GO PAPERLESS! THE NORTHWESTERN MUTUAL …media.nmfn.com/pdf/annuityaccountB.pdf · THE NORTHWESTERN...

THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY

May 1, 2018

Individual flexible payment variable annuity contracts for:

• Individual Retirement Annuities (IRAs)

• Roth IRAs

• SIMPLE IRAs

• Simplified Employee Pension Plan IRAs

• 457 Deferred Compensation Plan Annuities

• Tax Deferred Annuities

• Non-Transferable Annuities

• Non-Tax Qualified Annuities

PROSPECTUSESFlexible Payment Variable Annuity Account B Northwestern Mutual Series Fund, Inc.Fidelity® VIP Mid Cap Portfolio Service Class 2Fidelity® VIP Contrafund® Portfolio Service Class 2Neuberger Berman AMT Sustainable Equity PortfolioRussell Investment FundsRussell Investment Funds – LifePoints® Variable Target Portfolio SeriesCredit Suisse Trust Commodity Return Strategy Portfolio

FLEXIBLE PAYMENT VARIABLE ANNUITYAccount B

GO PAPERLESS!See back cover for details.

90-1773 (0386)

Russell Investment Funds

RUSSELL INVESTMENT FUNDS Supplement dated June 7, 2018 to

U.S. STRATEGIC EQUITY FUND SUMMARY PROSPECTUS DATED May 1, 2018,

As supplemented June 7, 2018

I. SUMMARY PROSPECTUS LEGEND: The legend appearing at the top of the first page of the Summary Prospectus is hereby replaced with the following:

Before you invest, you may want to review the Fund’s Prospectus, which contains more information about the Fund and its risks. You can find the Fund’s Prospectus, Statement of Additional Information (SAI), Annual Report and other information about the Fund online at http://hosted.rightprospectus.com/RIF/. You can also get this information at no cost by calling 1-800-787-7354 or by sending an e-mail to: [email protected]. The Fund’s Prospectus and SAI, both dated May 1, 2018, as supplemented through June 7, 2018, and the Fund’s most recent shareholder report, dated December 31, 2017, are all incorporated by reference into this Summary Prospectus.

II. MANAGEMENT: The following replaces the list of money managers in the sub-section entitled “Management” in the Summary Prospectus:

• Brandywine Global Investment Management, LLC • Jacobs Levy Equity Management, Inc.

• HS Management Partners, LLC • Suffolk Capital Management, LLC

Table of Contents

Variable Product Prospectus

Page LabelFlexible Payment Variable Annuity Account B 1

Summary Prospectuses

Northwestern Mutual Series Fund, Inc. Page LabelGrowth Stock Portfolio NMSF-1Focused Appreciation Portfolio NMSF-4Large Cap Core Stock Portfolio NMSF-7Large Cap Blend Portfolio NMSF-10Index 500 Stock Portfolio NMSF-13Large Company Value Portfolio NMSF-16Domestic Equity Portfolio NMSF-19Equity Income Portfolio NMSF-22Mid Cap Growth Stock Portfolio NMSF-25Index 400 Stock Portfolio NMSF-28Mid Cap Value Portfolio NMSF-31Small Cap Growth Stock Portfolio NMSF-34Index 600 Stock Portfolio NMSF-38Small Cap Value Portfolio NMSF-41International Growth Portfolio NMSF-45Research International Core Portfolio NMSF-48International Equity Portfolio NMSF-52Emerging Markets Equity Portfolio NMSF-55Government Money Market Portfolio NMSF-59Short-Term Bond Portfolio NMSF-62Select Bond Portfolio NMSF-66Long-Term U.S. Government Bond Portfolio NMSF-69Inflation Protection Portfolio NMSF-73High Yield Bond Portfolio NMSF-77Multi-Sector Bond Portfolio NMSF-80Balanced Portfolio NMSF-85Asset Allocation Portfolio NMSF-90

Fidelity® Variable Insurance Products Page LabelVIP Mid Cap Portfolio FI-1VIP Contrafund® Portfolio FI-7

Neuberger Berman Advisers Management Trust Page LabelSustainable Equity Portfolio NB-1

Russell Investment Funds Page LabelU.S. Strategic Equity Fund RIF-1U.S. Small Cap Equity Fund RIF-7Global Real Estate Securities Fund RIF-13International Developed Markets Fund RIF-19Strategic Bond Fund RIF-27

Russell Investment Funds LifePoints® Variable Target Portfolio Series Page LabelModerate Strategy Fund RLP-1Balanced Strategy Fund RLP-9Growth Strategy Fund RLP-17Equity Growth Strategy Fund RLP-25

Credit Suisse Trust Page LabelCommodity Return Strategy Portfolio CST-1

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P r o s p e c t u sMay 1, 2018

Flexible Payment Variable AnnuityIssued by The Northwestern Mutual Life Insurance Company

and NML Variable Annuity Account B

This prospectus describes an individual flexible payment variable annuity contract (the “Contract”) for:

Individual Retirement Annuities (“IRAs”) 457 Deferred Compensation Plan AnnuitiesRoth IRAs Tax Deferred Annuities

Simple IRAs Non-Transferable AnnuitiesSimplified Employee Pension Plan IRAs Non-Tax Qualified Annuities

The Contract provides for accumulation of Contract Value on a variable and/or a fixed basis and a payment of annuity benefits on afixed or variable basis. Net Purchase Payments may be invested, pursuant to the Contract, in the following variable and fixed options:

Variable Options

Northwestern Mutual Series Fund, Inc.Growth Stock PortfolioFocused Appreciation PortfolioLarge Cap Core Stock PortfolioLarge Cap Blend PortfolioIndex 500 Stock PortfolioLarge Company Value PortfolioDomestic Equity PortfolioEquity Income PortfolioMid Cap Growth Stock PortfolioIndex 400 Stock PortfolioMid Cap Value PortfolioSmall Cap Growth Stock PortfolioIndex 600 Stock PortfolioSmall Cap Value PortfolioInternational Growth PortfolioResearch International Core PortfolioInternational Equity PortfolioEmerging Markets Equity PortfolioGovernment Money Market PortfolioShort-Term Bond PortfolioSelect Bond PortfolioLong-Term U.S. Government Bond PortfolioInflation Protection PortfolioHigh Yield Bond PortfolioMulti-Sector Bond PortfolioBalanced PortfolioAsset Allocation Portfolio

Fidelity® Variable Insurance ProductsVIP Mid Cap PortfolioVIP Contrafund® Portfolio

Neuberger Berman Advisers Management TrustSustainable Equity Portfolio

Russell Investment FundsU.S. Strategic Equity FundU.S. Small Cap Equity FundGlobal Real Estate Securities FundInternational Developed Markets FundStrategic Bond Fund

Russell Investment Funds LifePoints® Variable TargetPortfolio SeriesModerate Strategy FundBalanced Strategy FundGrowth Strategy FundEquity Growth Strategy Fund

Credit Suisse TrustCommodity Return Strategy Portfolio

Fixed Options

Guaranteed Interest Fund 1 Guaranteed Interest Fund 8

The Contract (including the fixed options) and the variable options are not guaranteed to achieve their goals, are not bank deposits,are not federally insured, and are not endorsed by any bank or government agency. You could lose the money you invest in thisContract. All contractual guarantees (including the fixed options) are contingent upon the claims-paying ability of the Company.

Please read carefully this prospectus and the accompanying prospectuses for the variable options and keep them for futurereference. These prospectuses provide information that you should know before investing in the Contract. No person is authorized

to make any representation in connection with the offering of the Contract other than those contained in these prospectuses.

The Securities and Exchange Commission (“SEC”) has not approved or disapproved these securities or passed upon the adequacy of thisprospectus. Any representation to the contrary is a criminal offense. The Contract may not be available in all states and is only offeredwhere it can be lawfully sold. Our Distributor may limit sales of the Contract to certain government entities and government entity plans.

More information about the Contract and NML Variable Annuity Account B (the “Separate Account”) is included in a Statement of AdditionalInformation (“SAI”), dated May 1, 2018, which is incorporated by reference in this prospectus and available free of charge from TheNorthwestern Mutual Life Insurance Company. The table of contents for the SAI is at the end of this prospectus. The SAI is available free ofcharge at www.northwesternmutual.com. To receive a copy of the SAI, send a written request to Northwestern Mutual, Life, Annuity andProduct Solutions Department, Room T22, 720 East Wisconsin Avenue, Milwaukee, WI 53202. Information about the Separate Account(including the SAI) is available on the SEC’s internet site at http://www.sec.gov, or may be obtained, upon payment of a duplicating fee, bywriting the Public Reference Section of the SEC, 100 F Street, NE, Washington, DC 20549-0102. This information can also be reviewed andcopied at the SEC’s Public Reference Room in Washington, D.C. For information on the Public Reference Room’s operation, call the SEC at1-202-551-8090.

Contents of this ProspectusPage

GLOSSARY OF SPECIAL TERMS . . . . . . . . . . . . 1FEE AND EXPENSE TABLES . . . . . . . . . . . . . . . 2

Contract Fees and Expenses . . . . . . . . . . . . . . . . 2Range of Total Annual Portfolio Operating

Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Examples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

CONDENSED FINANCIAL INFORMATION . . . 4THE COMPANY . . . . . . . . . . . . . . . . . . . . . . . . . . . 4THE SEPARATE ACCOUNT . . . . . . . . . . . . . . . . 5THE INVESTMENT OPTIONS . . . . . . . . . . . . . . . 5

Variable Options . . . . . . . . . . . . . . . . . . . . . . . . . 6Northwestern Mutual Series Fund, Inc. . . . . . . 6Fidelity® Variable Insurance Products . . . . . . 7Neuberger Berman Advisers Management

Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Russell Investment Funds . . . . . . . . . . . . . . . . 7Credit Suisse Trust . . . . . . . . . . . . . . . . . . . . . . 8Payments We Receive . . . . . . . . . . . . . . . . . . . 8Transfers Between Divisions . . . . . . . . . . . . . . 8Short Term and Excessive Trading . . . . . . . . . 9

Fixed Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Moving into a Guaranteed Account . . . . . . . . . 10Moving out of a Guaranteed Account . . . . . . . 10Withdrawal Charge . . . . . . . . . . . . . . . . . . . . . 11Market Value Adjustment (GIF 8 Only) . . . . . 11

GIF 8 Market Value Adjustment Example . . . . . 12Additional Information . . . . . . . . . . . . . . . . . . 12Preservation+ Strategy . . . . . . . . . . . . . . . . . . 12

THE CONTRACT . . . . . . . . . . . . . . . . . . . . . . . . . . 13Generally . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Free Look . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Contract Values . . . . . . . . . . . . . . . . . . . . . . . . 13

Purchase Payments Under the Contract . . . . . . . . 13Frequency and Amount . . . . . . . . . . . . . . . . . . 13Guaranteed Account Investment Minimums

and Maximums . . . . . . . . . . . . . . . . . . . . . . 14Application of Purchase Payments . . . . . . . . . 14Reduction or Waiver of Certain Charges . . . . . 15Maturity Date . . . . . . . . . . . . . . . . . . . . . . . . . . 15Gender-Based Annuity Payment Rates . . . . . . 15Reinvestment of Redemptions . . . . . . . . . . . . . 15

Access to Your Money . . . . . . . . . . . . . . . . . . . . . 15Withdrawals . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

Benefits Provided Under the Contracts . . . . . . . . 16

Page

Death Benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16How Much is the Death Benefit? . . . . . . . . . . . 16When is the Death Benefit Determined? . . . . . 16Guaranteed Minimum Death Benefit

Examples . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Enhanced Death Benefit Examples . . . . . . . . . 17How is the Death Benefit Distributed? . . . . . . 18

Income Plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Generally . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Description of Variable Income Plans . . . . . . . 18Amount of Annuity Payments . . . . . . . . . . . . . 19Assumed Investment Rate . . . . . . . . . . . . . . . . 19

DEDUCTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19Sales Load . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19Contract Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

Mortality Rate and Expense Risk Charges . . . . . 20Nature and Amount of the Charges . . . . . . . . . 20Reduction of the Charges . . . . . . . . . . . . . . . . . 20Other Expense Risks . . . . . . . . . . . . . . . . . . . . 20

Withdrawal Charges . . . . . . . . . . . . . . . . . . . . . . 20Withdrawal Charge Rates . . . . . . . . . . . . . . . . 20Waiver of Withdrawal Charges . . . . . . . . . . . . 21Withdrawal Charges and Our Distribution

Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . 21Special Withdrawal Charges and Rules

Applicable to Guaranteed Accounts . . . . . . 22Other Charges . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

Enhanced Death Benefit Charge . . . . . . . . . . . 22Premium Taxes . . . . . . . . . . . . . . . . . . . . . . . . 22Portfolio Expenses and Charges . . . . . . . . . . . 22Expedited Delivery Charge . . . . . . . . . . . . . . . 22

FEDERAL INCOME TAXES . . . . . . . . . . . . . . . . . 22Qualified and Non-Tax Qualified Plans . . . . . . . 22Contribution Limitations and General

Requirements Applicable to Contracts . . . . . . 22Traditional IRA . . . . . . . . . . . . . . . . . . . . . . . . 22Roth IRA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23SEP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23Simple IRA . . . . . . . . . . . . . . . . . . . . . . . . . . . 23Tax Deferred Annuity . . . . . . . . . . . . . . . . . . . 23Section 457 Plan . . . . . . . . . . . . . . . . . . . . . . . 24Nontransferable Annuity . . . . . . . . . . . . . . . . . 24Non-Tax Qualified Contract . . . . . . . . . . . . . . 24

Taxation of Contract Benefits . . . . . . . . . . . . . . . 24

Contents of this ProspectusPage

IRAs, SEPs, SIMPLE IRAs, TDAs andSection 457 Plans and NontransferableAnnuities . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

Roth IRAs . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Nonqualified Contracts . . . . . . . . . . . . . . . . . . 25Premature Withdrawals . . . . . . . . . . . . . . . . . . 25Minimum Distribution Requirements . . . . . . . 25Mandatory Withholding . . . . . . . . . . . . . . . . . . 26

Taxation of Northwestern Mutual . . . . . . . . . . . . 26Other Considerations . . . . . . . . . . . . . . . . . . . . . . 26

CONTRACT OWNER SERVICES . . . . . . . . . . . . . 26Automatic Dollar-Cost Averaging . . . . . . . . . . 26Electronic Funds Transfer (“EFT”) . . . . . . . . . 26Systematic Withdrawal Plan . . . . . . . . . . . . . . 27Automatic Required Minimum Distributions

(“RMD”) . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Special Withdrawal Privilege . . . . . . . . . . . . . 27Portfolio Rebalancing . . . . . . . . . . . . . . . . . . . 27Interest Sweeps . . . . . . . . . . . . . . . . . . . . . . . . 27Substitution of Portfolio Shares and Other

Changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Owner Inquiries and Instructions . . . . . . . . . . . 27

Page

Householding . . . . . . . . . . . . . . . . . . . . . . . . . . 28Allocation Models . . . . . . . . . . . . . . . . . . . . . . 28

ADDITIONAL INFORMATION . . . . . . . . . . . . . . 28The Distributor . . . . . . . . . . . . . . . . . . . . . . . . . 28Terminal Illness Benefit . . . . . . . . . . . . . . . . . . 29Nursing Home Benefit . . . . . . . . . . . . . . . . . . . 29Voting Rights . . . . . . . . . . . . . . . . . . . . . . . . . . 29Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29Dividends for Contracts Issued Prior to

March 31, 2000 . . . . . . . . . . . . . . . . . . . . . . 30Internal Annuity Exchanges . . . . . . . . . . . . . . . 30Speculative Investing . . . . . . . . . . . . . . . . . . . . 30Abandoned Property Requirements . . . . . . . . . 30Cybersecurity . . . . . . . . . . . . . . . . . . . . . . . . . . 31Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . 31

TABLE OF CONTENTS FOR STATEMENT OFADDITIONAL INFORMATION . . . . . . . . . . . . 31

APPENDIX A—PRIOR CONTRACTS . . . . . . . . . 33APPENDIX B—ACCUMULATION UNIT

VALUES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37

This prospectus describes only the Separate Account and the variable provisions of the Contracts, except wherethere are specific references to the fixed provisions.

Glossary of Special TermsUnless otherwise specified in this prospectus, the words“Northwestern Mutual,” “we,” “us,” “our,” and “Company”mean The Northwestern Mutual Life Insurance Company. Thewords “you” and “your,” unless otherwise specified, mean theContract Owner. We use a number of special terms in thisprospectus, including the following:

Accumulation Unit—An accounting unit of measurerepresenting the Contract Value, before the date on whichAnnuity Payments begin, in one or more Divisions of theSeparate Account. The related term “Accumulation UnitValue” means the value of a particular Accumulation Unit at aparticular time and is analogous to, but not the same as, theshare price of a mutual fund.

Annuitant—The person upon whose life the Contract isissued and Contract benefits depend. The Primary Annuitant isthe person upon whose life the Contract is initially issued. TheContingent Annuitant is the person who becomes theAnnuitant upon the death of the Primary Annuitant.

Annuity Payments—Money we pay pursuant to the terms ofthe Contract. Payments may be paid under one or more of thefollowing three methods: (1) a variable income plan; (2) afixed income plan; or (3) in cash.

Annuity Unit—An accounting unit of measure representingthe actuarial value of a variable income plan’s interest in aDivision of the Separate Account after Annuity Paymentsbegin.

Beneficiary—A person who receives payments under theContract upon the death of the Annuitant before the MaturityDate provided that the Annuitant was an Owner of theContract at the time of death.

Contract—The agreement between you and us described inthis variable annuity prospectus. During the AccumulationPeriod of the Contract, you may invest money under yourcontract and any earnings on your investment will accumulateon a tax-deferred basis. During the Annuitization Period, youreceive periodic payments based largely on the amounts youaccumulate, all or a portion of which will be taxable asordinary income.

Contract Value—The value of your Contract on anyValuation Date is the sum of: (1) the value of your amountsheld in the Divisions of the Separate Account on thatValuation Date; and (2) the sum of your amounts allocated toany Guaranteed Account, plus credited interest; less (3) anywithdrawals from any Guaranteed Account and any applicableMarket Value Adjustment or charges under the Contractdeducted from any Guaranteed Account.

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

Fund—A Fund is registered under the Investment CompanyAct of 1940 (the “1940 Act”) as an open-end managementinvestment company or as a unit investment trust, or is not

required to be registered under the 1940 Act. A Fund isavailable as an investment option under the Contract. Theassets of each of the Divisions of the Separate Account areused to purchase shares of the corresponding Portfolio of aFund.

General Account—All assets of the Company, other thanthose held in the Separate Account or in other separateaccounts that have been or may be established by theCompany.

Guaranteed Account—A fixed investment option under theContract, supported by the assets held in the Company’sGeneral Account, that has a term of a specified duration(called a “Guaranteed Period”).

Income Plan— An optional method of receiving the deathbenefit, maturity benefit, surrender proceeds or withdrawalproceeds of an insurance policy or annuity contract through aseries of periodic payments. An Income Plan may also beknown as a “payment plan.”

Market Value Adjustment—An amount that may be credited(or charged) upon a withdrawal from a multi-year GuaranteedAccount before the end of a Guaranteed Period.

Maturity Date—The date, stated on the specifications page ofthe Contract, on which Purchase Payments cease and AnnuityPayments become payable.

Owner—The person with the sole right to exercise all rightsand privileges under the Contract, except as the Contractotherwise provides.

Portfolio—A series of a Fund available for investment underthe Contract which corresponds to a particular Division of theSeparate Account.

Purchase Payments—Money you give us to apply to yourContract. The related term “Net Purchase Payment” refers toPurchase Payments after all applicable deductions.

Required Minimum Distribution (“RMD”)—A minimumamount that federal tax law generally requires be withdrawnfrom certain tax-qualified annuities each year.

Separate Account—The account the Company hasestablished pursuant to Wisconsin law for those assets,although belonging to the Company, that are reserved for youand other owners of variable annuity contracts supported bythe Separate Account.

Valuation Date—Any day on which the New York StockExchange (“NYSE”) is open for trading and any other day weare required under the 1940 Act to value assets of a Divisionof the Separate Account.

This prospectus describes two versions of the Select VariableAnnuity contract: a front-load version (in which a sales chargeis assessed when purchase payments are made) and a back-load version (in which a sales charge is assessed if and whenamounts are withdrawn).

Account B Prospectus 1

Fee and Expense TablesContract Fees and Expenses

The following tables describe the fees and expenses that you will pay when buying, owning, and surrendering theContract. On the left side of the tables below we show the fees and expenses you will pay at the time that you buy,surrender, or withdraw from the Contract. On the right side of these tables we show the fees and expenses that you willpay daily and periodically during the time that you own the Contract, not including the annual operating expenses of thePortfolios (the range of which is shown in the table that follows). These tables do not include any charge for state premiumtax deductions, which we do not charge for at present, but we reserve the right to do so. These tables do not include anywithdrawal charges that may apply upon withdrawals from a Guaranteed Interest Fund 8. (See “Fixed Options”)

Front-Load Contract (in which a sales charge is assessed when purchase payments are made)Transaction Expenses for Contract Owners

(as a percentage of Purchase Payments, unless noted)Maximum Sales Load . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5%Withdrawal Charge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NoneTransfer Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NoneExpedited Delivery Charge2 . . . . . . . . . . . . . . . . . . . . . . . . . . $17

Annual Expenses of the Separate Account(as a percentage of average daily Contract value)

Maximum Mortality and Expense Risk Fees1 . . . . . . . . . . . . . 0.75%Other Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None

Total Maximum Separate Account Annual Expenses1 . . . . . . 0.75%

Current Mortality and Expense Risk Fees1 . . . . . . . . . . . . . . . 0.50%Other Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None

Total Current Separate Account Annual Expenses1 . . . . . . . . . 0.50%

Annual Contract Fee3

$30; waived if the Contract Value equals or exceeds $25,000

Annual Charge for Optional Enhanced Death Benefit(EDB)

Maximum Charge (as a percentage of the entire benefit)4 . . . . 0.40%

Back-Load Contract (in which a sales charge is assessed if and when amounts are withdrawn)Transaction Expenses for Contract Owners

(as a percentage of Purchase Payments, unless noted)Sales Load . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NoneMaximum Withdrawal Charge for Sales Expenses . . . . . . . . . 6%Transfer Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NoneExpedited Delivery Charge2 . . . . . . . . . . . . . . . . . . . . . . . . . . $17

Annual Expenses of the Separate Account(as a percentage of average daily Contract value)

Maximum Mortality and Expense Risk Fees1 . . . . . . . . . . . . 1.50%Other Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None

Total Maximum Separate Account Annual Expenses1 . . . . . 1.50%Current Mortality and Expense Risk Fees1 . . . . . . . . . . . . . . 1.25%Other Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None

Total Current Separate Account Annual Expenses1 . . . . . . . . 1.25%

Annual Contract Fee3

$30; waived if the Contract Value equals or exceeds $25,000

Annual Charge for Optional Enhanced Death Benefit(EDB)

Maximum Charge (as a percentage of the entire benefit)4 . . . 0.40%

1 We reserve the right to increase the current mortality and expense risk charges to the maximum annual rate of 0.75% for the front-load Contract, 1.50% forthe back-load Contract Class B Accumulation Units and 0.75% for back-load Contract Class A Accumulation Units. Under the back-load Contract, weconvert Class B Accumulation Units to Class A Accumulation Units on a Contract Anniversary if the Contract Value is at least $25,000 and the Class BAccumulation Units are no longer subject to a withdrawal charge. For further information on Class B and Class A Accumulation Units, see “Mortality Rateand Expense Risk Charges—Reduction of Charges.”

2 For express mail delivery with signature required; the express mail delivery charge without signature is $15. We also charge $15 for wire transfers inconnection with withdrawals.

3 We are currently waiving the Annual Contract Fee if Purchase Payments less withdrawals equal or exceed $25,000. We reserve the right to change thispractice in the future.

4 The maximum charge is for issue age (i.e., the age nearest the Primary Annuitant’s birthday at the time the application is approved) 56-65. The charge is0.10% for issue age 45 or less and 0.20% for issue age 46-55. The “entire” enhanced death benefit on any Valuation Date equals the greatest of (i) theContract Value on that Valuation Date, (ii) the amount of Purchase Payments made under the Contract (adjusted for any withdrawals), or (iii) the EDB on themost recent Contract anniversary date prior to the Primary Annuitant’s 80th birthday, increased by any Purchase Payments we received since that Contractanniversary and decreased by the percentage of Contract Value withdrawn since that Contract anniversary. The EDB is available only at the time the Contractis issued. At the time of issue, the value of the EDB would be equal to the greater of the Initial Purchase Payment or the Contract Value.

2 Account B Prospectus

Range of Total Annual Portfolio Operating Expenses

The table below shows the minimum and maximum total operating expenses of the Portfolios that you may payperiodically during the time that you own the Contract. The first line of this table lists expenses that do not reflect feewaivers or expense limits and reimbursements, nor do they reflect short-term trading redemption fees, if any, charged bythe Portfolios. The information is based on operations for the year ended December 31, 2017. More details concerningthese fees and expenses are contained in the attached prospectuses for the Funds.

Minimum Maximum

Range of Total Annual Portfolio Operating Expenses (expenses include investment advisory fees, distribution(12b-1) fees, and other expenses as a percentage of average Portfolio assets) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.21% 1.40%

Range of Total Annual Portfolio Operating Expenses After Contractual Fee Waiver or Reimbursement* . . . . . . . 0.20% 1.12%

* The “Range of Total Annual Portfolio Operating Expenses After Contractual Fee Waiver or Reimbursement” line in the above table shows the minimum andmaximum fees and expenses charged by all of the Portfolios after taking into account contractual fee waiver or reimbursement arrangements in place. Thosecontractual arrangements are designed to reduce total annual portfolio operating expenses for Owners and will continue for at least one year from the date ofthis prospectus. For more information about which Portfolios currently have such contractual reimbursement or fee waiver arrangements in place, see theprospectuses of the underlying Funds.

For more information about voluntary fee waivers that may be in place, see the “Deductions” section.

The following Examples are intended to help you compare the cost of investing in the Contract with the cost of investing inother variable annuity contracts. These costs include Contract Owner transaction expenses, Contract fees, SeparateAccount annual expenses, and the fees and expenses of the underlying Portfolios. The Examples assume that you invest$10,000 in the Contract for the time periods indicated and that your investment has a 5% return each year. The Examplesreflect the maximum as well as the minimum fees and expenses of the underlying Portfolios as set forth in the Range ofTotal Annual Portfolio Operating Expenses table. Although your actual costs may be higher or lower than those shownbelow, based on these assumptions, your costs would be as follows:

Examples

Back-Load Contract With the Enhanced Death Benefit—(assuming the maximum EDB charge (i.e., at issue age 56-65) andsurrender or annuitization, just before the end of each time period, to a fixed income plan with a certain period of less than 12years; i.e., where a withdrawal charge would apply)

1 Year 3 Years 5 Years 10 Years

Maximum Total Annual Portfolio Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $911 $1,608 $2,128 $3,633Minimum Total Annual Portfolio Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $819 $1,279 $1,565 $2,504

Back-Load Contract With the Enhanced Death Benefit—(assuming the maximum EDB charge (i.e., at issue age 56-65) andassuming no surrender, no annuitization, or assuming an annuitization to a variable income plan; i.e., where a withdrawal chargewould not apply)


Maximum Total Annual Portfolio Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $311 $1,008 $1,728 $3,633Minimum Total Annual Portfolio Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $219 $ 679 $1,165 $2,504

Back-Load Contract Without the Enhanced Death Benefit—(assuming a surrender or annuitization, just before the end ofeach time period, to a fixed income plan with a certain period of less than 12 years; i.e., where a withdrawal charge would apply)


Maximum Total Annual Portfolio Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $870 $1,487 $1,929 $3,252Minimum Total Annual Portfolio Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $778 $1,154 $1,354 $2,074

Back-Load Contract Without the Enhanced Death Benefit—(assuming no surrender, no annuitization, or assuming anannuitization to a variable income plan; i.e., where a withdrawal charge would not apply)


Maximum Total Annual Portfolio Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $270 $887 $1,529 $3,252Minimum Total Annual Portfolio Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $178 $554 $ 954 $2,074

Front-Load Contract With the Enhanced Death Benefit—(assuming the maximum EDB charge; i.e., at issue age 56-65)


Maximum Total Annual Portfolio Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $672 $1,188 $1,731 $3,205Minimum Total Annual Portfolio Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $583 $ 867 $1,171 $2,033


Front-Load Contract Without the Enhanced Death Benefit1 Year 3 Years 5 Years 10 Years

Maximum Total Annual Portfolio Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $632 $1,070 $1,533 $2,810Minimum Total Annual Portfolio Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $544 $ 744 $ 961 $1,586

The sales load for a front-load Contract depends on the amount of cumulative Purchase Payments. For the back-load Contract, themortality and expense risk charge and the withdrawal charge depend on the length of time amounts have been held under theContract and the size of the amounts held. (See “Mortality Rate and Expense Risk Charges—Reduction of the Charges” and“Withdrawal Charges—Withdrawal Charge Rates.”) We reserve the right to increase the current mortality and expense riskcharges to the maximum annual rate of 0.75% for the front-load Contract and 1.50% for the back-load Contract. The expensenumbers shown in the tables reflect the withdrawal charge and the maximum mortality and expense risk charges. The Contractsmay provide for charges for transfers between the Divisions of the Separate Account and for premium taxes, but we are notpresently assessing such charges. The charge for the EDB above was determined by multiplying the maximum EDB percentagecharge (0.40%) by the entire EDB. The EDB amounts assumed for purposes of this example are equal to the Contract Value ateach anniversary. Such hypothetical amounts are for illustrative purposes only. The $30 annual Contract fee is reflected as 0.01%for the front-load Contract and 0.05% for the back-load Contract based on the annual Contract fees collected divided by theaverage assets attributable to the Contracts for the fiscal year ended December 31, 2017.

Please remember that the examples are simply illustrations and do not represent past or future expenses. Your actualexpenses may be higher or lower than those shown in the examples. Similarly, your rate of return may be more or less than the5% assumed in the examples.

Condensed Financial InformationThe value of an Accumulation Unit is determined on the basisof changes in the per share value of the underlying Portfoliosand the assessment of Separate Account charges, which mayvary from contract to contract. (For more information on thecalculation of underlying account values, see “Application ofPurchase Payments.”) Please refer to Appendix B of thisprospectus for information regarding the historicalAccumulation Unit Values.

Financial statements of the Separate Account and the financialstatements of Northwestern Mutual appear in the Statement ofAdditional Information (“SAI”). The financial statements ofthe Company should only be considered with respect to theCompany’s ability to meet its obligations under the Contractand not with respect to Contract Value held in the SeparateAccount, which is principally derived from the investment

performance of the Portfolios. The SAI is available free ofcharge at www.northwesternmutual.com. To receive a copy ofthe SAI, send a written request to Northwestern Mutual, Life,Annuity and Product Solutions Department, Room T22, 720East Wisconsin Avenue, Milwaukee, WI 53202, or use thecoupon provided at the back of this Prospectus. Semiannually,we will send you reports containing financial information andschedules of investments for the Portfolios underlying theDivisions in which you invest. We will also send you periodicstatements showing the value of your Contract andtransactions under the Contract since the last statement. Youshould promptly review these statements and anyconfirmations of individual transactions that you receive toverify the accuracy of the information, and should promptlynotify us of any discrepancies.

The CompanyThe Northwestern Mutual Life Insurance Company, orthrough its subsidiaries and affiliates, offers insuranceproducts, investment products, and advisory services whichare designed to address clients’ needs for financial securityand protection, wealth accumulation and distribution, andestate preservation. Organized by a special act of theWisconsin Legislature in 1857, the Company is licensed toconduct a conventional life insurance business in the Districtof Columbia and in all states of the United States. TheCompany’s total assets were over $265 billion as ofDecember 31, 2017. The Home Office of NorthwesternMutual is located at 720 East Wisconsin Avenue, Milwaukee,Wisconsin 53202.

In addition to your fixed account allocations, General Accountassets are used to guarantee the payment of certain benefitsunder the Contracts, including death benefits. To the extentthat we are required to pay you amounts in addition to yourContract Value under these benefits, such amounts will comefrom General Account assets. Thus, Contract Owners mustlook to the strength of the Company and its General Accountwith regard to insurance contract guarantees. You should alsobe aware that the General Account is exposed to the risksnormally associated with the operation of a life insurancecompany, including insurance pricing, asset liabilitymanagement and interest rate risk, operational risks, and theinvestment risks of a portfolio of securities that consistslargely, though not exclusively, of fixed-income securities.


Some of the risks associated with such a portfolio includeinterest rate, option, liquidity, and credit risk. The financialstatements contained in the Statement of AdditionalInformation include a further discussion of risks inherent

within the General Account investments. The assets in theGeneral Account are subject to the claims of the Company’sgeneral creditors.

The Separate AccountWe established the NML Variable Annuity Account B (the“Separate Account”) on February 14, 1968 by action of ourBoard of Trustees in accordance with the provisions of theWisconsin insurance law. The Separate Account is registeredwith the Securities and Exchange Commission (“SEC”) as aunit investment trust under the 1940 Act.

You may allocate the money you invest under your Contractamong the variable and fixed options (if available in your state)described elsewhere in this prospectus. Each variable option is aDivision of the Separate Account, which corresponds to one ofthe Portfolios of the Funds also described elsewhere in thisprospectus. Under Wisconsin law, the investment operations ofthe Separate Account are kept separate from our otheroperations. The values for your Contract supported by theSeparate Account will not be affected by income, gains, orlosses from the rest of our business. The income, gains or losses,realized or unrealized, for the assets we place in the SeparateAccount for your Contract will determine the value of yourContract benefits supported by the Separate Account, and willnot affect the rest of our business. The assets in the SeparateAccount are reserved for you and other owners of variableannuity contracts, although the assets belong to us and we do nothold the assets as a trustee. While we and our creditors cannotreach the assets of the Separate Account to satisfy otherobligations until our obligations under your Contract have beensatisfied, all of our assets (except those we hold in certain otherseparate accounts) are available to satisfy our obligations underyour Contract. The obligations under the variable annuitycontracts are obligations of the Company as depositor.

When permitted by law and subject to any required regulatoryapprovals or votes by Contract Owners, we reserve the right to:

• Operate the Separate Account or a Division as either a unitinvestment trust or a management company under the 1940Act, or in any other form allowed by law, if deemed by theCompany to be in the best interest of Contract Owners.

• Invest current and future assets of a Division in securities ofanother Fund as a substitute for shares of a Fund alreadypurchased or to be purchased.

• Register or deregister the Separate Account under the 1940Act or change its classification under that Act.

• Create new separate accounts.

• Combine the Separate Account with any other separateaccount.

• Transfer the assets and liabilities of the Separate Account toanother separate account.

• Transfer cash from time to time between the Company’sgeneral account and the Separate Account as deemednecessary or appropriate and consistent with the terms ofthe Contracts, including but not limited to transfers for thededuction of charges and in support of payment options.

• Transfer assets of the Separate Account in excess of reserverequirements applicable to Contracts supported by theSeparate Account to the Company’s General Account.

• Add, delete, or make substitutions for the securities and otherassets that are held or purchased by the Separate Account.

• Terminate and/or liquidate the Separate Account.

• Restrict or eliminate any voting rights of Contract Ownersor other persons who have voting rights as to the SeparateAccount.

• Make any changes to the Separate Account to conformwith, or required by any change in, federal tax law, the 1940Act and regulations promulgated thereunder, or any otherapplicable federal or state laws.

In the event that we take any of these actions, we may makean appropriate endorsement of your Contract and take otheractions to carry out what we have done.

The Investment OptionsThe Contract makes available a variety of variable and fixedinvestment options. The Company does not endorse orrecommend any particular option nor does it provideinvestment advice. You are responsible for choosing yourinvestment options and the amounts you allocate to each basedon your individual situation and your personal savings goalsand risk tolerances. After your initial investment decision, youshould monitor your investments and periodically review theoptions you select and the amount allocated to each option to

ensure your decisions continue to be appropriate. The amountsinvested in the variable options are not guaranteed, andbecause both your principal and any return on your investmentare subject to market risk, you can lose your money. Theamounts invested in the fixed options earn interest for aspecified period at a rate we declare from time to time; theprincipal and interest rate are guaranteed by the Company andare subject to the claims-paying ability of the Company.


Variable OptionsThe assets of each Division of the Separate Account areinvested in a corresponding Portfolio that is a series of one ofthe following mutual fund families: Northwestern MutualSeries Fund, Inc.; Fidelity® Variable Insurance Products;Neuberger Berman Advisers Management Trust; the RussellInvestment Funds; and the Credit Suisse Trust. The SeparateAccount buys shares of the Portfolios at their respective netasset values without sales charge. The Portfolios are availablefor investment only by separate accounts supporting variableinsurance products and are not publicly traded. Theirperformance can differ substantially from publicly tradedmutual funds with similar names. The specific Portfoliosavailable under your Contract may change from time to time,and not all Portfolios in which assets of the Separate Accountare invested may be available under your Contract. Yourability to invest in a Portfolio may be affected by the actionsof such Portfolio, such as when a Portfolio closes.

You may choose to allocate the Accumulation Value of yourContract among the Divisions of the Separate Account andyou may, subject to certain conditions, transfer values fromone Division to another. Amounts you allocate among theDivisions may grow in value, decline in value, or grow lessthan you expect, depending on the investment performance ofthe corresponding Portfolio. The investment objectives andtypes of investments for each Portfolio are set forth below.There can be no assurance that the Portfolios will realize theirobjectives. For more information about the investment

objectives and policies, the attendant risk factors andexpenses for each of the Portfolios described below, see theattached prospectuses. Read the prospectuses carefullybefore you invest. Please see the prospectuses for the Fundsfor a discussion of the potential risks and conflicts presentedby the use of a Fund as an investment option under variableannuity contracts and variable life insurance policies offeredby affiliated and non-affiliated life insurance companies.Note: If you received a summary prospectus for a portfoliolisted below, please follow the directions on the first page ofthe summary prospectus to obtain a copy of the full fundprospectus.

Northwestern Mutual Series Fund, Inc. The principalinvestment adviser for the Portfolios of the NorthwesternMutual Series Fund, Inc. is Mason Street Advisors, LLC(“MSA”), our wholly-owned company. The investmentadvisory agreements for the respective Portfolios provide thatMSA will provide services and bear certain expenses of thePortfolios. MSA employs a staff of investment professionals tomanage the assets of the Fund and the other advisory clients ofMSA. We provide related facilities and personnel, which MSAuses in performing its investment advisory functions. MSA hasretained and oversees a number of asset management firmsunder investment sub-advisory agreements to provideday-to-day management of the Portfolios indicated below. Eachsuch sub-adviser may be replaced without the approval ofshareholders. Please see the attached prospectuses for theNorthwestern Mutual Series Fund, Inc. for more information.

Portfolio Investment Objective Sub-adviser (if applicable)

Growth Stock Portfolio Long-term growth of capital; current incomeis a secondary objective

BNY Mellon Asset Management NorthAmerica Corporation

Focused Appreciation Portfolio Long-term growth of capital Loomis, Sayles & Company, L.P.

Large Cap Core Stock Portfolio Long-term growth of capital and income Wellington Management Company LLP

Large Cap Blend Portfolio Long-term growth of capital and income Fiduciary Management, Inc.

Index 500 Stock Portfolio Investment results that approximate theperformance of the Standard & Poor’s 500®

Composite Stock Price Index

N/A

Large Company Value Portfolio Long-term capital growth; income is asecondary objective

American Century Investment Management,Inc.

Domestic Equity Portfolio Long-term growth of capital and income Delaware Investments Fund Advisers, a seriesof Macquarie Investment ManagementBusiness Trust

Equity Income Portfolio Long-term growth of capital and income T. Rowe Price Associates, Inc.

Mid Cap Growth Stock Portfolio Long-term growth of capital Wellington Management Company LLP

Index 400 Stock Portfolio Investment results that approximate theperformance of the S&P MidCap 400® StockPrice Index

N/A

Mid Cap Value Portfolio Long-term capital growth; current income is asecondary objective


Small Cap Growth Stock Portfolio Long-term growth of capital Wellington Management Company LLP

Index 600 Stock Portfolio Investment results that approximate theperformance of the Standard & Poor’sSmallCap 600® Index

N/A

Small Cap Value Portfolio Long-term growth of capital T. Rowe Price Associates, Inc.

International Growth Portfolio Long-term growth of capital FIAM LLC


Portfolio Investment Objective Sub-adviser (if applicable)

Research International Core Portfolio Capital appreciation Massachusetts Financial Services Company

International Equity Portfolio Long-term growth of capital; any incomerealized will be incidental

Templeton Investment Counsel, LLC

Emerging Markets Equity Portfolio Capital appreciation Aberdeen Asset Managers Limited

Government Money Market Portfolio* Maximum current income to the extentconsistent with liquidity and stability ofcapital

BlackRock Advisors, LLC

Short-Term Bond Portfolio To provide as high a level of current incomeas is consistent with prudent investment risk

T. Rowe Price Associates, Inc.

Select Bond Portfolio To provide as high a level of total return as isconsistent with prudent investment risk; asecondary objective is to seek preservation ofshareholders’ capital

Wells Capital Management, Inc.

Long-Term U.S. Government BondPortfolio

Maximum total return, consistent withpreservation of capital and prudent investmentmanagement

Pacific Investment Management CompanyLLC

Inflation Protection Portfolio Pursue total return using a strategy that seeksto protect against U.S. inflation


High Yield Bond Portfolio** High current income and capital appreciation Federated Investment Management Company

Multi-Sector Bond Portfolio Maximum total return, consistent with prudentinvestment management

Pacific Investment Management CompanyLLC

Balanced Portfolio To realize as high a level of total return as isconsistent with prudent investment risk,through income and capital appreciation

N/A

Asset Allocation Portfolio To realize as high a level of total return as isconsistent with reasonable investment risk

N/A

* Although the Government Money Market Portfolio seeks to preserve its value at $1.00 per share, it is possible to lose money by investing in the GovernmentMoney Market Portfolio. An investment in a money market portfolio is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or anygovernment agency. During extended periods of low interest rates, the yield of a money market portfolio may also become extremely low and possiblynegative.

** High yield bonds are commonly referred to as junk bonds.

Fidelity® Variable Insurance Products The Fidelity® VIP Mid Cap Portfolio and the Fidelity® VIP Contrafund® Portfolio areseries of Variable Insurance Products III and Variable Insurance Products Fund II, respectively. The Separate Account buysService Class 2 shares of the Portfolios, the investment adviser for which is the Fidelity Management & Research Company(“FMR”). The following affiliates of FMR also assist with foreign investments: Fidelity Management & Research (U.K.) Inc.,Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Inc.

Portfolio Investment Objective Sub-adviser

VIP Mid Cap Portfolio Long-term growth of capital FMR Co., Inc.

VIP Contrafund® Portfolio Long-term capital appreciation FMR Co., Inc.

Neuberger Berman Advisers Management Trust The Neuberger Berman Advisers Management Trust Sustainable EquityPortfolio is a series of the Neuberger Berman Advisers Management Trust. The Separate Account buys Class I shares of thePortfolio, the investment adviser for which is Neuberger Berman Investment Advisers LLC.

Portfolio Investment Objective

Sustainable Equity Portfolio Long-term growth of capital by investing primarily in securities ofcompanies that meet the Portfolio’s environmental, social andgovernance criteria

Russell Investment Funds The assets of each of the Portfolios comprising the Russell Investment Funds are invested by one ormore investment management organizations researched and recommended by Russell Investment Management LLC (“RIM”).RIM is the investment adviser of the Russell Investment Funds.


U.S. Strategic Equity Fund Long-term growth of capital

U.S. Small Cap Equity Fund Long-term growth of capital

Global Real Estate Securities Fund Current income and long-term growth of capital

International Developed Markets Fund Long-term growth of capital



Strategic Bond Fund Provide total return

LifePoints® Variable Target PortfolioSeries Moderate Strategy Fund

Current income and moderate long term capital appreciation

LifePoints® Variable Target PortfolioSeries Balanced Strategy Fund

Above average long-term capital appreciation and a moderate level ofcurrent income

LifePoints® Variable Target PortfolioSeries Growth Strategy Fund

High long-term capital appreciation, and as a secondary objective,current income

LifePoints® Variable Target PortfolioSeries Equity Growth Strategy Fund

High long-term capital appreciation

Credit Suisse Trust The Commodity Return Strategy Portfolio is a series of Credit Suisse Trust. The Separate Account buysshares of the Portfolio, the investment adviser for which is Credit Suisse Asset Management, LLC.


Commodity Return Strategy Portfolio Total Return

Payments We Receive We select the Portfolios offeredthrough this Contract based on several criteria, including assetclass coverage, the strength of the investment adviser’s orsub-advisers’ reputation and tenure, brand recognition,performance, and the capability and qualification of eachinvestment firm. Another factor we consider during theselection process is whether the Portfolio’s investment adviseror an affiliate will make payments to us or our affiliates. Wereview the Portfolios periodically and may remove a Portfolioor limit its availability to new premiums and/or transfers ofContract Value if we determine that the Portfolio no longermeets one or more of the selection criteria, and/or if thePortfolio has not attracted significant allocations fromOwners. The Northwestern Mutual Series Fund, Inc. has beenincluded in part because it is managed by a subsidiary of theCompany.

We do not provide any investment advice and do notrecommend or endorse any particular Portfolio. You bearthe risk of any decline in the Contract Value of yourContract resulting from the performance of the Portfolioyou have chosen.

Owners, through their indirect investment in the Portfolios,bear the costs of the investment advisory or management feesthat the Portfolios pay to their respective investment advisors(see the Portfolios’ prospectuses for more information). Asdescribed above, an investment adviser of a Portfolio, or itsaffiliates, may make payments to the Company and/or certainof our affiliates which is generally a positive factor whenselecting Portfolios. However, the amount of such payments isnot determinative as to whether a Portfolio is offered throughthe Contract. These payments may be derived, in whole or inpart, from the advisory fee deducted from Portfolio assets. Theamount of the compensation is based on a percentage of assetsof the Portfolios attributable to the Contracts and certain othervariable insurance products that the Company issues. Thepercentages differ and some investment advisers (or otheraffiliates) may pay more than others. The percentagescurrently range up to 0.25%. These payments may be used forvarious purposes, including payment of expenses that theCompany and/or its affiliates incur for services performed onbehalf of the Contracts and the Portfolios. The Company andits affiliates may profit from these payments.

Certain Portfolios have also adopted a Distribution (and/orShareholder Servicing) Plan under Rule 12b-1 of the 1940Act, which is described in more detail in the Portfolios’prospectuses. These payments, which may be up to 0.25%, arededucted from assets of the Portfolios and are paid to ourdistributor, Northwestern Mutual Investment Services, LLC.These payments decrease the Portfolio’s investment return.We also consider the receipt of these payments generally to bea positive factor when selecting Portfolios.

Additionally, an investment adviser of a Portfolio or itsaffiliates may provide the Company with wholesaling servicesthat assist in the distribution of the Contracts and may pay theCompany and/or certain of our affiliates amounts toparticipate in sales meetings. These amounts may besignificant and may provide the investment adviser (or itsaffiliate) with increased access to persons involved in thedistribution of the Contracts.

Transfers Between Divisions Subject to the short term andexcessive trading limitations described below and any frequenttrading policies adopted by the Funds that are described in theirprospectuses, you may change the allocation of PurchasePayments among the Divisions and transfer values from oneDivision to another both before and after Annuity Paymentsbegin. In order to take full advantage of these features youshould carefully consider, on a continuing basis, whichinvestment options are best suited to your long-term investmentneeds. See “Owner Inquiries and Instructions” for moreinformation on how you may change the allocation ofAccumulation or Annuity Units among the Divisions. Subject toour requirements and availability, your Financial Representativemay provide us with instructions on your behalf involving theallocation and transfer of Accumulation Value of your Contractamong the available investment options, subject to our rules,including the restrictions on short term and excessive tradingdiscussed below.

