <br> **Portfolio - Initial Class**<sup>9</sup><br>| FMR<sup>10</sup> <br>| 0.59% | 5.14% | 5.46% | 7.96% |
| Capital appreciation<br> **Fidelity**<sup>®</sup> **VIP Technology** <br> **Portfolio - Initial Class**<sup>9</sup><br>| FMR<sup>10</sup> <br>| 0.57% | 35.59% | 23.82% | 21.93% |
| 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>**Fidelity**<sup>®</sup> **VIP Bond Index** <br> **Portfolio - Initial Class**<sup>9</sup><br>| FMR <sup>10</sup> <br>| 0.14% | 1.21% | -0.46% | N/A |
| Long-term growth of <br> capital<br>**John Hancock Disciplined** <br> **Value International Trust** <br> **- Series NAV**<sup>11</sup><br>| &nbsp;&nbsp; John Hancock Variable Trust <br> Advisers LLC/Boston Partners <br> Global Investors, Inc.<br>| 0.78% | -0.35% | 5.89% | 4.45% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Adviser/** <br> **Sub-adviser (if applicable)** | **Current Expenses** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2024)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2024)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2024)** |
| **Investment Objective** | **Adviser/** <br> **Sub-adviser (if applicable)** | **Current Expenses** | **1 Year** | **5 Year** | **10 Year** |
| Long-term capital <br> appreciation and current <br> income<br>**John Hancock Real Estate** <br> **Securities Trust - Series** <br> **NAV**<sup>11</sup><br>| &nbsp;&nbsp; John Hancock Variable Trust <br> Advisers LLC/Wellington <br> Management Company LLP<br>| 0.76% | 10.79% | 4.43% | 6.14% |
| High level of current <br> income<br>**John Hancock Strategic** <br> **Income Opportunities** <br> **Trust - Series NAV**<sup>11</sup><br>| &nbsp;&nbsp; John Hancock Variable Trust <br> Advisers LLC/Manulife <br> Investment Management <br> (US) LLC<br>| 0.73%<sup>1</sup> <br>| 3.16% | 1.81% | 2.65% |
| 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>**Sustainable Equity** <br> **Portfolio**<sup>12</sup><br>| &nbsp;&nbsp; Neuberger Berman <br> Investment Advisers LLC<br>| 0.89% | 25.84% | 13.97% | 11.44% |
| Long-term growth of <br> capital<br>**U.S. Strategic Equity** <br> **Fund**<sup>13</sup><br>| &nbsp;&nbsp; Russell Investment <br> Management LLC (RIM)<sup>14</sup><br>| 0.90%<sup>1</sup> <br>| 20.50% | 12.42% | 11.07% |
| Long-term growth of <br> capital<br>**U.S. Small Cap Equity** <br> **Fund**<sup>13</sup><br>| RIM<sup>14</sup> | 1.14%<sup>1</sup> <br>| 8.53% | 8.00% | 7.31% |
| Current income and long-<br> term growth of capital<br>**Global Real Estate** <br> **Securities Fund**<sup>13</sup><br>| RIM<sup>14</sup> | 0.91% | 1.42% | -0.20% | 2.75% |
| Long-term growth of <br> capital<br>**International Developed** <br> **Markets Fund**<sup>13</sup><br>| RIM<sup>14</sup> | 1.03%<sup>1</sup> <br>| 2.78% | 4.23% | 4.70% |
| Provide total return<br> **Strategic Bond Fund**<sup>13</sup> | RIM<sup>14</sup> | 0.65%<sup>1</sup> <br>| 0.83% | -0.87% | 1.04% |
| Current income and <br> moderate long-term <br> capital appreciation<br>**LifePoints**<sup>®</sup> **Variable** <br> **Target Portfolio Series** <br> **Moderate Strategy** <br> **Fund**<sup>13</sup><br>| RIM<sup>14</sup> | 0.85%<sup>1</sup> <br>| 6.48% | 2.86% | 3.67% |
| Above-average long-term <br> capital appreciation and a <br> moderate level of current <br> income<br>**LifePoints**<sup>®</sup> **Variable** <br> **Target Portfolio Series** <br> **Balanced Strategy Fund**<sup>13</sup><br>| RIM<sup>14</sup> | 0.90%<sup>1</sup> <br>| 9.48% | 5.00% | 5.15% |
| High long-term capital <br> appreciation; and as a <br> secondary objective, <br> current income<br>**LifePoints**<sup>®</sup> **Variable** <br> **Target Portfolio Series** <br> **Aggressive Strategy** <br> **Fund**<sup>13</sup><br>| RIM<sup>14</sup> | 0.97%<sup>1</sup> <br>| 11.94% | 7.10% | 6.50% |
| High long-term capital <br> appreciation<br>**LifePoints**<sup>®</sup> **Variable** <br> **Target Portfolio Series** <br> **Equity Aggressive** <br> **Strategy Fund**<sup>13</sup><br>| RIM<sup>14</sup> | 1.00%<sup>1</sup> <br>| 13.09% | 7.58% | 6.97% |

---

<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_b67181ab-6f13-49dd-96c5-937164d5eb90) 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.

<sup>3</sup>

Although the Government Money Market [Portfolio](#bookmark_portfolio_b67181ab-6f13-49dd-96c5-937164d5eb90) 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_b67181ab-6f13-49dd-96c5-937164d5eb90). An investment in a money market [portfolio](#bookmark_portfolio_b67181ab-6f13-49dd-96c5-937164d5eb90) is neither [insured](#bookmark_insured_b67181ab-6f13-49dd-96c5-937164d5eb90) 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_b67181ab-6f13-49dd-96c5-937164d5eb90) may also become extremely low and possibly negative.

<sup>4</sup>

A series of American [Funds](#bookmark_fund_b67181ab-6f13-49dd-96c5-937164d5eb90) Insurance Series<sup>®</sup>.

<sup>5</sup>

The BlackRock International Index V.I. [Fund](#bookmark_fund_b67181ab-6f13-49dd-96c5-937164d5eb90) and BlackRock Total Return V.I. [Fund](#bookmark_fund_b67181ab-6f13-49dd-96c5-937164d5eb90) are series of BlackRock Variable Series [Funds](#bookmark_fund_b67181ab-6f13-49dd-96c5-937164d5eb90), Inc. and BlackRock Variable Series [Funds](#bookmark_fund_b67181ab-6f13-49dd-96c5-937164d5eb90) II, Inc., respectively.

<sup>6</sup>

A series of Columbia [Funds](#bookmark_fund_b67181ab-6f13-49dd-96c5-937164d5eb90) Variable Insurance Trust.

<sup>7</sup>

A series of Credit Suisse Trust.

<sup>8</sup>

Effective May 1, 2024, Credit Suisse Asset Management, LLC merged into UBS Asset Management (Americas) LLC ("UBS AM (Americas)") as the surviving entity, and UBS AM (Americas) became the investment manager to the Portfolio.

<sup>9</sup>

The Fidelity<sup>®</sup> VIP Mid Cap Portfolio and the Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup> Portfolio are series of Variable Insurance Products Fund III and the Variable Insurance Products Fund II, respectively.

<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.

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<sup>13</sup>

A series of Russell Investment [Funds](#bookmark_fund_b67181ab-6f13-49dd-96c5-937164d5eb90).

<sup>14</sup>

Assets of each [Portfolio](#bookmark_portfolio_b67181ab-6f13-49dd-96c5-937164d5eb90) 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_b67181ab-6f13-49dd-96c5-937164d5eb90).

**Please retain a copy of this Supplement for future reference.**

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