We will make the transfer based upon the next valuation ofAccumulation or Annuity Units in the affected Divisions afterour receipt of your request for transfer at our Home Office,provided it is in good order. If we receive your request fortransfer before the close of trading on the NYSE (typically,4:00 p.m. Eastern Time), your request will receive same-day


pricing. If we receive your request for transfer on or after theclose of trading on the NYSE, we will process the order usingthe value of the units in the Divisions determined at the closeof the next regular trading session of the NYSE. We willadjust the number of such units to be credited to reflect therespective value of the units in each of the Divisions. Theminimum amount of Accumulation Units which may betransferred is the lesser of $100 or the entire value of theAccumulation Units in the Division from which the transfer isbeing made. There is no minimum transfer amount forAnnuity Units.

Before the Maturity Date, you may transfer amounts whichyou have invested in a Guaranteed Account to any Division ofthe Separate Account, and you may transfer the value ofAccumulation Units in any Division of the Separate Accountto a Guaranteed Account for investment on a fixed basis,subject to the restrictions described in the Contract. (See “TheGuaranteed Accounts.”)

Short Term and Excessive Trading Short term andexcessive trading (sometimes referred to as “market timing”)may present risks to a Portfolio’s long-term investors, such asOwners and other persons who may have material rights underthe Contract (e.g., beneficiaries), because it can, among otherthings, disrupt Portfolio investment strategies, increasePortfolio transaction and administrative costs, require higherthan normal levels of cash reserves to fund unusually large orunexpected redemptions, and adversely affect investmentperformance. These risks may be greater for Portfolios thatinvest in securities that may be more vulnerable to arbitragetrading including foreign securities and thinly tradedsecurities, such as small cap stocks and non-investment gradebonds. These types of trading activities also may dilute thevalue of long-term investors’ interests in a Portfolio if itcalculates its net asset value using closing prices that are nolonger accurate. Accordingly, we discourage market timingactivities.

To deter short term and excessive trading, we have adoptedand implemented policies and procedures which are designedto control abusive trading practices. We seek to apply thesepolicies and procedures uniformly to all Contract Owners.Any exceptions must be either expressly permitted by ourpolicies and procedures or subject to an approval processdescribed in them. We may also be prevented from uniformlyapplying these policies and procedures under applicable stateor federal law or regulation. Because exceptions are permitted,it is possible that investors may be treated differently and, as aresult, some may be allowed to engage in trading activity thatmight be viewed as market timing.

Among the steps we have taken to reduce the frequency andeffect of these practices are monitoring trading activity andimposing trading restrictions including the prohibition of morethan twelve transfers among Divisions under a single Contractduring a Contract year. Multiple transfers with the sameeffective date made by the same Owner will be counted as asingle transfer for purposes of applying the twelve transferlimitation. Further, an investor who is identified as havingmade a transfer in and out of the same Division, excluding the

Government Money Market Division, (“round trip transfer”)in an amount in excess of $10,000 within fourteen calendardays will be restricted from making additional transfers aftermaking two or more such round trip transfers within anyContract year, including the year in which the first such roundtrip transfer was made. The restriction will last until the nextContract anniversary date and the Contract Owner will be senta letter informing him or her of the restriction. An investorwho is identified as having made one round trip transferwithin thirty calendar days aggregating more than one percent(1%) of the total assets of the Portfolio underlying a Division,excluding the Government Money Market Division and theDivisions corresponding to the Portfolios of the RussellInvestment Funds LifePoints® Variable Target PortfolioSeries, will be restricted from making additional transfers aftermaking one more such round trip transfer within any Contractyear, including the year in which the first such round triptransfer was made. The restriction will last until the nextContract anniversary date and the Contract Owner will be senta letter informing him or her of the restriction. Unless webelieve your trading behavior to be inconsistent with theseshort-term and excessive trading policies, these limitationswill not apply to automatic asset transfers, scheduled orsystematic transactions involving portfolio rebalancing, dollarcost averaging, interest sweeps, or to initial allocations orchanges in future allocations, to the extent these features areavailable in your Contract. Once a Contract is restricted, wewill allow one additional transfer into the Government MoneyMarket Division until the next Contract anniversary.Additionally, in accordance with our procedures, we maymodify some of these limitations to allow for transfers thatwould not count against the total transfer limit but only asnecessary to alleviate any potential hardships to Owners (e.g.,in situations involving a substitution of an underlying fund).

We may change these policies and procedures from time totime in our sole discretion without notice; provided, however,Contract Owners will be given advance, written notice if thepolicies and procedures are revised to accommodate markettiming. Additionally, the Funds may have their own policiesand procedures described in their prospectuses that aredesigned to limit or restrict frequent trading. Such policiesmay be different from our policies and procedures, and maybe more or less restrictive. As the Funds may accept purchasepayments from other investors, including other insurancecompany separate accounts on behalf of their variable productcustomers and retirement plans, we cannot guarantee thatFunds will not be harmed by any abusive market timingactivity relating to the retirement plans and/or other insurancecompanies that may invest in the Funds. Such policies andprocedures may provide for the imposition of a redemption feeand, upon request from the Fund, require us to providetransaction information to the Fund (including an Owner’s taxidentification number) and to restrict or prohibit transfers andother transactions that involve the purchase of shares of aPortfolio(s). In the event a Fund instructs us to restrict orprohibit transfers or other transactions involving shares of aPortfolio, you may not be able to make additional purchases inan investment option until the restriction or prohibition ends.


If you submit a request that includes a purchase or transferinto such a restricted investment option, we will consider therequest “not in good order” and it will not be processed. Youmay, however, submit a new transfer request.

If we believe your trading activity is in violation of, orinconsistent with, our policies and procedures or otherwise ispotentially disruptive to the interests of other investors, youmay be asked to stop such activities and future investments,and allocations or transfers by you may be rejected withoutprior notice. Because we retain discretion to determine whataction is appropriate in a given situation, investors may betreated differently and some may be allowed to engage inactivities that might be viewed as market timing.

We intend to monitor events and the effectiveness of ourpolicies and procedures in order to identify whether instancesof potentially abusive trading practices are occurring.However, we may not be able to identify all instances ofabusive trading practices, nor completely eliminate thepossibility of such activities, and there may be technologicallimitations on our ability to impose restrictions on the tradingpractices of Contract Owners. We may be unable to monitortrading activity by individual participants in omnibus accountsestablished under group annuity contracts.

Fixed OptionsDuring the Accumulation phase of your Contract, you mayinvest on a fixed basis in the following guaranteed accounts ofdifferent durations (“Guaranteed Accounts”), provided theyare available in your state and under your Contract: theGuaranteed Interest Fund 1 (“GIF 1”) (formerly referred to asthe “Guaranteed Interest Fund”) and the Guaranteed InterestFund 8 (“GIF 8”). Your ability to make investments in aGuaranteed Account may also be limited by state law.Currently, neither GIF 1 nor GIF 8 is available in Contractssubject to New York law. For Contracts subject to Vermontand Maryland law sold before May 1, 2013, no investmentsmay be applied to GIF 8 after the first Contract anniversary.To find out if a Guaranteed Account is available in your stateand under your Contract, or for the current interest rate, pleasecontact your Northwestern Mutual Financial Representative orcall 1-888-455-2232.

Except where noted above, GIF 1 is available for investmentunder both front-load and back-load Contracts. GIF 8 is onlyavailable under back-load Contracts. Guaranteed Accounts arenot available after annuitization. We reserve the right todiscontinue offering all Guaranteed Accounts or a GuaranteedAccount of a particular duration. We also reserve the right tooffer additional multi-year Guaranteed Accounts from time totime. The effective date of an investment in a GuaranteedAccount is determined in the same manner that the effectivedate for an investment in the Divisions of the SeparateAccount is determined.

Interest is credited and compounded daily on amounts youinvest in a Guaranteed Account at a rate that we declare(“Declared Rate”), in our discretion, for a guaranteed periodthat we specify (“Guaranteed Period”). The Declared Rate will

not be less than a minimum guaranteed annual effective rateof 0.50% (or a higher rate if required by applicable state law).We also guarantee that the cash value of your investment inthe Guaranteed Accounts will not be less than a minimumamount determined by a formula that complies with applicablestate insurance nonforfeiture law. For GIF 1, the DeclaredRate will be effective for a Guaranteed Period equal to theshorter of the following two periods: (i) the twelve monthperiod measured from the end of the month of theinvestment’s effective date, or (ii) the period remaining untilthe Maturity Date of the Contract. For GIF 8, the DeclaredRate will be effective for a Guaranteed Period ending eightyears from the effective date; provided, however, aninvestment in GIF 8 is not permitted if the Guaranteed Periodwould extend beyond the Maturity Date of the Contract.

Upon expiration of a Guaranteed Period for GIF 1, we willapply a new Declared Rate for a new one-year GuaranteedPeriod. Upon expiration of a Guaranteed Period for GIF 8, anyamounts remaining in that Guaranteed Account will betransferred to the Government Money Market Division of theSeparate Account unless you otherwise instruct us to allocatethe amounts to a Division(s) of the Separate Account or a newGuaranteed Period for either GIF 1 or GIF 8.

Moving into a Guaranteed Account You may make aninitial investment in a Guaranteed Account by applying all orpart of a Net Purchase Payment or an amount transferred fromDivisions of the Separate Account or another GuaranteedAccount. Subject to the limitations described below, you maymake additional investments in GIF 1 at any time prior to theMaturity Date of the Contract. No additional transfers may bemade into a GIF 1 for 90 days following a transfer out of aGIF 1. Additional investments in GIF 8 are not permittedwithout our consent. Currently, we permit additionalinvestments in GIF 8 that represent proceeds from exchangesunder Section 1035 or rollovers under Section 408 of theInternal Revenue Code of 1986, as amended (the “Code”),provided (i) you inform us at the time of your initialinvestment in the Contract, and (ii) that such proceeds arereceived by us within 90 days (or whatever period that may berequired under applicable state law) thereafter. Interest willaccrue on those proceeds from the date of receipt, but theywill be treated for all other purposes the same as your initialinvestment. Subject to this limited exception, if you direct usto make additional investments in GIF 8, they will be investedin the Government Money Market Division.

Moving out of a Guaranteed Account Transfers fromGuaranteed Accounts are subject to certain limits. No transfersfrom GIF 8 are permitted during the first four years followingthe start of a Guaranteed Period. After a transfer is made froma Guaranteed Account, no additional transfers may be madefrom that Guaranteed Account for a period of 365 days.Additionally, the maximum amount of Accumulation Valuethat may be transferred from a Guaranteed Account in a singletransfer may not be more than the greater of (i) 25% of theAccumulation Value of the Guaranteed Account on thepreceding Contract anniversary date, or (ii) the amount of themost recent transfer from that Guaranteed Account. (For


Contracts issued prior to March 31, 2000, the percentage limitby the terms of the Contract is 20%, but our current practice,which we may change without notice to you, is to permit up to25%.) In no event may the amount of a single transferfrom a Guaranteed Account be greater than $50,000. (The$50,000 limit does not apply to Contracts subject to New Yorklaw.) These limitations on individual transfers do not apply totransfers from GIF 8 at the end of a Guaranteed Period. Thesetransfer limitations can be illustrated as follows:

Amount of initialdeposit into a GIF

Maximum amount youcan transfer annually

Total number of yearsuntil initial deposit can

be transferredcompletely

$25,000 $6,250 4 years

$75,000 $18,750 4 years

$100,000 $25,000 4 years

Withdrawal Charge Maturity benefits and withdrawalsunder a back-load Contract are subject to the withdrawalcharge described under “Deductions—Withdrawal Charges.”Because the withdrawal charge will affect the amountavailable for withdrawal, you should carefully consider itseffect before investing in, and making a withdrawal from, theContract.

The withdrawal charge applicable to withdrawals from GIF 8during the first four years of a Guaranteed Period differs fromthat which is applicable to other withdrawals in severalrespects. First, the charge applies to withdrawals from GIF 8during the first four years of each and every GuaranteedPeriod. Second, during those four years it applies to theAccumulation Value, rather than to Net Purchase Payments.During the first three years of a Guaranteed Period, thewithdrawal charge equals 6% of the amount of theAccumulation Value withdrawn. During the fourth year, thecharge equals 5% of the amount of the Accumulation Valuewithdrawn. Net Purchase Payments that are subject to thewithdrawal charge are reduced by an amount equal to thatportion of the Accumulation Value withdrawn from GIF 8during the first four years, beginning with the highestwithdrawal charge category and rate.

Market Value Adjustment (GIF 8 Only) Transfers andwithdrawals (but not payments of Contract fees or paymentsdue to the death of the Primary Annuitant) made from GIF 8prior to the end of a Guaranteed Period will be charged orcredited with a market value adjustment (“MVA”). No MVAwill apply if you do not transfer or withdraw amounts fromGIF 8 before the end of a Guaranteed Period. The amount ofthe MVA will depend upon the difference, if any, between theseven-year Constant Maturity Treasury interest rate in effecton the second-to-last business day of the month preceding thestart of the Guaranteed Period and an interest rate, in effect onthe second-to-last business day of the month preceding thedate of the transfer or withdrawal, equal to the ConstantMaturity Treasury interest rate for the period closest to thetime remaining in the Guaranteed Period (but not less than oneyear). If the rate in effect at that time exceeds the seven-yearrate preceding the start of the Guaranteed Period, the MVAwill be negative and decrease the amount available for transfer

or withdrawal from GIF 8. If the opposite is true, the MVAwill be positive and increase such amount. For Contractsissued in TX or AL sold prior to May 1, 2013, the MVAformula may differ; read your Contract for specific details.

In no event will the MVA increase or decrease the amounttransferred or withdrawn by more than a proportionateallocation of the excess, if any, of the interest credited to GIF8 since the beginning of the Guaranteed Period in which suchamount is transferred or withdrawn to the date of transfer orwithdrawal, over the interest that would have been credited ifthe Declared Rate had equaled the Nonforfeiture Rate duringthat same time period. The Nonforfeiture Rate is a rate definedin the Contract and is based on the five-year ConstantMaturity Treasury interest rate on the second-to-last businessday of the month preceding the start of the Guaranteed Periodduring which the transfer or withdrawal is made. In general,the longer the period remaining to the end of the GuaranteedPeriod at the time of a transfer or withdrawal, the larger theMVA. Because a negative MVA can reduce credited interestin excess of the minimum interest rate required to be creditedunder applicable state law, you should carefully consider itseffect before making a transfer or withdrawal from GIF 8prior to the end of a Guaranteed Period.

To calculate the MVA for your contract, use the followingformula:

A x [(1+B)n / (1+C)n -1] where;

A = the Account Value being withdrawn or transferredfrom GIF 8;

B = the 7-year Constant Maturity Treasury Ratereported by the Federal Reserve as of thesecond-to-last Valuation Date of the monthpreceding the month in which the declared interestrate first became effective;

C = the Constant Maturity Treasury Rate reported bythe Federal Reserve as of the second-to-lastValuation Date of the month preceding the monthof the withdrawal or transfer for the durationnearest the time remaining in the GuaranteedPeriod but not less than one year; and

n = the number of years, including fractional years,remaining in the Guaranteed Period.

In the determination of the Market Value Adjustment, a periodwhose length is exactly half-way between periods for which aConstant Maturity Treasury Rate is reported will beconsidered to be nearer to the shorter duration, but not lessthan one year.


Set forth below are two examples showing the application ofthe market value adjustment feature in the case of awithdrawal or transfer from GIF 8 before the end of the

Guarantee Period. The first example assumes rising interestrates; the second assumes declining interest rates:

GIF 8 Market Value Adjustment ExampleGIF 8 Deposit = $50,000Guaranteed Interest Rate = 4.5% for 8 years

Market Value Adjustment Calculation assuming 100% withdrawal onthe third anniversary from deposit if interest rates increase

Current GIF 8 Account Value = $57,058.31

7-year Constant Maturity Treasury Rate = 4.75% (on the second to last business day preceding the month of deposit)

5-year Constant Maturity Treasury Rate = 5.00% (on the second to last business day preceding the month of withdrawal for theterm nearest the period remaining in the guarantee period)

Market Value Adjustment = $57,058.31 x [(1 + 4.75%)5/(1 + 5.00%)5 -1] = -$676.04

Market Value Adjustment Calculation assuming 100% withdrawal onthe third anniversary from deposit if interest rates decrease

Current GIF 8 Account Value = $57,058.31

7-year Constant Maturity Treasury Rate = 4.75% (on the second to last business day preceding the month of deposit

5-year Constant Maturity Treasury Rate = 4.25% (on the second to last business day preceding the month of withdrawal for theterm nearest the period remaining in the guarantee period)

Market Value Adjustment = $57,058.31 x [(1 + 4.75%)5/(1 + 4.25%)5 -1] = +$1,381.49

Note: The market value adjustment will not increase or decrease values by more than the interest credited to GIF 8 since thebeginning of the guarantee period in which an amount is withdrawn or transferred out to the date of the withdrawal or transferover the interest that would have been credited if the interest rate declared by the Company had equaled the Nonforfeiture Rateduring the same time period. For the example above, assuming a Nonforfeiture Rate of 3%, the maximum positive or negativemarket value adjustment would be $57,058.31-$50,000(1.03)3 = $2,421.96.

Additional Information “Portfolio Rebalancing” may notbe used with any Guaranteed Account, and “Automatic DollarCost Averaging” and “Interest Sweeps” may not be used withGIF 8. Withdrawals from GIF 8 during the first four years of aGuaranteed Period may be taken in the form of a variableincome plan, except for payments for a specified period. (SeeOption 1 under “Income Plans—Description of VariableIncome Plans.”)

Amounts you invest in a Guaranteed Account become part ofour General Account, which represents all of our assets otherthan those held by us in the Separate Account and otherseparate accounts. The General Account is used to support allof our annuity and insurance obligations and is available toour general creditors. As part of our General Account,however, the Guaranteed Accounts do not bear any mortalityrate and expense charges applicable to the Separate Accountunder the Contract, nor do they bear expenses of the Portfoliosin which the Divisions of the Separate Account invest. Othercharges under the Contract apply to the Guaranteed Accounts.(See “Deductions.”) For purposes of allocating and deductingthe annual Contract fee, we treat GIF 1 the same as Divisionsof the Separate Account; no portion of the annual Contract feewill be deducted from GIF 8 unless insufficient value exists inthe Divisions and GIF 1.

In reliance on certain exemptive and exclusionary provisions,we have not registered interests in the GIF under theSecurities Act of 1933 and we have not registered the GIF asan investment company under the 1940 Act. Accordingly,neither the GIF nor any interests therein are generally subjectto these Acts. We have been advised that the staff of the SEChas not reviewed the disclosure in this prospectus relating tothe GIF. This disclosure, however, may be subject to certaingenerally applicable provisions of the federal securities lawsrelating to the accuracy and completeness of statements madein prospectuses.

Preservation+ Strategy (Back-load Contracts only) Subjectto the investment minimums and maximums discussed above,Owners may elect to allocate all or a portion of their initialPurchase Payment to the Preservation+ Strategy. ThePreservation+ Strategy is designed to preserve the principalof the amount that Owners allocate to the strategy through thecrediting of a fixed rate of interest to the portion of thatallocation invested in GIF 8 for the Guaranteed Period, whilepermitting participation in the potential returns—and attendantrisks—of the Division(s) of the Separate Account Ownersselect among the Divisions available under the Strategy. Amathematical formula is used to determine the part of the totalinitial Purchase Payment allocated to the Strategy that must beinvested in GIF 8 to guarantee a return of principal and


interest from GIF 8 at the end of the Guaranteed Period (lessany applicable Contract fees charged to GIF 8 during theperiod). This guarantee is subject to the condition that Ownersmake no withdrawals or transfers from GIF 8 during the eight-year Guaranteed Period. The remainder of the initial PurchasePayment allocated to the Preservation+ Strategy is invested inthe Division of the Separate Account that invests in thePortfolio(s) selected by Owners. Under the Preservation+Strategy, the Company guarantees the return of the amountallocated to GIF 8 plus a fixed rate of interest on that amount(less any applicable Contract fees charged to GIF 8). Ownersassume the risk associated with the amount invested in theSeparate Account. The Company guarantees the return of the

principal amount invested under the Strategy. Owners alsoassume the risk that their investment in the Preservation+Strategy may result in the return of only the principal amountinvested under the Strategy, subject to the claims-payingability of the Company.

The Company does not make recommendations as to whetheran Owner should elect to allocate all or a portion of theirinitial Purchase Payment to the Preservation+ Strategy.Owners should consult their financial representative for moreinformation about the Preservation+ Strategy and whether thePreservation+ Strategy is appropriate for them.

The ContractGenerally The Contract is intended for retirement and long-term savings. The Contract provides for a death benefit duringthe years when funds are being accumulated and for a varietyof income options following retirement. During the yearswhen funds are being paid into your Contract, known as theaccumulation phase, the earnings accumulate on atax-deferred basis. The earnings are taxed as income if youmake a withdrawal. The income phase begins when you startreceiving Annuity Payments under your Contract. MonthlyAnnuity Payments begin on the date you select. The amountyou accumulate under your Contract, including the results ofinvestment performance, will determine the amount of yourmonthly Annuity Payments. If, however, the Contract isowned by a non-natural person (e.g., a corporation or a trust),the tax deferral on earnings may be lost. While there areexceptions for certain employee benefit plans, any income onthe Contract will generally be treated as ordinary incomesubject to annual taxation.

If you are purchasing the Contract through a tax-favoredarrangement, including IRAs, Roth IRAs, and SIMPLE IRAs,you should carefully consider the costs and benefits of theContract before purchasing the Contract, since the tax-favoredarrangement itself provides for tax-sheltered growth. Certainprovisions of the Contract may be different than the generaldescription in this prospectus, and certain riders, options, orfunds may not be available because of legal restrictions inyour state. You should consult your Contract, as any such statevariations will be included in your Contract or in riders orendorsements attached to your Contract.

Free Look If you return the Contract within ten days afteryou receive it (or whatever period is required under applicablestate law), we will send your money back. There is no chargefor our expenses but the amount you receive may be more orless than what you paid, based on actual investmentexperience following the date we received your purchasepayment. In the event applicable state law requires us to returnthe full amount of your purchase payment, we will do so.

Contract Values The value of your Contract on anyValuation Date is the sum of the following: (i) the value of

your amounts held in the Divisions of the Separate Account onthat Valuation Date; and (ii) the sum of your amountsallocated to any Guaranteed Account, plus credited interest;less (iii) any withdrawals from any Guaranteed Account andany applicable MVA or charges under the Contract deductedfrom any Guaranteed Account. We use the “net investmentfactor” as a way to calculate the investment performance of aDivision from valuation period to valuation period. For eachDivision, the net investment factor shows the investmentperformance of the underlying mutual fund Portfolio in whicha particular Division invests, including the charges assessedagainst that Division for a given valuation period. ThePortfolios will distribute investment income and realizedcapital gains to the Divisions, which we will reinvest inadditional shares of those same Portfolios. Unrealized capitalgains and realized and unrealized capital losses will bereflected by changes in the value of the shares held by theDivision. We may surrender your Contract for its ContractValue (i.e., with no withdrawal charge), in accordance withapplicable state law, if, before the Maturity Date no PurchasePayments have been received under the Contract for a periodof two full years and both the Contract Value and the totalPurchase Payments paid (less amounts withdrawn) are eachless than $2,000.

Purchase Payments Under the ContractFrequency and Amount A Purchase Payment is the moneyyou give us to apply to your Contract. You may makePurchase Payments monthly, quarterly, semiannually,annually, or on any other frequency acceptable to us. Forback-load Contracts in non-tax qualified situations, theminimum initial Purchase Payment is $5,000. For all otherback-load Contracts, the minimum amount for an initialPurchase Payment is $100, or $25 if payments are madethrough our Electronic Funds Transfer (“EFT”) Plan. Forfront-load Contracts, the minimum initial Purchase Payment is$10,000. The minimum amount for each subsequent PurchasePayment for all Contracts is $25, although we may acceptlower amounts in certain circumstances. We will accept largerpurchase payments than the minimums, but total purchase


payments under any Contract may not exceed $5,000,000without our consent. For all Contracts, Purchase Paymentsmay not exceed the applicable federal income tax limits. (See“Federal Income Taxes.”) For back-load Contracts issued inOregon sold before May 1, 2013, you may not make PurchasePayments after the first Contract anniversary if the MaturityDate is earlier than the Contract anniversary nearest theAnnuitant’s 98th birthday.

In certain situations, we may, in our discretion, reduce orwaive our minimum purchase payment requirements. Forexample, for back-load Contracts in non-tax qualifiedsituations, we may reduce the minimum initial purchaseamount from $5,000 to no less than $4,000 provided you electon your application to make additional subsequent PurchasePayments such that the total Purchase Payments you make onor before the first anniversary date of your Contract equal orexceed $5,000. We may also reduce or waive our $5,000minimum if your application is submitted as part of a group ofapplications, including those being paid for through amultiple- contract billing. For front-load Contracts, we mayreduce the minimum initial purchase amount from $10,000 tono less than $5,000 provided you elect on your application tomake additional subsequent Purchase Payments such that thetotal Purchase Payments you make on or before the firstanniversary date of your Contract equal or exceed $10,000.Also, when initial Purchase Payments representing proceedsfrom rollovers or annuity exchanges are determined to satisfythe front-load Contract minimum based on values at the timeyou sign your application, but the amount subsequentlyreceived by us is less than the required minimum due tomarket value fluctuations and sales or administrative feescharged in connection with the rollover or exchange, we mayreduce the required minimum by the sum of any suchdepreciation and fees.

Guaranteed Account Investment Minimums andMaximums Guaranteed Accounts are subject to certaininvestment minimums and maximums in addition to thosedescribed above. Amounts that are applied to GIF 8 aresubject to an investment minimum of $10,000, unless weconsent to a lesser amount. We also limit the maximumamount that may be invested in the Guaranteed Accounts.Without our prior consent, no investment may cause theAccumulation Value of all Guaranteed Accounts (the sum ofall applied amounts and credited interest, less fees and anyamounts transferred or withdrawn) to exceed a maximumamount we specify in the Contract. For Contracts currentlybeing issued, the maximum amount specified in the Contractis $100,000. To the extent that an investment causes themaximum amount to be exceeded, the excess amount wouldbe invested in the Government Money Market Division of theSeparate Account until you instruct us otherwise. Changes inthe investment minimums and maximums will be applied on aprospective basis only and will not affect contract ownersinvested in the Guaranteed Accounts as of the date of suchchange. Contract owners who are invested in a GuaranteedAccount and whose investment did not meet the newminimum investment requirement or whose investmentexceeded the new maximum investment limit may continue to

remain invested in the Account and, with our consent, wouldbe able to continue to allocate purchase payments andtransfers to that Account up to the current maximuminvestment limit.

Application of Purchase Payments We credit Net PurchasePayments, after deduction of any sales load, to the variableand/or fixed investment options as you direct. The applicationof Purchase Payments to the Guaranteed Account options aresubject to special rules (see “The Investment Options—FixedOptions.”) We invest those assets allocated to the variableoptions in shares of those Portfolios that correspond to theapplicable Division; the term “Accumulation Units” describesthe value of this interest in the Separate Account. For theback-load Contracts, there are two types of AccumulationUnits: “Class A” and “Class B.” We credit Class BAccumulation Units to your back-load Contract each time youmake a Purchase Payment. We convert Class B AccumulationUnits to Class A Accumulation Units on a basis that reflectsthe cumulative amount of Purchase Payments and the lengthof time that the amounts have been held under a back-loadContract. (See “Mortality Rate and Expense Risk Charges.”)Class B Accumulation Units are subject to a withdrawalcharge while Class A Accumulation Units are not subject tosuch a charge.

Initial Net Purchase Payments allocated to a Division will bepriced at the Accumulation Unit Value determined no laterthan two Valuation Dates after we receive at our Home Officeor a lockbox facility we have designated both your initialPurchase Payment and your application in good order. “Goodorder” means that the application is complete and accurate andall applicable requirements are satisfied. If your application isnot in good order, we may take up to five Valuation Dates toresolve the problem. If we are unable to resolve the problemwithin that time, we will notify you in writing of the reasonsfor the delay. If you revoke the consent given with yourapplication to hold your initial Purchase Payment pendingresolution of the problem, we will return your payment.Otherwise, the number of Accumulation Units you receive foryour initial Net Purchase Payment will be determined basedupon the valuation of the assets of that Division we make notlater than two Valuation Dates following the date on which theproblem is resolved and your application is put into goodorder. Although we do not anticipate delays in our receipt andprocessing of applications or Purchase Payment requests, wemay experience such delays to the extent applications andPurchase Payments are not forwarded to our Home Office in atimely manner. Such delays could result in delays in theissuance of Contracts and the allocation of Purchase Paymentsunder existing Contracts.

Subsequent Net Purchase Payments will be priced based onthe next determined Accumulation Unit Value after thepayment is received in good order either at the Home Officeor a lockbox facility we have designated.

We deem receipt of a Purchase Payment to occur on a givenValuation Date if receipt occurs before the close of trading onthe NYSE (typically, 4:00 p.m. Eastern Time). If receiptoccurs on or after the close of trading on the NYSE, we deem


receipt to occur on the following Valuation Date. You maysend Purchase Payments to our Home Office or to a paymentcenter designated by us. All payments must be made in U.S.Dollars payable through a U.S. financial institution. We acceptPurchase Payments by check or electronic funds transfer(“EFT”). We do not accept third-party checks at the HomeOffice as part of the initial Purchase Payment. We generallywill not accept cash, money orders, traveler’s checks, or“starter” checks; however, in limited circumstances, we mayaccept some cash equivalents in accord with our anti-moneylaundering procedures. If you make a Purchase Payment witha check or bank draft and, for whatever reason, it is laterreturned unpaid or uncollected, or if a Purchase Payment byEFT is reversed, we reserve the right to reverse thetransaction. We also reserve the right to recover any resultinglosses incurred by us by withdrawing a sufficient amount ofContract Value. We may reject any application or PurchasePayment for any reason permitted by law. We may also berequired to provide additional information about you and youraccount to government regulators.

The value of an Accumulation Unit in each Division varieswith the investment experience of the Division (which in turnis determined by the investment experience of thecorresponding Portfolio). We determine the value bymultiplying the value on the immediately preceding valuationdate by the net investment factor for the Division. The netinvestment factor takes into account the investment experienceof the Portfolio, the deduction for mortality and expense riskswe have assumed, and a deduction for any applicable taxes orfor any expenses resulting from a substitution of securities.Since you bear the investment risk, there is no guarantee as tothe aggregate value of your Accumulation Units. That valuemay be less than, equal to, or more than the cumulative netpurchase payments you have made.

Reduction or Waiver of Certain Charges Sometimes salesof contracts to groups of similarly situated individuals or onbehalf of such individuals in connection with certainarrangements, for example, trust arrangements, may lower ourcosts and expenses. We reserve the right to reduce or waivecertain fees or charges when this type of sale occurs, wherepermitted by state law. We determine which groups andarrangements are eligible for this treatment based on criteriawe establish, including but not limited to some or all of thefollowing: the size or type of group or arrangement; theamount of expected Purchase Payments; any prior or existingrelationship between us and the prospective purchaser(s); thelength of time a group of contracts is expected to remainactive; the purpose of the purchase and whether that purposeincreases the likelihood that our expenses will be reduced; andany other factors that we believe indicate that costs andexpenses may be reduced. We reserve the right to modify,suspend, or terminate any such determination or the treatmentapplied to a particular group at any time.

Maturity Date Under Contracts currently offered, PurchasePayments may be made until the Maturity Date stated on theContract’s specifications page, or until Annuity Paymentsbegin, whichever is earlier. Distributions may be required

before the Maturity Date. (See “Minimum DistributionRequirements.”) Any death benefit you elect willautomatically terminate upon annuitization, which will occurno later than the contract’s maturity date (i.e., the date uponwhich you must either annuitize or take a lump sum).

Gender-Based Annuity Payment Rates Federal law, andthe laws of certain states, may require that Annuityconsiderations and Annuity Payment rates be determinedwithout regard to the sex of the Annuitant. Because we offerthe Contracts for use with certain plans where these rules mayhave general application, the Annuity Payment rates in theContracts do not distinguish between male and femaleAnnuitants. However, Contracts with sex-distinct rates areavailable as applicable. Prospective purchasers of theContracts should review any questions in this area withqualified counsel.

Reinvestment of Redemptions In special limitedcircumstances, we will allow Purchase Payments to be madewithout the deduction of a sales load (or with a refund of awithdrawal charge) for those Contract Owners who make aPurchase Payment in connection with a request to void aredemption made within 60 days (or whatever period that maybe required under applicable state law) of our receipt of theredemption request. Such Purchase Payments and the amountof any withdrawal charge deducted upon redemption will bereinvested at the accumulation unit value next determined foreach investment option after our receipt of the signed requestfor reinvestment in good order at our Home Office. PurchasePayments will be applied to the same investment option(s)from which the initial redemption(s) were made. We will notprocess a request for reinvestment where redemption proceedswere paid by check made payable to the Contract Owner andsuch check was cashed, where the redemption proceeds aredirectly deposited to a checking or savings account, or if thetime between the distribution and the request for reinvestmentcrosses a contract anniversary. Similarly, we may refuse toprocess requests for reinvestment where it is notadministratively feasible. Decisions regarding requests forreinvestment will take into consideration differences in costsand services and will not be unfairly discriminatory. Forfurther information, contact your financial representative.

Access to Your MoneyWithdrawals Contract Owners may withdraw some or all ofthe Accumulation Unit Value of their Contract at any timebefore the Maturity Date. We may require that a ContractValue of at least $2,000 remain after a partial withdrawal. Youmay instruct us how to allocate your partial withdrawalrequest among your investments in the Divisions andGuaranteed Accounts. If no direction is received, yourwithdrawal will be deducted proportionately from each ofyour investments.

Withdrawals from the GIF 8 may be subject to specialwithdrawal charges and an MVA. (See “Investment Options—The Fixed Options.”) Complete or partial withdrawals underback-load Contracts may be subject to a withdrawal charge.(See “Withdrawal Charges.”) Such withdrawals may be


prohibited under the terms of your plan, and may also triggercertain tax penalties. (See “Federal Income Taxes.”)

Withdrawals may also be made after the Maturity Date. IfAnnuity Payments are being made under variable income plan1, the payee may surrender the Contract and receive the valueof the Annuity Units credited to his or her Contract, less theapplicable withdrawal charge. (See “Withdrawal Charges.”)For Contracts, issued in Oregon sold prior to May 1, 2013, nowithdrawals may be made within the first five years after thedate a variable income plan 1 takes effect. If AnnuityPayments are being made under variable income plan 2 andthe payee dies during the certain period (or if both payees dieduring the certain period of variable income plan 3), thebeneficiary may surrender the Contract and receive thewithdrawal value of the unpaid payments for the certainperiod. The withdrawal value is based on the Annuity Unitvalue on the withdrawal date, with the unpaid paymentsdiscounted at the Assumed Investment Rate. (See“Description of Variable Income Plans.”)

We may accept withdrawal requests (including, but notlimited to exchanges reported under IRC §1035 and directtrustee to trustee transfers) in writing or by telephone, subjectto our administrative procedures, which may include theproper completion of certain forms, the provision ofappropriate identifying information, and other administrativerequirements. Full surrenders require a signed form.Withdrawal requests must be submitted on properly completedNorthwestern Mutual forms or an electronic order ticket. See“Owner Inquiries and Instructions” for more information.Improperly submitted and incomplete forms will not beconsidered to be in good order and will not be processed. Wewill process your request at the accumulation value nextdetermined only after our receipt of your request in goodorder, which includes satisfaction of all our administrativerequirements. Subject to our administrative procedures andour approval, you may request that a withdrawal be processed(or that an Income Plan start) on a future date you specify.Otherwise, we will pay the amount of any withdrawal fromthe Separate Account within seven days (or whatever periodthat may be required under applicable state law) after wereceive the request in good order unless the suspension ofpayments or transfers provision is in effect. You may revoke arequest for withdrawal on a specified future date any timeprior to such future date. Subject to our rules, requirements,and availability, your Financial Representative may provide uswith instructions on your behalf involving the frequency,amount, and destination of partial and complete withdrawalsmade under your Contract.

If mandated under applicable law, we may be required toblock an Owner’s account and thereby refuse to pay anyrequests for transfer, partial withdrawal, surrender or deathbenefits, until instructions are received from the appropriateregulator. We may also be required to provide additionalinformation about an Owner and an Owner’s account togovernment regulators.

Benefits Provided Under the ContractsSubject to the restrictions noted below, we will pay the deathbenefit of a Contract in a lump sum or under the Income Plansdescribed below. We reserve the right to defer determinationof the withdrawal value of the Contracts, or the payment ofbenefits under a variable income plan, until after the end ofany period during which the right to redeem shares of aPortfolio is suspended, or payment of the redemption value ispostponed pursuant to the provisions of the 1940 Act becauseof one or more of the following: (a) the NYSE is closed,except for routine closings on holidays or weekends; (b) theSEC has determined that trading on the NYSE is restricted;(c) the SEC permits suspension or postponement and soorders; (d) an emergency exists, as defined by the SEC, so thatvaluation of the assets of the Funds or disposal of securitiesthey hold is not reasonably practical; or (e) such suspension orpostponement is otherwise permitted by the 1940 Act. If,under SEC rules, the Government Money Market Portfoliosuspends payments of redemption proceeds in connection witha liquidation of the Portfolio, we will delay payment of anytransfer, partial surrender, surrender or death benefit from theGovernment Money Market Division until the Portfolio isliquidated.

Death BenefitHow Much is the Death Benefit? The amount of the DeathBenefit depends in part on when the Annuitant dies.(Remember that the Annuitant is the person upon whose lifethe Contract is issued.)

• If an Annuitant dies before the Contract’s Maturity Date—and on or after his or her 75th birthday—the Death Benefitwill equal the Contract Value (determined as describedbelow).

• If an Annuitant dies after the Contract’s Maturity Date(which is stated on the specifications page of the Contract),or any time after Annuity Payments begin, no Death Benefitis payable. Income Plans have their own payout benefitrules at death. (See “Income Plans.”)

• If an Annuitant dies before the Contract’s Maturity Date—and before his or her 75th birthday—the Death Benefit willequal the greater of the following:

• the Contract Value (determined as describedimmediately below); or

• the amount of Purchase Payments we received, lessan adjustment for every withdrawal. (For eachwithdrawal, we reduce the minimum death benefitby the percentage of the Contract Value withdrawn.)

When is the Death Benefit Determined? In determiningthe amount of the Death Benefit, the Contract Value isdetermined as of the date we receive proof of the Annuitant’sdeath at our Home Office. If we receive proof of death beforethe close of trading for the NYSE (typically, 4:00 p.m. EasternTime), we will determine the Contract Value based on thevalue of the units in the Divisions determined at the close ofthat day’s trading session. If, however, we receive proof of


death on or after the close of NYSE trading, we will determinethe Contract Value based on the value of the units in theDivisions determined at the close of the next NYSE tradingsession. The values in any Guaranteed Account are

determined in the same manner as are the values in theSeparate Account Divisions; i.e., based on the time we receivethe appropriate paperwork.

Guaranteed Minimum Death Benefit Examples

Set forth below are two numerical examples illustrating the effect of a withdrawal from the contract upon the minimum deathbenefit. The first example shows a hypothetical increase in Contract Value and a hypothetical withdrawal amount; the secondshows a hypothetical decrease in Contract Value and a different hypothetical withdrawal amount (this method of calculatingreductions has a greater effect on withdrawals when the death benefit exceeds the Contract Value):

When Contract Value ExceedsTotal Purchase Payments

When Contract Value is LessThan Total Purchase Payments

Total Purchase Payments $50,000 $50,000

Guaranteed Minimum Death Benefitimmediately before withdrawal $50,000 $50,000

Contract Value at the time of withdrawal $100,000 $40,000

Withdrawal Amount $25,000 $10,000

Proportionate Adjustment for Withdrawal ($25,000/$100,000) x $50,000 = $12,500 ($10,000/$40,000) x $50,000 = $12,500

Percentage Reduction in Death Benefit 25% 25%

Guaranteed Minimum Death Benefitimmediately after the withdrawal $50,000–$12,500 = $37,500 $50,000–$12,500 = $37,500

An enhanced death benefit (“EDB”) is available at extra cost. The EDB allows an Owner to “lock in” increases in Contract Valueas measured on each Contract anniversary date prior to the Primary Annuitant’s 80th birthday, increased by the dollar amount ofsubsequent Purchase Payments and proportionally reduced for subsequent withdrawals, in determining the death benefit payable.The EDB also guarantees that the death benefit payable under the Contract will never be less than Purchase Payments made underthe Contract (adjusted for any withdrawals). The EDB on any Valuation Date equals the greatest of (i) the Contract value on thatdate, (ii) the amount of Purchase Payments made under the Contract (adjusted for any withdrawals), or (iii) the EDB on the mostrecent Contract anniversary date prior to the Primary Annuitant’s 80th birthday, increased by any Purchase Payments we receivedsince that Contract anniversary and decreased by the percentage of Contract value withdrawn since that Contract anniversary. Wededuct the extra cost for the EDB from the Contract Value on each Contract anniversary while the EDB is in effect. (See“Enhanced Death Benefit Charge.”) The EDB is available through issue age 65 (i.e., the application must be approved no laterthan six months following the Primary Annuitant’s 65th birthday) and must be elected when the Contract is issued. The EDB willremain in effect until the Maturity Date or the death of the Primary Annuitant or if you ask us to remove it from your Contract.You cannot add it to your Contract again after it has been removed.

Enhanced Death Benefit Examples

Set forth below is a numerical example demonstrating the calculation of the enhanced death benefit (assuming an initial purchasepayment of $100,000 with no subsequent purchase payments and no withdrawals):

Contract Anniversary Contract Value Enhanced Death Benefit

First $120,000 $120,000

Second $130,000 $130,000

Third $110,000 $130,000

Set forth below is an example showing the calculation of both the death benefit and the enhanced death benefit for a contract witha subsequent purchase payment and a withdrawal (for illustrative purposes, the contract values are hypothetical and no annualfees are taken into account):

Date-Activity Contract Value Death Benefit Enhanced Death Benefit

1/1/2019–$100,000 InitialPurchase Payment

$100,000 (immediately afterPurchase Payment)

$100,000 $100,000

1/1/2020–$50,000 PurchasePayment

$120,000 (immediately beforePurchase Payment)

$150,000 (i.e., the sum of the twoPurchase Payments)

$170,000 (i.e., the highestanniversary account value plus the$50,000 Purchase Payment)

6/1/2020–$20,000 withdrawal $125,000 (immediately before thewithdrawal)

(1–$20,000/$125,000) x$150,000 = $126,000(immediately after thewithdrawal)

(1–$20,000/$125,000) x$170,000 = $142,800(immediately after thewithdrawal)


How is the Death Benefit Distributed? If the Owner is theAnnuitant and dies before the Contract’s Maturity Date, theBeneficiary automatically becomes the new Owner andAnnuitant, and the Contract continues in force. (If there ismore than one Beneficiary for a given Contract, eachBeneficiary must make his or her own method of paymentelection.) If the Contract continues in force, we will set theContract Value at an amount equal to the Death Benefit. If thisresults in an addition to the Contract Value, we will place theadditional amount in the Government Money Market Divisionand the Beneficiary (now, the new Owner) may transfer it tothe Divisions chosen by such Beneficiary/Owner or to aGuaranteed Account (if available)—transfers to a GIF 8 in thiscircumstance are allowed only if no funds were invested in theGIF 8 on the death of the Annuitant. Pursuant to the terms ofthe Contract, the Contract Value will remain invested in thesame investment options as those at the time of theAnnuitant’s death until such time as the Beneficiary elects totransfer to different investment options or to make awithdrawal.

If the Owner is not the Annuitant and the Annuitant diesbefore the Maturity Date, the contingent Annuitantautomatically becomes the new Annuitant and the Contractcontinues in force. If no contingent Annuitant is named within60 days (or whatever period that may be required underapplicable state law) after we receive proof of death of theAnnuitant, the Death Benefit becomes payable to the Owner.

If an Owner is the Annuitant and, during his or her life,elected an Income Plan (see “Income Plans”) for aBeneficiary, Annuity Payments begin to such Beneficiaryupon the death of the Owner, as described above. If the Ownerdid not elect an Income Plan for a Beneficiary, the Beneficiarymay elect to:

• continue the Contract (as described above),

• receive the Death Benefit under an Income Plan, subject tolimitations under federal and/or state law, or

• receive the Death Benefit as a lump sum check.

In any event, the Beneficiary must take distributions from theContract pursuant to the applicable minimum distributionrequirements. (See “Minimum Distribution Requirements.”) Ifno affirmative election is made, the Beneficiary will receivethe Death Benefit as a lump sum check.

Income PlansGenerally If you decide to begin receiving AnnuityPayments from your Contract, you may choose either:(1) monthly payments for a specified period (guaranteed onlyfor contracts issued before May 1, 2013), or (2) monthlypayments for your life (assuming you are the Annuitant), andyou may choose to have payments continue to yourBeneficiary for the balance of 10 or 20 years if you die sooner,or (3) monthly payments for your life and for the life ofanother person (usually your spouse) selected by you. TheseIncome Plans are available to you on a variable or fixed basis,

or a combination thereof, depending on applicable state law.Your Contract may guarantee the right to other Income Plans,and we may offer other Income Plans from time to time fromwhich you may choose when deciding to start receivingAnnuity Payments. While no charges are assessed on fixedincome plans, we will continue to assess mortality rate andexpense risk charges on variable income plans. You will alsocontinue to incur the fees and expenses of the underlyingPortfolios in which you direct the assets supporting yourIncome Plan be invested. The fixed income plans are notdescribed in this prospectus. If you select a fixed income plan,we will cancel any Accumulation Units credited to yourContract, transfer the withdrawal value of the Contract to ourGeneral Account, and you will no longer have any interest inthe Separate Account. We may make a withdrawal charge indetermining the withdrawal value. (See “WithdrawalCharges.”) Your interest, if any, in our General Accountwould also include the value of any amounts allocated to anyGuaranteed Account, plus credited interest, less anywithdrawals you have made and any applicable MVA.

A variable income plan means that the amount representingthe actuarial liability under the variable income plan willcontinue to be invested in one or more of the investmentchoices you select. Your monthly Annuity Payments will varyup or down to reflect continuing investment performance.Under a variable income plan, you bear the entire investmentrisk, since we make no guarantees of investment return.Accordingly, there is no guarantee of the amount of thevariable payments, and you must expect the amount of suchpayments to change from month to month. A fixed incomeplan, on the other hand, guarantees the amount you willreceive each month. For a discussion of tax considerations andlimitations regarding the election of Income Plans, see“Federal Income Taxes.”

On the Maturity Date, if you have not elected a permissibleIncome Plan (i.e., one offered by the Company for yourContract), we will change the Maturity Date to the Contractanniversary nearest the Annuitant’s 98th birthday (if theMaturity Date is not already such date) and, upon thatMaturity Date, we will pay the Contract Value in monthlypayments for life under a variable income plan with paymentscertain for ten years, using your investment choices then ineffect. In addition, upon the Maturity Date, expiration of aGuaranteed Period, or when you elect a variable income plan,any amounts in a Guaranteed Account will be transferred tothe Government Money Market Portfolio unless you instructus otherwise.

Description of Variable Income Plans The followingvariable income plans are available:

1. Period Certain (sometimes referred to as InstallmentIncome for a Specified Period). An annuity payable monthlyfor a specified period of 10 to 30 years during the first fiveContract years and over a specified period of 5 to 30 yearsbeginning with the sixth Contract year (guaranteed only forcontracts issued before May 1, 2013).


2. Single Life Income with or without Period Certain(sometimes referred to as Single Life Income with or withoutCertain Period). An annuity payable monthly until thepayee’s death, or until the expiration of a selected certainperiod, whichever is later. You may select a certain period ofeither 10 or 20 years, or you may choose a plan with nocertain period. After the payee’s death, we will make anyremaining guaranteed payments to the designated beneficiary.

3. Joint and Survivor Life Income with Period Certain(sometimes referred to as Joint and Survivor Life Income withCertain Period). An annuity payable monthly for a certainperiod of 10 years and thereafter to two persons for their jointlives. On the death of either payee, payments continue for theremainder of the 10 years certain or the remaining lifetime ofthe survivor, whichever is longer.

We may, subject to applicable state law, limit the election of avariable income plan to one that results in an initial paymentof at least $20. A variable income plan will continue even ifpayments fall to less than $20 after the plan begins. From timeto time we may establish variable income plan rates withgreater actuarial value than those stated in the Contract andmake them available at the time of settlement. We may alsomake available other plans, with provisions and rates wepublish for those plans.

After the effective date of an Income Plan which does notinvolve a life contingency (i.e., Plan 1), a payee may transferto either form of life annuity (i.e., Plans 2 or 3) at no charge.We will apply the value of the remaining payments to the newplan selected. We will determine the amount of the firstAnnuity Payment under the new plan on the basis of theparticular plan selected, the Annuity Payment rate, and theAnnuitant’s adjusted age and sex. Subsequent payments willvary to reflect changes in the value of the Annuity Unitscredited. We may permit other transfers between IncomePlans, subject to such limitations we may reasonablydetermine. Generally, however, we permit neither withdrawalsfrom an Income Plan involving a life contingency nor transferto an Income Plan that does not involve the same lifecontingency. Income Plans for Beneficiaries may differ fromthose offered to Owners. At the written request of the Owner,we may impose restrictions on payments to beneficiaries.

Amount of Annuity Payments We will determine theamount of the first Annuity Payment on the basis of theparticular variable income plan you select, the Annuity

Payment rate (i.e., the stream of projected annuity paymentsbased on an actuarial projection of the length of time annuitypayments will continue as well as other factors including theassumed investment rate) and, for plans involving lifecontingencies, the Annuitant’s adjusted age and sex. Acontract with Annuity Payment rates that are not based on sexis also available. (See “Special Contract for Employers.”) Wewill calculate the amount of the first Annuity Payment on abasis that takes into account the length of time over which weexpect Annuity Payments to continue. The first payment willbe lower for an Annuitant who is younger when paymentsbegin, and higher for an Annuitant who is older, if the variableincome plan involves life contingencies. The first paymentwill be lower if the variable income plan includes a longercertain period. Variable Annuity Payments after the first willvary from month to month to reflect the fluctuating value ofthe Annuity Units credited to your Contract. Annuity Unitsrepresent the actuarial value of a variable income plan’sinterest in a Division of the Separate Account after AnnuityPayments begin. Class A Accumulation Units become Class AAnnuity Units and Class B Accumulation Units becomeClass B Annuity Units on the Maturity Date.

Assumed Investment Rate The variable annuity rate tablesfor the Contracts are based upon an Assumed Investment Rateof 31⁄2%. Variable Annuity rate tables based upon anAssumed Investment Rate of 5% are also available wherepermitted by state law. The Assumed Investment Rate affectsboth the amount of the first variable payment and the amountby which subsequent payments increase or decrease. TheAssumed Investment Rate does not affect the actuarial valueof the future payments as of the date when payments begin,though it does affect the actual amount which may be receivedby an individual Annuitant.

Over a period of time, if each Division achieved a netinvestment result exactly equal to the Assumed InvestmentRate applicable to a particular variable income plan, theamount of Annuity Payments would be level. However, if theDivision achieved a net investment result greater than theAssumed Investment Rate, the amount of Annuity Paymentswould increase. Similarly, if the Division achieved a netinvestment result smaller than the Assumed Investment Rate,the amount of Annuity Payments would decrease. A higherAssumed Investment Rate will result in a larger initialpayment but more slowly rising and more rapidly fallingsubsequent payments than a lower Assumed Investment Rate.

DeductionsWe will make the following deductions:

Sales Load For the front-load Contract we deduct a salesload from all Purchase Payments we receive. The sales loadcompensates us for the costs we incur in selling the Contracts.We will pay any excess of distribution expenses over salesloads from our general assets. These assets may includeproceeds from the charge for mortality rate and expense risksdescribed below. For front-load contracts sold between May 1,

2000 and April 30, 2003, the sales load on cumulativepurchase payments in excess of $1,000,000 is 0.5%. We basethe deduction on cumulative Purchase Payments we havereceived and the rates in the table below:

Cumulative Purchase Payments Paid Under the Contract Rate

First $100,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5%Next $400,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0%Balance over $500,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0%


Contract Fee On each Contract anniversary prior to theMaturity Date, we make a deduction of $30 for administrativeexpenses relating to the Contracts during the prior year. Wecannot increase this charge. We make the charge by reducingthe number of Accumulation Units credited to the Contract.For purposes of allocating and deducting the annual Contractfee, we consider any investment in a Guaranteed Account asthough it were an investment of the same amount in one of theSeparate Account Divisions, except that no amount will betaken from a GIF 8 unless insufficient value exists in the GIF1 and the Separate Account Divisions. This fee is intendedonly to reimburse us for our actual administrative expenses.We waive the Contract fee if the Contract Value on theContract anniversary is $25,000 or more. Currently, we arealso waiving the Contract fee if the Purchase Payments, lesswithdrawals, equal or exceed $25,000. We reserve the right tochange this practice in the future.

Mortality Rate and Expense Risk ChargesNature and Amount of the Charges When we determinethe value of Accumulation and Annuity Units, we deduct acharge for mortality rate and expense risks we have assumed.We assume, for example, the risk that Annuity Payments willcontinue for longer periods than anticipated because theAnnuitants as a group live longer than expected. We alsoassume the risk that the charges we make may be insufficientto cover the actual costs we incur in connection with theContracts, including other costs such as those related tomarketing and distribution. We assume these risks for theduration of the Contract. In case these costs exceed theamount of the charges we collect, the costs will be paid out ofour general assets. If the amount of the charge is more thansufficient to cover the mortality and expense risk, any excessmay be used for any Company purpose.

For the front-load Contract, the deduction from AccumulationUnits and Annuity Units is at a current annual rate of 0.50% ofthe assets of the Separate Account. For the back-loadContract, the deduction for Class B Accumulation Units andClass B Annuity Units is at a current annual rate of 1.25% ofthe assets of the Separate Account; the deduction for Class AAccumulation Units and Class A Annuity Units is at a currentannual rate of 0.50% of the assets of the Separate Account.While our Board of Trustees may increase or decrease suchdeductions, in no event may the deduction exceed an annualrate of 0.75% for the front-load Contract, 1.50% for the back-load Contract Class B Accumulation and Annuity Units, and0.75% for the back-load Contract Class A Accumulation andAnnuity Units.

Reduction of the Charges For the back-load Contracts, weconvert Class B Accumulation Units to Class A AccumulationUnits on a Contract anniversary if the Contract Value is atleast $25,000 and the Purchase Payment which paid for theClass B Accumulation Units has reached “Category Zero,”that is, its withdrawal charge rate is 0%. (See “WithdrawalCharges.”) As a result of the conversion, the mortality rate andexpense risks charge is reduced from 1.25% to 0.50% on theseunits based on current rates. The conversion amount includes

the purchase payment in Category Zero and a proportionateshare of investment earnings. We allocate the conversionamount proportionately to each Division, and we adjust thenumber of Accumulation Units in each Division to reflect therelative values for Class A and Class B Accumulation Unitson the date of the conversion. The same conversion processand a similar result applies to amounts in a GuaranteedAccount. We do not convert Class A Accumulation Units backto Class B Accumulation Units even if the value of yourContract falls below $25,000. We do not convert AnnuityUnits from Class B to Class A.

Other Expense Risks The value of your Contract mayreflect a deduction of any reasonable expenses which mayresult if there were a substitution of other securities for sharesof the Portfolios as described under “The Separate Account”and any applicable taxes, (i.e., any tax liability) we have paidor reserved for resulting from the maintenance or operation ofa Division of the Separate Account, other than applicablepremium taxes which we may deduct directly fromconsiderations. We do not presently anticipate that we willmake any deduction for federal income taxes (see “Taxationof Northwestern Mutual”), nor do we anticipate thatmaintenance or operation of the Separate Account will giverise to any deduction for state or local taxes. However, wereserve the right to charge the appropriate Contracts with theirshares of any tax liability which may result under present orfuture tax laws from the maintenance or operation of theSeparate Account or to deduct any such tax liability in thecomputation of the value of such Contracts. Our right to makedeductions for expenses resulting from a substitution ofsecurities may be restricted by the 1940 Act.

Withdrawal ChargesWithdrawal Charge Rates When not waived (as describedbelow), we assess certain withdrawal charges if you elect towithdraw Class B Accumulation Units for cash. Such chargescompensate us for expenses associated with the sales of theContracts, including sales commissions. We base thewithdrawal charge on purchase payments made according tothe categories and rates in the following table:

Category Withdrawal Charge Rate

8,7, 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5%4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4%3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3%2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2%1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1%0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0%

We base the amount in each Category (i.e., the number ofyears remaining in a withdrawal charge period for a particularPurchase Payment) on cumulative Purchase Payments youhave made and on the number of Contract anniversaries thathave occurred since you made each Purchase Payment. Thefirst $100,000 of total Purchase Payments paid over the life ofthe Contract start in Category Eight, the next $400,000 start inCategory Four, and all additional Purchase Payments paidstart in Category Two. As of each Contract anniversary, we


move any amount in a Category to the next lower Categoryuntil the Contract anniversary on which that amount reachesCategory Zero. The total withdrawal charge will be the sum ofall the results calculated by multiplying the amount in eachCategory by the rate for that Category. The amounts we usewill be taken first from the withdrawal charge free amount;next from the Class A Accumulation Units; next from theClass B Accumulation Units in the order that produces thelowest withdrawal charge; and last from any remaining valuein the Contract.

For example, suppose a back-load contract has an initialPurchase Payment of $400,000 and is allocated among theDivision(s) of the Separate Account. The first $100,000 beginsin withdrawal charge Category Eight and the remaining$300,000 begins in withdrawal charge Category Four. Thewithdrawal charge in the first year would be not more than$18,000, i.e., 4% of $300,000 plus 6% of $100,000. Suppose nofurther Purchase Payments and no withdrawals during the firstfour years. The $100,000 that was in Category Eight at issuewould have moved down one Category each Contractanniversary such that it would move to Category Four on thefourth Contract anniversary. The $300,000 that was in CategoryFour at issue would move to Category Zero. Suppose theContract value on the fourth anniversary was $600,000.Because 75% of the Purchase Payments ($300,000/$400,000)are moving to Category Zero, 75% of the Contract value($450,000) would convert to Class A Accumulation Units and25% ($150,000) would remain as Class B Accumulation Units.For a withdrawal occurring within the next year, the first$15,000 (10% of $150,000) would be withdrawn from Class Bwith no withdrawal charge. The next amount withdrawn wouldbe the Contract value attributable to Class A AccumulationUnits with no withdrawal charge. The next $100,000 withdrawn(from Class B) would be subject to a 4% withdrawal charge.The withdrawal charge for a full withdrawal would be not morethan $4,000. A withdrawal charge is not assessed on anyearnings.

To illustrate withdrawal charges on partial withdrawals,consider the following example. Supposed a back-loadcontract has an initial Purchase Payment of $100,000. On thesecond contract anniversary, the owner withdraws $20,000,but because of market appreciation, the Contract value at thetime of the withdrawal equals $120,000 immediately beforethe withdrawal. Of the total $20,000 withdrawal, the freepartial withdrawal amount is $12,000 (10% of $120,000). Thewithdrawal charge on the remaining $8,000 is $480 (6% of$8,000). Now assume that on the third contract anniversary,the owner wishes to withdraw the entire account value. At thattime, the contract value equals $110,000. The free partialwithdrawal amount is $11,000 (10% of $110,000). On the next$92,000 [$100,000 (the amount of the purchase payments) less$8,000 (the amount on which a withdrawal charge has alreadybeen assessed)], the withdrawal charge assessed is $4,600 (5%of $92,000). On the rest of the remaining account value (i.e.,$7,000), the withdrawal charge is $0. Because we used the$8,000 of purchase payments to determine the charge on thesecond anniversary, we will not use that amount again for thiswithdrawal.

Waiver of Withdrawal Charges When we receive proof ofdeath of the Primary Annuitant, we will waive withdrawalcharges applicable at the date of death by moving PurchasePayments received prior to the date of death to Category Zero.We will also waive the withdrawal charge if the PrimaryAnnuitant has a terminal illness, or is confined to a nursinghome or hospital after the first Contract year, in accordancewith the terms of the Contract and applicable state law. Youmay not make Purchase Payments after we are given proof ofa terminal illness or confinement.

A “withdrawal charge free” amount is available under aContract if the Contract Value is at least $10,000 on theContract anniversary preceding the withdrawal. For eachContract year after the first one, the withdrawal charge freeamount is 10% of the value of the Class B AccumulationUnits on the last Contract anniversary. We will make nowithdrawal charge when you select a variable income plan.However, we will make the withdrawal charge if you make awithdrawal, or partial withdrawal, within five years after thebeginning of a variable income plan which is not contingenton the payee’s life (i.e., Plan 1).

For fixed income plans, the Contract provides for deduction ofthe withdrawal charge when the Income Plan is selected. Bycurrent administrative practice, so long as the Contract hasbeen in force for at least one full year, we will waive thewithdrawal charge if you select a fixed income plan for acertain period of 12 years or more or certain fixed incomeplans which involve a life contingency.

As a matter of administrative practice, which we reserve theright to change at any time in our sole discretion, we arecurrently waiving withdrawal charges on the greater of (i) theContract Year “withdrawal charge free” amount or (ii) thecurrent year Required Minimum Distributions (except forwithdrawals from GIF 8) when submitted on our RequiredMinimum Distribution Request form.

On July 26, 2007, the Treasury and the Internal RevenueService issued final regulations governing tax-deferredannuities subject to the provisions of Section 403(b) of theCode that, among other things, require a written plandocument, nondiscrimination testing and universal availabilityand impose restrictions on exchanges, transfers anddistributions. These rules became effective on January 1,2009. However, the restrictions on transfers took effect onSeptember 24, 2007. Because of the requirements of theseregulations, Northwestern Mutual will not accept newtax-deferred annuity plans and will allow new purchasepayments, rollovers, or transfers into, and transfers out of, itsexisting tax-deferred annuity contracts only if certainconditions are met.

Withdrawal Charges and Our Distribution Expenses Theamount of withdrawal charges we collect from the back-loadContracts as a group will depend on the volume and timing ofwithdrawal transactions. We are unable to determine inadvance whether this amount will be greater or less than thedistribution expenses we incur in connection with thoseContracts, but based on the information presently available we


believe it is more likely than not that distribution expenses weincur will be greater than the withdrawal charges we receive.We bear this risk for the duration of the Contracts. We willpay any excess of distribution expenses over withdrawalcharges from our general assets. These assets may includeproceeds from the charge for mortality rate and expense risksdescribed above.

Special Withdrawal Charges and Rules Applicable toGuaranteed Accounts See “The Investment Options—Fixed Options” for special withdrawal charges and rulesapplicable to investments in the GIF 8.

Other ChargesEnhanced Death Benefit Charge On each Contractanniversary on which the enhanced death benefit is in effect,we deduct from the Contract Value a charge based on theamount of the enhanced death benefit on the ContractAnniversary and the age of the Annuitant when the Contractwas issued. The charge is 0.10% of the amount of theenhanced death benefit for issue age 45 or less, 0.20% forissue age 46-55, and 0.40% for issue age 56-65. This charge isfor the risks we assume in guaranteeing the enhanced deathbenefit. Except for some Contracts subject to New York law,we deduct the charge from the Divisions of the SeparateAccount and the Guaranteed Accounts in proportion to theamounts you have invested. (For New York front and backload Contracts issued on or after 1/16/04, the charge isdeducted only from the Separate Account Divisions and notfrom the Guaranteed Account(s).)

Premium Taxes The Contracts provide for the deduction ofapplicable premium taxes, if any, from Purchase Payments or

from Contract benefits. Various jurisdictions levy premiumtaxes. Premium taxes presently range from 0% to 3.5% oftotal Purchase Payments. Many jurisdictions presently exemptfrom premium taxes annuities such as the Contracts. As amatter of current practice, we do not deduct premium taxesfrom Purchase Payments received under the Contracts or fromContract benefits. However, we reserve the right to deductpremium taxes in the future. The amount deducted, if any,may be more or less than the percentage charged by your stateof residence.

Portfolio Expenses and Charges The expenses borne bythe Portfolios in which the assets of the Separate Account areinvested are described in the attached mutual fundprospectuses.

For certain Portfolios, certain expenses may have beenreimbursed or fees may have been waived during 2017 inaddition to any contractual fee waiver or reimbursements. It isanticipated that any such voluntary expense reimbursement andfee waiver arrangements would continue past the current year,although certain arrangements may be terminated at any time.After taking into account these arrangements, as well as anycontractual fee waiver or expense reimbursement arrangements,Annual Portfolio Operating Expenses would have ranged froma minimum of 0.20% to a maximum of 1.12%.

Expedited Delivery Charge When, at your request, weincur the expense of providing expedited delivery of yourredemption request (e.g., a complete or partial withdrawal) weassess the following charges: $15 for express mail delivery(plus $2 for “signature required” service) and $15 for a wiretransfer.

Federal Income TaxesQualified and Non-Tax Qualified PlansWe offer the Contracts for use under the tax-qualified plans(i.e., contributions are generally not taxable) identified below:

1. Individual retirement annuities pursuant to the provisionsof Section 408 of the Code, including a traditional IRAestablished under Section 408(b), simplified employeepensions established under Section 408(j) and (k) andSIMPLE IRAs established under Section 408(p).

2. Roth IRAs pursuant to the provisions of Section 408A ofthe Code.

3. Tax-deferred annuities pursuant to the provisions ofSection 403(b) of the Code for employees of publicschool systems and tax-exempt organizations describedin Section 501(c)(3).

4. Deferred compensation plans established pursuant toSection 457 of the Code for employees of state and localgovernments and tax-exempt organizations.

5. Nontransferable annuity contracts issued in exchange forfixed dollar annuities previously issued by Northwestern

Mutual or other insurance companies or as distributionsof termination or death benefits from tax-qualifiedpension or profit-sharing plans or trusts or annuitypurchase plans.

We also offer the Contracts for use in non tax-qualifiedsituations (i.e., contributions are taxable).

Contribution Limitations and GeneralRequirements Applicable to ContractsTraditional IRA If an individual has earned income, theindividual and the individual’s spouse are each permitted tomake a maximum contribution of $5,500 for 2018 and thelimit is indexed thereafter. The contribution limit is reducedby contributions to any Roth IRAs of the Owner. A catch upcontribution of $1,000 per year is allowed for Owners who areage 50 or older. Contributions cannot be made after age 701⁄2.Annual contributions are generally deductible unless theOwner or the Owner’s spouse is an “active participant” inanother qualified plan during the taxable year. If the Owner isan “active participant” in a plan, the deduction phases out atan adjusted gross income (“AGI”) of between $63,000—


$73,000 for single filers and between $101,000—$121,000(indexed) for married individuals filing jointly. If the Owner isnot an “active participant” in a plan but the Owner’s spouse is,the Owner’s deduction phases out at an AGI of between$189,000—$199,000 (indexed). Federal income tax refundscan be directly deposited into an IRA, subject to contributionlimits.

The Owner may also make tax free rollover and direct transfercontributions to an IRA from the Owner’s other IRAs or taxqualified plans. The surviving spouse can also roll over thedeceased Owner’s IRA, tax deferred Annuity or qualified planto the spouse’s own IRA or any other plan in which the spouseparticipates that accepts rollovers. A nonspouse beneficiary ofthe deceased owner’s IRA, tax-deferred annuity or qualifiedplan may also roll over the proceeds to an inherited IRA in atrustee to trustee transfer, subject to annual minimum requireddistribution rules.

An IRA is nonforfeitable and generally cannot be transferred.

Roth IRA If an individual has earned income, the individualand the individual’s spouse are each permitted to make amaximum contribution of $5,500 for 2018 and is indexedthereafter. The contribution limit is reduced by contributionsto any traditional IRAs of the Owner. A catch up contributionof $1,000 per year is allowed for Owners who are age 50 orolder. The maximum contribution is phased out at an adjustedgross income (“AGI”) of between $120,000 and $135,000 forsingle filers, between $189,000 and $199,000 for marriedindividuals filing jointly and between $0 and $10,000 formarried individuals filing separately. Regular contributions toa Roth IRA are not deductible. In addition, certain declaredfederal disaster relief or military service provisions maysupplement this information.

An IRA, SEP or SIMPLE IRA (after two years ofparticipation in a SIMPLE IRA plan) and employer plans maybe rolled over or converted to a Roth IRA. Special valuationrules may apply to the conversion. A rollover to a Roth IRA isfully taxable but is not subject to a 10% premature withdrawalpenalty.

SEP An employer can make a maximum contribution to aSEP for an eligible employee of the lesser of 25% of theemployee’s compensation up to $275,000 or $55,000 (for2018). In a SEP that permits employee contributions, theemployee is allowed to contribute up to $18,000 in 2018,indexed thereafter. Employees who are age 50 or over mayalso make a catch up contribution of $6,000 for 2018, indexedthereafter. The employer is allowed to match the catch upcontribution for any taxable year. SEP contributions aresubject to certain minimum participation andnondiscrimination requirements. Contributions and earningsthereon are not includible in the employee’s gross incomeuntil distributed. The Contracts are nonforfeitable andnontransferable.

SIMPLE IRA A SIMPLE IRA can be established by anemployer for any calendar year in which the employer has nomore than 100 employees who each earned at least $5,000

during the preceding calendar year and the employer does notmaintain another employer sponsored retirement plan. Aneligible employee can elect to contribute up to $12,500 (for2018). The employer must contribute either a matchingcontribution of up to 3% of the employee’s compensation ornon-elective contribution of 2% of the employee’scompensation up to $270,000 (for 2018) for each employee. Acatch up contribution of $3,000 for 2017 and indexedthereafter is allowed for employees who are age 50 or older.The employer is allowed to match the catch up contributionfor any taxable year. Contributions and earnings thereon arenot includible in the employee’s gross income untildistributed. SIMPLE IRAs are exempt from thenondiscrimination, top-heavy and reporting rules applicable toqualified plans. The Contracts are nonforfeitable andnontransferable.

Tax Deferred Annuity Section 403(b) tax deferredannuities can be established for employees ofSection 501(c)(3) tax exempt organizations and publiceducational organizations. The maximum amount that can becontributed depends upon the type(s) of contributions made tothe employee’s account and the amount of your includiblecompensation for your most recent year of service:

Elective Deferrals Only: If there are elective employeedeferrals only, the limit for 2018 is the lesser of two rules:(1) the lesser of 100% of the employee’s compensation up to$275,000 or $55,000 or (2) a flat dollar limit of $18,000,indexed thereafter. Employees age 50 or over may make anadditional catch up contribution of $6,000 for 2018 and thelimit is indexed thereafter.

Nonelective Contributions Only: If the only contributions arenonelective employer contributions, the maximum limit for2018 is the lesser of 100% of compensation up to $275,000 or$55,000.

Both Employee and Employer Contributions: Employers areallowed to match employee elective deferrals, including thecatch up contribution, for any taxable year or to makecontributions in a form other than a match. In such a case, thetotal of employee and employer contributions for 2018 cannotexceed the lesser of 100% of compensation up to $275,000 or$55,000. Contributions and earnings thereon are not includedin the employee’s gross income until distributed. Tax deferredannuities are nonforfeitable and nontransferable anddistributions of salary reduction contributions and earningsthereon (except those held as of December 31, 1988) cannotbe withdrawn prior to age 591⁄2 except on account ofseverance of employment, death, disability or hardship(contributions only).

If employer contributions are made to a tax deferred annuity,it subjects the annuity to ERISA and tax rules that apply toqualified plans, including minimum coverage,nondiscrimination and spousal consent requirements. ERISAdisclosure rules also apply.

On July 26, 2007, the Treasury and the Internal RevenueService issued final regulations governing tax-deferred


annuities subject to the provisions of Section 403(b) of theCode that, among other things, require a written plandocument, nondiscrimination testing and universal availabilityand impose restrictions on exchanges, transfers anddistributions. These rules became effective on January 1,2009. However, the restrictions on transfers took effect onSeptember 24, 2007. Because of the requirements of theseregulations, Northwestern Mutual will not accept newtax-deferred annuity plans and will not allow new purchasepayments, rollovers, or transfers into its existing tax-deferredannuity contracts. Transfers out of its existing tax-deferredannuity contracts can only take place if certain conditions aremet.

Section 457 Plan A Section 457 deferred compensation plancan be established by a state or local government ortax-exempt organization. Contracts must be owned by a trustfor the exclusive benefit of the employees and the employees’beneficiaries in a governmental plan and by the employer(subject to claims of the employer’s general creditors) in aplan of a tax-exempt organization. An employee can deferunder the plan the lesser of 100% of compensation up to$275,000 (indexed for 2018) or $18,500 for 2018 (indexedthereafter). The dollar limit is doubled if the employee iswithin 3 years of retirement. Unless the employee is within 3years of retirement, a catch up contribution of $6,000 for 2018and indexed thereafter is allowed for employees who are age50 or older. Amounts deferred and earnings thereon are notincludible in the employee’s gross income until they are paidor made available to the employee or the employee’sbeneficiary or, in the case of a governmental plan, until theyare paid.

Nontransferable Annuity Nontransferable AnnuityContracts are Contracts held in a tax-qualified plan or trustand transferred to the employee on the employee’s separationfrom service or death or the termination of the plan. TheseContracts cannot accept additional purchase payments andmust comply with the spousal consent requirements.

Non-Tax Qualified Contract There are no limitations onwho can purchase a non-tax qualified annuity or the amountthat can be contributed to the Contract. Contributions tonon-tax qualified Contracts are not deductible. For theContract to qualify as a non-tax qualified annuity, the Contractdeath proceeds must be distributed to any non-spousebeneficiary either within five years of the Owner’s death orover a period not to exceed the beneficiary’s life or lifeexpectancy commencing within one year of the Owner’sdeath. The surviving spouse is not subject to any distributionrequirements.

Taxation of Contract BenefitsFor Contracts held by individuals, no tax is payable as a resultof any increase in the value of a Contract. Except for qualifieddistributions from Roth IRAs, Contract benefits will betaxable as ordinary income when received in accordance withSection 72 of the Code.

IRAs, SEPs, SIMPLE IRAs, TDAs and Section 457 Plansand Nontransferable Annuities As a general rule, benefits

received as Annuity Payments or upon death or withdrawalfrom these Contracts will be taxable as ordinary income whenreceived.

Where nondeductible contributions are made to individualretirement annuities and other tax-qualified plans, the Ownermay exclude from income that portion of each AnnuityPayment which represents the ratio of the Owner’s“investment in the contract” to the Owner’s “expected return”as defined in Section 72, until the entire “investment in thecontract” is recovered. Benefits paid in a form other thanAnnuity Payments will be taxed as ordinary income whenreceived except for that portion of the payment whichrepresents a pro rata return of the employee’s “investment inthe contract.” After the Owner attains age 701⁄2, a 50%penalty may be imposed on payments made from individualretirement annuities, tax-deferred annuities, nontransferableannuity contracts and Section 457 deferred compensationplans to the extent the payments are less than certain requiredminimum amounts. (See “Minimum DistributionRequirements.”) With certain limited exceptions, includinghardship withdrawals and required minimum distributions,benefits from individual retirement annuities, SEPs,tax-deferred annuities, governmental Section 457 plans, andnontransferable annuity contracts are subject to the tax-freeroll-over provisions of the Code. However, rollovers ofSIMPLE IRAs to individual retirement arrangements within2 years after the Owner first participates in the SIMPLE IRAplan are fully taxable.

A loan transaction, using a Contract purchased under atax-qualified plan as collateral, will generally have adverse taxconsequences. For example, such a transaction destroys thetax status of the individual retirement annuity and results intaxable income equal to the Contract Value.

Section 457 Plans may also be subject to special rules thatlimit distributions to separation from service, death, disability,or specified date or hardship. Violation of these rules willresult in current taxation of the deferrals and earnings thereonplus a 20% penalty.

Roth IRAs Qualified distributions from a Roth IRA are nottaxable. A qualified distribution is a distribution (1) made atleast 5 years after the issuance of the Owner’s first Roth IRA,and (2) made after the Owner has attained age 591⁄2, made to abeneficiary after the Owner’s death, attributable to the Ownerbeing disabled, or used to pay acquisition expenses of aqualified first time home purchase. A nonqualified distributionis taxable as ordinary income only to the extent it exceeds the“investment in the contract” as defined in Section 72.Distributions are not required to be made from a Roth IRAbefore the Owner’s death.

A withdrawal from a Roth IRA of part or all of an IRArollover contribution within 5 years of the rollover is subjectto a 10% premature withdrawal penalty (unless an exceptionapplies). Rollover contributions are treated as withdrawn afterregular contributions for this purpose.

A regular or conversion contribution to a Roth IRA can berecharacterized to an IRA in a trustee-to-trustee transfer


provided the transfer includes the net income or loss allocableto the contribution and is completed by the due date for filingthe Owner’s federal income tax return for the year thecontribution was made. The recharacterized amount will betreated for tax purposes as originally made from the IRA.Recharacterized amounts can be reconverted to a Roth IRAonce each calendar year. Benefits from a Roth IRA can berolled over or transferred directed only to another Roth IRA.

Nonqualified Contracts If the Owner of a non-tax qualifiedContract elects to receive the entire value of the Contract asAnnuity Payments under a variable income plan or fixedincome plan, or a portion of the Contract as Annuity Paymentsunder either Income Plan for a period of at least the Owner’slife expectancy or ten years, benefits received will be taxableas ordinary income to the extent they exceed that portion ofeach payment which represents the ratio of the Owner’s“investment in the contract” to the Owner’s “expected return”as defined in Section 72 (the “exclusion ratio”), until the entire“investment in the contract” is recovered. Benefits received ina lump sum or as partial annuity payments that do not qualifyfor exclusion ratio taxation will be taxable as ordinary incometo the extent they exceed the “investment in the contract.” Apartial withdrawal or collateral assignment prior to theMaturity Date will result in the receipt of gross income by theOwner to the extent that the amounts withdrawn or assigneddo not exceed the excess (if any) of the total value ofAccumulation Units over total purchase payments paid underthe Contract less any amounts previously withdrawn orassigned. Thus, any investment gains reflected in the ContractValues are considered to be withdrawn first and are taxable asordinary income. For Contracts issued after October 21, 1988,investment gains will be determined by aggregating allnon-tax qualified deferred Contracts we issue to the Ownerduring the same calendar year.

For taxable years beginning in 2013, part or all of the taxablebenefits from and sales of non-tax qualified Contracts may besubject to an additional 3.8% Medicare tax. The tax will beassessed on the Owner’s net investment income for the year tothe extent that the Owner’s adjusted gross income (with slightmodifications) exceeds $250,000 (married filing jointly orsurviving spouse), $125,000 (married filing separately) or$200,000 (other filers) (not indexed). The term “netinvestment income” is defined to include payments fromnon-tax qualified annuities and dispositions of property. Youshould consult a tax advisor about the impact of this new taxon distributions from your contract/policy.

One or more non-tax qualified Contracts can be wholly orpartially exchanged for one or more other Annuity Contractsunder Section 1035 of the Code without recognition of gain orloss. However, withdrawals taken within 6 months after apartial exchange may cause the partial exchange to be taxed asa withdrawal. Certain nonqualified Contracts not held byindividuals, such as Contracts purchased by corporateemployers in connection with deferred compensation plans,will not be taxed as Annuity Contracts and increases in thevalue of the Contracts will be taxable in the year earned.

Premature Withdrawals A penalty tax will apply topremature payments of Contract benefits. A penalty tax of10% of the amount of the payment which is includible inincome will be imposed on non-exempt withdrawals underindividual retirement annuities, Roth IRAs, tax deferredannuities, nontransferable annuity contracts and nonqualifieddeferred annuities. The penalty tax increases to 25% fornon-exempt withdrawals from SIMPLE IRAs within 2 yearsafter the Owner first participates in the SIMPLE IRA plan.Payments which are exempt from the penalty tax includepayments upon disability, after age 591⁄2 and for certainsubstantially equal periodic payments for life. Additionalexceptions for certain large medical expenses, reimbursementof health insurance premiums paid while the Owner wasunemployed, qualified education expenses and first time homepurchases apply to IRAs and Roth IRAs.

Minimum Distribution Requirements All of the Contractsare required to satisfy some form of minimum distributionrequirement. A 50% excise tax applies for each violation ofthese requirements (except under nonqualified Contracts).

1. IRAs, SEPs, Simple IRAs, TDAs, Section 457 Plans andNontransferable Annuities: As a general rule, the Owner ofthese Contracts is required to take certain distributions duringthe Owner’s life and the beneficiary designated by the Owneris required to take the balance of the Contract Value withincertain specified periods following the Owner’s death.

The Owner must take the first required distribution by the“required beginning date” and subsequent requireddistributions by December 31 of that year and each yearthereafter. Payments must be calculated according to theUniform Table provided in IRS regulations, which providesdivisors based on the joint life expectancy of the Owner andan assumed beneficiary who is ten years younger. Where thebeneficiary is the Owner’s spouse, as defined under federaltax law, and the spouse is more than ten years younger thanthe Owner, distributions may be based upon their joint lifeexpectancy instead of the Uniform Table. The requiredbeginning date for IRAs, SEPs and Simple IRAs is April 1 ofthe calendar year following the calendar year the Ownerattains age 701⁄2. The required beginning date for TDAs,Section 457 plans and nontransferable annuities is April 1 ofthe calendar year following the calendar year in which theOwner attains age 701⁄2 or retires, if later.

Upon the death of the Owner, the Owner’s beneficiary musttake distributions under one of two main rules: (1) the lifeexpectancy rule, or (2) the five year rule.

(1) Life Expectancy Rule: A beneficiary may takedistributions based on the beneficiary’s life or lifeexpectancy. Generally, distributions must commence byDecember 31 of the year following the year of theOwner’s death. (See below for exception for spousebeneficiary.)

(2) Five Year Rule: A beneficiary may elect to withdrawthe entire account balance over five years, completingdistribution no later than December 31 of the yearcontaining the fifth anniversary of the Owner’s death.


If the Owner dies on or after the required beginning date, aminimum distribution must be made for the year of death, tothe extent not already paid to the Owner.

2. Spousal Exceptions: If the designated beneficiary is theOwner’s spouse, as defined under federal tax law, the spousemay roll over the Contract into an IRA owned by the spouseor to any other plan in which the spouse participates thataccepts rollovers. The spouse may then defer distributionsuntil the spouse’s own required beginning date. Alternatively,if the spouse elects the life expectancy rule, distributions donot need to begin until December 31 of the year following theyear of the Owner’s death or, if later, by the end of the yearthe Owner would have attained age 701⁄2.

3. Nonspouse Transfers: A nonspouse designated beneficiarymay directly roll over the death proceeds to an inherited IRA.The nonspouse designated beneficiary is then required to takedistributions pursuant to the minimum distributionrequirements discussed above.

4. Roth IRAs: The Owner of a Roth IRA is not required to takerequired minimum distributions during the Owner’s lifetime.However, after the Owner’s death, the beneficiary designatedby the Owner is required to take distributions pursuant to theminimum distribution requirements discussed above.

5. Nonqualified Contracts: The Owner of a non-tax qualifiedContract is not required to take required minimumdistributions during the Owner’s lifetime. However, thedesignated beneficiary is required to take distributionspursuant to rules similar to the at death minimum distributionrequirements for IRAs, except that the first minimumdistribution is due within 12 months of the Owner’s death,instead of by December 31 of the calendar year following theyear of death and the surviving spouse, as defined by federaltax law, is not required by the tax law to take any distributionsduring his or her lifetime, and may extend deferral by electinga spousal exchange.

Mandatory Withholding Generally, benefit payments fromtax-deferred annuities, nontransferable annuity contracts, andgovernmental Section 457 plans will be subject to mandatory20% withholding unless the payments are rolled over directly

to a traditional IRA or to an “eligible employer plan” thataccepts rollovers. An “eligible employer plan” includes a planqualified under Section 401(a) of the Code, including a 401(k)plan, profit-sharing plan, defined benefit plan, stock bonusplan, and money purchase plan; a Section 403(a) annuity plan;a Section 403(b) tax-deferred annuity; and a governmentalSection 457 plan. Exceptions apply if benefits are paid insubstantially equal installments over the life or life expectancyof the employee (or of the employee and the employee’sbeneficiary) or over a period of 10 years or more, or are“required minimum distributions” because these payments arenot eligible to be rolled over.

Taxation of Northwestern MutualWe may charge the appropriate Contracts with their shares ofany tax liability which may result from the maintenance oroperation of the Divisions of the Separate Account. We arecurrently making no charge. (See “Deductions.”)

Other ConsiderationsYou should understand that the tax rules for annuities andqualified plans, including but not limited to Plan provisions,payments and deductions and taxation of distributions fromsuch Plans and Trusts, as set forth in the Code and theregulations relating thereto, are complex and cannot be readilysummarized. Furthermore, special rules are applicable inmany situations, and prospective purchasers desiring to adoptan HR-10 pension or profit-sharing plan or trust shouldconsult qualified tax counsel. The foregoing discussion doesnot address special rules applicable in many situations, rulesgoverning Contracts issued or purchase payments made inpast years, current legislative proposals, or state or other law.This tax discussion is intended for the promotion ofNorthwestern Mutual Life products. It does not constitutelegal or tax advice, and is not intended to be used and cannotbe used to avoid any penalties that may be imposed on ataxpayer. Taxpayers should seek advice based on theirparticular circumstances from an independent tax advisor.Before you purchase a Contract, we advise you to consultqualified tax counsel.

Contract Owner ServicesAutomatic Dollar-Cost Averaging The Dollar-CostAveraging Plan is an investment strategy designed to reducethe investment risks associated with market fluctuations. Thestrategy spreads the allocation of money (expressed in wholepercentages and in amounts of at least $100) into theDivisions over a period of time by systematically andautomatically transferring, on a monthly, quarterly, semi-annual, or annual basis, specified dollar amounts from theGovernment Money Market Division into the otherDivision(s). This allows you to potentially reduce the risk ofinvesting most of your Purchase Payments into the Divisionsat a time when prices are high. Transfers will end either whenthe amount in the Government Money Market Division is

depleted or when you notify us to stop such transfers,whichever is earlier. There is no charge for the Dollar-CostAveraging Plan. We reserve the right to modify or terminatethe Dollar-Cost Averaging Plan at any time.

Dollar cost averaging does not assure a profit or protectagainst loss in a declining market. Carefully consideryour willingness to continue payments during periods oflow prices. You should consult your financialrepresentative before deciding whether to elect dollarcost averaging.

Electronic Funds Transfer (“EFT”) Another convenientway to invest using the dollar-cost averaging approach is


through our EFT Plan. These automatic withdrawals allowyou to add Purchase Payments to the Division(s) within yourtraditional IRA, Roth IRA, SEP IRA, or non-tax qualifiedContract on a regular monthly basis through payments drawndirectly on your checking account. There is no charge for theEFT service.

A program of regular investing cannot assure a profit orprotect against loss in a declining market.

Systematic Withdrawal Plan You can arrange to haveregular amounts of money sent to you while your Contract isstill in the accumulation phase. Our Systematic WithdrawalPlan allows you to automatically redeem Accumulation Unitsto generate monthly payments. The withdrawals may be takeneither proportionately from each investment option or fromspecific investment options you designate except thatproportionate deductions are not made from a multi-yearGuaranteed Account unless amounts in the other investmentoptions are insufficient to cover the requested withdrawal.Systematic withdrawals continue until at least one of thefollowing occurs: (1) the amount in any of the selectedPortfolios or Guaranteed Accounts is depleted; (2) less than100 Accumulation Units remain in the Contract; (3) asystematic withdrawal plan terminates; (4) when the finalamount is distributed and there is no value left in the Contract(in which case the Contract will terminate); or (5) youterminate systematic withdrawals. We may deduct awithdrawal charge from any amount you withdraw in excessof your free withdrawal amount, and you may have to payincome taxes and tax penalties on amounts you receive. Thereis no charge for the Systematic Withdrawal Plan service. Wereserve the right to modify or terminate this SystematicWithdrawal Plan at any time.

Automatic Required Minimum Distributions(“RMD”) For IRAs, SEP Plans, SIMPLE IRA Plans, 403(b)Plans, and Nontransferable Annuities, you can arrange forannual required minimum distributions to be sent to youautomatically once you turn age 701⁄2.

Special Withdrawal Privilege You can withdraw 10% ofthe Contract’s accumulation value without a surrender charge,if the Contract has at least a $10,000 balance, beginning on thefirst Contract anniversary.

Portfolio Rebalancing To help you maintain your assetallocation over time, we offer a rebalancing service. This willautomatically readjust your current investment optionallocations, on a periodic basis (i.e., monthly, quarterly, semi-annually, or annually), back to the allocation percentages youhave selected. There is no charge for this PortfolioRebalancing feature. We reserve the right to modify orterminate this Portfolio Rebalancing feature at any time. Ifyou transfer between underlying investment options,automatic portfolio rebalancing (“APR”) will ordinarily endand you will need to make a new APR election if you wantAPR to continue.

Only Contracts with accumulation values of $10,000 ormore or those Contracts that have been annuitized areeligible. Portfolio rebalancing may only be used with the

variable, not the fixed, investment options. A program ofregular investing cannot assure a profit or protectagainst loss in a declining market.

Interest Sweeps If you select this service we willautomatically sweep or transfer interest from the GIF 1 to anycombination of Divisions. Interest earnings can be sweptmonthly, quarterly, semi-annually or annually. Transfers(which must be expressed in whole percentages) will endeither on a date you specify or when the amount of interestbeing transferred is less than $25, whichever is earlier.

Only Contracts with $10,000 or more in the GIF 1 areeligible. (Interest sweeps are not available for amounts inthe GIF 8.) The amount and timing restrictions thatordinarily apply to transfers between the GIF 1 and theinvestment Divisions do not apply to interest sweeps.

Substitution of Portfolio Shares and OtherChanges When permitted by law and subject to any requiredregulatory approvals, we reserve the right to eliminate aPortfolio and to substitute another Portfolio or mutual fund forsuch Portfolio if the shares of the Portfolio are no longeravailable for investment or, in our judgment, furtherinvestment in the Portfolio is no longer appropriate. In theevent we take any action to substitute another Portfolio in thefuture, we may make an appropriate endorsement of yourContract and take other necessary actions.

Owner Inquiries and Instructions Get up-to-dateinformation about your Contract at your convenience withyour User ID and password. Visit our website(www.northwesternmutual.com) to enroll for access toDivision performance information, forms for routine service,and daily unit values for Contracts you own. Eligible ContractOwners may also set up certain electronic payments, transferinvested assets among Divisions and change the allocation offuture contributions online, subject to our administrativeprocedures. For questions about your Contract or Divisionvalues, assistance with payments or distributions, or othercontract changes (such as transferring among investmentoptions, changing allocations, or obtaining Divisionperformance information), please contact us toll-free at1-888-455-2232.

The submission of transfer or withdrawal instructions bytelephone or through our website (“Electronic Instructions”)must be made in accordance with our then current proceduresfor Electronic Instructions. However, we are not required toaccept Electronic Instructions, and we will not be responsiblefor losses resulting from transactions based on unauthorizedElectronic Instructions, provided we follow proceduresreasonably designed to verify the authenticity of ElectronicInstructions. Please note that the telephone and/or electronicdevices may not always be available. Any telephone orelectronic device, whether it is yours, your service provider’s,or your agent’s or ours, can experience outages or slowdownsfor a variety of reasons, which may delay or prevent ourprocessing of your request. Although we have takenprecautions to limit these problems, we cannot promisecomplete reliability under all circumstances. If you are


experiencing problems, you should make your transfer requestby writing to our Home Office. We reserve the right to limit,modify, suspend, or terminate the ability to make transfers viaElectronic Instructions.

Householding To reduce costs, we now send only a singlecopy of the same disclosure document(s) (such asprospectuses, prospectus supplements, reports,announcements, proxy statements, notices, and informationstatements) to each consenting household (rather than sendingcopies to each Owner residing in a household). If you are amember of such a household, you can revoke your consent to“householding” at any time, and can begin receiving your owncopy of such disclosure documents by calling us at1-888-455-2232.

Allocation Models The Company currently makes availableallocation models at no extra charge. An Owner can selectonly one model at a time. Each of the five models currentlyavailable is comprised of a combination of Portfoliosrepresenting various asset classes with various levels of risktolerance ranging from conservative to very aggressive. AnOwner may only select a model which is currently available.Any investment allocations outside of an Owner’s originalmodel must be made by the Owner, and will not be made bythe Company. The Company does not provide investmentadvice regarding whether a model should be revised orwhether it remains appropriate to invest in accordance withany particular model due to performance, a change in Owner’sinvestment needs or for other reasons. If an Owner wishes toremove Portfolios from an Owner’s model and/or changeallocations to a current model, the Owner may do so bycontacting their financial representative or by calling1-888-455-2232. There will be no automatic rebalancing to

these models unless the Owner chooses the automaticrebalancing option. Please note that investment in a modeldoes not eliminate the risk of loss and it does not protectagainst losses in a declining market. An Owner shouldconsult their financial representative for more informationabout available allocation models and whether investmentin a model is appropriate for them.

Available models may change from time to time. TheCompany reserves the right to modify, suspend, or terminateany asset allocation model at any time without affecting anOwner’s current allocation, except in limited circumstancesinvolving a Substitution or the elimination of a Portfolio as aninvestment option under the Contract (see “Substitution ofPortfolio Shares and Other Changes” above for moreinformation regarding the substitution of a Portfolio). In thatcase, allocations in a Portfolio within a model (OriginalPortfolio) will be transferred to a different Portfolio if OriginalPortfolio becomes no longer available (e.g., a substitution,merger, liquidation or closure), in which case the Companywill send written notice in advance of such event. If an Owneris invested in a model that is no longer offered and initiates achange outside of the original model allocations, the Ownerwill not be able to select the original model (see “TransfersBetween Divisions” above for more information about how tochange portfolio allocations).

Please note that investment according to an allocation modelmay result in an increase in assets allocated to Portfoliosmanaged by an investment adviser affiliated with theCompany, and therefore a corresponding increase in Portfoliomanagement fees collected by such adviser and may present aconflict of interest.

Additional InformationThe Distributor We sell the Contracts through ourFinancial Representatives who also are registeredrepresentatives of Northwestern Mutual Investment Services,LLC (“NMIS”). NMIS, our wholly-owned company, wasorganized under Wisconsin law in 1998 and is located at 611East Wisconsin Avenue, Milwaukee, Wisconsin 53202. NMISis a registered broker-dealer under the Securities ExchangeAct of 1934 and is a member of the Financial IndustryRegulatory Authority. NMIS is the principal underwriter ofthe Contracts, and has entered into a Distribution Agreementwith us.

Under the Distribution Agreement, the Company receives allsales loads and withdrawal charges, and pays NMIS an annualfee based upon NMIS’ actual expenses for the services NMISperforms under the Distribution Agreement, including allcompensation payable to its registered representatives.Commissions paid to the agents on sales of the Contracts arecalculated partly as a percentage of purchase payments andpartly as a percentage of Contract values for each Contractyear.

Northwestern Mutual variable insurance and annuity productsare available exclusively through NMIS and its registeredrepresentatives and cannot be held with or transferred to anunaffiliated broker-dealer. Except in limited circumstances,NMIS registered representatives are required to offerNorthwestern Mutual variable insurance and annuity products.The amount and timing of sales compensation paid by insurancecompanies varies. The commissions, benefits, and other salescompensation that NMIS and its registered representativesreceive for the sale of a Northwestern Mutual variable insuranceor annuity product might be more or less than that received forthe sale of a comparable product from another company.

For purchases of and additional deposits into the Contract,your registered representative receives a commission of 2.5%on the first $100,000 and 1.25% on the next $400,000 and0.5% on amounts over $500,000, and servicing compensationof 0.15% annually. There is also a bonus program that rewardsyour registered representative for total annuity sales that canpay your registered representative a bonus commission rate ofup to 0.75% for the sale of a variable annuity contract.


NMIS and NMWMC use a system referred to as a “grid” forpaying registered representatives commissions and fees for thesale or servicing of other investments such as mutual funds inbrokerage accounts or advisory accounts. The higher level ofoverall commissions or fees for investments that yourregistered representative is responsible for generating, thehigher percentage of commissions or fees they receive, whichin turn lowers the percentage of fees or commissions retainedby NMIS or NMWMC; those breakpoints and percentages arewhat is referred to as the grid. The grid payout percentagesrange between 35% and 95% payable to the registeredrepresentative (up from a range of 35%-85% effective throughMay 31, 2018), depending on the level of sales or feesgenerated by that registered representative during the previousyear. Therefore, a registered representative’s current year gridlevel is set based on the registered representative’s previousyear’s sales production. Sales of Contracts count towards salesproduction used to measure grid placement, even thoughcommissions for Contracts are not paid out through the grid.The ability to improve grid placement in the following yearprovides an incentive for your registered representative to sellthe Contract.

Because registered representatives of the Distributor are alsoour appointed agents, they may be eligible for various cashbenefits, such as additional bonuses, insurance benefits,retirement benefits, and non-cash compensation programs thatwe offer, such as conferences, achievement recognition,prizes, and awards. In addition, Distributor’s registeredrepresentatives who meet certain productivity, persistency andlength of service standards and/or their managers may beeligible for additional compensation. For example, registeredrepresentatives who meet certain annual sales productionrequirements with respect to their sales of NorthwesternMutual insurance and annuity products may qualify to receiveadditional cash compensation for their other sales ofinvestment products and services. Sales of the Contracts mayhelp registered representatives and/or their managers qualifyfor such compensation and benefits.

NMIS does not pay its registered representatives any portionof the 12b-1 fees related to mutual funds held in certainaccounts with assets under $50,000. Because a registeredrepresentative may receive ongoing compensation on a sale ofa Contract below $50,000, but will not receive ongoingcompensation on mutual fund investments below that amount,a registered representative has an incentive to recommend theContract for purchases below $50,000.

Certain of the Distributor’s registered representatives mayreceive other payments from us for the recruitment,development, training, and supervision of FinancialRepresentatives, production of promotional literature, andsimilar services. Commissions and other incentives andpayments described above are not charged directly to Owners orto the Separate Account. We intend to recoup sales expensesthrough fees and charges deducted under the Contract.

Terminal Illness Benefit Withdrawal charges are waived ifthe Primary Annuitant is terminally ill (as defined in the

Terminal Illness Benefit Rider) and has a life expectancy of12 months or less (or whatever period that may be requiredunder applicable state law). No withdrawal charge will bewaived if the determination of terminal illness is made beforethe Contract was issued. No Purchase Payments may be madeto the Contract once proof of terminal illness is provided tothe Company. Whether by Contract or Company practice, weare extending this benefit to terminal injury as well, effectiveMay 1, 2013.

Nursing Home Benefit Withdrawal charges are waivedafter the first Contract anniversary if the Primary Annuitant’sconfinement is medically necessary for at least 90 consecutivedays (or whatever period that may be required underapplicable state law) on a 24 hour per day basis in a licensednursing facility or hospital (as defined in the Nursing HomeBenefit Rider). No withdrawal charge will be waived if theconfinement began before the Contract was issued. NoPurchase Payments may be made to the Contract once proof ofconfinement is provided to the Company. A request for waiverof withdrawal charges must be made no later than 90 days (orwhatever period that may be required under applicable statelaw) following the date confinement ended.

The Terminal Illness and Nursing Home Benefits are notavailable in New York.

Voting Rights As long as the Separate Account continues tobe registered as a unit investment trust under the 1940 Act,and as long as Separate Account assets of a particular Divisionare invested in shares of a given Portfolio, we will vote theshares of that Portfolio held in the Separate Account inaccordance with instructions we receive from (i) the Ownersof Accumulation Units supported by assets of that Division;and (ii) the payees receiving payments under variable incomeplans supported by assets of that Division. Periodic reportsrelating to the Portfolios, proxy material, and a form (onwhich one can give instructions with respect to the proportionof shares of the Portfolio held in the Account corresponding tothe Accumulation Units credited to the Contract, or thenumber of shares of the Portfolio held in the Accountrepresenting the actuarial liability under the variable incomeplan, as the case may be) will be made available to eachOwner or payee. The number of shares will increase from yearto year as additional purchase payments are made by theContract Owner; after a variable income plan is in effect, thenumber of shares will decrease from year to year as theremaining actuarial liability declines. We will vote shares forwhich no instructions have been received and shares held inour General Account in the same proportion as the shares forwhich instructions have been received from Contract Ownersand payees. Because of this proportional voting requirement,it is possible that a small number of Contract Owners andpayees could determine the outcome of a particular vote.

Dividends This Contract is eligible to share in the divisiblesurplus, if any, of the Company, except while payments arebeing made under a variable income plan. Each year wedetermine, in our sole discretion, the amount and appropriateallocation of divisible surplus. Divisible surplus credited to


your Contract is referred to as a “dividend.” There is noguaranteed method or formula for the determination orallocation of divisible surplus. The Company’s approach issubject to change. There is no guarantee of a divisible surplus.Even if there is a divisible surplus, the payment of a dividendon this Contract is not guaranteed. It is not expected that anydividends will be payable on this Contract, except, possibly,on certain fixed installment plans.

We will credit dividends, if any, attributable to your Contracton the Contract anniversary. Dividends, if any, credited priorto the Maturity Date will be applied as a Net PurchasePayment on the Contract anniversary unless the Owner electsto have the dividend paid in cash. However, if the NYSE isclosed on the Contract Anniversary, the amount of anydividend will be applied as of the next Valuation Date afterthe Contract anniversary. Dividends, if any, applied as a NetPurchase Payment will be allocated to the Divisions of theSeparate Account according to the allocation of Net Premiumsthen in effect.

For the back-load Contracts we reduce expense charges byconverting Class B Accumulation Units to Class AAccumulation Units on larger, older Contracts. (See“Mortality Rate and Expense Risk Charges.”) The Contractsissued prior to March 31, 2000, do not include this conversionfeature, and we currently pay dividends on some of thoseContracts. (See “Dividends for Contracts Issued Prior toMarch 31, 2000.”)

Dividends for Contracts Issued Prior to March 31,2000 During the year 2018 we are paying dividends onapproximately 52% of the inforce variable annuity contractswe issued prior to March 31, 2000. Dividends are notguaranteed to be paid in future years. The dividend amount isvolatile since it is based on the average variable ContractValue which is defined as the value of the Accumulation Unitson the last Contract anniversary adjusted to reflect anytransactions since that date which increased or decreased theContract’s interest in the Account. Dividends on these variableannuities arise principally as a result of more favorableexpense experience than that which we assumed indetermining deductions. Such favorable experience isgenerated primarily by older and/or larger Contracts, whichhave a mortality and expense risk charge of at least 0.75%. Ingeneral, we are not paying dividends on Contracts with anaverage variable Contract Value of less than $25,000.Approximately 90% of those with a value above $25,000 willreceive dividends. The expected dividend payout for the year2018 represents about 0.68% of the average variable ContractValue for those Contracts that will receive dividends. Themaximum dividend we are paying on a specific Contract isabout 0.75%.

We credit any dividend for a Contract on the anniversary dateof that Contract. We apply the dividend as a net purchasepayment unless you elect to have the dividend paid in cash. Inthe case of a Contract purchased as an individual retirementannuity pursuant to Section 408(b) of the Code, dividendscannot be paid in cash but must be applied as Net PurchasePayments under the Contract.

Internal Annuity Exchanges As a matter of currentpractice, which we may limit or stop at any time in ourdiscretion, we permit owners of certain fixed and variableannuity contracts that we have previously issued to exchangethose contracts for front-load or back-load Contracts withoutpaying a second charge for sales expenses. Such exchangesare not intended to be available for all owners, as they may notbe in a particular owner’s best interest. We are not presentlycharging an administrative fee on these transactions. Wepermit only one such transaction in any 12-month period.

In general, amounts exchanged from a Contract with awithdrawal charge to a new back-load Contract are notassessed a withdrawal charge when the exchange is effected;rather, premium payments are placed in the same withdrawalcharge category under the new back-load Contract as theywere before the exchange (any appreciation attributable to thepremium payments is not subject to withdrawal charges). Asimilar rule applies to amounts exchanged from a front-loadContract to a new back-load Contract (i.e., no withdrawalcharge or sales load will be charged on premium paymentsand any appreciation attributable thereto that are exchangedinto a new back-load Contract) and to amounts exchangedfrom a front-load Contract to a new front-load Contract (i.e.,no second front-load will be charged on amounts exchangedfrom an existing front-load Contract to a new front-loadContract). We may also allow internal exchanges on back-loadContracts when (i) there are no applicable withdrawal chargeson the Contract being exchanged, and (ii) the exchangeinvolves a rollover from a qualified plan to an IRA or anotherqualified plan or a consolidation into an existing or new front-load Contract. Fixed annuity contracts, which are notdescribed in this prospectus, are available in exchange for theContracts on a comparable basis.

Speculative Investing Do not purchase this contract if youplan to use it, or any of its riders, for any type of speculativecollective investment scheme (including, for example,arbitrage). Your Contract is not intended to be traded on anystock exchange or secondary market, and attempts to engagein such trading may violate state and/or federal law.

Abandoned Property Requirements Every state hasunclaimed property laws which generally declare insurancecontracts/policies to be abandoned after a period of inactivityof three to five years from the contract’s/policy’s maturitydate, the date the death benefit is due and payable, or in somestates, the date the insurer learns of the death of the insured.For example, if the payment of the death benefit has beentriggered, but, if after a thorough search, we are still unable tolocate the beneficiary, or if the beneficiary does not comeforward to claim the death benefit proceeds in a timelymanner, the death benefit proceeds will be paid to theabandoned property division or unclaimed property office ofthe state in which the beneficiary or you last resided, as shownon our books and records, or to our state of domicile. This“escheatment” is revocable, however, and the state isobligated to pay the death benefit proceeds (without interest)if your beneficiary steps forward to claim it with the properdocumentation. To prevent such escheatment, it is important


that you update your beneficiary designations, includingaddresses, if and as they change. Please call 888-455-2232 tomake such changes.

Cybersecurity The Company has administrative, technicaland physical safeguards in place with respect to informationsecurity, nevertheless, our variable product business ispotentially susceptible to operational and information securityrisks resulting from a cyber-attack as it is highly dependentupon the effective operation of our computer systems andthose of our business partners. These risks include, amongother things, the theft, misuse, corruption and destruction ofdata maintained online or digitally, denial of service onwebsites and other operational disruption and unauthorizedrelease of confidential customer information. Cyber-attacksaffecting us, the underlying funds, intermediaries and otheraffiliated or third-party service providers may adversely affectus and your Contract Value. For instance, cyber-attacks mayinterfere with our processing of contract transactions,including the processing of orders from our website or withthe underlying funds, impact our ability to calculate AUVs,

cause the release and possible destruction of confidentialcustomer or business information, impede order processing,subject us and/or our service providers and intermediaries toregulatory fines and financial losses and/or cause reputationaldamage. Cybersecurity risks may also impact the issuers ofsecurities in which the underlying funds invest, which maycause the funds underlying your Contract to lose value. Therecan be no assurance that we or the underlying funds or ourservice providers will avoid losses affecting your Contract dueto cyber-attacks or information security breaches in the future.

Legal Proceedings Northwestern Mutual, like other lifeinsurance companies, generally is involved in litigation at anygiven time. Although the outcome of any litigation cannot bepredicted with certainty, we believe that, as of the date of thisprospectus, there are no pending or threatened lawsuits thatwill have a materially adverse impact on the ability ofNorthwestern Mutual to meet its obligations under theContract, on the Separate Account, or on NMIS and its abilityto perform its duties as underwriter for the Separate Account.

Table of Contents for Statement of Additional InformationPage

DISTRIBUTION OF THE CONTRACTS . . . . . . . . . . . B-3DETERMINATION OF ANNUITY PAYMENTS . . . . B-3

Amount of Annuity Payments . . . . . . . . . . . . . . . . . . . B-3Annuity Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . B-4Illustrations of Variable Annuity Payments . . . . . . . . B-4

VALUATION OF ASSETS OF THE ACCOUNT . . . . . B-5

Page

TRANSFERABILITY RESTRICTIONS . . . . . . . . . . . B-5EXPERTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-5FINANCIAL STATEMENTS OF THE ACCOUNT . . F-1FINANCIAL STATEMENTS OF NORTHWESTERN

MUTUAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NM-1


TO: The Northwestern Mutual Life Insurance Company

Life and Annuity Products DepartmentRoom T22720 East Wisconsin AvenueMilwaukee, WI 53202

Please send a Statement of Additional Information for the NML Variable Annuity Account B, Flexible PaymentVariable Annuity to:

Name

Address

City State Zip

APPENDIX A—Prior ContractsTo the extent not otherwise described below, or specifically described elsewhere in this prospectus, the material features of priorseries of these Contracts are consistent with the current series of Contracts as described in this prospectus.

FEATURES OFPRIOR CONTRACTS JJ/KK LL/MM

QQFront Load Contract Back Load Contract

Dates Offered(Subject to State Approval)

11/1/1968 - 12/16/1981 12/17/1981 - 3/30/1995 3/31/1995 - 3/30/2000

Front Load Cumulative purchasepayments for the contract yearare subject to the followingfront-end loads:• 8% first $5,000• 4% next $20,000• 2% next $75,000• 1% on amounts over

$100,000

Not Applicable Cumulativepurchase paymentsare subject to thefollowing front-endloads:• 4.00% first

$100,000• 2.00% next

$400,000• 1.00% next

$500,000• 0.50% on

amounts over$1,000,000

Not Applicable

Withdrawal Charge(Back Load)

Not Applicable Cumulative purchasepayments are subject to thefollowing withdrawal charges:• 8% of the first $25,000• 4% of the next $75,000• 2% on amounts over

$100,000

On each anniversary, thecharge reduces 1%.Withdrawal charges arewaived as described in theprospectus (See “Waiver ofWithdrawal Charges”) exceptthat such charges will bewaived if proceeds are settledunder a fixed life income planon or after the 10th contractanniversary, or if proceeds aresettled anytime under avariable life income or periodcertain income plan for aperiod of 5 or more years.

Not Applicable Cumulativepurchase paymentsare subject to thefollowingwithdrawalcharges:• 8.00% of the

first $100,000• 4.00% of the

next $400,000• 2.00% on the

next $500,000• 1.00% on

amounts over$1,000,000

On eachanniversary, thecharge reduces1%. Waiver ofwithdrawalcharges isconsistent withcurrent series.

Annual Mortality Rate/Annuity Rate & ExpenseGuarantee Charge(Applied daily against theunit value of eachvariable investmentdivision.)

Accumulation Units:Maximum: 1%Current: 0.75%

Accumulation Units:Maximum: 1.50%Current: 1.25%

AccumulationUnits:Maximum: 0.75%Current: 0.40%

Annuity Units:Maximum: 0.75%Current: 0.00%

AccumulationUnits:Maximum: 1.50%Current: 1.25%

Annuity Units:Maximum: 1.50%Current: 1.25%




Annual Contract Fee None The contract fee is lesser of$30 or 1% of accumulationvalue at the anniversary, butit is waived in a mannerconsistent with the currentseries.

The contract fee is consistent with thecurrent series.

Amount of the DeathBenefit

Annuitant Dies on or After 75th birthday:The payment at death will be the value of the AccumulationUnits determined as of the close of business on the valuationdate on which proof of death is received in the Home Office,or if later the date on which a method of payment is elected.

Annuitant Dies Before 75th birthday:The payment at death will not be less than the totalconsiderations, excluding those for the Disability Waiver ofConsideration Benefit, paid under the contract; less anyamounts returned in a surrender of a portion of theAccumulation Value.

Annuitant Dies on or After 75th

birthday:The payment at death will be theAccumulation Value of the contractdetermined on the Valuation Date onwhich proof of death is received in theHome Office, or if later the date onwhich a method of payment is elected.

Annuitant Dies Before 75th birthday:The death benefit will not be less than thetotal Purchase Payments paid under thecontract, less any amounts withdrawnunder the contract.

Distribution of theDeath Benefit

Upon receipt in the Home Office of satisfactory proof of the death of the Annuitant before the maturitydate payment of the death benefit will be paid to the beneficiary. The Owner may name or change abeneficiary while the Annuitant is living; or during the first 60 days after the death of the Annuitant, if theAnnuitant was not the Owner immediately prior to the Annuitant’s death. A change made during this 60days cannot be revoked. If the Owner is the Annuitant and dies before the Contract’s Maturity Date, eachbeneficiary may elect to continue his or her respective portion of the death proceeds to a new (currentseries) Contract through an internal exchange. If the Owner is not the Annuitant and the Annuitant diesbefore the maturity Date, the Death Benefit becomes payable to the Owner; however, if the Owner and theBeneficiary are the same, the Owner may elect to exchange the death proceeds to a new (current series)Contract through an internal exchange, or elect any other settlement choice available.

WithdrawalCharge FreeAmount

Not Applicable LL Series:There is no“withdrawalcharge free”amount.

MM Seriesissued before1991:By Companypractice, a“withdrawalcharge free”amount isavailableunder aContract ifthe ContractValue is atleast $10,000on theContractanniversarypreceding thewithdrawal,up to 10% oftheAccumulationValue on thelast Contractanniversary.

Not Applicable By Companypractice, a“withdrawalcharge free”amount isavailable under aContract if theContract Value isat least $10,000 onthe Contractanniversarypreceding thewithdrawal, up to10% of theAccumulationValue on the lastContractanniversary.




Waiver of WithdrawalCharge on Income Plans

Not Applicable LL SeriesWithdrawalcharge isnot waivedon benefitspaid under afixed lifeincomeplan.

MM SeriesThere is no withdrawalcharge on benefitspaid under a fixed lifeincome plan that takeseffect on or after thetenth anniversary ofthe contract.

Not Applicable The waiverof withdrawalcharge on IncomePlans is consistentwith the currentseries.

Maximum Maturity Age By Company practice, and as state law allows, the maximum maturity age is 98.

Fixed Options The rates, Income Plans, transfer restrictions, and other features of the Fixed Options vary from series to seriesand state to state. See your Contract and any Contract amendment for details. You may not invest in any fixedoption unless your Contract provides for a fixed investment option or if your Contract contains an amendmentdated before January 1, 2013 providing for such a fixed investment option.

Expense Examples for Prior ContractsThe following Examples apply to contracts previously issued by the Company and are calculated under the same assumptions asthe Examples for the current Contract. (See “Examples”). Although your actual costs may be higher or lower than those shownbelow, based on these assumptions, your costs would be as follows:

JJ/KK Series Contracts Issued Prior to December 17, 1981


Maximum Total Annual Portfolio Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 802 $1,278 $1,780 $3,152Minimum Total Annual Portfolio Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 715 $ 960 $1,224 $1,977

LL/MM Series Contracts Issued After December 16, 1981 and Prior to March 31, 1995

Assuming a surrender or annuitization, just before the end of each time period, to a fixed income plan prior to the 10th contractanniversary or a period certain income plan for a period of less than 5 years; i.e., where a withdrawal charge would apply


Maximum Total Annual Portfolio Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,067 $1,478 $1,914 $3,223Minimum Total Annual Portfolio Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 975 $1,144 $1,338 $2,041

Assuming no surrender, no annuitization or assuming an annuitization to a fixed life income plan on or after the 10th contractanniversary, or if the proceeds are settled anytime under a variable life income or period certain income plan for a period of 5 ormore years


Maximum Total Annual Portfolio Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 267 $ 878 $1,514 $3,223Minimum Total Annual Portfolio Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 175 $ 544 $ 938 $2,041Annual contract fee is reflected as . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.02%

QQ Series Contracts Issued on or After March 31, 1995 and Prior to March 31, 2000

Back-Load Contract—(assuming a surrender or annuitization, just before the end of each time period, to a fixed income planwith a certain period of less than 12 years; i.e., where a withdrawal charge would apply)


Maximum Total Annual Portfolio Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,067 $1,478 $1,914 $3,223Minimum Total Annual Portfolio Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 975 $1,144 $1,338 $2,041

Back-Load Contract—(assuming no surrender, no annuitization, or assuming an annuitization to a variable income plan; i.e.,where a withdrawal charge would not apply)


Maximum Total Annual Portfolio Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 267 $ 878 $1,514 $3,223Minimum Total Annual Portfolio Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 175 $ 544 $ 938 $2,041


Front-Load Contract


Maximum Total Annual Portfolio Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $582 $1,020 $1,484 $2,762Minimum Total Annual Portfolio Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $493 $ 693 $ 909 $1,530

Front-LoadContract

Back-LoadContract

Annual contract fee is reflected as . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00% 0.02%


APPENDIX B—Accumulation Unit ValuesThe tables on the following pages present the Accumulation Unit Values for Contracts offered by means of this prospectus aswell as contracts no longer offered for sale. The contracts no longer offered for sale are different in certain material respects fromcontracts offered currently. The values shown below for back-load version contracts issued on or after December 17, 1981 andprior to March 31, 2000 are calculated on the same basis as those for the Class B Accumulation Units for the back-load versionContracts described in this prospectus. Accumulation Units Values set forth below for front-load version Contracts issued on orafter March 31, 2000 reflect the values of front-load version Accumulation Units as well as back-load version Class AAccumulation Units. See “Application of Purchase Payments,” “Mortality Rate and Expense Risk Charges—Reduction of theCharges” and “Withdrawal Charges—Withdrawal Charge Rates” for additional information regarding Class A and Class BAccumulation Units under the back-load version Contracts. Number of units outstanding are shown in thousands.

Accumulation Unit ValuesContracts Issued On or After March 31, 2000Northwestern Mutual Series Fund, Inc.

December 31,2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

Growth Stock DivisionFront-Load Version and Back-Load Version Class A

Accumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.964 $1.589 $1.558 $1.477 $1.362 $1.007 $0.896 $0.913 $0.816 $0.598Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,828 49,703 50,834 51,962 52,329 52,702 53,543 51,554 48,351 46,640

Back-Load Version Class BAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5.473 $4.460 $4.407 $4.209 $3.909 $2.913 $2.612 $2.680 $2.415 $1.782Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,327 6,937 7,862 8,926 10,405 11,821 13,848 15,210 16,839 18,772

Focused Appreciation DivisionFront-Load Version and Back-Load Version Class A



Large Cap Core Stock DivisionFront-Load Version and Back-Load Version Class A



Large Cap Blend DivisionFront-Load Version and Back-Load Version Class A



Index 500 Stock DivisionFront-Load Version and Back-Load Version Class A



Large Company Value DivisionFront-Load Version and Back-Load Version Class A



Domestic Equity DivisionFront-Load Version and Back-Load Version Class A




Accumulation Unit ValuesContracts Issued On or After March 31, 2000 (continued)Northwestern Mutual Series Fund, Inc. (continued)

December 31,2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

Equity Income DivisionFront-Load Version and Back-Load Version Class A

Accumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3.276 $2.833 $2.389 $2.574 $2.408 $1.863 $1.597 $1.620 $1.412 $1.139Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,714 101,139 110,078 103,832 88,110 70,821 54,584 38,707 30,620 25,467

Back-Load Version Class BAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2.936 $2.557 $2.173 $2.359 $2.223 $1.733 $1.497 $1.529 $1.343 $1.091Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,225 63,348 71,841 70,133 61,258 51,010 40,398 31,311 26,380 23,592

Mid Cap Growth Stock DivisionFront-Load Version and Back-Load Version Class A






Mid Cap Value DivisionFront-Load Version and Back-Load Version Class A



Small Cap Growth Stock DivisionFront-Load Version and Back-Load Version Class A






Small Cap Value DivisionFront-Load Version and Back-Load Version Class A



International Growth DivisionFront-Load Version and Back-Load Version Class A



Research International Core DivisionFront-Load Version and Back-Load Version Class A





December 31,2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

International Equity DivisionFront-Load Version and Back-Load Version Class A



Emerging Markets Equity DivisionFront-Load Version and Back-Load Version Class A



Government Money Market DivisionFront-Load Version and Back-Load Version Class A



Short-Term Bond DivisionFront-Load Version and Back-Load Version Class A



Select Bond DivisionFront-Load Version and Back-Load Version Class A



Long-Term U.S. Government Bond DivisionFront-Load Version and Back-Load Version Class A



Inflation Protection DivisionFront-Load Version and Back-Load Version Class A



High Yield Bond DivisionFront-Load Version and Back-Load Version Class A



Multi-Sector Bond DivisionFront-Load Version and Back-Load Version Class A





December 31,2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

Balanced DivisionFront-Load Version and Back-Load Version Class A



Asset Allocation DivisionFront-Load Version and Back-Load Version Class A



Fidelity® Variable Insurance ProductsDecember 31,

2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

VIP Mid Cap DivisionFront-Load Version and Back-Load Version Class A



VIP Contrafund® DivisionFront-Load Version and Back-Load Version Class A



Neuberger Berman Advisers Management TrustDecember 31,

2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

Socially Responsive DivisionFront-Load Version and Back-Load Version Class A



Russell Investment FundsDecember 31,

2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

U.S. Strategic Equity DivisionFront-Load Version and Back-Load Version Class A



U.S. Small Cap Equity DivisionFront-Load Version and Back-Load Version Class A




Accumulation Unit ValuesContracts Issued On or After March 31, 2000 (continued)Russell Investment Funds (continued)

December 31,2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

International Developed Markets DivisionFront-Load Version and Back-Load Version Class A

Accumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.637 $1.316 $1.292 $1.316 $1.384 $1.141 $0.957 $1.104 $0.996 $0.791Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,369 56,720 57,081 55,770 53,402 54,845 56,375 52,422 48,665 47,712

Back-Load Version Class BAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.779 $1.442 $1.426 $1.463 $1.551 $1.288 $1.088 $1.265 $1.150 $0.920Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,811 19,082 19,854 22,231 25,320 29,436 32,957 34,107 34,177 35,561

Strategic Bond DivisionFront-Load Version and Back-Load Version Class A



Global Real Estate Securities DivisionFront-Load Version and Back-Load Version Class A



Russell Investment Funds LifePoints® Variable Target Portfolio SeriesDecember 31,

2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

Moderate Strategy DivisionFront-Load Version and Back-Load Version Class A



Balanced Strategy DivisionFront-Load Version and Back-Load Version Class A



Growth Strategy DivisionFront-Load Version and Back-Load Version Class A



Equity Growth Strategy DivisionFront-Load Version and Back-Load Version Class A




Accumulation Unit ValuesContracts Issued On or After March 31, 2000 (continued)Credit Suisse Trust

December 31,2017 2016 2015 2014 2013

Credit Suisse Trust Commodity Return Strategy Division(a),(b)

Front-Load Version and Back-Load Version Class AAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4.853 $4.804 $4.310 $5.778 $6.991Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,730 31,200 26,510 17,014 11,323

Back-Load Version Class BAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4.616 $4.604 $4.162 $5.621 $6.852Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,700 18,646 16,082 10,792 7,128

(a) The initial investment was made on November 15, 2013.

(b) For some of the period shown Northwestern Mutual reimbursed the Division to the extent the net operating expenses of the Credit Suisse Trust Commodity.Return Strategy Portfolio exceeded 0.95%.


Accumulation Unit ValuesContracts Issued On or After March 31, 1995 and Prior to March 31, 2000Northwestern Mutual Series Fund, Inc.

December 31,2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

Growth Stock DivisionFront-Load Version

Accumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6.132 $4.954 $4.855 $4.598 $4.234 $3.129 $2.782 $2.829 $2.528 $1.851Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,554 4,917 5,362 5,905 6,460 7,009 7,867 8,881 10,072 12,347

Back-Load VersionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5.473 $4.460 $4.407 $4.209 $3.909 $2.913 $2.612 $2.680 $2.415 $1.782Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,784 16,226 17,493 18,928 20,285 22,073 24,727 27,233 30,063 33,365

Focused Appreciation DivisionFront-Load Version



Large Cap Core Stock DivisionFront-Load Version



Large Cap Blend DivisionFront-Load Version



Index 500 Stock DivisionFront-Load Version



Large Company Value DivisionFront-Load Version

Accumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.637 $1.479 $1.287 $1.344 $1.194 $0.913 $0.787 $0.779 $0.705 $0.586Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,008 1,004 1,113 1,207 1,344 1,180 1,198 1,279 1,004 656


Domestic Equity DivisionFront-Load Version



Equity Income DivisionFront-Load Version



Mid Cap Growth Stock DivisionFront-Load Version




Accumulation Unit ValuesContracts Issued On or After March 31, 1995 and Prior to March 31, 2000 (continued)Northwestern Mutual Series Fund, Inc. (continued)

December 31,2017 2016 2015 2014 2013 2012 2011 2010 2009 2008




Mid Cap Value DivisionFront-Load Version



Small Cap Growth Stock DivisionFront-Load Version






Small Cap Value DivisionFront-Load Version



International Growth DivisionFront-Load Version



Research International Core DivisionFront-Load Version

Accumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.226 $0.960 $0.975 $0.990 $1.066 $0.900 $0.774 $0.868 $0.785 $0.602Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,214 3,854 3,656 3,606 3,006 2,799 1,941 1,033 977 666


International Equity DivisionFront-Load Version



Emerging Markets Equity DivisionFront-Load Version




Accumulation Unit ValuesContracts Issued On or After March 31, 1995 and Prior to March 31, 2000 (continued)Northwestern Mutual Series Fund, Inc. (continued)

December 31,2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

Government Money Market DivisionFront-Load Version


Back-Load VersionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2.782 $2.800 $2.832 $2.867 $2.901 $2.935 $2.967 $3.000 $3.029 $3.044Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,858 8,522 8,479 9,307 11,404 12,519 14,527 14,286 17,979 21,270

Short-Term Bond DivisionFront-Load Version

Accumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.212 $1.201 $1.186 $1.182 $1.182 $1.180 $1.161 $1.159 $1.123 $1.052Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,794 3,759 3,406 3,598 3,595 3,450 2,510 1,925 1,355 576


Select Bond DivisionFront-Load Version



Long-Term U.S. Government Bond DivisionFront-Load Version

Accumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.982 $1.838 $1.825 $1.860 $1.509 $1.747 $1.691 $1.317 $1.195 $1.290Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,144 1,249 979 1,105 1,192 1,670 1,648 1,322 1,215 1,170


Inflation Protection DivisionFront-Load Version



High Yield Bond DivisionFront-Load Version



Multi-Sector Bond DivisionFront-Load Version



Balanced DivisionFront-Load Version



Asset Allocation DivisionFront-Load Version




Accumulation Unit ValuesContracts Issued On or After March 31, 1995 and Prior to March 31, 2000 (continued)Fidelity® Variable Insurance Products

December 31,2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

VIP Mid Cap DivisionFront-Load Version



VIP Contrafund® DivisionFront-Load Version




2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

Socially Responsive DivisionFront-Load Version

Accumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2.019 $1.712 $1.564 $1.578 $1.435 $1.047 $0.948 $0.982 $0.802 $0.613Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,568 1,719 1,841 1,941 1,885 1,718 1,369 744 589 499



2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

U.S. Strategic Equity DivisionFront-Load Version



U.S. Small Cap Equity DivisionFront-Load Version



International Developed Markets DivisionFront-Load Version



Strategic Bond DivisionFront-Load Version




Accumulation Unit ValuesContracts Issued On or After March 31, 1995 and Prior to March 31, 2000 (continued)Russell Investment Funds (continued)

December 31,2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

Global Real Estate Securities DivisionFront-Load Version



Russell Investment Funds LifePoints® Variable Target Portfolio SeriesDecember 31,

2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

Moderate Strategy DivisionFront-Load Version



Balanced Strategy DivisionFront-Load Version



Growth Strategy DivisionFront-Load Version



Equity Growth Strategy DivisionFront-Load Version

Accumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.458 $1.245 $1.128 $1.178 $1.143 $0.958 $0.831 $0.890 $0.776 $0.596Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 348 676 1,085 1,200 1,179 1,302 1,279 1,507 1,723 1,819


Credit Suisse TrustDecember 31,

2017 2016 2015 2014 2013


Front-Load VersionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4.885 $4.831 $4.330 $5.799 $7.009Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 641 596 610 482 402

Back-Load VersionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4.616 $4.604 $4.162 $5.621 $6.852Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,844 1,600 1,386 1,063 751




Accumulation Unit ValuesContracts Issued After December 16, 1981 and Prior to March 31,1995Northwestern Mutual Series Fund, Inc.

December 31,2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

Growth Stock DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5.473 $4.460 $4.407 $4.209 $3.909 $2.913 $2.612 $2.680 $2.415 $1.782Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,799 13,010 14,358 15,908 17,102 18,836 21,133 23,319 25,779 28,300

Focused Appreciation DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4.450 $3.372 $3.225 $2.873 $2.658 $2.087 $1.759 $1.896 $1.756 $1.248Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,340 9,933 11,075 11,667 12,332 12,560 13,214 14,331 15,129 15,395

Large Cap Core Stock DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3.949 $3.202 $3.014 $3.149 $2.937 $2.313 $2.098 $2.150 $1.928 $1.510Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,144 13,764 15,292 16,773 18,317 19,952 23,049 25,189 27,446 29,987

Large Cap Blend DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.563 $1.329 $1.181 $1.225 $1.102 $0.853 $0.750 $0.777 $0.688 $0.547Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,656 5,116 5,962 6,169 6,474 6,175 6,488 6,484 5,846 4,120

Index 500 Stock DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9.937 $8.280 $7.503 $7.510 $6.702 $5.139 $4.495 $4.465 $3.935 $3.152Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,360 35,364 38,408 40,498 43,752 47,257 52,601 58,100 63,461 69,201

Large Company Value DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.495 $1.363 $1.196 $1.260 $1.128 $0.870 $0.757 $0.755 $0.689 $0.578Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,696 7,237 7,685 8,308 8,864 7,777 6,199 6,571 4,737 3,358

Domestic Equity DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2.444 $2.175 $1.915 $1.941 $1.726 $1.304 $1.155 $1.159 $1.024 $0.800Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,054 20,523 21,003 22,837 25,017 27,238 31,246 35,611 37,915 40,529

Equity Income DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2.936 $2.557 $2.173 $2.359 $2.223 $1.733 $1.497 $1.529 $1.343 $1.091Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,115 15,671 17,802 19,203 19,758 19,058 19,821 18,526 18,514 18,755

Mid Cap Growth Stock DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9.489 $7.987 $8.021 $8.064 $7.526 $6.071 $5.491 $5.925 $4.844 $3.713Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,658 22,012 24,258 26,300 28,927 31,775 35,384 39,263 43,529 47,926


Mid Cap Value DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3.644 $3.300 $2.711 $2.782 $2.414 $1.877 $1.630 $1.661 $1.402 $1.152Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,521 7,190 7,212 7,856 7,396 7,395 7,402 7,752 7,628 7,949

Small Cap Growth Stock DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5.158 $4.295 $3.874 $3.910 $3.644 $2.662 $2.462 $2.565 $2.063 $1.593Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,139 7,733 8,774 9,373 10,297 11,708 13,368 15,236 16,798 18,409


Small Cap Value DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3.885 $3.523 $2.695 $2.886 $2.915 $2.240 $1.950 $2.002 $1.662 $1.313Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,948 11,288 12,399 14,127 15,337 15,851 17,697 19,089 20,513 21,473

International Growth DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.970 $1.534 $1.608 $1.657 $1.757 $1.485 $1.275 $1.487 $1.293 $1.063Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,721 13,914 14,264 14,981 15,623 16,680 18,134 19,931 21,183 22,242

Research International Core DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.120 $0.885 $0.906 $0.928 $1.007 $0.857 $0.744 $0.841 $0.767 $0.594Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,671 13,665 13,397 12,263 10,489 9,397 7,294 4,706 4,232 2,980

International Equity DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4.479 $3.708 $3.649 $3.778 $4.195 $3.500 $2.916 $3.285 $3.089 $2.350Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,247 41,720 45,246 48,546 52,545 57,297 63,005 68,845 74,624 80,885

Emerging Markets Equity DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.083 $0.857 $0.796 $0.918 $0.992 $1.059 $0.902 $1.123 $0.917 $0.547Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,312 23,957 24,442 23,178 21,228 18,889 16,748 15,784 13,381 7,860

Government Money Market DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2.782 $2.800 $2.832 $2.867 $2.901 $2.935 $2.967 $3.000 $3.029 $3.044Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,426 19,762 18,943 20,084 23,383 25,523 25,260 24,659 33,396 43,323

Short-Term Bond DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.107 $1.106 $1.102 $1.107 $1.117 $1.125 $1.116 $1.124 $1.098 $1.037Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,634 17,530 16,289 16,703 15,570 11,337 9,961 8,550 6,142 2,282


Accumulation Unit ValuesContracts Issued After December 16, 1981 and Prior to March 31,1995 (continued)Northwestern Mutual Series Fund, Inc. (continued)

December 31,2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

Select Bond DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $14.253 $13.932 $13.689 $13.788 $13.225 $13.687 $13.204 $12.476 $11.852 $10.973Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,175 11,525 12,327 13,231 13,955 14,918 14,863 16,045 16,193 16,685

Long-Term U.S. Government Bond DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.810 $1.693 $1.696 $1.743 $1.426 $1.665 $1.625 $1.276 $1.168 $1.272Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,969 5,314 5,695 6,218 6,225 8,341 8,373 8,461 8,094 9,012

Inflation Protection DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.290 $1.261 $1.220 $1.263 $1.240 $1.370 $1.292 $1.169 $1.121 $1.032Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,878 14,599 15,376 16,848 17,195 18,146 14,650 13,323 9,802 5,973

High Yield Bond DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3.954 $3.745 $3.309 $3.397 $3.400 $3.253 $2.892 $2.800 $2.475 $1.723Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,861 11,244 12,400 14,039 14,098 14,954 14,650 15,317 16,246 17,421

Multi-Sector Bond DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.644 $1.535 $1.400 $1.449 $1.421 $1.462 $1.288 $1.242 $1.111 $0.922Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,230 23,537 22,967 22,819 21,132 19,615 16,033 13,106 8,938 5,330

Balanced DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $13.690 $12.378 $11.759 $11.922 $11.435 $10.331 $9.537 $9.456 $8.553 $7.131Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,302 68,110 74,292 80,648 87,258 94,548 102,331 111,025 120,585 132,204

Asset Allocation DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2.058 $1.814 $1.704 $1.733 $1.668 $1.448 $1.321 $1.338 $1.199 $0.955Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,028 19,653 21,157 23,714 24,685 28,077 30,990 34,606 37,148 39,348


2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

VIP Mid Cap DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4.733 $3.976 $3.597 $3.703 $3.536 $2.635 $2.329 $2.645 $2.083 $1.510Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,598 9,711 11,058 12,368 12,948 13,476 15,147 16,104 16,578 17,225

VIP Contrafund® DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.929 $1.606 $1.510 $1.522 $1.380 $1.067 $0.931 $0.969 $0.839 $0.627Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,699 17,077 18,415 19,020 18,885 18,302 17,856 14,553 12,669 9,969


2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

Socially Responsive DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.845 $1.577 $1.454 $1.479 $1.356 $0.998 $0.911 $0.951 $0.784 $0.604Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,466 6,553 7,188 7,138 6,497 5,741 4,458 2,578 1,423 963


2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

U.S. Strategic Equity DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.934 $1.621 $1.484 $1.486 $1.347 $1.026 $0.898 $0.924 $0.803 $0.619Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,039 10,253 11,632 13,018 14,936 16,226 18,401 21,161 22,867 25,157

U.S. Small Cap Equity DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2.734 $2.397 $2.045 $2.231 $2.225 $1.609 $1.407 $1.487 $1.206 $0.929Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,952 4,308 4,727 5,439 6,191 6,681 7,975 8,840 9,076 10,259

International Developed Markets DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.779 $1.442 $1.426 $1.463 $1.551 $1.288 $1.088 $1.265 $1.150 $0.920Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,037 10,986 12,056 12,912 13,433 15,029 16,760 18,158 19,057 20,493

Strategic Bond DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.972 $1.922 $1.888 $1.914 $1.838 $1.889 $1.765 $1.707 $1.571 $1.373Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,379 19,137 19,700 20,175 20,490 19,137 17,528 17,241 16,593 17,152

Global Real Estate Securities DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4.084 $3.699 $3.635 $3.672 $3.240 $3.165 $2.513 $2.737 $2.255 $1.771Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,122 12,726 13,649 14,688 15,257 16,245 16,868 17,940 19,170 19,153


Accumulation Unit ValuesContracts Issued After December 16, 1981 and Prior to March 31,1995 (continued)Russell Investment Funds LifePoints® Variable Target Portfolio Series

December 31,2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

Moderate Strategy DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.449 $1.335 $1.255 $1.293 $1.248 $1.184 $1.079 $1.091 $0.981 $0.811Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,215 10,684 11,602 12,328 10,772 11,730 10,483 7,601 6,226 3,856

Balanced Strategy DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.448 $1.309 $1.215 $1.260 $1.219 $1.098 $0.985 $1.021 $0.907 $0.732Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,101 16,997 18,762 19,518 21,170 20,505 19,805 16,825 14,345 10,785

Growth Strategy DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.403 $1.228 $1.133 $1.187 $1.158 $1.006 $0.892 $0.948 $0.834 $0.657Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,179 8,320 8,267 8,515 8,393 8,440 7,816 8,391 7,221 5,603

Equity Growth Strategy DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.332 $1.147 $1.048 $1.104 $1.080 $0.913 $0.799 $0.863 $0.759 $0.587Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 971 983 2,084 2,875 3,349 2,685 3,243 3,625 4,872 4,795


2017 2016 2015 2014 2013


Accumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4.616 $4.604 $4.162 $5.621 $6.852Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,581 2,211 2,149 1,671 1,286




Accumulation Unit ValuesContracts Issued Prior to December 17, 1981Northwestern Mutual Series Fund, Inc.

December 31,2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

Growth Stock DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6.161 $4.995 $4.911 $4.668 $4.314 $3.199 $2.854 $2.913 $2.612 $1.918Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137 150 170 175 188 220 242 267 280 307

Focused Appreciation DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4.788 $3.610 $3.436 $3.046 $2.804 $2.190 $1.837 $1.971 $1.816 $1.284Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 82 78 93 119 141 135 161 217 304

Large Cap Core Stock DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4.446 $3.587 $3.360 $3.492 $3.240 $2.539 $2.292 $2.337 $2.085 $1.625Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 64 74 106 128 165 167 190 198 274

Large Cap Blend DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.648 $1.395 $1.233 $1.273 $1.140 $0.877 $0.767 $0.791 $0.697 $0.552Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 18 26 45 31 31 30 30 35 18

Index 500 Stock DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $11.378 $9.433 $8.506 $8.471 $7.522 $5.739 $4.995 $4.936 $4.329 $3.450Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,320 1,588 1,784 1,953 2,178 2,507 3,257 3,506 3,873 4,074

Large Company Value DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.577 $1.430 $1.249 $1.309 $1.167 $0.895 $0.775 $0.769 $0.698 $0.583Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 20 28 30 51 31 43 32 14 31

Domestic Equity DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2.653 $2.349 $2.058 $2.076 $1.836 $1.380 $1.216 $1.215 $1.068 $0.830Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82 100 92 128 136 177 263 251 257 300

Equity Income DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3.159 $2.738 $2.315 $2.501 $2.345 $1.819 $1.563 $1.589 $1.388 $1.123Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93 97 109 136 178 194 225 162 146 144

Mid Cap Growth Stock DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10.866 $9.101 $9.094 $9.097 $8.448 $6.780 $6.101 $6.552 $5.330 $4.065Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114 122 147 149 178 191 203 252 281 321

Index 400 Stock DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5.166 $4.489 $3.757 $3.877 $3.570 $2.701 $2.313 $2.376 $1.896 $1.394Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 84 88 117 167 115 195 230 242 318

Mid Cap Value DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3.921 $3.533 $2.889 $2.950 $2.547 $1.970 $1.703 $1.726 $1.450 $1.185Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54 108 55 96 78 93 88 92 95 134

Small Cap Growth Stock DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5.663 $4.692 $4.211 $4.229 $3.922 $2.851 $2.624 $2.719 $2.177 $1.672Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 44 57 165 190 148 171 197 167 146

Index 600 Stock DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2.265 $2.021 $1.614 $1.665 $1.593 $1.141 $0.993 $0.991 $0.793 $0.638Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 40 40 164 217 70 92 68 47 6

Small Cap Value DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4.218 $3.806 $2.896 $3.086 $3.102 $2.372 $2.055 $2.099 $1.734 $1.363Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111 140 143 214 220 227 269 271 251 265

International Growth DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2.139 $1.657 $1.729 $1.772 $1.870 $1.573 $1.343 $1.558 $1.348 $1.103Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156 88 92 126 147 171 184 238 233 256

Research International Core DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.182 $0.929 $0.946 $0.964 $1.041 $0.882 $0.761 $0.857 $0.777 $0.599Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126 105 123 125 119 86 89 52 68 48

International Equity DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5.067 $4.174 $4.087 $4.211 $4.652 $3.862 $3.202 $3.588 $3.358 $2.541Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224 249 299 325 393 444 482 680 851 865

Emerging Markets Equity DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.142 $0.900 $0.831 $0.954 $1.026 $1.090 $0.924 $1.144 $0.929 $0.552Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124 129 139 165 181 168 166 216 112 71

Government Money Market DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3.331 $3.336 $3.357 $3.382 $3.405 $3.427 $3.448 $3.469 $3.485 $3.484Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152 178 118 161 235 227 299 211 391 458

Short-Term Bond DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.167 $1.161 $1.150 $1.151 $1.155 $1.157 $1.143 $1.145 $1.113 $1.046Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 249 131 113 141 270 67 94 118 68 2


Accumulation Unit ValuesContracts Issued Prior to December 17, 1981 (continued)Northwestern Mutual Series Fund, Inc. (continued)

December 31,2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

Select Bond DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $17.069 $16.601 $16.230 $16.266 $15.524 $15.986 $15.345 $14.427 $13.637 $12.562Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . 223 229 251 282 302 351 427 429 450 458

Long-Term U.S. Government Bond DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.910 $1.777 $1.771 $1.811 $1.475 $1.713 $1.664 $1.300 $1.184 $1.283Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . 35 37 40 41 37 96 78 49 32 31

Inflation Protection DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.361 $1.324 $1.274 $1.312 $1.282 $1.409 $1.322 $1.190 $1.136 $1.040Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . 137 134 114 137 131 183 186 64 75 71

High Yield Bond DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4.451 $4.195 $3.688 $3.767 $3.752 $3.571 $3.159 $3.043 $2.677 $1.855Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . 99 99 103 110 109 113 140 139 144 147

Multi-Sector Bond DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.734 $1.612 $1.462 $1.506 $1.470 $1.504 $1.319 $1.266 $1.126 $0.930Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . 183 155 132 145 128 129 92 60 16 35

Balanced DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $16.390 $14.745 $13.938 $14.060 $13.419 $12.062 $11.079 $10.932 $9.838 $8.162Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . 657 1,005 1,115 1,218 1,287 1,529 1,591 1,850 1,953 2,140

Asset Allocation DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2.234 $1.959 $1.831 $1.853 $1.775 $1.533 $1.391 $1.403 $1.251 $0.992Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . 215 226 234 342 273 349 355 320 352 440


2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

VIP Mid Cap DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5.094 $4.258 $3.833 $3.925 $3.730 $2.766 $2.432 $2.749 $2.154 $1.553Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . 125 140 151 221 243 209 223 211 172 174

VIP Contrafund® DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2.034 $1.686 $1.577 $1.582 $1.427 $1.098 $0.953 $0.987 $0.851 $0.633Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . 132 133 163 185 175 198 180 192 113 58


2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

Socially Responsive DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.946 $1.655 $1.518 $1.537 $1.402 $1.027 $0.932 $0.969 $0.795 $0.609Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . 47 47 43 58 64 40 41 27 28 19


2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

U.S. Strategic Equity DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2.123 $1.771 $1.613 $1.607 $1.450 $1.099 $0.957 $0.979 $0.847 $0.650Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . 31 32 42 202 238 271 423 482 541 553

U.S. Small Cap Equity DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3.002 $2.619 $2.223 $2.414 $2.394 $1.723 $1.499 $1.576 $1.272 $0.975Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . 14 14 19 45 72 190 198 237 216 223

International Developed Markets DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.954 $1.575 $1.550 $1.583 $1.669 $1.379 $1.160 $1.341 $1.213 $0.966Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . 51 53 52 56 106 187 244 308 266 274

Strategic Bond DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2.165 $2.100 $2.052 $2.070 $1.978 $2.022 $1.880 $1.809 $1.657 $1.442Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . 180 172 165 192 1,639 177 211 223 233 208

Global Real Estate Securities DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4.484 $4.041 $3.952 $3.972 $3.487 $3.390 $2.677 $2.902 $2.379 $1.859Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . 923 921 926 939 153 1,026 178 185 191 244


Accumulation Unit ValuesContracts Issued Prior to December 17, 1981 (continued)Russell Investment Funds LifePoints® Variable Target Portfolio Series

December 31,2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

Moderate Strategy DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.529 $1.401 $1.310 $1.343 $1.291 $1.218 $1.105 $1.112 $0.994 $0.818Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 51 54 56 59 105 65 — — —

Balanced Strategy DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.527 $1.374 $1.269 $1.309 $1.261 $1.130 $1.008 $1.040 $0.919 $0.738Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — 1 1 1 1 300 300

Growth Strategy DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.480 $1.289 $1.184 $1.233 $1.198 $1.035 $0.913 $0.966 $0.846 $0.663Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 — — — — — —

Equity Growth Strategy DivisionAccumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.405 $1.204 $1.094 $1.147 $1.117 $0.939 $0.818 $0.879 $0.769 $0.592Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 4 4 4 7 7 7 2


2017 2016 2015 2014 2013


Accumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4.773 $4.737 $4.260 $5.725 $6.945Number of Units Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13 12 12 11




SUMMARY PROSPECTUSMAY 1, 2018 Growth Stock Portfolio

Before you invest, you may want to review the Portfolio’s prospectus, which contains more information about the Portfolioand its risks. You can find the Portfolio’s prospectus and other information about the Portfolio online atwww.nmseriesfund.com. You can also get this information at no cost by calling 1-888-455-2232 or by sending an e-mailrequest to [email protected]. The current prospectus and statement of additional information, eachdated May 1, 2018, along with the Portfolio’s most recent annual report dated December 31, 2017, are incorporated byreference into this Summary Prospectus. The Portfolio’s statement of additional information and annual report may beobtained, free of charge, in the same manner as the prospectus.

INVESTMENT OBJECTIVEThe investment objective of the Portfolio is long-term growth of capital. Current income is a secondary objective.

FEES AND EXPENSES OF THE PORTFOLIOThe table below describes the fees and expenses that you may pay when you buy and hold interests in a separate account thatinvests in shares of the Portfolio as a result of your purchase of a variable annuity contract or variable life insurance policy. Thefees and expenses shown in the table and Example do not reflect fees and expenses separately charged by variable annuitycontracts or variable life insurance policies. If the fees and expenses separately charged by variable annuity contracts and variablelife insurance policies were included, the fees and expenses shown in the table and the Example would be higher.

Shareholder Fees(fees paid directly from your investment) N/A

Annual Portfolio Operating Expenses(expenses that you pay each year as a percentageof the value of your investment)

Management Fee 0.42%

Distribution and Service (12b-1) Fees None

Other Expenses 0.02%

Total Annual Portfolio Operating Expenses 0.44%

Fee Waiver(1) (0.01)%

Total Annual Portfolio Operating Expenses AfterFee Waiver(1) 0.43%

(1) The Portfolio’s investment adviser has entered into awritten agreement to waive a portion of its management fee.This fee waiver agreement may be terminated by the adviserat any time after April 30, 2019.

ExampleThis Example is intended to help you compare the cost ofinvesting in the Portfolio with the cost of investing in othermutual funds. The Example assumes that you invest $10,000in the Portfolio for the time periods indicated and then redeemall of your shares at the end of those periods. The Examplealso assumes that your investment has a 5% return each yearand that the Portfolio’s operating expenses remain the same.The Example reflects adjustments made to the Portfolio’soperating expenses due to the fee waiver agreement with theinvestment adviser for the first year only. Although youractual costs may be higher or lower, based on theseassumptions your costs would be:


$44 $140 $246 $554

Portfolio TurnoverThe Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). Ahigher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in Annual PortfolioOperating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’sportfolio turnover rate was 57.70% of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIESNormally, the Portfolio invests at least 80% of net assets (plus any borrowings for investment purposes) in the equity securities ofmedium and large capitalization companies. For this purpose, medium and large capitalization companies are those with a marketcapitalization of companies in the Russell 1000® Growth Index. As of March 31, 2018, companies in the Russell 1000® GrowthIndex had market capitalizations between approximately $1billion and $851 billion.

The Portfolio invests in stocks selected by a team of Global Research analysts, with each analyst responsible for investments inhis or her area of expertise. These analysts use a fundamental research process to identify investments for the Portfolio. Theanalysts, under the direction of the director of the Global Research team, determine the Portfolio’s allocations among market

NMSF–1 Northwestern Mutual Series Fund, Inc.

Growth Stock Portfolio

sectors. The Portfolio invests in those companies in which the analysts have the highest degree of conviction or have identifiedthe potential for strong earnings growth or share price appreciation in the near-term. The analysts’ focus on fundamental stockselection leads them not only to stocks with capital-appreciation potential, but also to companies that can generate cash flow andthus support dividends.

The Portfolio seeks to reduce overall risk by diversifying its assets across economic sectors, industry groups and companies. ThePortfolio is structured so that its sector weights are generally similar to those of the Russell 1000® Growth Index, the Portfolio’sbenchmark. As a result, the Portfolio may at times have a relatively high percentage of its assets invested in a particular sector.

The Portfolio invests primarily in common stocks. It may also invest up to 20% of net assets in foreign based companies listed onforeign exchanges, either directly or through American Depositary Receipts (ADRs).

The Portfolio typically sells a security when the research analyst responsible for the investment believes there has been a changein the fundamental factors surrounding the company, the company has been fully valued, or a more attractive opportunity hasbeen identified.

PRINCIPAL RISKSPortfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be noassurance that the Portfolio will achieve its objectives. The main risks of investing in this Portfolio are identified below.

• Active Management Risk – The adviser’s investment strategies and techniques may not perform as expected which couldcause the Portfolio to underperform other mutual funds or lose money.

• ADR Risk – ADRs are receipts representing ownership of shares of a foreign issuer held by a U.S. bank or similar financialinstitution that entitle the holder to dividends and capital gains on the underlying foreign shares. ADRs are alternatives todirectly purchasing the underlying foreign securities in their national markets and currencies. They are subject to many of therisks associated with direct investments in the foreign securities, such as currency risk, political and economic risk and marketrisk, because their values depend on the performance of the non-dollar denominated underlying foreign securities. ThePortfolio is also subject to fees and the credit risk of the financial institution holding the ADRs.

• Equity Securities Risk – The value of equity securities, such as common stocks, could decline if the financial condition of thecompanies the Portfolio is invested in declines or if overall market and economic conditions deteriorate. Equity securitiesgenerally have greater price volatility than fixed income securities.

• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in valueor more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differingreporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,political and economic conditions, or diplomatic developments. Foreign securities may be adversely affected by decreases inforeign currency values relative to the U.S. dollar and may be less liquid, more volatile, and harder to value thanU.S. securities.

• Investment Style Risk – A Portfolio managed using a growth style of investing, such as the Portfolio, may underperformwhen the market does not favor the particular style used by the Portfolio. Different investment styles tend to shift in and out offavor, depending on market conditions and investor sentiment.

• Large Cap Company Risk – Investing in large cap stocks could cause the Portfolio to underperform in markets favoringfaster growing companies. Large cap stocks tend to be more mature with fewer opportunities to grow and may not have thesame growth potential as stocks with smaller capitalizations.

• Market Risk – The risk that the market price of securities owned by the Portfolio may go up or down, sometimes rapidly orunpredictably, due to factors affecting securities markets generally or particular industries.

• Mid Cap Company Risk – Investing in mid cap stocks may cause greater risk of loss and price fluctuation than investing instocks of larger cap companies due to a more limited track record, narrower product markets, more limited resources and lessliquid trading markets. These stocks may be more volatile and more difficult to buy and sell than stocks with larger capitalizations.

• Sector Concentration Risk – To the extent the Portfolio invests a relatively high percentage of its assets in a particular sector, itwill have greater exposure to the risks associated with that sector, including the risk that the securities of companies within thesector will underperform due to adverse economic conditions, regulatory or legislative changes or increased competition affectingthe sector. To the extent the Portfolio is underweight other sectors, the Portfolio risks missing out on advances in those sectors.

Northwestern Mutual Series Fund, Inc. NMSF–2

Growth Stock Portfolio

• Underlying Portfolio Risk – The Portfolio may serve as an investment option, or “Underlying Portfolio,” for other portfoliosof Northwestern Mutual Series Fund, Inc. that are managed as “fund of funds.” As a result, from time to time, the Portfoliomay experience relatively large investments or redemptions from those other portfolios and could be required to invest cash orsell securities at a time when it is not advantageous to do so.

PERFORMANCEThe following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio hasvaried from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain timeperiods and compares the Portfolio’s returns with those of a broad measure of market performance as well as with the averagereturns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of the Portfolio.Returns are based on past results and are not an indication of future performance. Neither the bar chart nor the table reflects thefees and expenses separately charged by the variable annuity contract or variable life insurance policy separate account thatinvests in the Portfolio and returns would be lower if those fees and expenses were reflected.

-50%

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0%

10%

20%

30%

50%

40%

2017

24.27%

2008

2015

2014

2013

2009

2010

2011

2012

-38.86%

37.17%

12.37%

-1.30%

12.94%

35.86%

9.02% 6.01%

2016

2.47%

Best Qtr: 1st – ‘12 17.23% Worst Qtr: 4th – ‘08 -22.25%

Average Annual Total Return(for periods ended December 31, 2017)

1 Yr 5 Yrs 10 Yrs

Growth Stock Portfolio24.27% 14.86% 7.70%

Russell 1000® Growth Index(reflects no deduction for fees, expenses or taxes)30.21% 17.33% 10.00%

Lipper® Variable Insurance Products (VIP) Large Cap GrowthFunds Average

(reflects deductions for fees and expenses)30.84% 16.28% 8.72%

PORTFOLIO MANAGEMENTInvestment Adviser: Mason Street Advisors, LLC (MSA)Sub-Adviser: BNY Mellon Asset Management North America Corporation (BNY Mellon AMNA)Portfolio Manager: Elizabeth Slover, Portfolio Manager, Senior Managing Director at BNY Mellon AMNA and Director ofBNY Mellon AMNA’s Global Research team, who has been with BNY Mellon AMNA since 2005, has managed the Portfoliosince 2013.

TAX INFORMATIONShares of the Portfolio are offered only for funding variable annuity contracts and variable life insurance policies offered by TheNorthwestern Mutual Life Insurance Company through separate accounts. Insurance company separate accounts generally do notpay tax on dividends or capital gain distributions. Investors in variable annuity contracts and variable life insurance policiesshould refer to the prospectuses for the variable products for a discussion of the tax considerations that affect the insurancecompany and its separate accounts and the tax consequences to investors of owning such products.

COMPENSATION TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIESNeither the Portfolio nor any related companies pay compensation to broker-dealers or other financial intermediaries for the saleof Portfolio shares or related services. Investors in variable annuity contracts and variable life insurance policies should refer tothe prospectuses for the variable products for important information about compensation paid to financial intermediaries for salesof variable annuity contracts and variable life insurance policies.


SUMMARY PROSPECTUSMAY 1, 2018 Focused Appreciation Portfolio


INVESTMENT OBJECTIVEThe investment objective of the Portfolio is long-term growth of capital.













$64 $228 $405 $919


PRINCIPAL INVESTMENT STRATEGIESThe Portfolio invests primarily in the equity securities of companies selected for their growth potential. The Portfolio focuses onequity securities of large capitalization companies, but may invest in companies of any size. For this purpose, large capitalizationcompanies are those with a market capitalization in excess of $5 billion at the time of purchase.

The adviser employs a growth style of equity management that emphasizes companies with sustainable competitive advantages,long-term structural growth drivers, profitable cash flow returns, and management teams focused on creating long-term value forshareholders. Long-term structural growth drivers are dynamics that in the manager’s opinion are not likely to change for fiveyears or longer such as the transition of consumer shopping from in-store to online. The adviser aims to invest in companies when


Focused Appreciation Portfolio

they trade at a significant discount to the estimate of their intrinsic value. The intrinsic value of a company is the true worth of itsbusiness as perceived by the portfolio managers, which may not be fully reflected in the market price of its stock. The advisercalculates the intrinsic value of a company by the discounted net present value of future cash flows. The Portfolio normallyinvests across a wide range of sectors and industries. The Portfolio’s sector exposure relative to its benchmark is driven by theadviser’s stock selection process and, as a result, may at times have a relatively high percentage of its assets invested in aparticular sector.

The Portfolio invests primarily in a core group of 30-40 securities, but may exceed this range. The Portfolio invests primarily incommon stocks. The Portfolio may invest up to 20% of its net assets in foreign securities, including American Depositary Receipts(ADRs) and emerging market securities. The Portfolio is classified as “non-diversified” under the Investment Company Act of 1940, asamended, which means it may hold a larger position in a particular company or smaller number of companies than a “diversified” fund.

The Portfolio may sell an investment when the portfolio manager believes an unfavorable structural change occurs within a givenbusiness or the markets in which it operates, a critical underlying investment assumption is flawed, when a more attractivereward-to-risk opportunity becomes available, when the current price reflects intrinsic value, or for other investment reasonswhich the portfolio manager deems appropriate.

PRINCIPAL RISKSPortfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be noassurance that the Portfolio will achieve its objective. The main risks of investing in this Portfolio are identified below.




• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in valueor more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differingreporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,political and economic conditions, or diplomatic developments. Foreign securities may be adversely affected by decreases inforeign currency values relative to the U.S. dollar and may be less liquid, more volatile, and harder to value than U.S.securities. The Portfolio’s investments in emerging markets heighten these risks due to a lack of established legal, political,business and social frameworks to support securities markets.

• Investment Style Risk – A Portfolio managed using a growth style of investing, such as the Portfolio, may underperformwhen the market does not favor the particular style used by the Portfolio. Different investment styles tend to shift in and out offavor, depending on market conditions and investor sentiment.


• Liquidity Risk – Certain of the Portfolio’s investments, such as small cap stocks and foreign securities, in particular emergingmarket securities, may be difficult to purchase or sell at an advantageous time or price, if at all. These risks may be magnifiedduring periods of economic turmoil or in an extended economic downturn.


• Mid and Small Cap Company Risk – Investing in mid and small cap stocks may cause greater risk of loss and pricefluctuation than investing in stocks of larger cap companies due to a more limited track record, narrower product markets, morelimited resources and less liquid trading markets. These stocks may be more volatile and more difficult to buy and sell thanstocks with larger capitalizations.


Focused Appreciation Portfolio

• Non-Diversification Risk – The Portfolio is classified as a non-diversified fund and is permitted to invest a greater portion ofits assets in a single security or a small number of securities. As a result, an increase or decrease in the value of single securityheld by the Portfolio may have a greater impact on the Portfolio’s net asset value and total return, and the Portfolio’sperformance could be more volatile than the performance of funds that hold a greater number of securities.

• Sector Concentration Risk – To the extent the Portfolio invests a relatively high percentage of its assets in a particular sector,it will have greater exposure to the risks associated with that sector, including the risk that the securities of companies withinthe sector will underperform due to adverse economic conditions, regulatory or legislative changes or increased competitionaffecting the sector. To the extent the Portfolio is underweight other sectors, the Portfolio risks missing out on advances inthose sectors.



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0%

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20%

30%

50%

40%

2017

33.62%

2008

2013

2015

2014

2009

2010

2011

2012

-40.10%

42.47%

9.33%

-6.10%

20.14%29.01%

9.43%13.64%

2016

5.87%

Best Qtr: 2nd – ‘09 17.90% Worst Qtr: 4th – ‘08 -23.19%


1 Yr 5 Yrs 10 Yrs

Focused Appreciation Portfolio33.62% 17.81% 9.12%


Lipper® Variable Insurance Products (VIP) Large Cap GrowthFunds Average


PORTFOLIO MANAGEMENTInvestment Adviser: Mason Street Advisors, LLCSub-Adviser: Loomis, Sayles & Company, L.P. (Loomis Sayles)Portfolio Manager: Aziz V. Hamzaogullari, CFA, Vice President of Loomis Sayles, joined Loomis Sayles in 2010 and beganmanaging the Portfolio in 2015.




SUMMARY PROSPECTUSMAY 1, 2018 Large Cap Core Stock Portfolio


INVESTMENT OBJECTIVEThe investment objective of the Portfolio is long-term growth of capital and income.







Total Annual Portfolio Operating Expenses(1) 0.46%

(1) Restated to reflect current expenses.

ExampleThis Example is intended to help you compare the cost ofinvesting in the Portfolio with the cost of investing in othermutual funds. The Example assumes that you invest $10,000in the Portfolio for the time periods indicated and then redeemall of your shares at the end of those periods. The Examplealso assumes that your investment has a 5% return each yearand that the Portfolio’s operating expenses remain the same.Although your actual costs may be higher or lower, based onthese assumptions your costs would be:


$47 $148 $258 $579


PRINCIPAL INVESTMENT STRATEGIESNormally, the Portfolio invests at least 80% of net assets (plus any borrowings for investment purposes) in equity securities oflarge capitalization companies. For this purpose, large capitalization equity investments are those whose market capitalizationsare above $5 billion at the time of purchase.

In managing the Portfolio, the adviser allocates the Portfolio’s assets across a variety of industries, selecting companies in eachindustry based on the research of a team of global industry analysts. The Portfolio typically seeks to maintain representation ineach major industry represented by broad-based, large cap U.S. equity indices.

In analyzing a prospective investment for the Portfolio, the adviser utilizes a “bottom-up” approach, which is the use of fundamentalanalysis to identify specific securities for purchase or sale. Fundamental analysis of a company involves the assessment of a varietyof factors, including the company’s business environment, management quality, balance sheet, income statement, anticipatedearnings, revenues and dividends, and other related measures or indicators of valuation and growth potential. The Portfolio’s sectorexposures generally conform with the sector weights present in the Portfolio’s benchmark index and as a result, in combination withthe Portfolio’s reliance on fundamental company analysis, and based upon market or economic conditions, the Portfolio may at timeshave a relatively high percentage of its assets invested in a particular sector of the market.


Large Cap Core Stock Portfolio

The Portfolio invests primarily in U.S. common stocks. Up to 20% of the Portfolio’s net assets may be invested in foreign basedcompanies listed on foreign exchanges, either directly or through American Depositary Receipts (ADRs).

The Portfolio may sell a security for a variety of reasons, including a significant adverse change in the company’s businessfundamentals, if the company has become significantly overvalued in terms of earnings, assets or growth prospects, or moreattractive alternatives exist.





• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in valueor more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differingreporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,political and economic conditions, or diplomatic developments. Foreign securities may be adversely affected by decreases inforeign currency values relative to the U.S. dollar and may be less liquid, more volatile, and harder to value thanU.S. securities.

• Investment Style Risk – A portfolio managed using a particular style of investing, such as growth or value or a combination ofboth, may underperform when the market does not favor the particular style used by the Portfolio. Different investment stylestend to shift in and out of favor, depending on market conditions and investor sentiment.





PERFORMANCEThe following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio hasvaried from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain timeperiods and compares the Portfolio’s returns with those of a broad measure of market performance as well as with the averagereturns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of the Portfolio.Prior to October 27, 2017, the sub-adviser to the Portfolio was different. Performance shown may have been different if the


Large Cap Core Stock Portfolio

current strategy, and the current sub-adviser, had been in place during the periods shown. Returns are based on past results andare not an indication of future performance. Neither the bar chart nor the table reflects the fees and expenses separately chargedby the variable annuity contract or variable life insurance policy separate account that invests in the Portfolio and returns wouldbe lower if those fees and expenses were reflected.

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40%

2008

2013

2009

2010

2011

2012

2015

2014

-38.74%

29.33%

12.91%

-1.21% -3.06%

11.63%

28.58%

8.56%

2016

7.57%

2017

24.87%



1 Yr 5 Yrs 10 Yrs

Large Cap Core Stock Portfolio24.87% 12.69% 6.01%

S&P 500® Index(reflects no deduction for fees, expenses or taxes)21.83% 15.79% 8.50%

Lipper® Variable Insurance Products (VIP) Large Cap CoreFunds Average


PORTFOLIO MANAGEMENTInvestment Adviser: Mason Street Advisors, LLC (MSA)Sub-Adviser: Wellington Management Company LLP (Wellington Management)Portfolio Managers: Mark D. Mandel, CFA and Head of Research Portfolios, joined Wellington Management in 1994 and hasco-managed the Portfolio since October 2017.Jonathan G. White, CFA and Director of Research Portfolios, joined Wellington Management in 1999 and has co-managed thePortfolio since October 2017.Mary L. Pryshlak, CFA and Director of Global Industry Research, joined Wellington Management in 2004 and has co-managedthe Portfolio since May 2018.




SUMMARY PROSPECTUSMAY 1, 2018 Large Cap Blend Portfolio


INVESTMENT OBJECTIVEThe Portfolio’s investment objective is to seek long-term growth of capital and income.










$84 $262 $455 $1,014


PRINCIPAL INVESTMENT STRATEGIESNormally, the Portfolio invests at least 80% of its net assets (plus any borrowings for investment purposes), in equity securities oflarge capitalization companies listed or traded on U.S. securities exchanges. The Portfolio defines large capitalization companiesas those with a market capitalization in excess of $5 billion, at the time of investment. In selecting investments, greaterconsideration is given to potential appreciation and future dividends than to current income. The Portfolio may hold AmericanDepositary Receipts (ADRs) and other equity securities of foreign issuers which are denominated in U.S. dollars. The Portfolioemploys a focused investment strategy, typically investing in a core group of 20-30 large capitalization common stocksand ADRs.

The Portfolio uses fundamental analysis to look for stocks of good businesses that are selling at value prices. The Portfoliobelieves good businesses have some or all of the following characteristics: a strong, defendable market or products and servicesniche; a high degree of recurring revenue; modestly priced products or services; attractive return-on-investment and aboveaverage growth or improving profitability prospects. The Portfolio considers valuation on both an absolute and relative basisutilizing both historical and prospective analysis. In reviewing companies, the Portfolio applies the characteristics identifiedabove on a case-by-case basis.


Large Cap Blend Portfolio

The adviser will generally sell a security held by the Portfolio when it believes the security has achieved its value potential, whensuch sale is necessary for diversification of the Portfolio, when changing fundamentals signal a deteriorating value potential orwhen other securities have a better value potential.





• Focus Risk – The Portfolio’s performance could be more closely tied to the value of a single security or small number ofsecurities because, although classified as a diversified investment company, the Portfolio may hold large positions in a singleor small number of securities. As a result, the Portfolio’s performance could be more volatile than the performance of fundsthat hold a greater number of securities.

• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in valueor more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differingreporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,political and economic conditions, or diplomatic developments. Foreign securities may be adversely affected by decreasesin foreign currency values relative to the U.S. dollar and may be less liquid, more volatile, and harder to value thanU.S. securities.






Large Cap Blend Portfolio


2012

2008

2009

2010

2011

2013

2014

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0%

10%

20%

30%

40%

-40.25%

27.40%

14.29%

-2.29%

15.20%

30.86%

12.58% 13.99%

2015

2016

19.02%

2017

-2.42%



1Yr 5 Yrs 10 Yrs

Large Cap Blend Portfolio19.02% 14.29% 6.69%


Lipper® Variable Insurance Products (VIP) Large Cap CoreFunds Average


PORTFOLIO MANAGEMENTInvestment Adviser: Mason Street Advisors, LLCSub-Adviser: Fiduciary Management, Inc. (FMI)Portfolio Managers: FMI’s investment decisions are made by a Portfolio Management Committee (PMC). The investmentprocess employed by the PMC is team based, and the PMC as a whole, not any individual member, is primarily responsible forthe day-to-day management of the Portfolio. The PMC has managed the Portfolio since 2012. PMC members include:Patrick J. English, CFA, Chairman, Chief Executive Officer and Chief Investment Officer, who has been with FMI since 1986.John S. Brandser, President, Chief Operating Officer and Chief Compliance Officer, who has been with FMI since 1995.Jonathan T. Bloom, CFA, Director of Research, who has been with FMI since 2010.Andy P. Ramer, CFA, Research Analyst, who has been with FMI since 2002.Matthew J. Goetzinger, CFA, Research Analyst, who has been with FMI since 2004.Robert M. Helf, CFA, Research Analyst, who has been with FMI since 1998.Daniel G. Sievers, CFA, Research Analyst, who has been with FMI since 2009.Matthew T. Sullivan, CFA, Research Analyst, who has been with FMI since 2013.Jordan S. Teschendorf, CFA, Research Analyst, who has been with FMI since 2015.Benjamin D. Karek, Research Analyst, who has been with FMI since 2017.




SUMMARY PROSPECTUSMAY 1, 2018 Index 500 Stock Portfolio


INVESTMENT OBJECTIVEThe investment objective of the Portfolio is to achieve investment results that approximate the performance of the Standard &Poor’s 500 Composite Stock Price Index (“S&P 500® Index”).










$20 $67 $117 $267


PRINCIPAL INVESTMENT STRATEGIESThe Portfolio employs a “passive management,” or indexing, investment approach designed to track the performance of the S&P500® Index. The S&P 500® Index is composed of the stocks of primarily large capitalization companies that represent a broadspectrum of the U.S. economy and a substantial part of the U.S. stock market’s total capitalization. As of March 31, 2018, themarket capitalization range of the S&P 500® Index was approximately $3 billion to $851 billion. The Portfolio attempts toachieve its objective by investing all, or substantially all, of its assets in the stocks that make up the S&P 500® Index, holdingeach stock in approximately the same proportion as its weighting in the Index. This is known as a full replication strategy. ThePortfolio may also invest in S&P 500® Index stock futures and, to a lesser extent, purchase (long) total return equity swapagreements to help achieve full replication.

Standard & Poor’s constructs the Index by first identifying major industry categories and then allocating a representative sampleof the larger and more liquid stocks in those industries to the index. S&P weights each stock according to its float-adjustedmarket value. For example, the 50 largest companies in the index may account for over 50% of its value.

Because the Portfolio is managed with a goal of fully replicating the underlying S&P 500® Index, the approach employed by thePortfolio with respect to reconstitution and rebalancing aligns with the process followed generally by the S&P 500® Index.


Index 500 Stock Portfolio

Changes to the underlying company constituents of the S&P 500® Index are made on an as-needed basis and are usuallyannounced several days before they are scheduled to be implemented. The S&P 500® Index typically makes weightingsadjustments based on changes in the amount of a constituent company’s shares outstanding on a quarterly basis. The constituentand share-based weightings changes made by the S&P 500® Index will be made in a parallel fashion by the Portfolio onsubstantially the same timeline. Additionally, the Portfolio utilizes cash equitization instruments, and rebalancing occurs asnecessary to maintain balances within established target ranges for these instruments.

The Index 500 Stock Portfolio’s ability to match the performance of the S&P 500® Index will be affected to some extent by thesize and timing of cash flows into and out of the Index 500 Stock Portfolio. The Portfolio will be managed with a view toreducing such effects.


• Derivatives Risk – The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate orindex. The primary risks associated with the Portfolio’s use of derivatives are the risk that changes in the value of thederivatives may not correlate as intended with the underlying asset, rate or index and the risk of adverse price movements inthe market. Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amountinvested. Other risks include counterparty and liquidity risks. The Portfolio’s purchase of futures contracts may involve risksrelated to imperfect correlation between the changes in the prices of such instruments and the price of the underlying asset, aswell as leverage, liquidity and volatility risks. The Portfolio’s purchase of total return equity swap agreements may pose riskarising from losses if the underlying reference asset does not perform as anticipated; such agreements are also subject tocounterparty credit, liquidity and leveraging risks.

• Equity Securities Risk – The value of equity securities, such as the stocks in which the Portfolio invests, could decline if thefinancial condition of the companies the Portfolio is invested in declines or if overall market and economic conditionsdeteriorate. Equity securities generally have greater price volatility than fixed income securities.

• Index Concentration Risk. Since the Portfolio implements a full replication strategy with respect to the index which it tracks,to the extent the index may be concentrated in the securities of issuers in a particular market, industry, group of industries,sector or asset class, the Portfolio may be similarly concentrated. As a result, Portfolio performance may be adversely affectedby such concentration, the Portfolio may be subject to increased price volatility, and the Portfolio may be more susceptible toadverse economic, market, political or regulatory developments affecting that market, industry, group of industries, sector orasset class in which the concentration occurs.

• Indexing Strategy Risk – A Portfolio may not perform as well as the index it attempts to match due to the Portfolio’sexpenses, changes in securities markets, changes in the composition of the underlying index and the timing of purchases andredemptions of Portfolio shares. A Portfolio using a passive management strategy is not “actively” managed, and thereforedoes not engage in shifting portfolio assets to take advantage of market opportunity, and does not attempt to manage marketvolatility, use defensive strategies or reduce the effects of any long-term periods of poor stock performance. In addition,changes in the value of a derivative used to replicate an index may not correlate as intended with the underlying index.







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0%

10%

20%

30%

40%

2017

21.52%

2008

2013

2015

2014

2009

2010

2011

2012

-36.94%

26.40%

14.89%

1.95%

15.76%

32.05%

13.46%

1.17%

2016

11.73%



1 Yr 5 Yrs 10 Yrs

Index 500 Stock Portfolio21.52% 15.53% 8.32%


Lipper® Variable Insurance Products (VIP) S&P 500 Index ObjectiveFunds Average


PORTFOLIO MANAGEMENTInvestment Adviser: Mason Street Advisors, LLC (MSA)Portfolio Managers: Daniel J. Meehan is a Director of MSA and joined MSA in 2004. He has co-managed the Portfoliosince 2013.Steven A. Warren is a Director of MSA and joined The Northwestern Mutual Life Insurance Company (“Northwestern Mutual”)in 1998. He has co-managed the Portfolio since 2010.Joseph A. Travia is a Director of MSA, joined MSA in 2002 and joined Northwestern Mutual in 1999. He has co-managed thePortfolio since 2014.




SUMMARY PROSPECTUSMAY 1, 2018 Large Company Value Portfolio


INVESTMENT OBJECTIVEThe Portfolio’s investment objective is to seek long-term capital growth. Income is a secondary objective.

FEES AND EXPENSES OF THE PORTFOLIOThe table below describes the fees and expenses that you may pay when you buy and hold interests in a separate account thatinvests in shares of the Portfolio as a result of your purchase of a variable annuity contract or life insurance policy. The fees andexpenses shown in the table and Example do not reflect fees and expenses separately charged by variable annuity contracts orvariable life insurance policies. If the fees and expenses separately charged by variable annuity contracts and variable lifeinsurance policies were included, the fees and expenses shown in the table and the Example would be higher.








Total Annual Portfolio Operating Expenses AfterFee Waiver (2) 0.75%

(1) Restated to reflect current expenses.(2) The Portfolio’s investment adviser has entered into awritten agreement to waive a portion of its management fee.This fee waiver agreement may be terminated by the adviserat any time after April 30, 2019.



$77 $244 $426 $952


PRINCIPAL INVESTMENT STRATEGIESThe Portfolio invests primarily in larger companies. Accordingly, the Portfolio will normally have at least 80% of its net assets(plus any borrowings for investment purposes) in equity securities of companies comprising the Russell 1000® Index. As ofMarch 31, 2018, the market capitalization range of the Russell 1000® Index was approximately $813 million to $851 billion.

The adviser looks for stocks of companies that it believes are undervalued at the time of purchase. The adviser uses a valueinvestment strategy that looks for companies that are temporarily out of favor in the market. The adviser attempts to purchase thestocks of these undervalued companies and hold each stock until it has returned to favor in the market and the price has increasedto, or is higher than, a level the adviser believes more accurately reflects the fair value of the company.


Large Company Value Portfolio

Companies may be undervalued due to market declines, poor economic conditions, actual or anticipated bad news regarding theissuer or its industry, or because they have been overlooked by the market. To identify these companies, the adviser looks forcompanies with earnings, cash flows and/or assets that may not be reflected accurately in the companies’ stock prices. Theadviser also may consider whether the companies’ securities have a favorable dividend-paying history and whether dividendpayments are expected to continue or increase.

While most assets will be invested in U.S. equity securities, which includes common stocks, preferred stocks, warrants andsecurities convertible into common or preferred stocks, in keeping with the Portfolio’s objectives, it may also invest in AmericanDepositary Receipts (ADRs) and foreign securities (up to 20% of net assets), including those of companies located in emergingmarkets. The Portfolio may utilize forwards and futures for cash management purposes or to hedge foreign currency exposure.

The adviser may sell stocks from the Portfolio if it believes a stock no longer meets established valuation criteria.




• Derivatives Risk – The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate orindex. The primary risks associated with the Portfolio’s use of derivatives are the risk that the counterparty to a derivativestransaction fails to make the required payment or otherwise comply with the terms of the contract, the risk that changes in thevalue of the derivatives may not correlate as intended with the underlying asset, rate or index, the risk of adverse pricemovements in the market, and the risk of missed opportunities in other investments. Certain derivatives involve leverage, whichcould cause the Portfolio to lose more than the principal amount invested. Other risks include management, interest rate, andliquidity risks. The Portfolio’s purchase of forwards and futures contracts may involve risks related to imperfect correlationbetween the prices of such instruments and the price of the underlying asset, as well as leverage, liquidity and volatility risks. Inaddition, the purchase of forwards also involves counterparty credit risk as well as heightened market risk.

• Equity Securities Risk – The value of equity securities, such as common and preferred stocks, could decline if the financialcondition of the companies the Portfolio is invested in declines or if overall market and economic conditions deteriorate.Equity securities generally have greater price volatility than fixed income securities. Investments in warrants may be morevolatile than the underlying investments in stocks.


• Investment Style Risk – A portfolio managed using a value style of investing, such as the Portfolio, may underperform whenthe market does not favor the particular style used by the Portfolio. Different investment styles tend to shift in and out of favor,depending on market conditions and investor sentiment.




Large Company Value Portfolio



2008

2009

2010

2011

2012

2013

2014

-50%

-40%

-30%

-20%

-10%

10%

0%

20%

40%

30%

-37.23%

20.70%

10.95%

1.49%

16.47%

31.29%

13.03% 15.36%11.10%

2015

2016

2017

-3.85%

Best Qtr: 3rd – ‘09 16.05% Worst Qtr: 4th – ‘08 -21.19%


1Yr 5Yrs 10 Yrs

Large Company Value Portfolio11.10% 12.83% 6.15%

Russell 1000® Value Index(reflects no deduction for fees, expenses or taxes)13.66% 14.04% 7.10%

Lipper® Variable Insurance Products (VIP) Large Cap ValueFunds Average


PORTFOLIO MANAGEMENTInvestment Adviser: Mason Street Advisors, LLCSub-Adviser: American Century Investment Management, Inc. (American Century)Portfolio Managers: Brian Woglom, CFA, Vice President and Portfolio Manager, joined American Century in 2005 and hasserved as a manager for the Portfolio since 2016.Phillip N. Davidson, CFA, Chief Investment Officer—Global Value Equity, Senior Vice President and Senior Portfolio Managerjoined American Century in 1993 as a Portfolio Manager, and began managing the Portfolio in May 2018.




SUMMARY PROSPECTUSMAY 1, 2018 Domestic Equity Portfolio















$55 $175 $306 $688


PRINCIPAL INVESTMENT STRATEGIESNormally, the Portfolio invests at least 80% of net assets (plus any borrowings for investment purposes) in equity securities ofU.S. issuers. Generally, the companies in which the Portfolio invests will have a market value of $5 billion or more. The Portfolioinvests in a core group of 30-40 securities.

The Portfolio primarily invests in common stocks of large-capitalization companies, but may also invest in mid-capitalizationcompanies, that its adviser believes have long-term capital appreciation potential. Typically, the Portfolio seeks securities theadviser believes are undervalued in relation to their intrinsic value. The intrinsic value of a company is the true worth of the


Domestic Equity Portfolio

business, which may not be fully reflected in the market price of its stock. The adviser seeks to determine a company’s intrinsicvalue as indicated by multiple factors, including the earnings and cash flow potential or the asset valuation of the respectiveissuers. On a selective basis, the adviser considers a company’s plans for future operation.

The Portfolio may sell a security if it no longer believes the security will contribute to meeting the investment objective of thePortfolio. In considering whether to sell a security, the Portfolio may evaluate, among other things, the factors listed above, thecondition of the U.S. economy, the condition of non-U.S. economies, and changes in the condition and outlook in the issuer’sindustry or sector.




• Focus Risk – The Portfolio’s performance could be more closely tied to the value of a single security or small number ofsecurities because, although classified as a diversified investment company, the Portfolio may hold large positions in a singleor small number of securities. As a result, the Portfolio’s performance could be more volatile than the performance of fundsthat hold a greater number of securities.




• Mid Cap Company Risk – Investing in mid cap stocks may cause greater risk of loss and price fluctuation than investing instocks of larger cap companies due to a more limited track record, narrower product markets, more limited resources and lessliquid trading markets. These stocks may be more volatile and more difficult to buy and sell than stocks withlarger capitalizations.



Domestic Equity Portfolio


-50%

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-10%

0%

10%

20%

30%

40%2013

2008

2009

2010

2011

2012

2015

2014

-38.49%

29.52%

14.62%

0.91%

14.35%

34.03%

13.87%

-0.09%

2016

14.98%

2017

13.78%



1 Yr 5 Yrs 10 Yrs

Domestic Equity Portfolio13.78% 14.81% 7.71%


Lipper® Variable Insurance Products (VIP) Large Cap ValueFunds Average


PORTFOLIO MANAGEMENTInvestment Adviser: Mason Street Advisors, LLCSub-Adviser: Delaware Investments Fund Advisers (DIFA), a series of Macquarie Investment Management Business TrustPortfolio Managers: D. Tysen Nutt, Jr., Senior Vice President, Senior Portfolio Manager and Team Leader, has been withMacquarie Investment Management since 2004, and has co-managed the Portfolio since 2012.Robert A. Vogel, Jr., CFA, Vice President and Senior Portfolio Manager, has been with Macquarie Investment Management since2004, and has co-managed the Portfolio since 2012.Nikhil G. Lalvani, CFA, Vice President and Senior Portfolio Manager, has been with Macquarie Investment Management since1997, and has co-managed the Portfolio since 2012.Kristen E. Bartholdson, Vice President and Senior Portfolio Manager, has been with Macquarie Investment Management since2006, and has co-managed the Portfolio since 2012.




SUMMARY PROSPECTUSMAY 1, 2018 Equity Income Portfolio















$62 $204 $358 $807


PRINCIPAL INVESTMENT STRATEGIESNormally, the Portfolio invests at least 80% of net assets (plus any borrowings for investment purposes) in common stocks, withan emphasis on larger capitalization stocks with a strong track record of paying dividends or that are believed to be undervalued.For this purpose, larger capitalization stocks are those with a market capitalization greater than $5 billion. The Portfolio generallyseeks investments in large-capitalization companies and the Portfolio’s yield, which reflects the level of dividends paid by thePortfolio, is expected to normally exceed the yield of the S&P 500® Stock Index. This level is merely a guideline and there can beno certainty this level will be achieved.


Equity Income Portfolio

The Portfolio will typically employ a value approach in selecting investments. The adviser’s in-house research team seeks toidentify companies that appear to be undervalued as measured by price to earnings ratio, dividend yield, enterprise value to sales,among other metrics and may be temporarily out of favor, but have good prospects for capital appreciation and dividend growth.

The adviser has the discretion to deviate from the Portfolio’s normal investment criteria, as described above, and purchasesecurities the adviser believes could provide an opportunity for substantial appreciation. These special situations might arise whenthe adviser believes a security could increase in value for a variety of reasons, including a change in management, areorganization, a spin-off of a business line, a special dividend, or some other extraordinary corporate event, a new productintroduction or a favorable competitive development.

While most assets will be invested in U.S. common stocks, the Portfolio may also invest in foreign securities and AmericanDepositary Receipts (ADRs) (up to 20% of net assets), including those of issuers located in emerging markets.

The Portfolio may sell securities for a variety of reasons such as to secure gains, limit losses, or redeploy assets into morepromising opportunities.




• Dividend-Paying Stock Risk – The Portfolio’s emphasis on dividend-paying stocks could cause the Portfolio to underperformsimilar funds that invest without consideration of a company’s track record of paying dividends. Stocks with a history ofpaying dividends may not participate in a broad market advance to the same degree as most other stocks. Currently, interestrates are near unprecedented historically low levels, and a sharp rise in interest rates or economic downturn could cause acompany to unexpectedly reduce or eliminate its dividend.

• Equity Securities Risk – The value of equity securities, such as common and preferred stocks, could decline if the financialcondition of the companies the Portfolio is invested in declines or if overall market and economic conditions deteriorate.Equity securities generally have greater price volatility than fixed income securities.





• Special Situation Risk – In special situations, the adviser may deviate from the Portfolio’s normal investment criteria whenpurchasing a security. In these special situations, there is the risk that the change or event anticipated by the adviser when


Equity Income Portfolio

purchasing a company might not occur or attract the expected attention, which could have a negative impact on the price of theissuer’s securities. Investing in special situations may involve heightened volatility in the value of the securities purchased andmay cause greater risk of loss.



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0%

10%

20%

40%

30%

2008

2009

2010

2011

2012

2014

2013

2015

2017

2016

-35.81%

-0.92%

24.58%

15.33% 17.23%

29.94%

7.43%

-6.74%

19.17%16.24%



1 Yr 5 Yrs 10 Yrs

Equity Income Portfolio16.24% 12.52% 6.81%


Lipper® Variable Insurance Products (VIP) Equity IncomeFunds Average


PORTFOLIO MANAGEMENTInvestment Adviser: Mason Street Advisors, LLCSub-Adviser: T. Rowe Price Associates, Inc. (T. Rowe Price)Portfolio Manager: John D. Linehan, CFA, Vice President, has been with T. Rowe Price since 1998. He has managed thePortfolio since November 2015.




SUMMARY PROSPECTUSMAY 1, 2018 Mid Cap Growth Stock Portfolio












$55 $173 $302 $677


PRINCIPAL INVESTMENT STRATEGIESNormally, the Portfolio invests at least 80% of net assets (plus any borrowings for investment purposes) in stocks of mid-sizedcompanies. The Portfolio considers a company to be a mid-capitalization company if it has a market capitalization within the collectiverange of the Russell MidCap® Index and the S&P MidCap 400® Index. As of March 31, 2018, this range was approximately $813million to $42 billion. The market capitalization range of these indices changes over time. Securities of companies whose marketcapitalizations no longer fall within this collective range after purchase may continue to be held by the Portfolio.

The Portfolio invests primarily in common stocks of mid cap companies selected on the basis of their potential for capitalappreciation. The Portfolio focuses on companies that are determined to be of high quality. The key characteristics of high qualitycompanies include a leadership position within an industry, a strong balance sheet, a high return on equity, and/or a strongmanagement team.

The Portfolio seeks to reduce overall risk by diversifying across sectors, industry groups and companies. The Portfolio’s sectorexposure relative to its benchmark is driven by an investment process which relies on fundamental company analysis andindividual stock selection. As a result, based upon market or economic conditions, the Portfolio may at times have a relativelyhigh percentage of its assets invested in a particular sector of the market.


Mid Cap Growth Stock Portfolio

The Portfolio invests primarily in U.S. common stocks. The Portfolio may also invest up to 20% of net assets in AmericanDepositary Receipts (ADRs) and other securities of foreign issuers, including non-U.S. dollar denominated securities.

The Portfolio typically trims positions as valuation appears incrementally less attractive, and may sell a stock when the adviser’sinvestment thesis is no longer valid, typically due to an erosion of company fundamentals relative to expectations or whenvaluation is no longer attractive. The Portfolio may, but is not required to, exit a position if the company’s capitalization growsbeyond the mid cap range.





• Foreign Currency Risk – The risk that foreign (non-U.S. dollar) currency denominated securities may be adversely affectedby decreases in foreign currency values relative to the U.S. dollar. Investments in securities subject to foreign currency riskmay have more rapid and extreme changes in value or more losses than investments in U.S. dollar denominated securities.

• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in value ormore losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differingreporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,political and economic conditions, or diplomatic developments. Foreign securities may be adversely affected by decreases inforeign currency values relative to the U.S. dollar and may be less liquid, more volatile, and harder to value than U.S. securities.

• Investment Style Risk – A portfolio managed using a growth style of investing, such as the Portfolio, may underperform whenthe market does not favor the particular style used by the Portfolio. Different investment styles tend to shift in and out of favor,depending on market conditions and investor sentiment.


• Mid Cap Company Risk – Investing in mid cap stocks may cause greater risk of loss and price fluctuation than investing instocks of larger cap companies due to a more limited track record, narrower product markets, more limited resources and lessliquid trading markets. These stocks may be more volatile and more difficult to buy and sell than stocks withlarger capitalizations.




Mid Cap Growth Stock Portfolio

PERFORMANCEThe following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio hasvaried from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain timeperiods and compares the Portfolio’s returns with those of a broad measure of market performance as well as with the averagereturns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of the Portfolio.Prior to October 27, 2017, the sub-adviser to the Portfolio was different. Performance shown may have been different if thecurrent strategy, and the current sub-adviser, had been in place during the periods shown. Returns are based on past results andare not an indication of future performance. Neither the bar chart nor the table reflects the fees and expenses separately chargedby the variable annuity contract or variable life insurance policy separate account that invests in the Portfolio and returns wouldbe lower if those fees and expenses were reflected.

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

2015

2014

2013

2008

2009

2010

2011

2012

-40.08%

32.09%23.86%

-6.18%

11.97%

25.53%

8.49%0.71%

2016

0.83%

2017

20.29%



1 Yr 5 Yrs 10 Yrs

Mid Cap Growth Stock Portfolio20.29% 10.72% 5.53%

Russell MidCap® Growth Index(reflects no deduction for fees, expenses or taxes)25.27% 15.30% 9.10%

Lipper® Variable Insurance Products (VIP) Mid Cap GrowthFunds Average


PORTFOLIO MANAGEMENTInvestment Adviser: Mason Street Advisors, LLC (MSA)Sub-Adviser: Wellington Management Company LLP (Wellington Management)Portfolio Managers: Philip W. Ruedi, CFA, Senior Managing Director and Equity Portfolio Manager, joined WellingtonManagement in 2004 and has co-managed the Portfolio since October 2017.Mark Whitaker, CFA, Senior Managing Director and Equity Portfolio Manager, joined Wellington Management in 2004 and hasco-managed the Portfolio since October 2017.






INVESTMENT OBJECTIVEThe investment objective of the Portfolio is to achieve investment results that approximate the performance of the S&P MidCap400® Stock Price Index (“S&P MidCap 400® Index”).













$27 $88 $155 $354


PRINCIPAL INVESTMENT STRATEGIESThe Portfolio employs a “passive management,” or indexing, investment approach designed to track the performance of the S&PMidCap 400® Index. The S&P MidCap 400® Index is composed of the stocks of companies whose capitalizations generally aresmaller than those of companies that comprise the S&P 500® Index. The S&P MidCap 400® Index does not include the stocks ofthe very large companies that account for most of the weighting in the S&P 500® Index. As of March 31, 2018, the marketcapitalization range of the S&P MidCap 400® Index was approximately $1 billion to $28 billion. The Portfolio attempts toachieve its objective by investing all, or substantially all, of its assets in the stocks that make up the S&P MidCap 400® Index,



holding each stock in approximately the same proportion as its weighting in the Index. This is known as a full replicationstrategy. The Portfolio may also invest in S&P MidCap 400® Index stock futures and, to a lesser extent, purchase (long) totalreturn equity swap agreements to help achieve full replication.

Standard & Poor’s constructs the index by first identifying major industry categories and then allocating a representative sampleof the larger and more liquid stocks in those industries to the index. S&P weights each stock according to its float-adjustedmarket value. For example, the 50 largest companies in the index may account for over 50% of its value.

Because the Portfolio is managed with a goal of fully replicating the underlying S&P MidCap 400® Index, the approachemployed by the Portfolio with respect to reconstitution and rebalancing aligns with the process followed generally by the S&PMidCap 400® Index. Changes to the underlying company constituents of the S&P MidCap 400® Index are made on an as-neededbasis and are usually announced several days before they are scheduled to be implemented. The S&P MidCap 400® Indextypically makes weightings adjustments based on changes in the amount of a constituent company’s shares outstanding on aquarterly basis. The constituent and share-based weightings changes made by S&P MidCap 400® Index will be made in a parallelfashion by the Portfolio on substantially the same timeline. Additionally, the Portfolio utilizes cash equitization instruments, andrebalancing occurs as necessary to maintain balances within established target ranges for these instruments.

The Index 400 Stock Portfolio’s ability to match the performance of the S&P MidCap 400® Index will be affected to some extentby the size and timing of cash flows into and out of the Index 400 Stock Portfolio. The Portfolio will be managed with a view toreducing such effects.


• Derivatives Risk – The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate orindex. The primary risks associated with the Portfolio’s use of derivatives are the risk that changes in the value of thederivatives may not correlate as intended with the underlying asset, rate or index and the risk of adverse price movements inthe market. Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amountinvested. Other risks include counterparty and liquidity risks.


• Index Concentration Risk – Since the Portfolio implements a full replication strategy with respect to the index which ittracks, to the extent the index may be concentrated in the securities of issuers in a particular market, industry, group ofindustries, sector or asset class, the Portfolio may be similarly concentrated. As a result, Portfolio performance may beadversely affected by such concentration, the Portfolio may be subject to increased price volatility, and the Portfolio may bemore susceptible to adverse economic, market, political or regulatory developments affecting that market, industry, group ofindustries, sector or asset class in which the concentration occurs.



• Mid Cap Company Risk – Investing in mid cap stocks may cause greater risk of loss and price fluctuation than investing instocks of larger cap companies due to a more limited track record, narrower product markets, more limited resources andless liquid trading markets. These stocks may be more volatile and more difficult to buy and sell than stocks withlarger capitalizations.





-40%

-30%

-20%

-10%

0%

10%

20%

40%

30%

2008

2009

2010

2011

2012

2015

2014

2013

-36.28%

-1.92%

37.00%

26.29%

17.64%

33.16%

9.42%

-2.38%

2016

20.38%

2017

15.96%



1 Yr 5 Yrs 10 Yrs


S&P MidCap 400® Index(reflects no deduction for fees, expenses or taxes)16.24% 15.01% 9.97%

Lipper® Variable Insurance Products (VIP) Mid Cap CoreFunds Average


PORTFOLIO MANAGEMENTInvestment Adviser: Mason Street Advisors, LLC (MSA)Portfolio Managers: Daniel J. Meehan is a Director of MSA and joined MSA in 2004. He has co-managed the Portfolio since 2013.Steven A. Warren is a Director of MSA and joined The Northwestern Mutual Life Insurance Company (“Northwestern Mutual”)in 1998. He has co-managed the Portfolio since 2010.Joseph A. Travia is a Director of MSA, joined MSA in 2002 and joined Northwestern Mutual in 1999. He has co-managed thePortfolio since 2014.




SUMMARY PROSPECTUSMAY 1, 2018 Mid Cap Value Portfolio


INVESTMENT OBJECTIVEThe investment objective of the Portfolio is long-term capital growth. Current income is a secondary objective.













$79 $274 $486 $1,096


PRINCIPAL INVESTMENT STRATEGIESNormally, the Portfolio invests at least 80% of net assets (plus any borrowings for investment purposes) in equity securities of mid-sizedcompanies. The Portfolio invests primarily in a diversified portfolio of equity securities of mid-sized companies that are determined byPortfolio’s adviser to be undervalued at the time of purchase. At the time of investment, companies purchased typically will fall withinthe capitalization range of the Russell 3000® Index, excluding the largest 100 such companies, (approximately $8 million to $58 billionas of March 31, 2018). The adviser intends to manage the Portfolio so that its weighted capitalization falls within the capitalization rangeof the members of the Russell MidCap® Index (approximately $813 million to $42 billion as of March 31, 2018).

In managing the Portfolio, the adviser uses its own fundamental value approach. In selecting securities for the Portfolio, theadviser attempts to identify companies whose long-term earnings, cash flows and/or assets are not reflected in the current market


Mid Cap Value Portfolio

price of their securities and hold each security until it has returned to favor in the market and the price has increased to, or ishigher than a level the adviser believes more accurately reflects the fair value of the company. The adviser may also considerwhether the companies’ securities have a favorable dividend-paying history and whether dividend payments are expected tocontinue or increase. The adviser may also use this fundamental value approach to invest the Portfolio in initial public offerings(IPOs) from time to time when such opportunities are attractive and consistent with the Portfolio’s investment objectives.

While most assets will be invested in U.S. equity securities, which includes common stocks, preferred stocks, warrants andsecurities convertible into common or preferred stocks, in keeping with the Portfolio’s objectives, it may also invest in AmericanDepositary Receipts (ADRs) and foreign securities (up to 20% of net assets), including those of companies located in emergingmarkets. The Portfolio may utilize forwards and futures for cash management purposes or to hedge foreign currency exposure.

The adviser may sell a stock from the Portfolio if it believes the stock no longer meets established valuation criteria, the stock’srisk parameters outweigh its return opportunity, specific events alter a stock’s prospects or more attractive opportunities areidentified. In seeking to achieve its investment objective, the adviser may sell shares from the Portfolio without regard to thelength of time a security has been held.




• Derivatives Risk – The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate orindex. The primary risks associated with the Portfolio’s use of derivatives are the risk that the counterparty to a derivativestransaction fails to make the required payment or otherwise comply with the terms of the contract, the risk that changes in thevalue of the derivatives may not correlate as intended with the underlying asset, rate or index, and the risk of missedopportunities in other investments. Certain derivatives involve leverage, which could cause the Portfolio to lose more than theprincipal amount invested. Other risks include management, market, interest rate, and liquidity risks.

• Equity Securities Risk – The value of equity securities, such as common and preferred stocks, could decline if the financialcondition of the companies the Portfolio is invested in declines or if overall market and economic conditions deteriorate.Equity securities generally have greater price volatility than fixed income securities. Investments in warrants may be morevolatile than the underlying investments in stocks.

• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in value or morelosses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differing reporting,accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage, political and economicconditions, or diplomatic developments. Foreign securities may be adversely affected by decreases in foreign currency values relative tothe U.S. dollar and may be less liquid, more volatile, and harder to value than U.S. securities. The Portfolio’s investments in emergingmarkets heighten these risks due to a lack of established legal, political, business and social frameworks to support securities markets.


• IPO Risk – The value of securities acquired in an IPO may rise or fall more rapidly than other investments due to factors suchas the absence of an established public market, unseasoned trading and speculation, a potentially small number of securitiesavailable for trading, limited information about the issuer and other factors. The purchase of securities in an IPO may involvehigher transaction costs than those associated with the purchase of securities with an established market.


• Mid Cap Company Risk – Investing in mid cap stocks may cause greater risk of loss and price fluctuation than investing in stocksof larger cap companies due to a more limited track record, narrower product markets, more limited resources and less liquid tradingmarkets. These stocks may be more volatile and more difficult to buy and sell than stocks with larger capitalizations.


Mid Cap Value Portfolio



2017

2014

2016

2015

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2008

2009

2010

2011

2012

2013

-35.07%

-30%

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-10%

10%

20%

30%

40%

0%

23.24%19.93%

-0.61%

16.57%

30.24%

16.69%

-1.33%

23.23%

11.81%



1 Yr 5 Yrs 10 Yrs

Mid Cap Value Portfolio11.81% 15.62% 8.67%

Russell MidCap® Value Index(reflects no deduction for fees, expenses or taxes)13.34% 14.68% 9.10%

Lipper® Variable Insurance Products (VIP) Mid Cap ValueFunds Average


PORTFOLIO MANAGEMENTInvestment Adviser: Mason Street Advisors, LLCSub-Adviser: American Century Investment Management, Inc. (American Century)Portfolio Managers: Phillip N. Davidson, CFA, Chief Investment Officer - Global Value Equity, Senior Vice President andSenior Portfolio Manager joined American Century in 1993 as a Portfolio Manager, and began managing the Portfolio in 2009.Michael Liss, CFA, CPA, Vice President and Senior Portfolio Manager, has served American Century as a Portfolio Managersince 2004 and began managing the Portfolio in 2009.Kevin Toney, CFA, Senior Vice President and Senior Portfolio Manager, has served American Century as a Portfolio Managersince 2006 and began managing the Portfolio in 2009.Brian Woglom, CFA, Vice President and Portfolio Manager, has served American Century as a Portfolio Manager since 2012 andbegan managing the Portfolio in 2012.




SUMMARY PROSPECTUSMAY 1, 2018 Small Cap Growth Stock Portfolio












$58 $183 $318 $714


PRINCIPAL INVESTMENT STRATEGIESNormally, the Portfolio invests at least 80% of net assets (plus any borrowings for investment purposes) in common stocks ofsmall capitalization companies. The Portfolio defines small capitalization companies as companies with market capitalizationswithin the collective range of the Russell 2000® and S&P SmallCap 600® Indices. As of March 31, 2018, this range wasapproximately $8 million to $17 billion. Some of the companies in which the Portfolio invests may be considered micro capcompanies (defined as companies with stock market capitalizations less than $500 million at the time of investment).

The Portfolio’s investment process is derived from the observation that the quality and persistence of a company’s business isoften not reflected in its current stock price. Central to the investment process is intense, fundamental research focused onuncovering companies with improving quality metrics, business momentum, and attractive relative valuations. The investmentprocess is aided by a proprietary screening process that narrows the investment universe to companies that are consistent with theinvestment philosophy. The investment team conducts fundamental research on companies elevated by the screening process.Research emphasizes the sustainability of a business’s competitive advantages and the ability to generate revenue and increaseprofit margins. Other important considerations include capital allocation discipline, and other qualitative factors such as strengthof company management, and analysis of products and competition. Valuation analysis is an important component of theinvestment process and consists of both cash flow and earnings ratios that are compared with the industry average.


Small Cap Growth Stock Portfolio

Portfolio construction emphasizes stock specific risk while minimizing other sources of active risk. The Portfolio is structured sothat its sector weights are generally similar to those of the Russell 2000® Growth Index, the Portfolio’s benchmark. As a result,the Portfolio may at times have a relatively high percentage of its assets invested in a particular sector and may hold securitieswhich are not represented in the benchmark. However, in constructing the Portfolio, the investment team monitors differentsources of active risk including stock-specific risk, industry risk and style risk. The goal of this analysis is to ensure that thePortfolio remains well diversified and does not have unrewarded or unintended industry and style exposure as a consequence ofindividual stock selections.

The Portfolio invests primarily in U.S. common stocks. The Portfolio may also invest up to 20% of net assets in AmericanDepositary Receipts (ADRs) and other equity securities of foreign issuers, including those located in emerging markets, whichare denominated in U.S. dollars.

The Portfolio may also utilize exchange-traded funds as part of its cash management strategy.

The Portfolio may sell a security for a variety of reasons including when it no longer demonstrates improving quality or exhibitsstrong fundamental momentum, when fundamentals have changed, where the risk/reward assessment is no longer favorable, or toredeploy assets into more promising opportunities. The Portfolio may, but is not required, to exit a position if the company’scapitalization grows beyond the small cap range.


• Active Management Risk – The adviser’s investment strategies and techniques may not perform as expected which couldcause the Portfolio to underperform other mutual funds or lose money. The value of securities identified using quantitativeanalysis can react differently to issuer, political, market and economic developments from the market as a whole or securitiesidentified using only fundamental analysis. The factors used in quantitative analysis and the weight placed on those factorsmay not be predictive of a security’s value.



• Exchange Traded Funds Risk – Investing in exchange traded funds (ETFs) may expose the Portfolio to greater risk of lossand price fluctuation than investing directly in a comparable portfolio of stocks comprising the index due to lack of liquidity,the additional expense incurred as a shareholder in another investment company, and tracking error. ETFs are also subject tothe risk that their market prices may trade at a premium or discount to their net asset value, which means the Portfolio willoverpay for an ETF’s assets if it is trading at a premium and will get less than the value of the ETF’s assets when selling if it istrading at a discount. An active market for an ETF may not be developed or maintained. Trading of an ETF’s shares may behalted by the exchange, in which case the Portfolio would be unable to sell its ETF shares unless and until trading is resumed.





• Liquidity Risk – Markets for small and micro cap stocks and foreign securities, in particular emerging markets securities, maybe less liquid than markets for larger cap stocks and domestic securities, and therefore may be difficult to purchase or sell at anadvantageous time or price, if at all. These risks may be magnified during periods of economic turmoil or in an extendedeconomic downturn.


• Micro Cap Company Risk – Investing in micro cap stocks may cause the Portfolio to experience more rapid and extremechanges in value than a fund that invests solely in small, mid and large cap stocks due to a more limited track record, narrowerproduct markets, more limited resources, higher risk of failure, and less liquid trading markets.


• Small Cap Company Risk – Investing in small cap stocks may cause greater risk of loss and price fluctuation than investingin stocks of larger cap companies due to a more limited track record, narrower product markets, more limited resourcesand less liquid trading markets. These stocks may be more volatile and more difficult to buy and sell than stocks withlarger capitalizations.



2008

2009

2010

2011

2012

2015

2014

2013

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

50%

40%

2017

2016

-43.87%

31.17%25.85%

-2.78%

9.48%

38.60%

8.66% 12.25%

0.32%

21.61%

Best Qtr: 4th – ‘10 17.08% Worst Qtr: 4th – ‘08 -26.31%


1 Yr 5 Yrs 10 Yrs

Small Cap Growth Stock Portfolio21.61% 15.58% 7.36%


Lipper® Variable Insurance Products (VIP) Small Cap GrowthFunds Average


PORTFOLIO MANAGEMENTInvestment Adviser: Mason Street Advisors, LLC (MSA)Sub-Adviser: Wellington Management Company LLP (Wellington Management)Portfolio Manager: Mammen Chally, CFA, Senior Managing Director and Equity Portfolio Manager, joined WellingtonManagement in 1994 and has managed the Portfolio since 2013.




INVESTMENT OBJECTIVEThe Portfolio’s investment objective is to achieve investment results that approximate the performance of the Standard & Poor’sSmallCap 600® Index (“S&P SmallCap 600® Index”).










$34 $106 $185 $418


PRINCIPAL INVESTMENT STRATEGIESThe Portfolio employs a “passive management,” or indexing, investment approach designed to track the performance of the S&PSmallCap 600® Index. S&P SmallCap 600® Index is composed of domestic stocks with market capitalizations ranging betweenapproximately $81 million and $4 billion as of March 31, 2018. The Portfolio attempts to achieve its objective by investing all, orsubstantially all, of its assets in stock that make up the S&P SmallCap 600® Index, holding each stock in approximately the sameproportion as its weighting in the Index. This is known as a full replication strategy. The Portfolio may also purchase (long) totalreturn equity swap agreements and invest in exchange traded funds and, to a lesser extent, futures contracts, for cash managementpurposes and to help achieve full replication.

Standard & Poor’s constructs the index by first identifying major industry categories and then allocating a representative sampleof the larger and more liquid stocks in those industries to the index. S&P weights each stock according to its float-adjustedmarket value. For example, the 50 largest companies in the index may account for over 50% of its value.

Because the Portfolio is managed with a goal of fully replicating the underlying S&P SmallCap 600® Index, the approachemployed by the Portfolio with respect to reconstitution and rebalancing aligns with the process followed generally by the S&P



SmallCap 600® Index. Changes to the underlying company constituents of the S&P SmallCap 600® Index are made on anas-needed basis and are usually announced several days before they are scheduled to be implemented. The S&P SmallCap 600®

Index typically makes weightings adjustments based on changes in the amount of a constituent company’s shares outstanding ona quarterly basis. The constituent and share-based weightings changes made by S&P SmallCap 600® Index will be made in aparallel fashion by the Portfolio on substantially the same timeline. Additionally, the Portfolio utilizes cash equitizationinstruments, and rebalancing occurs as necessary to maintain balances within established target ranges for these instruments.

The Index 600 Stock Portfolio’s ability to match the performance of the S&P SmallCap 600® Index will be affected to someextent by the size and timing of cash flows into and out of the Index 600 Stock Portfolio. The Portfolio will be managed with aview to reducing such effects.


• Derivatives Risk – The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate orindex. The primary risks associated with the Portfolio’s use of derivatives are the risk that changes in the value of thederivatives may not correlate as intended with the underlying asset, rate or index, the risk of adverse price movements in themarket. Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amount invested.Other risks include counterparty and liquidity risks. In particular, the Portfolio’s purchase of total return equity swapagreements may pose risk arising from losses if the underlying reference asset does not perform as anticipated; suchagreements are also subject to counterparty credit, liquidity and leveraging risks. The Portfolio’s purchase of futures contractsmay involve risks related to imperfect correlation between the changes in the prices of such instruments and the price of theunderlying asset, as well as leverage, liquidity and volatility risks.


• Exchange Traded Funds Risk – Investing in exchange traded funds (ETFs) may expose the Portfolio to greater risk of lossand price fluctuation than investing directly in a comparable portfolio of stocks comprising the index due to lack of liquidity,the additional expenses incurred as a shareholder in another investment company, and tracking error. ETFs are also subject tothe risk that their market prices may trade at a premium or discount to their net asset value, which means the Portfolio willoverpay for an ETF’s assets if it is trading at a premium and will get less than the value of the ETF’s assets when selling if it istrading at a discount. An active market for an ETF may not be developed or maintained. Trading of an ETF’s shares may behalted by the exchange, in which case the Portfolio would be unable to sell its ETF shares unless and until trading is resumed.

• Index Concentration Risk. Since the Portfolio implements a full replication strategy with respect to the index which it tracks,to the extent the index may be concentrated in the securities of issuers in a particular market, industry, group of industries,sector or asset class, the Portfolio may be similarly concentrated. As a result, Portfolio performance may be adversely affectedby such concentration, the Portfolio may be subject to increased price volatility, and the Portfolio may be more susceptible toadverse economic, market, political or regulatory developments affecting that market, industry, group of industries, sector orasset class in which the concentration occurs.








2008

2009

2010

2011

2012

2013

2014

-40%

-30%

-20%

-10%

10%

20%

30%

50%

40%

0%

-31.30%

0.90%

25.17%25.90%

15.80%

40.67%

5.34%

2015

2016

2017

26.12%

12.93%

-2.35%



1 Yr 5 Yrs 10 Yrs


S&P SmallCap 600® Index(reflects no deduction for fees, expenses or taxes)13.23% 15.99% 10.43%

Lipper® Variable Insurance Products (VIP) Small Cap CoreFunds Average


PORTFOLIO MANAGEMENTInvestment Adviser: Mason Street Advisors, LLC (MSA)Portfolio Managers: Daniel J. Meehan is a Director of MSA and joined MSA in 2004. He has co-managed the Portfoliosince 2013.Steven A. Warren is a Director of MSA and joined The Northwestern Mutual Life Insurance Company (“Northwestern Mutual”)in 1998. He has co-managed the Portfolio since 2010.Joseph A. Travia is a Director of MSA, joined MSA in 2002 and joined Northwestern Mutual in 1999. He has co-managed thePortfolio since 2014.




SUMMARY PROSPECTUSMAY 1, 2018 Small Cap Value Portfolio









Acquired Fund Fees and Expenses 0.14%



Total Annual Portfolio Operating Expenses afterfee waiver(1),(2) 1.01%

(1) Includes fees and expenses incurred indirectly by thePortfolio as a result of investments in other investmentcompanies (Acquired Fund Fees and Expenses). The operatingexpenses of the Portfolio reflected in the Portfolio’s mostrecent annual report and Financial Highlights do not includeAcquired Fund Fees and Expenses.(2) The Portfolio’s investment adviser has entered into awritten agreement to waive a portion of its management fee.This fee waiver agreement may be terminated by the adviserat any time after April 30, 2019.



$103 $324 $562 $1,247



Small Cap Value Portfolio

PRINCIPAL INVESTMENT STRATEGIESNormally, the Portfolio invests at least 80% of net assets in common stocks of companies with market capitalizations that do notexceed the maximum market capitalization of any security in the Russell 2000® Index at the time of purchase (approximately$17 billion as of March 31, 2018). The market capitalization of companies in the Portfolio and the Index changes over time andthe Portfolio will not sell a stock just because the company has grown to a market capitalization outside of the range. ThePortfolio may, on occasion, purchase companies with a market capitalization above the range. Securities falling outside of themarket capitalization range noted above will be included in the overall calculation of assets but not counted as fulfilling the 80%minimum. The Portfolio may also invest in the equity securities of micro cap companies (defined as companies with stock marketcapitalizations less than $500 million at the time of investment).

Reflecting a value approach to investing, the Portfolio will seek the stocks of companies whose current stock prices do not appearto adequately reflect their underlying value as measured by assets, earnings, cash flow or business franchises. The in-houseresearch team at the adviser generally looks for some of the following:

• low price/earnings, price/book value, or price/cash flow ratios relative to the Russell 2000® Index the company’s peers, or itsown historical norm;

• low stock price relative to a company’s underlying asset values;

• above-average dividend yield relative to a company’s peers or its own historical norm;

• a plan to improve the business through restructuring; and

• a sound balance sheet and other positive financial characteristics.

While the Portfolio does not seek to focus its investments in any particular economic sector, the Portfolio may at times have arelatively high percentage of its assets invested in a particular sector as a result of the adviser’s stock selection process.

In pursuing its investment objective, the adviser has the discretion to deviate from its normal investment criteria, as describedabove, and purchase securities the adviser believes could provide an opportunity for substantial appreciation. These specialsituations might arise when the adviser believes a security could increase in value for a variety of reasons, including a change inmanagement, a reorganization, a spin-off of a business line, a special dividend, or some other extraordinary corporate event, anew product introduction or innovation, or a favorable competitive environment.

While most assets will be invested in U.S. common stocks, other securities may also be purchased, including AmericanDepositary Receipts (ADRs) and foreign securities (up to 20% of net assets), including those of issuers located in emergingmarkets, real estate investment trust (REITs) and securities of other investment companies, including open-end funds, closed-endfunds, exchange traded funds (ETFs) and business development companies (BDCs), in keeping with the Portfolio’s objectives.

The Portfolio may sell securities for a variety of reasons, such as to secure gains, limit losses or redeploy assets into morepromising opportunities.





• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in valueor more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differing



reporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,political and economic conditions, or diplomatic developments. Foreign securities may be adversely affected by decreases inforeign currency values relative to the U.S. dollar and may be less liquid, more volatile, and harder to value than U.S.securities. The Portfolio’s investments in emerging markets heighten these risks due to a lack of established legal, political,business and social frameworks to support securities markets.



• Micro Cap Company Risk – Investing in micro cap stocks may cause the Portfolio to experience more rapid and extremechanges in value than a fund that invests solely in small, mid and large cap stocks due to a more limited track record, narrowerproduct markets, more limited resources, higher risk of failure, and less liquid trading markets.

• Other Investment Companies Risk – The Portfolio will indirectly bear its pro rata portion of the expenses of the investmentcompanies in which it invests, including advisory fees, in addition to the direct expenses of the Portfolio. The expensesassociated with some business development companies may be significant. Investments in other investment companies aresubject to market and selection risks, and generally entail the same risks as the underlying securities held by them. ETFs,closed-end funds and BDCs are also subject to the risk that their market prices may trade at a premium or a discount to theirnet asset value, which means the Portfolio will overpay for a fund’s assets if it is trading at a premium and will get less than thevalue of the fund’s assets when selling if it is trading at a discount. An active trading market for an ETF, closed-end fund orBDC may not be developed or maintained. In the event of a trading halt by the exchange, the Portfolio would be unable to sellits ETF, closed-end or BDC shares unless and until trading is resumed. BDCs invest in small and medium-sized privatecompanies that may not have access to public equity markets. As a result, a BDC’s portfolio may be less liquid, may be moreadversely affected by poor economic or market conditions, and may be adversely affected by risks associated with industriesand sectors in which portfolio companies may concentrate.

• REITs Risk – REITs must satisfy specific requirements for favorable tax treatment and can involve unique risks in addition tothe risks generally affecting the real estate industry. REITs are dependent upon the quality of their management, may havelimited financial resources and heavy cash flow dependency, and may not be diversified geographically or by property type.



• Special Situation Risk – In special situations, the adviser may deviate from the Portfolio’s normal investment criteria whenpurchasing a security. In these special situations, there is the risk that the change or event anticipated by the adviser whenpurchasing a company might not occur or attract the expected attention, which could have a negative impact on the price of thecompany’s securities. Investing in special situations may involve heightened volatility in the value of the securities purchasedand may cause greater risk of loss.





2015

2014

2013

-30%

-20%

-10%

0%

10%

20%

30%

40%

2017

2008

2009

2010

2011

2012

2016

11.65%

-28.13%

28.18%21.95%

-1.36%-5.45%

16.33%

31.76%

0.22%

32.39%



1 Yr 5 Yrs 10 Yrs

Small Cap Value Portfolio11.65% 13.04% 9.05%


Lipper® Variable Insurance Products (VIP) Small Cap ValueFunds Average


PORTFOLIO MANAGEMENTInvestment Adviser: Mason Street Advisors, LLCSub-Adviser: T. Rowe Price Associates, Inc. (T. Rowe Price)Portfolio Manager: J. David Wagner, CFA, a Vice President of T. Rowe Price, joined T. Rowe Price in 2000 and has managedthe Portfolio since 2014.




SUMMARY PROSPECTUSMAY 1, 2018 International Growth Portfolio













$67 $211 $368 $822


PRINCIPAL INVESTMENT STRATEGIESNormally, the Portfolio will invest at least 80% of net assets (plus any borrowings for investment purposes) in the securities ofissuers from countries outside the United States. The Portfolio may invest in emerging markets but will normally limit suchinvestments to 20% of its net assets, measured at the time of purchase. The adviser normally invests the Portfolio’s assetsprimarily in foreign common stocks and American Depositary Receipts (ADRs) and other depositary receipts. While the advisernormally allocates the Portfolio’s assets across different countries and regions, the Portfolio may invest a relatively largepercentage of its assets in a single country, a small number of countries, or a particular geographic region. The Portfolio investsprimarily in large capitalization companies, but may invest in companies of any size. Although the Portfolio primarily invests itsassets in issuers located outside the U.S., it also invests in U.S. issuers.

The adviser invests the Portfolio’s assets in companies it believes operate in a market environment, or with a competitiveadvantage, that make it difficult for competition to disrupt current and future profitability, in combination with growth driversthat may offer above-average growth potential measured by factors such as earnings or revenue. Companies with high growthpotential tend to be companies with higher than average price/earnings (P/E) or price/book (P/B) ratios. Companies with stronggrowth potential often have new products, technologies, distribution channels, or other opportunities, or have a strong industry or


International Growth Portfolio

market position. The stocks of these companies are often called “growth” stocks. In buying and selling securities for the Portfolio,the adviser relies on fundamental analysis, which involves a “bottom up” assessment of a company’s potential for success in lightof factors such as its financial condition, earnings outlook, strategy, management, industry position, and economic andmarket conditions.

The Portfolio may reduce or sell its position in a particular holding when the adviser believes a stock is fully valued, the conditionsupon which the adviser based its original investment thesis no longer holds true, or due to portfolio construction considerations.




• Emerging Markets Risk – Investing in emerging market securities increases foreign investing risk, and may subject thePortfolio to more rapid and extreme changes in value or more losses than a fund that invests exclusively in U.S. securities or inforeign, developed countries. This risk is due to smaller markets, illiquidity, significant price and market volatility, currency,interest rate and commodity price fluctuations, restrictions on foreign investment, changes in tax policy, differing securitiesmarket structures, higher transaction costs, and various administrative difficulties, such as delays in executing, clearing andsettling portfolio transactions or in receiving payment of dividends.


• Foreign Currency Risk – The risk that foreign (non-U.S. dollar) currency denominated securities, or derivatives that provideexposure to foreign currencies, may be adversely affected by decreases in foreign currency values relative to the U.S. dollar.Investments in securities subject to foreign currency risk may have more rapid and extreme changes in value or more lossesthan investments in U.S. dollar denominated securities.

• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in valueor more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differingreporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,political and economic conditions, or diplomatic developments. Foreign securities may be less liquid, more volatile, and harderto value than U.S. securities.

• Geographic Concentration Risk – To the extent a relatively large percentage of the Portfolio’s assets are invested in issuerslocated in a single country, a small number of countries, or a particular geographic region, the Portfolio’s performance could bemore volatile than that of a more geographically diversified fund, and the Portfolio’s performance may be more closely tied tothe market, currency, economic, political, or regulatory conditions in those countries or that region.



• Liquidity Risk – Markets for small cap stocks and foreign securities, in particular emerging markets securities, may be lessliquid than markets for larger cap stocks and domestic securities, and therefore may be difficult to purchase or sell at anadvantageous time or price, if at all. These risks may be magnified during periods of economic turmoil or in an extendedeconomic downturn.


International Growth Portfolio


• Small and Mid Cap Company Risk – Investing in small and mid cap stocks may cause greater risk of loss and pricefluctuation than investing in stocks of larger cap companies due to a more limited track record, narrower product markets, morelimited resources and less liquid trading markets. These stocks may be more volatile and more difficult to buy and sell thanstocks with larger capitalizations.


PERFORMANCEThe following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio hasvaried from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain timeperiods and compares the Portfolio’s returns with those of a broad measure of market performance, the returns of an additionalindex of securities with characteristics similar to those that the Portfolio typically holds, and the average returns of a peer groupof portfolios underlying variable insurance products with similar characteristics to those of the Portfolio. Returns are based onpast results and are not an indication of future performance. Neither the bar chart nor the table reflects the fees and expensesseparately charged by the variable annuity contract or variable life insurance policy separate account that invests in the Portfolioand returns would be lower if those fees and expenses were reflected.

2016

2015

2014

-50%

-30%

-40%

-20%

-10%

0%

10%

20%

30%

50%

40%

2008

2009

2010

2011

2012

2013

2017

23.16%

-46.19%

16.43%

-13.17%

17.99%19.81%

-4.52%-1.73%-3.41%

30.03%

Best Qtr: 2nd – ‘09 17.83% Worst Qtr: 3rd – ‘08 -22.62%


1 Yr 5 Yrs 10 Yrs

International Growth Portfolio30.03% 7.14% 1.11%

MSCI EAFE® (Europe-Australasia-Far East) Growth Index (Gross)(reflects no deduction for fees, expenses or taxes)29.34% 9.18% 3.05%

MSCI® All Country World (ex-US) Growth Index (Gross)(reflects no deduction for fees, expenses or taxes)32.47% 8.36% 2.76%

Lipper® Variable Insurance Products (VIP) International Multi-CapGrowth Funds Average


PORTFOLIO MANAGEMENTInvestment Adviser: Mason Street Advisors, LLCSub-Adviser: FIAM LLC (FIAM)Portfolio Manager: Jed Weiss, Portfolio Manager, began managing the Portfolio in 2015.




SUMMARY PROSPECTUSMAY 1, 2018 Research International Core Portfolio

Before you invest, you may want to review the Portfolio’s prospectus, which contains more information about the Portfolioand its risks. You can find the Portfolio’s prospectus and other information about the Portfolio online atwww.nmseriesfund.com. You can also get this information at no cost by calling 1-888-455-2232 or by sending an e-mailrequest to [email protected]. The current prospectus and statement of additional information, eachdated May 1, 2018, along with the Portfolio’s most recent annual report dated December 31, 2017 are incorporated byreference into this Summary Prospectus. The Portfolio’s statement of additional information and annual report may beobtained, free of charge, in the same manner as the prospectus.

INVESTMENT OBJECTIVEThe investment objective of the Portfolio is to seek capital appreciation.













$81 $263 $461 $1,033


PRINCIPAL INVESTMENT STRATEGIESThe Portfolio normally invests primarily in foreign equity securities, including emerging market equity securities. The Portfolionormally invests its assets across different industries, sectors, countries, and regions, but the Portfolio may invest a significantpercentage of its assets in issuers in a single industry, sector, country, or a particular geographic region.

In conjunction with a team of investment research analysts, sector leaders select investments for the Portfolio. The advisergenerally manages the Portfolio to be sector neutral to the MSCI EAFE® Index (the “Index”). The Portfolio does not, as a matter


Research International Core Portfolio

of policy, seek to concentrate in any particular industry. The Portfolio is not constrained by any particular investment style. Theadviser may invest the Portfolio’s assets in the stocks of companies it believes to have above average earnings growth potentialcompared to other companies (growth companies), in the stocks of companies it believes are undervalued compared to theirperceived worth (value companies), or in a combination of growth and value companies. The Portfolio’s investments in equitysecurities may include securities of companies of any capitalization level, and could include common stocks, preferred stocks,securities convertible into stock and American Depositary Receipts (ADRs) and other depositary receipts for those securities.

The adviser uses an active “bottom up” investment approach to buying and selling investments for the Portfolio, which emphasizesindividual stock selection. Investments are selected primarily based on fundamental analysis of individual issuers and their potentialin light of their financial condition, and market, economic, political and regulatory conditions. Factors considered may includeanalysis of an issuer’s earnings, cash flows, competitive position and management ability. Quantitative models that systematicallyevaluate an issuer’s valuation, price and earnings momentum, earnings quality and other factors, may also be considered.

The adviser may sell securities for a variety of reasons such as to seek to secure gains, limit losses, or redeploy assets intoopportunities believed to be more promising, among others.







• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in valueor more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differingreporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,political and economic conditions, or diplomatic developments. Foreign securities may be less liquid, more volatile, and harderto value than U.S. securities.

• Geographic Concentration Risk – The Portfolio’s performance could be more volatile than that of a more geographicallydiversified fund and could be significantly impacted as a result of the Portfolio investing a large percentage of its assets inissuers located in a single country, a small number of countries, or a particular geographic region. Also, the Portfolio’sperformance may be more closely tied to the market, currency, economic, political, or regulatory conditions in those countriesor that region.





• Liquidity Risk – Markets for small cap stocks and foreign securities, in particular emerging markets securities, may be lessliquid than markets for larger cap stocks and domestic securities, and therefore may be difficult to purchase or sell at anadvantageous time or price, if at all. These risks may be magnified during periods of economic turmoil or in an extendedeconomic downturn.


• Sector Concentration Risk – To the extent the Portfolio invests a relatively high percentage of its assets in a particular sectoror industries within a sector, it will have greater exposure to the risks associated with that sector, including the risk that thesecurities of companies within the sector will underperform due to adverse economic conditions, regulatory or legislativechanges or increased competition affecting the sector. To the extent the Portfolio is underweight other sectors, the Portfoliorisks missing out on advances in those sectors.




-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

2017

2008

2009

2014

2010

2011

2012

2013

2016

2015

-42.54%

30.82%

11.05%

-10.48%

16.76%

-1.12%

18.92%

-6.71%-1.11%

28.21%



1 Yr 5 Yrs 10 Yrs

Research International Core Portfolio28.21% 6.82% 1.95%

MSCI® All Country World (ex-US) Index (Gross)(reflects no deduction for fees, expenses or taxes)27.77% 7.28% 2.31%

MSCI EAFE® (Europe-Australasia-Far East) Index (Gross)(reflects no deduction for fees, expenses or taxes)25.62% 8.39% 2.42%

Lipper® Variable Insurance Products (VIP) International Multi-CapCore Funds Average




PORTFOLIO MANAGEMENTInvestment Adviser: Mason Street Advisors, LLCSub-Adviser: Massachusetts Financial Services Company (MFS®)Portfolio Managers: Jose Luis Garcia, Investment Officer of MFS, has managed the Portfolio since 2007.Thomas Melendez, Investment Officer of MFS, has managed the Portfolio since 2007.Victoria Higley, Investment Officer of MFS, has managed the Portfolio since 2016.




SUMMARY PROSPECTUSMAY 1, 2018 International Equity Portfolio


INVESTMENT OBJECTIVEThe investment objective of the Portfolio is long-term growth of capital. Any income realized will be incidental.













$56 $207 $370 $845


PRINCIPAL INVESTMENT STRATEGIESNormally, the Portfolio invests at least 80% of net assets (plus any borrowings for investment purposes) in equity securities and at least65% of net assets in securities of issuers from a minimum of three countries outside the U.S. The Portfolio may purchase securities inany foreign country, including those with developed markets and emerging markets. From time to time, based on economic conditions,the Portfolio may have significant investments in one or more countries or in particular sectors. The Portfolio invests primarily inforeign common stocks, and may also invest in American Depositary Receipts (ADRs) and other similar depositary receipts.

The Portfolio’s investments in equity securities may include small, medium and large capitalization issues that the Portfolio’sadviser believes are undervalued. The strategy for the Portfolio will reflect a “bottom up”, value oriented and long-term


International Equity Portfolio

investment philosophy. In choosing equity investments, the adviser will focus on the market price of a company’s securities in relationto the company’s long-term earnings (typically 5 years), asset value and cash flow potential. A company’s historical value measures,including price/earnings ratio, profit margins and liquidation value, will also be considered. In determining whether a company islocated in a country “outside” the U.S., the Portfolio’s adviser considers a variety of factors, such as location of company management,location of the exchange on which the company’s stock is primarily traded, sources of revenue, and reporting currency.

The adviser may consider selling an equity security when it believes the security has become overvalued due to either its priceappreciation or changes in the company’s fundamentals, or when the adviser believes another security provides a more attractiveinvestment opportunity.






• Foreign Currency Risk – The risk that foreign (non-U.S. dollar) currency denominated securities may be adversely affectedby decreases in foreign currency values relative to the U.S. dollar. Investments in securities subject to foreign currency riskmay have more rapid and extreme changes in value or more losses than investments in U.S. dollar denominated securities.

• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in valueor more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differingreporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,political and economic conditions, or diplomatic developments. Foreign securities and may be less liquid, more volatile, andharder to value than U.S. securities.

• Geographic Concentration Risk – The Portfolio’s performance could be more volatile than that of a more geographicallydiversified fund and could be significantly impacted as a result of the Portfolio investing a relatively large percentage of its assets inissuers located in a single country, a small number of countries, or a particular geographic region. Also, the Portfolio’s performancemay be more closely tied to the market, currency, economic, political, or regulatory conditions in those countries or that region.




• Sector Concentration Risk – To the extent the Portfolio invests a relatively high percentage of its assets in a particular sector, it willhave greater exposure to the risks associated with that sector, including the risk that the securities of companies within the sector will


International Equity Portfolio

underperform due to adverse economic conditions, regulatory or legislative changes or increased competition affecting the sector. Tothe extent the Portfolio is underweight other sectors, the Portfolio risks missing out on advances in those sectors.




2016

2015

2014

-50%

-30%

-40%

-20%

-10%

0%

10%

20%

30%

50%

40%

2008

2009

2010

2011

2012

2013

2017

-43.78%

33.11%

22.30%

7.67%

-10.10%

21.52%21.38%

-8.80%-2.21%

2.89%



1 Yr 5 Yrs 10 Yrs

International Equity Portfolio22.30% 6.37% 1.83%

MSCI® All Country World (ex-US) Index (Gross)(reflects no deduction for fees, expenses or taxes)27.77% 7.28% 2.31%

MSCI EAFE® (Europe-Australasia-Far East) Index (Gross)(reflects no deduction for fees, expenses or taxes)25.62% 8.39% 2.42%

Lipper® Variable Insurance Products (VIP) International Multi-CapValue Funds Average


PORTFOLIO MANAGEMENTInvestment Adviser: Mason Street Advisors, LLCSub-Adviser: Templeton Investment Counsel, LLC (Templeton)Portfolio Manager: Antonio T. Docal, CFA, Executive Vice President, Director of Portfolio Management for Templeton’sGlobal Equity Group, joined Templeton in 2001 and has been a portfolio manager of the Portfolio since December 2014.




SUMMARY PROSPECTUSMAY 1, 2018 Emerging Markets Equity Portfolio


INVESTMENT OBJECTIVEThe Portfolio’s investment objective is to seek capital appreciation.













$105 $353 $621 $1,387


PRINCIPAL INVESTMENT STRATEGIESThe Portfolio normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities ofissuers that are tied economically to emerging market countries. The Portfolio invests primarily in common stocks, but may alsoinvest in other types of equity securities, including but not limited to, preferred stocks and American Depositary Receipts (ADRs)and other depositary receipts for those securities.

Emerging market countries include countries determined by the Portfolio’s adviser to have emerging market economies, takinginto account a number of factors, such as the country’s credit rating, its political and economic stability and the development of


Emerging Markets Equity Portfolio

its financial and capital markets. Emerging market countries include every nation in the world except the United States, Canada,Japan, Australia, New Zealand and most countries located in Western Europe. A company is considered to be an emerging marketcompany if the adviser determines that the company meets one or more of the following criteria: the company

• is organized under the laws of, or has its principal office in an emerging market country;

• has its principal securities trading market in an emerging market country; and/or

• derives the majority of its annual revenue or earnings or assets from goods produced, sales made or services performed in anemerging market country.

The Portfolio may also invest in equity securities of issuers that are not tied economically to emerging market countries. Suchinvestments will not exceed 20% of the net assets of the Portfolio. The Portfolio may invest in securities denominated in U.S.Dollars and currencies of emerging market countries in which it is permitted to invest. The Portfolio typically has full currencyexposure to those markets in which it invests.

The Portfolio may invest in companies of any size. The Portfolio may invest in securities of any market sector and, from time totime, may hold a significant amount of securities of companies within a single sector. The adviser may invest a large percentageof the Portfolio’s assets in issuers in a single country, a small number of countries, or a particular geographic region.

The adviser employs a fundamental “bottom up” equity investment style, which is characterized by intensive, first-hand researchand disciplined company evaluation. Investments are identified for their long-term, fundamental value. The stock selectionprocess contains two filters, first quality and then price. In the quality filter, the adviser seeks to determine whether the companyis a business that has good growth prospects and a balance sheet that supports expansion. The team also considers how acompany’s corporate governance and risk management practices may affect that company’s long-term value. In the price filter,the adviser assesses the value of a company by reference to standard financial ratios, and estimates the value of the companyrelative to its market price and the valuations of companies within a relevant universe.

The Portfolio may sell a security when the adviser perceives that a company’s business direction or growth prospects havechanged or the company’s valuations are no longer attractive.









• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in valueor more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differingreporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,political and economic conditions or diplomatic developments. Foreign securities may be less liquid, more volatile, and harderto value than U.S. securities.

• Geographic Concentration Risk – The Portfolio’s performance could be more volatile than that of a more geographicallydiversified fund and could be significantly impacted as a result of the Portfolio investing a large percentage of its assets inissuers located in a single country, a small number of countries, or a particular geographic region. Also, the Portfolio’sperformance may be more closely tied to the market, currency, economic, political, or regulatory conditions in those countriesor that region.


• Liquidity Risk – Markets for small and micro cap stocks and foreign securities, in particular emerging markets securities, maybe less liquid than markets for larger cap stocks and domestic securities, and therefore may be difficult to purchase or sell at anadvantageous time or price, if at all. These risks may be magnified during periods of economic turmoil or in an extendedeconomic downturn. The lack of active trading markets may make it difficult to obtain an accurate price for a security held bythe Portfolio.


• Micro Cap Company Risk – Investing in micro cap stocks may cause the Portfolio to experience more rapid and extremechanges in value than a fund that invests solely in small, mid and large cap stocks due to a more limited track record, narrowerproduct markets, more limited resources higher risk of failure, and less liquid trading markets.






PERFORMANCEThe following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio hasvaried from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain timeperiods and compares the Portfolio’s returns with those of a broad measure of market performance as well as with the averagereturns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of the Portfolio.Prior to March 24, 2017, the sub-adviser to the Portfolio was different. Performance shown may have been different if the currentstrategy, and the current sub-adviser, had been in place during the periods shown. Returns are based on past results and are not anindication of future performance. Neither the bar chart nor the table reflects the fees and expenses separately charged by thevariable annuity contract or variable life insurance policy separate account that invests in the Portfolio and returns would be lowerif those fees and expenses were reflected.

2008

2009

2010

2011

2012

2013

2014

-80%

-60%

-40%

-20%

20%

40%

60%

80%

0%

2015

2016

2017

-55.22%

-18.66%

69.73%

24.08% 18.83%9.06%

27.84%

-5.15%-6.25%-12.24%



1 Yr 5 Yrs 10 Yrs

Emerging Markets Equity Portfolio27.84% 1.70% -0.08%

MSCI® Emerging Markets Index (Gross)(reflects no deduction for fees, expenses or taxes)37.75% 4.73% 2.02%

Lipper® Variable Insurance Products (VIP) Emerging MarketsFunds Average


PORTFOLIO MANAGEMENTInvestment Adviser: Mason Street Advisors, LLCSub-Adviser: Aberdeen Asset Managers Limited (“Aberdeen”)Portfolio Managers: The Portfolio is managed using a team-based approach, with the following team members being jointly andprimarily responsible for the day-to-day management of the Portfolio:Hugh Young, Head of Asia Pacific/Managing Director—Asia, has managed the Portfolio since March 2017.Devan Kaloo, Global Head of Equities/Head of Global Emerging Markets Equities, has managed the Portfolio since March 2017.Joanne Irvine, Head of Emerging Markets (ex-Asia), has managed the Portfolio since March 2017.Mark Gordon-James, CFA, Senior Investment Manager, has managed the Portfolio since March 2017.Flavia Cheong, CFA, Head of Equities—Asia (ex-Japan), has managed the Portfolio since March 2017.




SUMMARY PROSPECTUSMAY 1, 2018 Government Money Market Portfolio


INVESTMENT OBJECTIVEThe investment objective of the Portfolio is to realize maximum current income to the extent consistent with liquidity andstability of capital.










$34 $106 $185 $418

PRINCIPAL INVESTMENT STRATEGIESAs a government money market portfolio, the Portfolio invests at least 99.5% of its total assets in cash, U.S. Treasury bills, notesand other obligations issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities,and repurchase agreements secured by such obligations or cash. The Portfolio may invest 100% of its total assets in suchrepurchase agreements. Under normal circumstances, the Portfolio will invest at least 80% of its net assets in obligations issuedor guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, and repurchase agreementssecured by such obligations. The Portfolio invests in a portfolio of securities maturing in 397 days or less (with certainexceptions) that will have a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days orless. The Portfolio may invest in variable and floating rate instruments, and transact in securities on a when-issued, delayeddelivery or forward commitment basis. The Portfolio seeks to maintain a net asset value of $1.00 per share.

PRINCIPAL RISKSThe main risks of investing in the Portfolio are identified below.

• Active Management Risk – The securities selected for the Portfolio may underperform the markets, relevant indices, orsecurities selected by other funds with similar investment objectives and investment strategies.

• Credit Risk – The Portfolio could lose money if the issuer or guarantor of a fixed income security or the counterparty to arepurchase agreement is unwilling or unable to meet its financial obligations.

• Income Risk – The risk that the Portfolio’s yield will vary as short-term securities in its portfolio mature and the proceeds arereinvested in securities with different interest rates.


Government Money Market Portfolio

• Interest Rate Risk – Prices of fixed income instruments generally rise and fall in response to changes in market interest rates.In a rising interest rate environment, the value of the Portfolio’s fixed income investments is likely to decline. A low interestrate environment poses additional risks to the Portfolio. Low yields on the Portfolio’s holdings may have an adverse impact onthe Portfolio’s ability to provide a positive yield to its shareholders or pay expenses out of Portfolio assets. Additionally,securities issued or guaranteed by the U.S. government, its agencies and instrumentalities have historically involved little riskof loss of principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities mayvary during the period you are invested in the Portfolio.

• Liquidity Risk – Investments for the Portfolio may be difficult to purchase or sell at an advantageous time or price, if at all.These risks may be magnified during periods of economic turmoil or in an extended economic downturn. The liquidityrequirements applicable to government money market funds are designed to help mitigate the potential impact of these risks.


• Repurchase Agreements Risk – If the other party to a repurchase agreement defaults on its obligation under the agreement,the Portfolio may suffer delays and incur costs or lose money in exercising its rights under the agreement. These risks may beheightened if the other party is located outside of the U.S. If the seller fails to repurchase the security and the market value ofthe security declines, the Portfolio may lose money.

• Stable Net Asset Value Risk – The Portfolio may not be able to maintain a stable net asset value (“NAV”) of $1.00 per shareat all times. If the Portfolio fails to maintain a stable NAV (or there is a perceived threat of such failure), the Portfolio, alongwith other money market funds, could be subject to increased redemption activity.


• U.S. Government Securities Risk – Not all obligations of the U.S. government, its agencies and instrumentalities are backedby the full faith and credit of the U.S. Treasury. Some obligations are backed only by the credit of the issuing agency orinstrumentality, and in some cases there may be some risk of default by the issuer. Any guarantee by the U.S. government or itsagencies or instrumentalities of a security held by the Portfolio does not apply to the market value of such security or to sharesof the Portfolio itself.

• Variable and Floating Rate Instrument Risk – Variable and floating rate securities provide for a periodic adjustment in theinterest rate paid on the obligations. The absence of an active market for these securities could make it difficult for thePortfolio to dispose of them if the issuer defaults.

• When-Issued and Delayed Delivery Transactions Risk – When issued and delayed delivery securities involve the risk thatthe security will lose value prior to its delivery. There is also the risk that the security will not be issued or that the other partyto the transaction will not meet its obligation. If this occurs, the Portfolio loses both the investment opportunity for the assets itset aside to pay for the security and any gain the security’s price.

You could lose money by investing in the Government Money Market Portfolio. Although the Portfolio seeks to preserve the valueof your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Portfolio is not insured orguaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Portfolio’s sponsor has no legalobligation to provide financial support to the Portfolio, and you should not expect that the sponsor will provide financial supportto the Portfolio at any time.


Government Money Market Portfolio

PERFORMANCEThe following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio hasvaried from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain timeperiods. Returns are based on past results and are not an indication of future performance. Prior to May 1, 2016, the Portfoliooperated as a prime money market fund and invested in certain types of securities that the Portfolio is no longer permitted to hold.Consequently, the performance information below may have been different if the current investment limitations had been ineffect during the period prior to the Portfolio’s conversion to a government money market fund. Neither the bar chart nor thetable reflects the fees and expenses separately charged by the variable annuity contract or variable life insurance policy separateaccount that invests in the Portfolio and returns would be lower if those fees and expenses were reflected.

-1%

0%

1%

2%

6%

5%

4%

3%

2008

2009

2010

2011

2012

2015

2014

2013

2016

2017

0.76% 0.60%

2.76%

0.29% 0.14% 0.15% 0.10% 0.07% 0.01% 0.13%

Best Qtr: 1st – ‘08 0.93% Worst Qtr: 4th – ‘13 0.00%


1 Yr 5 Yrs 10 Yrs

Government Money Market Portfolio0.60% 0.91% 5.09%

For the seven-day period ended March 31, 2018, theGovernment Money Market Portfolio’s yield was 1.29%.

PORTFOLIO MANAGEMENTInvestment Adviser: Mason Street Advisors, LLCSub-Adviser: BlackRock Advisors, LLC




SUMMARY PROSPECTUSMAY 1, 2018 Short-Term Bond Portfolio


INVESTMENT OBJECTIVEThe primary investment objective of the Portfolio is to provide as high a level of current income as is consistent with prudentinvestment risk.











$41 $128 $224 $505


PRINCIPAL INVESTMENT STRATEGIESNormally, the Portfolio invests at least 80% of net assets (plus any borrowings for investment purposes) in a diversified portfolio ofinvestment grade debt securities. The Portfolio may also invest up to 10% of net assets in non-investment grade, high yield/high riskbonds (so called “junk bonds”). Investment grade securities are generally securities rated investment grade by major credit ratingagencies (BBB- or higher by S&P; Baa3 or higher by Moody’s; BBB- or higher by Fitch) and non-investment grade securities aregenerally securities rated below investment grade by major credit rating agencies (BB+ or lower by S&P; Ba1 or lower by Moody’s;BB+ or lower by Fitch), or, if unrated, determined by the Portfolio’s adviser to be of comparable quality. Also, the Portfolio mayinvest up to 20% of net assets in foreign securities, including those of issuers located in emerging markets, consistent with itsinvestment objective. Foreign securities held by the Portfolio may consist of both U.S. dollar and non-U.S. dollar denominatedsecurities. Debt securities may be of any maturity, but under normal market conditions, the Portfolio’s average effective maturitywill not exceed three years. The Portfolio primarily invests in corporate, government and mortgage- and asset-backed securities. ThePortfolio’s mortgage-related securities investments may include collateralized mortgage obligations as well as commercial andresidential mortgage-backed securities. The Portfolio’s investments in asset-backed securities include asset-backed auto loans. The


Short-Term Bond Portfolio

Portfolio may also invest in Rule 144A securities. The Portfolio may also utilize futures and forward contracts primarily to adjust thePortfolio’s duration and yield curve exposure, as well as hedge foreign currency exposure, swap agreements, including the purchaseor sale of credit default swaps and interest rate swaps (to take a position on interest rates moving either up or down) in keeping withits investment objective. Duration is a measure of the sensitivity of the price of a Portfolio’s fixed income securities to changes ininterest rates; the longer the duration, the more sensitive the price will be to changes in interest rates.

The adviser uses both a “top down” and “bottom up” investment approach to construct the portfolio of investments. The top downinvestment approach involves an evaluation by the adviser of the overall macroeconomic environment and its potential impact onthe level and direction of interest rates. The adviser then identifies sectors it believes have the best potential for performancebased on its economic outlook. The bottom up investment approach focuses on fundamental research of individual issuers.Investment decisions reflect the adviser’s outlook for interest rates and the economy, as well as the prices, yields, and creditquality of various securities in which the Portfolio may invest.

The adviser may sell a portfolio security for a variety of reasons, such as to adjust the Portfolio’s average maturity, duration, orcredit quality or to shift assets into and out of higher-yielding or lower-yielding securities or different sectors.


• Active Management Risk – The adviser’s investment strategies and techniques may not perform as expected and the adviser’squality determinations with respect to securities that are unrated by the major credit rating agencies may be inaccurate, whichcould cause the Portfolio to underperform other mutual funds or lose money.

• Credit Risk – The Portfolio could lose money if the issuer or guarantor of a fixed income security is unwilling or unable tomeet its financial obligations.

• Debt Obligations of Foreign Governments Risk – The issuer of the foreign debt or the governmental authorities that controlthe repayment of such debt may be unable or unwilling to repay principal or interest when due, and the Portfolio may havelimited recourse in the event of a default. The market prices of debt obligations of governments and their agencies, and thePortfolio’s net asset value, may be more volatile than prices of U.S. debt obligations.

• Derivatives Risk – The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate orindex. The primary risks associated with the Portfolio’s use of derivatives are the risk that changes in the value of thederivatives may not correlate as intended with the underlying asset, rate or index, the risk of adverse price movements in themarket and the risk that the counterparty to a derivatives transaction fails to make the required payment or otherwise complywith the terms of the contract. Certain derivatives involve leverage, which could cause the Portfolio to lose more than theprincipal amount invested. Other risks include management, interest rate, and liquidity risks, and the risk of missedopportunities in other investments.


• High Yield Debt Risk – High yield debt securities (so called “junk bonds”) in which the Portfolio invests have greater interestrate and credit risk, may be more difficult to sell or sell at a reasonable price, and have greater risk of loss than higherrated securities.

• Interest Rate Risk – Prices of fixed income instruments generally rise and fall in response to changes in market interest rates.In a rising interest rate environment, the value of the Portfolio’s fixed income investments is likely to decline. Currently,interest rates remain at historically low levels. A significant rise in interest rates over a short period of time could causesignificant losses in the market value of the Portfolio’s fixed income instruments. A portfolio with a longer average portfolioduration will be more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

• Liquidity Risk – Fixed income and derivative investments can be difficult to purchase or sell at an advantageous time or price,if at all, during periods of reduced marketability for the investment or due to the size of the transaction. These risks may bemagnified during periods of economic turmoil or in an extended economic downturn or when investing in emerging markets.




• Mortgage- and Asset-Backed Securities Risk – The Portfolio invests in collateralized mortgage obligations, mortgage-backed securities and asset-backed securities. Mortgage-related and other asset-backed securities are subject to interest raterisk, credit risk and liquidity risk as well as additional risks including prepayment and extension risk. Mortgage-related andother asset-backed securities represent interests in pools of mortgages or other assets and often involve risks that are differentor possibly more acute than risks associated with other types of debt instruments. The value of some mortgage- or asset-backedsecurities may be particularly sensitive to changes in prevailing interest rates. Asset-backed securities are subject to riskssimilar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of theassets underlying the securities. Asset-backed auto loans are backed by receivables from motor vehicle installment salescontracts or installment loans secured by motor vehicles and may be subject to heightened credit risk.

• Prepayment and Extension Risk – Prepayment risk is the risk that principal on a debt obligation will be paid earlier thanscheduled or expected, which could reduce yield and market value of the security and shorten the Portfolio’s average effectivematurity. The rate of prepayments tends to increase as interest rates fall. Extension risk is the risk that, as interest rates rise,repayments on a debt obligation may occur more slowly than anticipated by the market and the obligation may remainoutstanding longer.




2012

2008

2009

2010

2011

2013

2014

-5%

0%

5%

10%

2.71%

7.22%

3.63%

0.55%

2.07%

0.55% 0.38%

2015

2016

2017

0.72%1.67% 1.33%

Best Qtr: 1st – ‘09 2.53% Worst Qtr: 3rd – ‘08 -1.06%


1 Yr 5 Yrs 10 Yrs

Short-Term Bond Portfolio1.33% 0.93% 2.06%

Bloomberg Barclays® 1-3 Year U.S. Government/Credit Bond Index(reflects no deduction for fees, expenses or taxes)0.84% 0.84% 1.85%

Lipper® Variable Insurance Products (VIP) Short Investment GradeDebt Funds Average


PORTFOLIO MANAGEMENTInvestment Adviser: Mason Street Advisors, LLC (MSA)Sub-Adviser: T. Rowe Price Associates, Inc. (T. Rowe Price)Portfolio Manager: Michael F. Reinartz, CFA, Portfolio Manager and Chairman of T. Rowe Price’s Short-Term BondInvestment Advisory Committee, joined T. Rowe Price in 1996 and has managed the portfolio since 2015.


SUMMARY PROSPECTUSMAY 1, 2018 Select Bond Portfolio


INVESTMENT OBJECTIVEThe primary investment objective of the Portfolio is to provide as high a level of total return as is consistent with prudentinvestment risk. A secondary objective is to seek preservation of shareholders’ capital.













$31 $99 $173 $392


PRINCIPAL INVESTMENT STRATEGIESNormally, the Portfolio invests at least 80% of net assets (plus any borrowings for investment purposes) in a diversified portfolio ofinvestment grade debt securities with maturities exceeding one year. The Portfolio may also invest up to 10% of net assets innon-investment grade, high yield/high risk bonds (so called “junk bonds”). Investment grade securities are generally securities ratedinvestment grade by major credit rating agencies (BBB- or higher by S&P; Baa3 or higher by Moody’s; BBB- or higher by Fitch) andnon-investment grade securities are generally securities rated below investment grade by major credit rating agencies (BB+ or lower byS&P; Ba1 or lower by Moody’s; BB+ or lower by Fitch), or, if unrated, determined by the Portfolio’s adviser to be of comparable quality.The Portfolio invests primarily in U.S. Government obligations, corporate bonds and mortgage- and asset-backed securities, includingcollateralized mortgage obligations, mortgage dollar rolls and certificates issued by the Federal National Mortgage Association and the


Select Bond Portfolio

General National Mortgage Association. The Portfolio may invest in Rule 144A securities. Also, the Portfolio may invest up to 20% of netassets in foreign securities, consistent with its investment objectives. Foreign securities held by the Portfolio consist primarily of U.S. dollardenominated securities but may also include non-U.S. dollar denominated securities. Debt securities may be of any maturity or duration, butunder normal market conditions, the Portfolio attempts to maintain an overall dollar-weighted average effective duration that is within 10%of the Bloomberg Barclays® U.S. Aggregate Index, which had a duration of 6.08 years as of March 31, 2018. Duration is a measure of thesensitivity of the price of the Portfolio’s fixed income securities to changes in interest rates; the longer the duration, the more sensitive theprice will be to changes in interest rates. The Portfolio does not target an average effective maturity.

The adviser uses a fundamental, relative value investment approach to construct the portfolio of investments. The adviser investsin debt securities that it believes offer competitive returns and are undervalued, offering additional income and/or priceappreciation potential relative to other debt securities of similar credit quality and interest rate sensitivity. The adviser mayengage in active and frequent trading of portfolio securities to achieve its investment objectives.

The adviser may sell a portfolio security that has achieved its desired return or if the adviser believes the security or its sector hasbecome overvalued. The adviser may also sell a security if a more attractive opportunity becomes available or if the security is nolonger attractive due to its risk profile or as a result of changes in the overall market environment.




• Debt Obligations of Foreign Governments Risk – The issuer of the foreign debt or the governmental authorities that controlthe repayment of such debt may be unable or unwilling to repay principal or interest when due, and the Portfolio may havelimited recourse in the event of a default. The market prices of debt obligations of governments and their agencies, and thePortfolio’s net asset value, may be more volatile than prices of U.S. debt obligations.

• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in value or morelosses than a fund that invests exclusively in U.S. securities. The risk is due to potentially smaller markets, differing reporting, accountingand auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage, political and economic conditions,or diplomatic developments. Foreign securities may be less liquid, more volatile, and harder to value than U.S. securities.

• High Portfolio Turnover Risk – Active and frequent trading may cause higher brokerage expenses and other transactioncosts, which may adversely affect the Portfolio’s performance.

• High Yield Debt Risk – High yield debt securities (so called “junk bonds”) in which the Portfolio invests have greater interest rateand credit risk, may be more difficult to sell or sell at a reasonable price, and have greater risk of loss than higher rated securities.


• Liquidity Risk – Fixed income investments, including Rule 144A securities, may be difficult to purchase or sell at anadvantageous time or price, if at all, during periods of reduced marketability for the investment or due to the size of thetransaction. These risks may be magnified during periods of economic turmoil or in an extended economic downturn.


• Mortgage- and Asset-Backed Securities Risk – The risks of investing in mortgage-related and other asset-backed securities,including mortgage dollar rolls, include interest rate risk, credit risk, liquidity risk, prepayment risk and extension risk.Mortgage-related and other asset-backed securities represent interests in pools of mortgages or other assets and often involverisks that are different or possibly more acute than risks associated with other types of debt instruments. The value of somemortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Other asset-backedsecurities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with thenature and servicing of the assets underlying the securities. Asset-backed securities may not have the benefit of a securityinterest in collateral comparable to that of mortgage assets, resulting in additional credit risk.


Select Bond Portfolio

• Prepayment and Extension Risk – Prepayment risk is the risk that principal on a debt obligation will be paid earlier than scheduledor expected, which could reduce yield and market value of the security and shorten the Portfolio’s average effective maturity. Therate of prepayments tends to increase as interest rates fall. Extension risk is the risk that, as interest rates rise, repayments on a debtobligation may occur more slowly than anticipated by the market and the obligation may remain outstanding longer.


• U.S. Government Securities Risk – Not all obligations of the U.S. government, its agencies and instrumentalities are backed by the fullfaith and credit of the U.S. Treasury. Some obligations are backed only by the credit of the issuing agency or instrumentality, and insome cases there may be some risk of default by the issuer. Any guarantee by the U.S. government or its agencies or instrumentalities ofa security held by the Portfolio does not apply to the market value of such security or to shares of the Portfolio itself.


2008

2009

-5%

0%

5%

10%

15%

2010

2011

2012

2013

2015

2016

2014

2017

3.26%

9.37%

6.59% 7.16%

4.96%

-2.16%

5.56%

0.53%

3.06% 3.58%



1 Yr 5 Yrs 10 Yrs

Select Bond Portfolio3.58% 2.08% 4.14%

Bloomberg Barclays® U.S. Aggregate Index(reflects no deduction for fees, expenses or taxes)3.54% 2.10% 4.01%

Lipper® Variable Insurance Products (VIP) Core BondFunds Average


PORTFOLIO MANAGEMENTInvestment Adviser: Mason Street Advisors, LLCSub-Adviser: Wells Capital Management, Inc. (WellsCap)Portfolio Managers: Thomas O’Connor, CFA, Senior Portfolio Manager at WellsCap, has been with WellsCap since 2000 andhas co-managed the Portfolio since 2014.Maulik Bhansali, CFA, Senior Portfolio Manager at WellsCap, has been with WellsCap since 2001 and has co-managed thePortfolio since October 2017.Jarad Vasquez, Senior Portfolio Manager at WellsCap, has been with WellsCap since 2007 and has co-managed the Portfoliosince October 2017.




SUMMARY PROSPECTUSMAY 1, 2018 Long-Term U.S. Government Bond Portfolio


INVESTMENT OBJECTIVEThe Portfolio’s investment objective is to seek maximum total return, consistent with preservation of capital and prudentinvestment management.








Expense Reimbursement(1) (0.02)%

Total Annual Portfolio Operating Expenses AfterExpense Reimbursement(1) 0.92%

(1) The Portfolio’s investment adviser has entered into awritten expense limitation agreement under which it hasagreed to limit the total expenses of the Portfolio (excludingtaxes, brokerage, other investment-related costs, interest anddividend expenses and charges, acquired fund fees andexpenses and such non-recurring and extra ordinary expensesas they may arise to an annual rate of 0.65% of the Portfolio’saverage net assets. This expense limitation agreement may beterminated by the adviser at any time after April 30, 2019.

ExampleThis Example is intended to help you compare the cost ofinvesting in the Portfolio with the cost of investing in othermutual funds. The Example assumes that you invest $10,000in the Portfolio for the time periods indicated and then redeemall of your shares at the end of those periods. The Examplealso assumes that your investment has a 5% return each yearand that the Portfolio’s operating expenses remain the same.The Example reflects adjustments made to the Portfolio’soperating expenses due to the expense reimbursementagreement with the investment adviser for the first year only.Although your actual costs may be higher or lower, based onthese assumptions your costs would be:


$94 $298 $518 $1,153


PRINCIPAL INVESTMENT STRATEGIESThe Portfolio seeks to achieve its investment objective by investing under normal circumstances at least 80% of its net assets(plus any borrowings for investment purposes) in a diversified portfolio of fixed income securities that are issued or guaranteed


Long-Term U.S. Government Bond Portfolio

by the U.S. Government, its agencies or government sponsored enterprises (“U.S. Government Securities”), which may berepresented by forwards or derivatives such as options, futures contracts or interest rate swap agreements (to take a position oninterest rates moving either up or down). Assets not invested in U.S. Government Securities may be invested in other types ofnon-government related investment grade fixed income instruments, such as corporate debt securities of U.S. issuers andmortgage- and asset-backed securities, subject to the quality restrictions described below. Mortgage-related securities mayinclude mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage-backed securities andmortgage dollar rolls. The Portfolio may also invest up to 10% of its net assets in preferred stocks.

The Portfolio will normally have a minimum average portfolio duration of eight years and, for point of reference, the dollarweighted average maturity of the Portfolio, under normal circumstances, is expected to be more than ten years. Duration is ameasure of the sensitivity of the price of the Portfolio’s fixed income securities to changes in interest rates; the longer theduration, the more sensitive the price will be to changes in interest rates.

The Portfolio may invest all of its assets in derivative instruments, such as options, futures contracts or interest rate swap agreements (totake a position on interest rates moving either up or down), in municipal bonds or in mortgage- or asset-backed securities, subject to thePortfolio’s objective and the Fund’s policies. The adviser may invest in derivatives at any time it deems appropriate. It will generally doso when it believes that U.S. Government Securities are overvalued relative to derivative instruments or to adjust the overall duration ofthe Portfolio. The potential leverage created by use of derivatives may cause the Portfolio to be more sensitive to interest ratemovements and thus more volatile than other long-term U.S. government bond funds that do not use derivatives.

The Portfolio may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage inshort sales. A short sale involves the sale of a security that is borrowed from a broker or other institution, and which must bepurchased in the market at a later date and returned to the lender. The Portfolio may, without limitation, seek to obtain marketexposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using otherinvestment techniques (such as buy backs or dollar rolls).

The “total return” sought by the Portfolio consists of income earned on the Portfolio’s investments, plus capital appreciation, ifany, which generally arises from decreases in interest rates or improving credit fundamentals for a particular sector or security.The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularlyduring periods of volatile market movements.

The Portfolio’s investments in fixed income securities are limited to investment grade U.S. dollar denominated securities of U.S.issuers that are rated at least A by Moody’s or equivalently rated by S&P or Fitch, or, if unrated, determined by the adviser to beof comparable quality. If a downgrade in the rating of a security in which the Portfolio is invested causes it to fall outside theseparameters, the adviser will sell the impacted security as soon as reasonably practicable. In addition, with respect to thePortfolio’s investments in fixed income securities that are not U.S. Government Securities, the Portfolio may only invest up to10% of its total assets in securities rated A by Moody’s or equivalently rated by S&P or Fitch, or, if unrated, determined by theadviser to be of comparable quality, and may only invest up to 25% of its total assets in securities rated Aa by Moody’s orequivalently rated by S&P or Fitch or, if unrated, determined by the adviser to be of comparable quality.

The Portfolio may sell a position when, in the adviser’s opinion, it no longer represents a good value, when a superior risk/returnopportunity exists in a substitute position, or when it no longer fits within the Portfolio’s macroeconomic or structural strategy.



• Counterparty Risk – The Portfolio may sustain a loss in the event the other party(s) in an agreement or a participant to atransaction, such as a broker or swap counterparty, defaults on a contract or fails to perform by failing to pay amounts due,failing to fulfill delivery conditions, or failing to otherwise comply with the terms of the contract. Counterparty risk is inherentin many transactions, including derivatives transactions.

• Credit Risk – The Portfolio could lose money if the issuer or guarantor of a fixed income security or the counterparty to aderivatives contract is unwilling or unable to meet its financial obligations.

• Derivatives Risk – The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate orindex. The Portfolio’s use of derivatives involves risks different from, or possibly greater than, the risks associated withinvesting directly in securities or other traditional investments. Investments in derivatives may not have the intended effectsand may result in losses for the Portfolio that may not otherwise have occurred or missed opportunities for the Portfolio.



Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amount invested. Thederivatives could involve management, credit, interest rate, liquidity and market risks, and the risks of misplacing or impropervaluation. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index. Inaddition, the Portfolio could sustain a loss in the event the counterparty to a derivatives transaction fails to make the requiredpayments or otherwise comply with the terms of the contract.

• Equity Securities Risk – The value of equity securities, such as common and preferred stocks, could decline if the financialcondition of the companies the Portfolio is invested in declines or if overall market and economic conditions deteriorate.Equity securities generally have greater price volatility than fixed income securities. Investments in rights and warrants may bemore volatile than the underlying investments in stocks.


• Inflation Risk – Your investment in the Portfolio may not provide enough income to keep pace with inflation.

• Interest Rate Risk – Prices of fixed income instruments generally rise and fall in response to changes in market interest rates.In a rising interest rate environment, the value of the Portfolio’s fixed income investments is likely to decline. Currently,interest rates remain at historically low levels. A significant rise in interest rates over a short period of time could causesignificant losses in the market value of the Portfolio’s fixed income instruments. A Portfolio with a longer average portfolioduration will be more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

• Issuer Risk – The risk that the value of a security may decline for a reason directly related to the issuer, such as managementperformance, financial leverage and reduced demand for the issuer’s goods or services.

• Leverage Risk – Certain transactions, such as when issued, delayed delivery or forward commitments transactions, or the useof derivative transactions, may give rise to leverage, causing more volatility than if the Portfolio had not been leveraged.

• Liquidity Risk – Fixed income and derivative investments can be difficult to purchase or sell at an advantageous time or price,if at all, during periods of reduced marketability for the investment or due to the size of the transaction. These risks may bemagnified during periods of economic turmoil or in an extended economic downturn.


• Mortgage- and Asset-Backed Securities Risk – The risks of investing in mortgage-related and other asset-backed securities,including interest rate risk, credit risk, liquidity risk, prepayment risk and extension risk. Mortgage-related and other asset-backed securities represent interests in pools of mortgages or other assets and often involve risks that are different or possiblymore acute than risks associated with other types of debt instruments. The value of some mortgage- or asset-backed securitiesmay be particularly sensitive to changes in prevailing interest rates.

• Municipal Securities Risk – The value of municipal securities in which the Portfolio invests may be more sensitive to certainadverse conditions than other fixed income securities and the yields of municipal securities may move differently andadversely compared to the yields of the overall debt securities markets. Certain municipal securities may be or become highlyilliquid. Illiquidity may be exacerbated from time to time by market or economic events. Municipal securities may lose theirtax-exempt status if certain legal requirements are not met, or if federal or state tax laws change. The Portfolio’s investments incertain municipal securities with principal and interest payments that are made from the revenues of a specific project orfacility, and not general tax revenues, may have increased risks.


• Short Sale Risk – The risk of entering into short sales, including the potential loss of more money than the actual cost of theinvestment, and the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Portfolio.





• When Issued, Delayed Delivery and Forward Commitment Risk – When issued, delayed delivery purchases and forwardcommitment transactions involve a risk of loss if the value of the securities declines prior to the settlement date. This risk is inaddition to the risk that the Portfolio’s other assets will decline in value. Therefore, these transactions may result in a form ofleverage and increase the Portfolio’s overall investment exposure.


2012

2008

2009

2010

2011

2013

2014

-20%

-10%

0%

20%

10%

30%

20.76%

-6.98%

-13.27%

-1.47%

10.62%

28.92%

3.75%8.28%

23.73%

1.09%

2015

2016

2017



1 Yr 5 Yrs 10 Yrs

Long-Term U.S. Government Bond Portfolio8.28% 2.96% 6.76%

Bloomberg Barclays® Long-Term U.S. Treasury Index(reflects no deduction for fees, expenses or taxes)8.53% 3.48% 6.55%

Morningstar® US Insurance Fund Long Government Average(reflects deductions for fees and expenses)9.03% 2.95% 6.65%

PORTFOLIO MANAGEMENTInvestment Adviser: Mason Street Advisors, LLCSub-Adviser: Pacific Investment Management Company LLC (PIMCO)Portfolio Managers: Stephen Rodosky, joined PIMCO in 2001 and is a Managing Director in PIMCO’s Newport Beach office.He has managed the Portfolio since 2007.Michael Cudzil, joined PIMCO in 2012 and is a Managing Director in PIMCO’s Newport Beach office. He has managed thePortfolio since February 2016.Josh Thimons, joined PIMCO in 2010 and is a Managing Director in PIMCO’s Newport Beach office. He has managed thePortfolio since February 2016.




SUMMARY PROSPECTUSMAY 1, 2018 Inflation Protection Portfolio


INVESTMENT OBJECTIVEThe Portfolio’s investment objective is to pursue total return using a strategy that seeks to protect against U.S. inflation.













$56 $185 $325 $734


PRINCIPAL INVESTMENT STRATEGIESThe Portfolio invests substantially all of its assets in investment-grade debt securities. To help protect against U.S. inflation (asmeasured by the change in the Consumer Price Index over time), under normal conditions, the Portfolio will invest over 50% ofits net assets (plus any borrowings for investment purposes) in inflation-indexed debt securities. These securities includeinflation-indexed U.S. Treasury Securities, inflation-indexed securities issued by U.S. government agencies and instrumentalitiesother than the U.S. Treasury, and inflation-indexed securities issued by domestic and foreign corporations and governments, andmay include those located in emerging markets. Inflation-indexed securities are designed to protect the future purchasing powerof the money invested in them. The Portfolio also may invest in fixed income securities that are not inflation-indexed. Such


Inflation Protection Portfolio

investments may include other investment grade debt securities, including collateralized mortgage obligations, mortgage-backedsecurities and asset-backed securities, whether issued by the U.S. government, its agencies or instrumentalities, corporations orother non-governmental issuers, or foreign governments. Investment grade securities are generally securities rated investmentgrade by major credit rating agencies (BBB- or higher by S&P; Baa3 or higher by Moody’s; BBB- or higher by Fitch) or, ifunrated, determined by the Portfolio’s adviser to be of comparable quality.

Due to Internal Revenue Code provisions and regulations governing insurance product funds, no more than 55% of the Portfolio’sassets may be invested in securities issued by the same entity. Because the number of inflation-indexed debt securities issued byother entities is limited, at times the Portfolio may have a substantial position in non-inflation-indexed securities. To seek toreduce the impact of this limitation, the adviser may purchase (long) inflation swap agreements to manage or reduce the risk ofthe effects of inflation with respect to the Portfolio’s position in non-inflation-indexed securities. The Portfolio is classified as“non-diversified” under the Investment Company Act of 1940, as amended, which means it may hold larger positions in a singlesecurity or smaller number of securities than a “diversified” fund.

The adviser is not limited to a specific weighted average maturity or duration range. However, the adviser monitors thePortfolio’s weighted average maturity and duration and seeks to adjust it as appropriate, taking into account market conditions,the current inflation rate and other relevant factors.

The Portfolio may invest up to 20% of its total assets in securities denominated in foreign currencies and may invest beyond thislimit in U.S. dollar denominated securities of foreign issuers. The Portfolio may hedge some or all of its foreign currency byutilizing foreign currency contracts and futures to seek to reduce the risk of loss due to fluctuations in the currency exchangerates, when the adviser deems it to be advantageous.

The Portfolio may sell a security for a variety of reasons, including its assessment of the security’s relative attractiveness in light of itsevaluation of current economic conditions or the risk of inflation, or to manage the Portfolio’s maturity and credit quality standards.

PRINCIPAL RISKSPortfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be noassurance that the Portfolio will achieve its objective and there is no guarantee of inflation protection. The main risks of investingin this Portfolio are identified below.




• Debt Obligations of Foreign Governments Risk – The issuer of the foreign debt or the governmental authorities that controlthe repayment of such debt may be unable or unwilling to repay principal or interest when due, and the Portfolio may havelimited recourse in the event of a default. The market prices of debt obligations of governments and their agencies, and thePortfolio’s net asset value, may be more volatile than prices of U.S. debt obligations. In addition, unlike debt instrumentsissued by the U.S. Treasury, inflation-linked bonds issued by corporations or foreign governments do not generally provideprincipal protection, and in a deflationary environment, such bonds may result in the loss of principal.

• Derivatives Risk – The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate or index.The primary risks associated with the Portfolio’s use of derivatives are the risk that the counterparty to a derivatives transaction failsto make the required payment or otherwise comply with the terms of the contract, the risk that changes in the value of the derivativesmay not correlate as intended with the underlying asset, rate or index, and the risk of adverse price movements in the market. Certainderivatives involve leverage, which could cause the Portfolio to lose more than the principal amount invested. Other risks includemanagement, interest rate, liquidity risks and the risk of missed opportunities in other investments.

• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in valueor more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differingreporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,political and economic conditions, or diplomatic developments. Foreign securities may be adversely affected by decreases in



foreign currency values relative to the U.S. dollar, or in the case of hedged positions, that the U.S. dollar will decline in valuerelative to the currency being hedged, and may be less liquid, more volatile, and harder to value than U.S. securities. ThePortfolio’s investments in emerging markets heighten these risks due to a lack of established legal, political, business andsocial frameworks to support securities markets.

• Inflation Risk – Your investment in the Portfolio may not provide enough income to keep pace with inflation. To the extentthat the Portfolio holds investments in non-inflation-linked debt securities, as noted above, that portion of the Portfolio will notbe automatically protected from inflation.

• Interest Rate Risk – Prices of fixed income instruments, including inflation-indexed debt securities, generally rise and fall inresponse to changes in market interest rates. In a rising interest rate environment, the value of the Portfolio’s fixed incomeinvestments is likely to decline. Currently, interest rates remain at historically low levels. A significant rise in interest ratesover a short period of time could cause significant losses in the market value of the Portfolio’s fixed income instruments. Aportfolio with a longer average portfolio duration will be more sensitive to changes in interest rates than a portfolio with ashorter average portfolio duration.



• Mortgage- and Asset-Backed Securities Risk – The Portfolio invests in collateralized mortgage obligations, mortgage-backed securities and asset-backed securities. Mortgage-related and other asset-backed securities are subject to interest raterisk, credit risk and liquidity risk as well as additional risks including prepayment and extension risk. Mortgage-related andother asset-backed securities represent interests in pools of mortgages or other assets and often involve risks that are differentor possibly more acute than risks associated with other types of debt instruments. The value of some mortgage- or asset-backedsecurities may be particularly sensitive to changes in prevailing interest rates. Mortgage-backed securities offered by non-governmental issuers are subject to specific risks, such as the failure of private insurers to meet their obligations andunexpectedly high rates of default on the mortgages backing the securities. Other asset-backed securities are subject to riskssimilar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of theassets underlying the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparableto that of mortgage assets, resulting in additional credit risk.

• Non-Diversification Risk – The Portfolio is classified as a non-diversified fund and is permitted to invest a greater portion ofits assets in a single security or a small number of securities. As a result, an increase or decrease in the value of single securityheld by the Portfolio may have a greater impact on the Portfolio’s net asset value and total return, and, the Portfolio’sperformance could be more volatile than the performance of funds that hold a greater number of securities.







2008

2009

2010

2011

2012

2013

2014

-10%

-5%

5%

10%

15%

0%-1.38%

9.98%

5.60%7.35%

-8.33%

-2.20%

11.93%

3.14%4.68%

3.58%2015

2016

2017

Best Qtr: 1st – ‘08 4.04% Worst Qtr: 2nd – ‘13 -6.92%


1 Yr 5 Yrs 10 Yrs

Inflation Protection Portfolio3.58% 0.05% 3.27%

Bloomberg Barclays® U.S. Treasury Inflation Protected Securities(TIPS) Index

(reflects no deduction for fees, expenses or taxes)3.01% 0.13% 3.53%

Lipper® Variable Insurance Products (VIP) Inflation Protected BondFunds Average


PORTFOLIO MANAGEMENTInvestment Adviser: Mason Street Advisors, LLCSub-Adviser: American Century Investment Management, Inc. (American Century)Portfolio Managers: Brian Howell, Vice President and Senior Portfolio Manager, has served American Century as a portfoliomanager since 1996 and has managed the Portfolio since 2008.James E. Platz, CFA, Vice President and Senior Portfolio Manager, has served American Century as a portfolio manager since2003 and has managed the Portfolio since 2008.Robert V. Gahagan, Senior Vice President and Senior Portfolio Manager, has served American Century as a portfolio managersince 1991 and has managed the Portfolio since 2007.Miguel Castillo, Portfolio Manager, has served American Century as a portfolio manager since 2014 and has managed thePortfolio since 2015.




SUMMARY PROSPECTUSMAY 1, 2018 High Yield Bond Portfolio


INVESTMENT OBJECTIVEThe investment objective of the Portfolio is to achieve high current income and capital appreciation.











$46 $144 $252 $567


PRINCIPAL INVESTMENT STRATEGIESNormally, the Portfolio invests at least 80% of net assets (plus any borrowings for investment purposes) in non-investment gradedebt securities. Non-investment grade securities are generally securities rated below investment grade by major credit ratingagencies (BB+ or lower by S&P; Ba1 or lower by Moody’s; BB+ or lower by Fitch), or, if unrated, determined by the Portfolio’sadviser to be of comparable quality. There is no minimal acceptable rating for a security to be purchased or held by the Portfolio.The Portfolio may invest up to 30% of net assets in non-investment grade foreign securities, including those of issuers located inemerging markets, consistent with its investment objective. Foreign securities held by the Portfolio consist primarily of U.S.dollar denominated securities but may also include non-U.S. dollar denominated securities.

The securities in which the Portfolio primarily invests are considered speculative and are sometimes known as “junk bonds.”These securities tend to offer higher yields than higher rated securities of comparable maturities primarily because of the market’sgreater uncertainty about the issuer’s ability to make all required interest and principal payments, and therefore about the returnsthat will in fact be realized by the Portfolio.

The adviser selects securities that it believes have attractive investment characteristics and seeks to minimize default risk and otherrisks through careful security selection and diversification. The adviser’s securities selection process consists of a credit-intensive,


High Yield Bond Portfolio

fundamental analysis of the issuer. The adviser’s analysis focuses on the issuer’s financial condition, business and product strength,competitive position and management expertise. Further, the adviser considers current economic, financial market and industryfactors, which may affect the issuer. The adviser does not limit the Portfolio’s investments to securities of a particular maturity rangeand does not target an average effective maturity or duration.

The adviser strives to adhere to a strong sell discipline and generally effects a sale if it believes a security’s future total return hasbecome less attractive relative to other securities, the company begins to perform poorly, the industry outlook changes, or anyother event occurs that changes the adviser’s conclusion.




• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in valueor more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differingreporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,political and economic conditions, or diplomatic developments. Foreign securities may be adversely affected by decreases inforeign currency values relative to the U.S. dollar, or in the case of hedged positions, that the U.S. dollar will decline in valuerelative to the currency being hedged, and may be less liquid, more volatile, and harder to value than U.S. securities. ThePortfolio’s investments in emerging markets heighten these risks due to a lack of established legal, political, business andsocial frameworks to support securities markets.



• Interest Rate Risk – Prices of fixed income instruments generally rise and fall in response to changes in market interest rates.In a rising interest rate environment, the value of the Portfolio’s fixed income investments is likely to decline. Currently,interest rates remain at historically low levels. A significant rise in interest rates over a short period of time could causesignificant losses in the market value of the Portfolio’s fixed income instruments. Duration measures the price sensitivity of afixed income instrument to changes in interest rates. A portfolio with a longer average portfolio duration will be more sensitiveto changes in interest rates than a portfolio with a shorter average portfolio duration.

• Liquidity Risk – High yield debt securities may be difficult to purchase or sell at an advantageous time or price, if at all. Theserisks may be magnified during periods of economic turmoil or in an extended economic downturn or when investing inemerging markets.




High Yield Bond Portfolio

PERFORMANCEThe following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio hasvaried from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain timeperiods and compares the Portfolio’s returns with those of a broad measure of market performance as well as with the averagereturns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of the Portfolio.In addition, the broader market exposure which results from the Index’s 2% issuer cap more closely aligns with the Portfolio’sinvestment objective and strategy. Returns are based on past results and are not an indication of future performance. Neither thebar chart nor the table reflects the fees and expenses separately charged by the variable annuity contract or variable life insurancepolicy separate account that invests in the Portfolio and returns would be lower if those fees and expenses were reflected.

-30%

-15%

0%

15%

30%

60%

45%

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

-21.35%

45.39%

14.56%

4.59%

13.89%5.84%

1.18%

-1.36%

14.59%6.88%



1 Yr 5 Yrs 10 Yrs

High Yield Bond Portfolio6.88% 5.28% 7.28%

Bloomberg Barclays® U.S. Corporate High Yield 2% IssuerCapped Index


Lipper® Variable Insurance Products (VIP) High YieldFunds Average


PORTFOLIO MANAGEMENTInvestment Adviser: Mason Street Advisors, LLC (MSA)Sub-Adviser: Federated Investment Management Company (Federated)Portfolio Manager: Mark E. Durbiano, CFA, Senior Portfolio Manager and Senior Vice President of Federated, has been withFederated since 1982 and has managed the Portfolio since 2014.




SUMMARY PROSPECTUSMAY 1, 2018 Multi-Sector Bond Portfolio


INVESTMENT OBJECTIVEThe Portfolio’s investment objective is to seek maximum total return, consistent with prudent investment management.













$76 $252 $443 $995


PRINCIPAL INVESTMENT STRATEGIESNormally, the Portfolio seeks to achieve its investment objective by investing at least 80% of its net assets (plus any borrowingsfor investment purposes) in a diversified portfolio of fixed income instruments of varying maturities, which may be representedby forwards or derivatives such as options, futures contracts or swap agreements, including the purchase or sale of credit defaultswaps, and interest rate swaps (to take a position on interest rates moving either up or down). The average portfolio duration ofthe Portfolio normally varies from three to eight years, based on the adviser’s forecast for interest rates. Duration is a measure ofthe sensitivity of the price of the Portfolio’s fixed income securities to changes in interest rates; the longer the duration, the moresensitive the price will be to changes in interest rates.


Multi-Sector Bond Portfolio

The Portfolio may invest all of its assets in high yield securities subject to a maximum of 10% of its total assets in securities ratedbelow B by Moody’s or equivalently rated by S&P or Fitch or, if unrated, determined by the Portfolio’s adviser to be ofcomparable quality (so called “junk bonds”). The Portfolio may invest, without limitation, in securities denominated in foreigncurrencies and U.S. dollar denominated securities of foreign issuers. In addition, the Portfolio may invest without limit in fixedincome securities of issuers that are economically tied to emerging securities markets. The Portfolio may invest in illiquidsecurities. The Portfolio may also invest up to 10% of its net assets in preferred stocks.

The Portfolio may invest all of its assets in derivative instruments, such as options, futures contracts or swap agreementsincluding the purchase or sale of credit defaults swaps, and interest rate swaps (to take a position on interest rates moving eitherup or down), in municipal bonds, or in mortgage- or asset-backed securities, subject to the Portfolio’s objective and policies. ThePortfolio may invest in mortgage- or asset-backed securities which are non-investment grade. The adviser may invest inderivatives at any time it deems appropriate, generally when relative value and liquidity conditions make these investments moreattractive relative to cash bonds.

The Portfolio may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage inshort sales. A short sale involves the sale of a security that is borrowed from a broker or other institution, and which must bepurchased in the market at a later date and returned to the lender. The Portfolio may, without limitation, seek to obtain marketexposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using otherinvestment techniques (such as buy backs or dollar rolls). The Portfolio may invest up to 10% of its net assets in fixed- andfloating-rate loans, including senior loans, and such investments may be in the form of loan participations and assignments.

The “total return” sought by the Portfolio consists of income earned on the Portfolio’s investments, plus capital appreciation, ifany, which generally arises from a decrease in interest rates or improving credit fundamentals for a particular sector or security.The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularlyduring periods of volatile market movements.

In selecting securities for a Portfolio, the adviser develops an outlook for interest rates, foreign currency exchange rates and theeconomy, analyzes credit and call risks, which involves both macro and fundamental analysis. The proportion of a Portfolio’sassets committed to investment in securities with particular characteristics (such as quality, sector, interest rate or maturity) variesbased on the adviser’s outlook for the U.S. and foreign economies, the financial markets and other factors.

The adviser attempts to identify areas of the bond market that are undervalued relative to the rest of the market. The adviseridentifies these areas by grouping bonds into the following sectors: money markets, governments, corporates, mortgages, asset-backed and international. Sophisticated proprietary software then assists in evaluating sectors and pricing specific securities.Once investment opportunities are identified, the adviser will shift assets among sectors depending upon changes in relativevaluations and credit spreads.

The Portfolio may sell a position when, in the adviser’s opinion, it no longer represents a good value, when a superior risk/returnopportunity exists in a substitute position, or when it no longer fits within the Portfolio’s macroeconomic or structural strategy.





• Derivatives Risk – The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate orindex. The Portfolio’s use of derivatives involves risks different from, or possibly greater than, the risks associated withinvesting directly in securities or other traditional investments. Investments in derivatives may not have the intended effectsand may result in losses for the Portfolio that may not otherwise have occurred or missed opportunities for the Portfolio.



Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amount invested.Derivatives could involve management, credit, interest rate, liquidity and market risks, and the risks of misplacing or impropervaluation. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index. Inaddition, the Portfolio could sustain a loss in the event the counterparty to a derivatives transaction fails to make the requiredpayments or otherwise comply with the terms of the contract.

• Equity Securities Risk – The value of equity securities, such as common and preferred stocks, could decline if the financialcondition of the companies the Portfolio is invested in declines or if overall market and economic conditions deteriorate.Equity securities generally have greater price volatility than fixed income securities. Investments in rights and warrants may bemore volatile than the underlying investments in stocks.

• Foreign Currency Risk – The risk that foreign (non-U.S. dollar) currency denominated securities, or derivatives that provideexposure to foreign currencies, may be adversely affected by decreases in foreign currency values relative to the U.S. dollar, or,in the case of hedged positions, that the U.S. dollar will decline in value relative to the currency being hedged. Investments insecurities subject to foreign currency risk may have more rapid and extreme changes in value or more losses than investmentsin U.S. dollar denominated securities.

• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in valueor more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differingreporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,political and economic conditions, or diplomatic developments. Investments in emerging markets impose risks different from,and greater than, investments in developed markets. Foreign securities may be less liquid, more volatile, and harder to valuethan U.S. securities. The Portfolio’s investments in emerging markets heighten these risks due to a lack of established legal,political, business and social frameworks to support securities markets.





• Issuer Risk – The risk that the value of a security may decline for a reason directly related to the issuer, such as managementperformance, financial leverage and reduced demand for the issuer’s goods or services.

• Leverage Risk – Certain transactions, such as when issued, delayed delivery or forward commitments transactions, orderivative transactions, may give rise to leverage, causing more volatility than if the Portfolio had not been leveraged.

• Loan Risk – The risks associated with investing in fixed- and floating-rate loans, including senior loans, through loanparticipations and assignments or otherwise, can include credit risk, interest rate risk, liquidity risk, call risk, settlement risk,and risks associated with being a lender. With respect to senior loans, there may also be heightened credit risk to the extentsuch loans are below investment grade and made to less creditworthy companies.



• Mortgage- and Asset-Backed Securities Risk – The risks of investing in mortgage-related and other asset-backed securities,including interest rate risk, credit risk, liquidity risk, prepayment risk and extension risk. Asset-backed securities are subject torisks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing ofthe assets underlying the securities. Asset-backed securities may not have the benefit of a security interest in collateral



comparable to that of mortgage assets, resulting in additional credit risk. Investments in mortgage-related and other asset-backed securities that are non-investment grade may have heightened liquidity risk.

• Municipal Securities Risk – The value of municipal securities in which the Portfolio invests may be more sensitive to certainadverse conditions than other fixed income securities and the yields of municipal securities may move differently andadversely compared to the yields of the overall debt securities markets. Certain municipal securities may be or become highlyilliquid. Illiquidity may be exacerbated from time to time by market or economic events. Municipal securities may lose theirtax-exempt status if certain legal requirements are not met, or if federal or state tax laws change. The Portfolio’s investments incertain municipal securities with principal and interest payments that are made from the revenues of a specific project orfacility, and not general tax revenues, may have increased risks.


• Short Sale Risk – The risk of entering into short sales, including the potential loss of more money than the actual cost of theinvestment, and the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Portfolio.



• When Issued, Delayed Delivery and Forward Commitment Risk – When issued, delayed delivery purchases and forwardcommitment transactions involve a risk of loss if the value of the securities declines prior to the settlement date. This risk is inaddition to the risk that the Portfolio’s other assets will decline in value. Therefore, these transactions may result in a form ofleverage and increase the Portfolio’s overall investment expense.



PERFORMANCEThe following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio hasvaried from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain timeperiods and compares the Portfolio’s returns with those of a broad measure of market performance, the returns of an equallyweighted blend of certain indices of securities with characteristics similar to those that the Portfolio typically holds, and theaverage returns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of thePortfolio. Returns are based on past results and are not an indication of future performance. Neither the bar chart nor the tablereflects the fees and expenses separately charged by the variable annuity contract or variable life insurance policy separateaccount that invests in the Portfolio and returns would be lower if those fees and expenses were reflected.

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

-10%

0%

10%

20%

30%

-6.86%

22.08%

13.19%

4.99%

14.94%

-1.58% -2.22%

3.25%

11.09%8.38%

Best Qtr: 3rd – ‘09 9.27% Worst Qtr: 3rd – ‘08 -4.77%


1 Yr 5 Yrs 10 Yrs

Multi-Sector Bond Portfolio8.38% 3.65% 6.39%

Bloomberg Barclays® Global Credit Hedged USD Index(reflects no deduction for fees, expenses or taxes)5.89% 4.02% 5.55%

33 1⁄3% each of the following three indices: Bloomberg Barclays®

Global Aggregate – Credit Component ex Emerging Markets,Hedged USD; BofA Merrill Lynch® Global High Yield BB-BRated Constrained Developed Markets Index, Hedged USD; andJPMorgan® EMBI Global


Morningstar® US Insurance Fund Multisector Bond Average(reflects deductions for fees and expenses)6.50% 3.51% 5.60%

PORTFOLIO MANAGEMENTInvestment Adviser: Mason Street Advisors, LLCSub-Adviser: Pacific Investment Management Company LLC (PIMCO)Portfolio Managers: Eve Tournier, Managing Director of PIMCO, joined PIMCO in 2008 and has managed the Portfolio since 2010.Daniel J. Ivascyn, Group Chief Investment Officer and Managing Director of PIMCO, joined PIMCO in 1998 and has managedthe Portfolio since May 2016.Alfred T. Murata, Managing Director of PIMCO, joined PIMCO in 2001 and has managed the Portfolio since May 2016.Sonali Pier, Executive Vice President of PIMCO, joined PIMCO in 2013 and has managed the Portfolio since May 2018.




SUMMARY PROSPECTUSMAY 1, 2018 Balanced Portfolio


INVESTMENT OBJECTIVEThe investment objective of the Portfolio is to realize as high a level of total return as is consistent with prudent investment risk,through income and capital appreciation.










Total Annual Portfolio Operating Expenses AfterFee Waiver(1), (2) 0.52%

(1) Includes fees and expenses incurred indirectly by thePortfolio as a result of investments in other investmentcompanies (Acquired Fund Fees and Expenses). The operatingexpenses of the Portfolio reflected in the Portfolio’s mostrecent annual report and Financial Highlights do not includeAcquired Fund Fees and Expenses.(2) The Portfolio’s investment adviser has entered into a writtenagreement to waive a portion of its management fee. This feewaiver agreement may be terminated by the adviser at anytime after April 30, 2019.



$53 $222 $405 $934


PRINCIPAL INVESTMENT STRATEGIESInvesting in the stock, bond and money market sectors, the Portfolio attempts to capitalize on the variation in return potential producedby the interaction of changing financial markets and economic conditions while maintaining a balance over time between investmentopportunities and their associated potential risks by following a flexible policy of allocating assets across the three market sectors.


Balanced Portfolio

The Portfolio is tactically and strategically managed to capitalize on changing financial markets and economic conditionsfollowing a flexible policy for allocating assets according to the following benchmarks:

Equity Exposure Fixed Income or Debt Exposure Cash Equivalents

35 – 55% 40 – 60% 0 – 20%

These benchmarks are not minimum and maximum limits and the adviser, in pursuit of total return, may invest a greater or lesserpercentage in any component.

The Portfolio operates primarily as a “fund of funds” to gain the Portfolio’s equity and fixed income exposure by investing in oneor more of the equity and international portfolios, and one or more of the fixed income portfolios, of Northwestern Mutual SeriesFund, Inc. (each, an “Underlying Portfolio”). The adviser allocates the Portfolio’s assets among the Underlying Portfolios based onthe adviser’s economic and market outlook and the investment objectives and strategies of the Underlying Portfolios. With respectto the equity and international Underlying Portfolios, the adviser considers their investment focus on small, mid or large marketcapitalizations, domestic or foreign investments, whether the Underlying Portfolio is diversified or non-diversified and whether itemploys a “growth” or “value” style of investing, among other characteristics. With respect to fixed income Underlying Portfolios,the adviser considers their focus on investment grade or non-investment grade securities, domestic or foreign investments, whetherthe issuer is a government or government agency, the duration (that is, a measure of the sensitivity of a portfolio’s fixed incomesecurities to changes in interest rates) and maturity of the Underlying Portfolio, and other characteristics. The adviser regularlyreviews and adjusts the allocation among the Underlying Portfolios to favor investments in those Underlying Portfolios that theadviser believes provide the most favorable position for achieving the Portfolio’s investment objective.

In connection with the allocation process, the Portfolio may invest more than 25% of its assets in one Underlying Portfolio, except thatno more than 20% of the Portfolio’s assets will be allocated to the High Yield Bond Portfolio. The Portfolio may invest up to 25% of itsassets in international Underlying Portfolios. The Portfolio may have exposure to high yield debt securities (so called “junk bonds”) andforeign investments in excess of these limits from time to time through its investment in other Underlying Portfolios.

Through its investments in the equity and international Underlying Portfolios, the Portfolio may be exposed to a wide range of equitysecurities and other instruments, including small, mid and large cap U.S. and non-U.S. stocks. Equity securities could include common andpreferred stocks, securities convertible into stocks and depositary receipts for those securities. Through its investments in the fixed incomeUnderlying Portfolios, the Portfolio may be exposed to a wide range of fixed income securities with varying durations and maturities,including investment grade and non-investment grade debt securities, debt of corporate and government issuers, inflation-indexed debtsecurities, and other fixed income instruments. An Underlying Portfolio may invest a large percentage of its assets in a single issuer,security, market or sector (or a limited group thereof) or in the case of an international Underlying Portfolio, may invest in emergingmarkets, a small number of countries or a particular geographic region. An Underlying Portfolio may also use certain derivative instrumentsincluding futures, forwards, options and swaps to meet its investment objective and for cash management purposes.

The cash equivalent portion of the Portfolio may include, but is not limited to, investments in debt securities issued or guaranteedby the U.S. government or its agencies or instrumentalities, including mortgage- and asset-backed securities, as well ascommercial paper, banker’s acceptances, certificates of deposit and time deposits.

When the adviser deems it to be more efficient or advantageous in managing the Portfolio, the adviser may utilize futures andexchange-traded funds (“ETFs”) and, to a lesser extent, options, forwards and swap agreements (including the purchase and sale oftotal return equity swaps and credit default swaps) to gain additional exposure to certain markets, sectors or regions, as alternativesto investments in Underlying Portfolios, to adjust the Portfolio for the adviser’s view on style or term structure and duration, toprovide increased flexibility in asset allocation, to earn income and to otherwise seek to enhance returns or to hedge foreigncurrency exposure. The ETFs in which the Portfolio may invest are not portfolios of Northwestern Mutual Series Fund, Inc.

The Portfolio is designed primarily for investors who want their investment allocated across major asset classes while pursuingthe growth potential of equities, but who also want the income potential of bonds. The investor should be willing to acceptfluctuation in share prices that are typical for a portfolio that holds equity investments.

PRINCIPAL RISKSPortfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be noassurance that the Portfolio will achieve its objective. The Portfolio bears all of the risks associated with the investment strategiesused by the Underlying Portfolios. Except as otherwise stated, references in this section to the “Portfolio” may relate to thePortfolio, one or more Underlying Portfolios, or both. The main risks of investing in this Portfolio are identified below.



Balanced Portfolio

• Affiliated Portfolio Risk – In managing the Portfolio, the adviser has the authority to select, and allocate among, UnderlyingPortfolios. The adviser may be subject to potential conflicts of interest in selecting Underlying Portfolios because the fees paidto it by some Underlying Portfolios are higher than the fees paid by other Underlying Portfolios. Moreover, a situation couldoccur where proper action for the Portfolio could be adverse to the interest of the Underlying Portfolios or vice versa.

• Asset Allocation Risk – This Portfolio allocates its investments between stock, bond and money market sectors, certainsecurities and among Underlying Portfolios, based upon judgments made by the adviser. The Portfolio could miss attractiveinvestment opportunities by underweighting markets or sectors where there are significant returns, and could lose value byoverweighting markets where there are significant declines, or may not correctly predict the times to shift assets from one typeof investment to another.

• Credit Risk – The Portfolio could lose money if the issuer or guarantor of a fixed income security held directly or through anUnderlying Portfolio is unwilling or unable to meet its financial obligations.

• Derivatives Risk – The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate orindex. The primary risks associated with the Portfolio’s use of derivatives are the risk that changes in the value of the derivativesmay not correlate as intended with the underlying asset, rate or index, the risk of adverse price movements in the market, the riskof missed opportunities in other investments and the risk that the counterparty to a derivatives transaction fails to make therequired payment or otherwise comply with the terms of the contract. Certain derivatives involve leverage, which could cause thePortfolio to lose more than the principal amount invested. Other risks include management, interest rate and liquidity risks.

• Equity Securities Risk – The value of equity securities held through the Underlying Portfolios, such as common and preferredstocks, could decline if the financial condition of the companies an Underlying Portfolio is invested in declines or if overallmarket and economic conditions deteriorate. Equity securities generally have greater price volatility than fixed incomesecurities. Investments in rights and warrants may be more volatile than the underlying investments in stocks.


• Foreign Investing Risk – Exposure to investments in foreign securities, including through Underlying Portfolios and ETFs,may subject the Portfolio to more rapid and extreme changes in value or more losses than a fund that invests exclusively inU.S. securities. This risk is due to potentially smaller markets, differing reporting, accounting and auditing standards, andnationalization, expropriation or confiscatory taxation, currency blockage, political and economic conditions, or diplomaticdevelopments. Foreign securities may be adversely affected by decreases in foreign currency values relative to the U.S. dollarand may be less liquid, more volatile, and harder to value than U.S. securities. Exposure to investments in emerging marketsheighten these risks due to a lack of established legal, political, business and social frameworks to support securities markets.

• Fund of Funds Investing Risk – The Portfolio’s investment performance is significantly impacted by the investmentperformance of the Underlying Portfolios it holds. The ability of the Portfolio to meet its investment objective is related to theability of the Underlying Portfolios to meet their respective investment objectives as well as the adviser’s allocation decisionswith respect to the Underlying Portfolios. Each of the Underlying Portfolios has its own investment risks, and the Portfolio isindirectly exposed to all the risks of the Underlying Portfolios in direct proportion to the amount of assets the Portfolioallocates to each Underlying Portfolio. To the extent that the Portfolio invests a significant portion of its assets in a singleUnderlying Portfolio, it will be particularly sensitive to the risks associated with that Underlying Portfolio. Changes in thevalue of that Underlying Portfolio may have a significant effect on the Portfolio’s net asset value. The Portfolio will bear a prorata share of the Underlying Portfolios’ expenses.

• Geographic Concentration Risk – The Portfolio’s performance could be more volatile than that of a more geographicallydiversified fund and could be significantly impacted as a result of the Portfolio investing a relatively large percentage of itsassets in issuers located in a single country, a small number of countries, or a particular geographic region. Also, the Portfolio’sperformance may be more closely tied to the market, currency, economic, political, or regulatory conditions in those countriesor that region. Similarly, the extent to which an Underlying Portfolio invests a significant portion of its assets in a singlecountry, a small number of countries or a particular geographic region, may also adversely impact the Portfolio, depending onthe Portfolio’s level of investment in that Underlying Portfolio.


Balanced Portfolio

• High Yield Debt Risk – High yield debt securities (so called “junk bonds”) to which the Portfolio has exposure have greaterinterest rate and credit risk, may be more difficult to sell or sell at a reasonable price, and have greater risk of loss than higherrated securities.

• Interest Rate Risk – Prices of fixed income instruments generally rise and fall in response to changes in market interest rates. In arising interest rate environment, the value of the fixed income investments to which the Portfolio has exposure is likely to decline.Currently, interest rates remain at historically low levels. A significant rise in interest rates over a short period of time could causesignificant losses in the market value of the Portfolio’s fixed income instruments. Duration measures the price sensitivity of a fixedincome instrument to changes in interest rates. The Portfolio’s exposure to fixed income instruments and Underlying Portfolios with alonger average portfolio duration will be more sensitive to changes in interest rates than those with a shorter average duration.

• Investment Style Risk – The Portfolio is subject to risks associated with an Underlying Portfolio’s particular style ofinvesting, such as growth or value or a combination of both, and may underperform with respect to its allocation to theUnderlying Portfolio when the market does not favor that particular investment style. Different investment styles tend to shiftin and out of favor, depending on market conditions and investor sentiment.

• Large Cap Company Risk – Exposure to investments in large cap stocks could cause the Portfolio to underperform inmarkets favoring faster growing companies. Large cap stocks tend to be more mature with fewer opportunities to grow andmay not have the same growth potential as stocks with smaller capitalizations.

• Large Transaction Risk – The Underlying Portfolios are used as investments for certain fund of funds, including thePortfolio, and may have a large percentage of their shares owned by such funds. Large redemption activity by the Portfolio oranother fund of funds could result in the Underlying Portfolio being forced to sell portfolio securities at a loss to meetredemptions. The adviser may coordinate directly with the portfolio managers of the Underlying Portfolios to attempt to ensurethat transactions are accommodated efficiently, including possibly implementing trades over a period of days rather than all atonce. These practices may temporarily affect the adviser’s ability to fully implement the Portfolio’s investment strategies.

• Liquidity Risk – Particular investments, such as small and micro cap stocks, fixed income securities, foreign securities, inparticular emerging markets securities, and derivatives to which the Portfolio has exposure, can be difficult to purchase or sellat an advantageous time or price, if at all. These risks may be magnified during periods of economic turmoil or in an extendedeconomic downturn.

• Market Risk – The risk that the market price of securities owned by the Portfolio or an Underlying Portfolio in which thePortfolio invests may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generallyor particular industries.

• Micro Cap Company Risk – Exposure to investments in micro cap stocks may cause the Portfolio to experience more rapidand extreme changes in value than a fund that invests solely in small, mid and large cap stocks due to a more limited trackrecord, narrower product markets, more limited resources, higher risk of failure, and less liquid trading markets.

• Mortgage- and Asset-Backed Securities Risk – The risks of investing in mortgage-related and other asset-backed securities,including interest rate risk, credit risk, liquidity risk, extension risk and prepayment risk.

• Sector Concentration Risk – To the extent the Portfolio invests in Underlying Portfolios with a relatively high percentage ofassets in a particular sector, it will have greater exposure to the risks associated with that sector, including the risk that thesecurities of companies within the sector will underperform due to adverse economic conditions, regulatory or legislativechanges or increased competition affecting the sector. To the extent the Portfolio invests in Underlying Portfolios that areunderweight other sectors, the Portfolio risks missing out on advances in those sectors.

• Small and Mid Cap Company Risk – Exposure to investments in small and mid cap stocks may cause greater risk of loss andprice fluctuation than investing in stocks of larger cap companies due to a more limited track record, narrower product markets,more limited resources and less liquid trading markets. These stocks may be more volatile and more difficult to buy and sellthan stocks with larger capitalizations.



Balanced Portfolio

PERFORMANCEThe following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio hasvaried from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain timeperiods and compares the Portfolio’s returns with those of a broad measure of market performance for both equity and fixedincome securities, the returns of a composite of indices of securities with characteristics similar to those the Portfolio typicallyholds, and the average returns of a peer group of portfolios underlying variable insurance products with similar characteristics tothose of the Portfolio. Returns are based on past results and are not an indication of future performance. Neither the bar chart northe table reflects the fees and expenses separately charged by the variable annuity contract or variable life insurance policyseparate account that invests in the Portfolio and returns would be lower if those fees and expenses were reflected.

2017

2016

-30%

-20%

-10%

0%

10%

20%

30%

2014

2015

2008

2009

2010

2011

2012

2013

6.58%

-22.72%

-0.12%

21.43%

11.96%

2.11%

9.69%12.08% 11.98%

5.56%



1 Yr 5 Yrs 10 Yrs

Balanced Portfolio11.98% 7.12% 5.20%



Balanced Portfolio Blended Composite: Russell 1000® Index (26%),Russell MidCap Index (9%), Russell 2000 Index (3%), MSCI®

EAFE Index (9%), MSCI® Emerging Markets Index (2%),Bloomberg Barclays® U.S. Aggregate Bond Index (41%),Bloomberg Barclays® U.S. Corporate High Yield 2% IssuerCapped Bond Index (6%) and BofA Merrill Lynch® US 3-MonthTreasury Bill Index (4%).


Lipper® Variable Insurance Products (VIP) Mixed-Asset TargetAllocation Moderate Funds Average


Morningstar® US Insurance Fund Allocation – 30% to 50%Equity Average


PORTFOLIO MANAGEMENTInvestment Adviser: Mason Street Advisors, LLC (MSA)Portfolio Manager: Daniel J. Meehan manages the allocation of the Portfolio’s assets among the asset classes and among theUnderlying Portfolios. He is a Director of MSA, joined MSA in 2004 and has managed the Portfolio since 2013.




SUMMARY PROSPECTUSMAY 1, 2018 Asset Allocation Portfolio


INVESTMENT OBJECTIVEThe investment objective of the Portfolio is to realize as high a level of total return as is consistent with reasonable investment risk.










Total Annual Portfolio Operating Expenses AfterFee Waiver(1), (2) 0.61%

(1) Includes fees and expenses incurred indirectly by thePortfolio as a result of investments in other investmentcompanies (Acquired Fund Fees and Expenses). The operatingexpenses of the Portfolio reflected in the Portfolio’s mostrecent annual report and Financial Highlights do not includeAcquired Fund Fees and Expenses.(2) The Portfolio’s investment adviser has entered into a writtenagreement to waive a portion of its management fee. This feewaiver agreement may be terminated by the adviser at anytime after April 30, 2019.



$62 $298 $553 $1,283



Asset Allocation Portfolio

PRINCIPAL INVESTMENT STRATEGIESInvesting in the stock, bond and money market sectors, the Portfolio attempts to capitalize on the variation in return potentialproduced by the interaction of changing financial markets and economic conditions while maintaining a balance over timebetween investment opportunities and their associated potential risks by following a flexible policy of allocating assets across thethree market sectors.

The Portfolio is tactically and strategically managed to capitalize on changing financial markets and economic conditionsfollowing a flexible policy for allocating assets according to the following benchmarks:

Equity Exposure Fixed Income or Debt Exposure Cash Equivalents

55 – 75% 25 – 45% 0 – 15%

These benchmarks are not minimum and maximum limits and the adviser, in pursuit of total return, may invest a greater or lesserpercentage in any component.

The Portfolio operates primarily as a “fund of funds” to gain the Portfolio’s equity and fixed income exposure by investing in oneor more of the equity and international portfolios, and one or more of the fixed income portfolios, of Northwestern Mutual SeriesFund, Inc. (each, an “Underlying Portfolio”). The adviser allocates the Portfolio’s assets among the Underlying Portfolios based onthe adviser’s economic and market outlook and the investment objectives and strategies of the Underlying Portfolios. With respectto the equity and international Underlying Portfolios, the adviser considers their investment focus on small, mid or large marketcapitalizations, domestic or foreign investments, whether the Underlying Portfolio is diversified or non-diversified and whether itemploys a “growth” or “value” style of investing, among other characteristics. With respect to fixed income Underlying Portfolios,the adviser considers their focus on investment grade or non-investment grade securities, domestic or foreign investments, whetherthe issuer is a government or government agency, the duration (that is, a measure of the sensitivity of a portfolio’s fixed incomesecurities to changes in interest rates) and maturity of the Underlying Portfolio, and other characteristics. The adviser regularlyreviews and adjusts the allocation among the Underlying Portfolios to favor investments in those Underlying Portfolios that theadviser believes provide the most favorable position for achieving the Portfolio’s investment objective.

In connection with the allocation process, the Portfolio may invest more than 25% of its assets in one Underlying Portfolio, except thatno more than 20% of the Portfolio’s assets will be allocated to the High Yield Bond Portfolio. The Portfolio may invest up to 30% of itsassets in international Underlying Portfolios. The Portfolio may have exposure to high yield debt securities (so called “junk bonds”) andforeign investments in excess of these limits from time to time through its investments in other Underlying Portfolios.

Through its investments in the equity Underlying Portfolios, the Portfolio may be exposed to a wide range of equity securities and otherinstruments, including small, mid and large cap U.S. and non-U.S. stocks. Equity securities could include common and preferred stocks,securities convertible into stocks and depositary receipts for those securities. Through its investments in the fixed income UnderlyingPortfolios, the Portfolio may be exposed to a wide range of fixed income securities with varying durations and maturities, includinginvestment grade and non-investment grade debt securities, debt of corporate and government issuers, inflation-indexed debt securities,and other fixed income instruments. An Underlying Portfolio may invest a large percentage of its assets in a single issuer, security,market or sector (or a limited group thereof) or in the case of an international Underlying Portfolio, may invest in emerging markets, asmall number of countries or a particular geographic region. An Underlying Portfolio may also use certain derivative instrumentsincluding futures, forwards, options and swaps to meet its investment objective and for cash management purposes.

The cash equivalent portion of the Portfolio may include, but is not limited to, investments in debt securities issued or guaranteedby the U.S. government or its agencies or instrumentalities, including mortgage- and asset-backed securities, as well ascommercial paper, banker’s acceptance, certificates of deposit and time deposits.

When the adviser deems it to be more efficient or advantageous in managing the Portfolio, the adviser may utilize futures andexchange-traded funds (“ETFs”) and, to a lesser extent, options, forwards and swap agreements (including the purchase and sale oftotal return equity swaps and credit default swaps) to gain additional exposure to certain markets, sectors or regions as alternativesto investments in Underlying Portfolios, to adjust the Portfolio for the adviser’s view on style or term structure and duration, toprovide increased flexibility in asset allocation, to earn income and to otherwise seek to enhance returns or to hedge foreigncurrency exposure. The ETFs in which the Portfolio may invest are not portfolios of Northwestern Mutual Series Fund, Inc.

The Portfolio is designed primarily for investors who want their investment allocated across major asset classes while pursuingthe growth potential of equities with a smaller allocation to bonds. The investor should be willing to accept fluctuation in shareprices that are typical for a portfolio that holds equity investments.

PRINCIPAL RISKSPortfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be noassurance that the Portfolio will achieve its objective. The Portfolio bears all of the risks associated with the investment strategies



used by the Underlying Portfolios. Except as otherwise stated, references in this section to the “Portfolio” may relate to thePortfolio, one or more Underlying Portfolios, or both. The main risks of investing in this Portfolio are identified below.

• Active Management Risk – The adviser’s investment strategies and techniques may not perform as expected which couldcause the Portfolio to underperform or lose money.

• Affiliated Portfolio Risk – In managing the Portfolio, the adviser has the authority to select, and allocate among, UnderlyingPortfolios. The adviser may be subject to potential conflicts of interest in selecting Underlying Portfolios because the fees paidto it by some Underlying Portfolios are higher than the fees paid by other Underlying Portfolios. Moreover, a situation couldoccur where proper action for the Portfolio could be adverse to the interest of the Underlying Portfolio or vice versa.

• Asset Allocation Risk – This Portfolio allocates its investments between stock, bond and money market sectors, certainsecurities, and among Underlying Portfolios, based upon judgments made by the adviser. The Portfolio could miss attractiveinvestment opportunities by underweighting markets or sectors where there are significant returns, and could lose value byoverweighting markets where there are significant declines, or may not correctly predict the times to shift assets from one typeof investment to another.

• Credit Risk – The Portfolio could lose money if the issuer or guarantor of a fixed income security held directly or through anUnderlying Portfolio is unwilling or unable to meet its financial obligations.

• Derivatives Risk – The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate orindex. The primary risks associated with the Portfolio’s use of derivatives are the risk that changes in the value of the derivativesmay not correlate as intended with the underlying asset, rate or index, the risk of adverse price movements in the market, the riskof missed opportunities in other investments and the risk that the counterparty to a derivatives transaction fails to make therequired payment or otherwise comply with the terms of the contract. Certain derivatives involve leverage, which could cause thePortfolio to lose more than the principal amount invested. Other risks include management, interest rate and liquidity risks.

• Equity Securities Risk – The value of equity securities held through the Underlying Portfolios, such as common and preferredstocks, could decline if the financial condition of the companies an Underlying Portfolio is invested in declines or if overallmarket and economic conditions deteriorate. Equity securities generally have greater price volatility than fixed incomesecurities. Investments in rights and warrants may be more volatile than the underlying investments in stocks.


• Foreign Investing Risk – Exposure to investments in foreign securities, including through Underlying Portfolios and ETFs,may subject the Portfolio to more rapid and extreme changes in value or more losses than a fund that invests exclusively inU.S. securities. This risk is due to potentially smaller markets, differing reporting, accounting and auditing standards, andnationalization, expropriation or confiscatory taxation, currency blockage, political and economic conditions, or diplomaticdevelopments. Foreign securities may be adversely affected by decreases in foreign currency values relative to the U.S. dollarand may be less liquid, more volatile, and harder to value than U.S. securities. Exposure to investments in emerging marketsheighten these risks due to a lack of established legal, political, business and social frameworks to support securities markets.

• Fund of Funds Investing Risk – The Portfolio’s investment performance is significantly impacted by the investmentperformance of the Underlying Portfolios it holds. The ability of the Portfolio to meet its investment objective is related to theability of the Underlying Portfolios to meet their respective investment objectives as well as the adviser’s allocation decisionswith respect to the Underlying Portfolios. Each of the Underlying Portfolios has its own investment risks, and the Portfolio isindirectly exposed to all the risks of the Underlying Portfolios in direct proportion to the amount of assets the Portfolioallocates to each Underlying Portfolio. To the extent that the Portfolio invests a significant portion of its assets in a singleUnderlying Portfolio, it will be particularly sensitive to the risks associated with that Underlying Portfolio. Changes in thevalue of that Underlying Portfolio may have a significant effect on the Portfolio’s net asset value. The Portfolio will bear a prorata share of the Underlying Portfolios’ expenses.

• Geographic Concentration Risk – The Portfolio’s performance could be more volatile than that of a more geographicallydiversified fund and could be significantly impacted as a result of the Portfolio investing a relatively large percentage of itsassets in issuers located in a single country, a small number of countries, or a particular geographic region. Also, the Portfolio’sperformance may be more closely tied to the market, currency, economic, political, or regulatory conditions in those countries



or that region. Similarly, the extent to which an Underlying Portfolio invests a significant portion of its assets in a singlecountry, a small number of countries or a particular geographic region, may also adversely impact the Portfolio, depending onthe Portfolio’s level of investment in that Underlying Portfolio.

• High Yield Debt Risk – High yield debt securities (so called “junk bonds”) to which the Portfolio has exposure have greaterinterest rate and credit risk, may be more difficult to sell or sell at a reasonable price, and have greater risk of loss than higherrated securities.

• Interest Rate Risk – Prices of fixed income instruments generally rise and fall in response to changes in market interest rates. In arising interest rate environment, the value of the fixed income investments to which the Portfolio has exposure is likely to decline.Currently, interest rates remain at historically low levels. A significant rise in interest rates over a short period of time could causesignificant losses in the market value of the Portfolio’s fixed income instruments. Duration measures the price sensitivity of a fixedincome instrument to changes in interest rates. The Portfolio’s exposure to fixed income instruments and Underlying Portfolios with alonger average portfolio duration will be more sensitive to changes in interest rates than those with a shorter average duration.

• Investment Style Risk – The Portfolio is subject to risks associated with an Underlying Portfolio’s particular style ofinvesting, such as growth or value or a combination of both, and may underperform with respect to its allocation to theUnderlying Portfolio when the market does not favor that particular investment style. Different investment styles tend to shiftin and out of favor, depending on market conditions and investor sentiment.

• Large Cap Company Risk – Exposure to investments in large cap stocks could cause the Portfolio to underperform inmarkets favoring faster growing companies. Large cap stocks tend to be more mature with fewer opportunities to grow andmay not have the same growth potential as stocks with smaller capitalizations.

• Large Transaction Risk – The Underlying Portfolios are used as investments for certain fund of funds, including thePortfolio, and may have a large percentage of their shares owned by such funds. Large redemption activity by the Portfolio oranother fund of funds could result in the Underlying Portfolio being forced to sell portfolio securities at a loss to meetredemptions. The adviser may coordinate directly with the portfolio managers of the Underlying Portfolios to attempt to ensurethat transactions are accommodated efficiently, including possibly implementing trades over a period of days rather than all atonce. These practices may temporarily affect the adviser’s ability to fully implement the Portfolio’s investment strategies.

• Liquidity Risk – Particular investments, such as small and micro cap stocks, fixed income securities, foreign securities, inparticular emerging markets securities, and derivatives to which the Portfolio has exposure, can be difficult to purchase or sellat an advantageous time or price, if at all. These risks may be magnified during periods of economic turmoil or in an extendedeconomic downturn.

• Market Risk – The risk that the market price of securities owned by the Portfolio or an Underlying Portfolio in which thePortfolio invests may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generallyor particular industries.

• Micro Cap Company Risk – Exposure to investments in micro cap stocks may cause the Portfolio to experience more rapidand extreme changes in value than a fund that invests solely in small, mid and large cap stocks due to a more limited trackrecord, narrower product markets, more limited resources, higher risk of failure, and less liquid trading markets.

• Mortgage- and Asset-Backed Securities Risk – The risks of investing in mortgage-related and other asset-backed securities,including interest rate risk, credit risk, liquidity risk, extension risk and prepayment risk.

• Sector Concentration Risk – To the extent the Portfolio invests in Underlying Portfolios with a relatively high percentage ofassets in a particular sector, it will have greater exposure to the risks associated with that sector, including the risk that thesecurities of companies within the sector will underperform due to adverse economic conditions, regulatory or legislativechanges or increased competition affecting the sector. To the extent the Portfolio invests in Underlying Portfolios that areunderweight other sectors, the Portfolio risks missing out on advances in those sectors.

• Small and Mid Cap Company Risk – Exposure to investments in small and mid cap stocks may cause greater risk of loss andprice fluctuation than investing in stocks of larger cap companies due to a more limited track record, narrower product markets,more limited resources and less liquid trading markets. These stocks may be more volatile and more difficult to buy and sellthan stocks with larger capitalizations.

• U.S. Government Securities Risk – Not all obligations of the U.S. government, its agencies and instrumentalities are backed by the fullfaith and credit of the U.S. Treasury. Some obligations are backed only by the credit of the issuing agency or instrumentality, and insome cases there may be some risk of default by the issuer. Any guarantee by the U.S. government or its agencies or instrumentalities ofa security held by the Portfolio does not apply to the market value of such security or to shares of the Portfolio itself.



PERFORMANCEThe following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio hasvaried from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain timeperiods and compares the Portfolio’s returns with those of a broad measure of market performance for both equity and fixedincome securities, the returns of a composite of indices of securities with characteristics similar to those the Portfolio typicallyholds, and the average returns of a peer group of portfolios underlying variable insurance products with similar characteristics tothose of the Portfolio. Returns are based on past results and are not an indication of future performance. Neither the bar chart northe table reflects the fees and expenses separately charged by the variable annuity contract or variable life insurance policyseparate account that invests in the Portfolio and returns would be lower if those fees and expenses were reflected.

-40%

-30%

-20%

-10%

0%

10%

20%

40%

30%

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

7.79%14.87%

-30.13%

-0.43%

27.09%

13.01%

-0.08%

11.02%16.67%

5.15%



1 Yr 5 Yrs 10 Yrs

Asset Allocation Portfolio14.87% 8.63% 5.35%



Asset Allocation Blended Composite: Russell 1000® Index (33%),Russell MidCap Index (11%), Russell 2000 Index (5%), MSCI®

EAFE Index (13%), MSCI® Emerging Markets Index (3%),Bloomberg Barclays® U.S. Aggregate Bond Index (24%),Bloomberg Barclays® U.S. Corporate High Yield 2% IssuerCapped Bond Index (8%) and BofA Merrill Lynch® US 3-MonthTreasury Bill Index (3%).


Lipper® Variable Insurance Products (VIP) Mixed-Asset TargetAllocation Growth Funds Average


Morningstar® US Insurance Fund Allocation – 50% to 70%Equity Average


PORTFOLIO MANAGEMENTInvestment Adviser: Mason Street Advisors, LLC (MSA)Portfolio Manager: Daniel J. Meehan manages the allocation of the Portfolio’s assets among the asset classes and among theUnderlying Portfolios. He is a Director of MSA, joined MSA in 2004 and has managed the Portfolio since 2013.




Fidelity® Variable Insurance Products

Initial Class, Service Class, and Service Class 2Mid Cap Portfolio

Summary ProspectusApril 30, 2018

Before you invest, you may want to review the fund’s prospectus, which contains more information about the fund and its risks. You can find the fund’s prospectus and other information about the fund (including the fund’s SAI) online at institutional.fidelity.com / vipfunddocuments. You can also get this information at no cost by calling 1-866-997-1254 or by sending an e-mail request to [email protected]. The fund’s prospectus and SAI dated April 30, 2018 are incorporated herein by reference.

245 Summer Street, Boston, MA 02210

FI-1

2Summary Prospectus

Fund Summary

Fund/Class:VIP Mid Cap Portfolio/Initial Class, Service Class, Service Class 2

Investment ObjectiveThe fund seeks long-term growth of capital.

Fee TableThe following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product

owner, buy and hold interests in a separate account that invests in shares of the fund. The table does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher.

Fees(fees paid directly from your investment) Not Applicable

Annual Operating Expenses(expenses that you pay each year as a % of the value of your investment)

Initial ClassService Class

Service Class 2

Management fee 0.54% 0.54% 0.54%

Distribution and/or Service (12b-1) fees None 0.10% 0.25%

Other expenses 0.09% 0.09% 0.09%

Total annual operating expenses 0.63% 0.73% 0.88%

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

Let’s say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant

to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here’s how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated:

Initial Class Service Class Service Class 2

1 year $ 64 $ 75 $ 90

3 years $ 202 $ 233 $ 281

5 years $ 351 $ 406 $ 488

10 years $ 786 $ 906 $ 1,084

Portfolio TurnoverThe fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 31% of the average value of its portfolio.

Principal Investment Strategies• Normally investing primarily in common stocks.

• Normally investing at least 80% of assets in securities of compa-nies with medium market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar

to companies in the Russell Midcap® Index or the S&P MidCap 400® Index).

• Potentially investing in companies with smaller or larger market capitalizations.

• Investing in domestic and foreign issuers.

• Investing in either “growth” stocks or “value” stocks or both.

• Using fundamental analysis of factors such as each issuer’s finan-cial condition and industry position, as well as market and economic conditions, to select investments.

Principal Investment Risks• Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regula-tory, market, or economic developments. Different parts of the

FI-2

3 Summary Prospectus

market, including different market sectors, and different types of securities can react differently to these developments.

• Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform dif-ferently from the U.S. market.

• Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can per-form differently from, the market as a whole. The value of securities of smaller issuers can be more volatile than that of larger issuers.

• Mid Cap Investing. The value of securities of medium size, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers.

You could lose money by investing in the fund.

PerformanceThe following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund’s shares from year to year and compares the performance of the fund’s shares to the perfor-mance of a securities market index over various periods of time. The index description appears in the “Additional Index Information” sec-tion of the prospectus. Returns for shares of the fund do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product; if they did, returns for shares of the fund would be lower. Past performance is not an indica-tion of future performance.

Year-by-Year Returns

50403020100

-10-20-30-40

2017201620152014201320122011201020092008

20.81%12.23%-1.39%6.29%36.23%14.83%-10.61%28.83%40.09%-39.44%

Calendar Years

Percentage (%)

During the periods shown in the chart for Initial Class: Returns Quarter endedHighest Quarter Return 19.29% June 30, 2009Lowest Quarter Return –23.63% December 31, 2008

Average Annual Returns

For the periods ended December 31, 2017Past 1

yearPast 5 years

Past 10 years

Initial Class 20.81% 14.12% 8.06%

Service Class 20.70% 14.01% 7.96%

Service Class 2 20.54% 13.84% 7.80%

S&P MidCap 400® Index (reflects no deduction for fees, expenses, or taxes) 16.24% 15.01% 9.97%

Investment AdviserFidelity Management & Research Company (FMR) (the Adviser) is the fund’s manager. FMR Co., Inc. (FMRC) and other investment advisers serve as sub-advisers for the fund.

Portfolio Manager(s)Tom Allen (portfolio manager) has managed the fund since June 2001.

Purchase and Sale of SharesOnly Permitted Accounts, including separate accounts of insur-ance companies and qualified funds of funds that have signed the appropriate agreements with the fund, if applicable, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts. A qualified fund of funds is an eligible insurance-dedicated mutual fund that invests in other mutual funds.

FI-3

4Summary Prospectus

Fund Summary – continued

Permitted Accounts - not variable product owners - are the share-holders of the fund. Variable product owners hold interests in separate accounts, including separate accounts that are sharehold-ers of qualified funds of funds. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

The fund has no minimum investment requirement.

Tax InformationVariable product owners seeking to understand the tax conse-quences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus. Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from the fund.

Payments to Broker-Dealers and Other Financial IntermediariesThe fund, the Adviser, Fidelity Distributors Corporation (FDC), and/or their affiliates may pay intermediaries, which may include insur-ance companies and their affiliated broker-dealers and service-pro-viders (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your invest-ment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary’s web site for more information.

FI-4

FDC is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.

Fidelity and Fidelity Investments & Pyramid Design are registered service marks of FMR LLC. © 2018 FMR LLC. All rights reserved.

Any third-party marks that may appear above are the marks of their respective owners.

The term “VIP” as used in this document refers to Fidelity® Variable Insurance Products.

1.907844.109 VMC-SUM-0418

FI-6

Fidelity® Variable Insurance Products

Initial Class, Service Class, and Service Class 2Contrafund® Portfolio

Summary ProspectusApril 30, 2018

Before you invest, you may want to review the fund’s prospectus, which contains more information about the fund and its risks. You can find the fund’s prospectus and other information about the fund (including the fund’s SAI) online at institutional.fidelity.com / vipfunddocuments. You can also get this information at no cost by calling 1-866-997-1254 or by sending an e-mail request to [email protected]. The fund’s prospectus and SAI dated April 30, 2018 are incorporated herein by reference.

245 Summer Street, Boston, MA 02210

FI-7

2Summary Prospectus

Fund Summary

Fund/Class:VIP ContrafundSM Portfolio/Initial Class, Service Class, Service Class 2

Investment ObjectiveThe fund seeks long-term capital appreciation.

Fee TableThe following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product

owner, buy and hold interests in a separate account that invests in shares of the fund. The table does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher.

Fees(fees paid directly from your investment) Not Applicable

Annual Operating Expenses(expenses that you pay each year as a % of the value of your investment)

Initial ClassService Class

Service Class 2

Management fee 0.54% 0.54% 0.54%

Distribution and/or Service (12b-1) fees None 0.10% 0.25%

Other expenses 0.08% 0.08% 0.08%

Total annual operating expenses 0.62% 0.72% 0.87%

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

Let’s say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant

to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here’s how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated:

Initial Class Service Class Service Class 2

1 year $ 63 $ 74 $ 89

3 years $ 199 $ 230 $ 278

5 years $ 346 $ 401 $ 482

10 years $ 774 $ 894 $ 1,073

Portfolio TurnoverThe fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 70% of the average value of its portfolio.

Principal Investment Strategies• Normally investing primarily in common stocks.

• Investing in securities of companies whose value Fidelity Management & Research Company (FMR) believes is not fully recognized by the public.

• Investing in domestic and foreign issuers.

• Investing in either “growth” stocks or “value” stocks or both.

• Using fundamental analysis of factors such as each issuer’s finan-cial condition and industry position, as well as market and economic conditions, to select investments.

Principal Investment Risks• Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regula-tory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

• Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform dif-ferently from the U.S. market.

FI-8

3 Summary Prospectus

• Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.

You could lose money by investing in the fund.

PerformanceThe following information is intended to help you understand the risks of investing in the fund. The information illustrates the

changes in the performance of the fund’s shares from year to year and compares the performance of the fund’s shares to the perfor-mance of a securities market index over various periods of time. The index description appears in the “Additional Index Information” sec-tion of the prospectus. Returns for shares of the fund do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product; if they did, returns for shares of the fund would be lower. Past performance is not an indica-tion of future performance.

Year-by-Year Returns

403020100

-10-20-30-40-50

2017201620152014201320122011201020092008

21.88%8.04%0.64%11.94%31.29%16.42%-2.53%17.22%35.71%-42.51%

Calendar Years

Percentage (%)

During the periods shown in the chart for Initial Class: Returns Quarter endedHighest Quarter Return 18.85% June 30, 2009Lowest Quarter Return –23.07% December 31, 2008

Average Annual Returns

For the periods ended December 31, 2017Past 1

yearPast 5 years

Past 10 years

Initial Class 21.88% 14.26% 7.29%

Service Class 21.76% 14.14% 7.18%

Service Class 2 21.59% 13.97% 7.02%

S&P 500® Index (reflects no deduction for fees, expenses, or taxes) 21.83% 15.79% 8.50%

Investment AdviserFMR (the Adviser) is the fund’s manager. FMR Co., Inc. (FMRC) and other investment advisers serve as sub-advisers for the fund.

Portfolio Manager(s)William Danoff (co-manager) and Jean Park (co-manager) have managed the fund since May 2018.

Purchase and Sale of SharesOnly Permitted Accounts, including separate accounts of insur-ance companies and qualified funds of funds that have signed the appropriate agreements with the fund, if applicable, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts. A qualified fund of

funds is an eligible insurance-dedicated mutual fund that invests in other mutual funds.

Permitted Accounts - not variable product owners - are the share-holders of the fund. Variable product owners hold interests in separate accounts, including separate accounts that are sharehold-ers of qualified funds of funds. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

FI-9

4Summary Prospectus

Fund Summary – continued

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

The fund has no minimum investment requirement.

Tax InformationVariable product owners seeking to understand the tax conse-quences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus. Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from the fund.

Payments to Broker-Dealers and Other Financial IntermediariesThe fund, the Adviser, Fidelity Distributors Corporation (FDC), and/or their affiliates may pay intermediaries, which may include insur-ance companies and their affiliated broker-dealers and service-pro-viders (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your invest-ment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary’s web site for more information.

FI-10

FDC is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.

Fidelity, Contrafund, and Fidelity Investments & Pyramid Design are registered service marks of FMR LLC. © 2018 FMR LLC. All rights reserved.

VIP Contrafund is a service mark of FMR LLC.

Any third-party marks that may appear above are the marks of their respective owners.

The term “VIP” as used in this document refers to Fidelity® Variable Insurance Products.

1.907822.117 VCON-SUM-0418

FI-12

May 1, 2018

SUSTAINABLE EQUITY PORTFOLIO (FORMERLY, SOCIALLY RESPONSIVE PORTFOLIO)

SUMMARY PROSPECTUSClass I

The Fund is offered to certain life insurance companies to serve as an investment vehicle for premiums paid under their variable annuity and variable life insurance contracts(each, a “variable contract”) and to certain qualified pension and other retirement plans (each, a “qualified plan”). Before you invest, you may want to review the Fund’sprospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus and other information about the Fund (including the Fund’sSAI) online at http://www.nb.com/amtportfolios/i. You can also get this information at no cost by calling 800-877-9700 or by sending an e-mail request to [email protected] can also get this information from your investment provider or any investment provider authorized to sell the Fund’s shares. The Fund’s prospectus and SAI, each datedMay 1, 2018 (as each may be amended or supplemented), are incorporated herein by reference.

GOALThe Fund seeks long-term growth of capital by investing primarily in securities of companies that meet the Fund’s environmental,social and governance (ESG) criteria.

FEES AND EXPENSESThese tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. These tables do not reflectany fees and expenses charged by your insurance company under your variable contract or by your qualified plan. If the tables didreflect such fees and expenses, the overall expenses would be higher than those shown. Please refer to the prospectus for yourvariable contract or your qualified plan documentation for information on their separate fees and expenses.

Shareholder Fees (fees paid directly from your investment) None

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)

Management fees 0.84

Distribution and/or shareholder service (12b-1) fees None

Other expenses 0.10

Total annual operating expenses 0.94

Expense ExampleThe expense example can help you compare costs among mutual funds. The example assumes that you invested $10,000 for theperiods shown, that you redeemed all of your shares at the end of those periods, that the Fund earned a hypothetical 5% totalreturn each year, and that the Fund’s expenses were those in the table. Actual performance and expenses may be higher or lower.


Expenses $96 $300 $520 $1,155

Portfolio TurnoverThe Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higherportfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual operating expenses orin the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 18% ofthe average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIESTo pursue its goal, the Fund seeks to invest primarily in common stocks of mid- to large-capitalization companies that meet theFund’s quality oriented financial and ESG criteria.

The Fund seeks to reduce risk by investing across many different industries.

The Portfolio Managers employ a research driven and valuation sensitive approach to stock selection, with a focus on long termsustainability. This sustainable investment approach seeks to identify high quality, well-positioned companies with leadership thatis focused on ESG as defined by best in class operating practices. As part of their focus on quality, the Portfolio Managers look for

NB-1

solid balance sheets, strong management teams with a track record of success, good cash flow, the prospect for above-averageearnings growth and the sustainability of those earnings, as well as the company’s business model, over the long term. They seek topurchase the stock of businesses that they believe to be well positioned and undervalued by the market. Among companies thatmeet these criteria, the Portfolio Managers look for those that show leadership in environmental, social and governanceconsiderations, including progressive workplace practices and community relations.

In addition, the Portfolio Managers typically look at a company’s record in public health and the nature of its products. ThePortfolio Managers judge firms on their corporate citizenship overall, considering their accomplishments as well as their goals.While these judgments are inevitably subjective, the Fund endeavors to avoid companies that derive revenue from gambling or theproduction of alcohol, tobacco, weapons, or nuclear power. The Fund also does not invest in any company that derives its totalrevenue primarily from non-consumer sales to the military.

Please see the Statement of Additional Information for a detailed description of the Fund’s ESG criteria.

Although the Fund invests primarily in domestic stocks, it may also invest in stocks of foreign companies.

The Portfolio Managers follow a disciplined selling strategy and may sell a stock when it reaches a target price, if a company’sbusiness fails to perform as expected, or when other opportunities appear more attractive.

As a sustainable fund, the Fund is required by the federal securities laws to have a policy, which it cannot change withoutproviding investors at least 60 days’ written notice, of investing at least 80% of its net assets in equity securities selected inaccordance with its ESG criteria. The 80% test is applied at the time the Fund invests; later percentage changes caused by achange in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding. In practice, thePortfolio Managers intend to hold only securities selected in accordance with the Fund’s ESG criteria.

Valuation Sensitive Investing. In addition to employing traditional value criteria – that is, looking for value among companieswhose stock prices are below their historical average, based on earnings, cash flow, or other financial measures – the PortfolioManagers may buy a company’s shares if they look more fully priced based on Wall Street consensus estimates of earnings, but stillinexpensive relative to the Portfolio Managers’ estimates. The Portfolio Managers look for these companies to rise in price as theyoutperform Wall Street’s expectations, because they believe some aspects of the business have not been fully appreciated orappropriately priced by other investors.

PRINCIPAL INVESTMENT RISKSMost of the Fund’s performance depends on what happens in the stock market, the Portfolio Managers’ evaluation of thosedevelopments, and the success of the Portfolio Managers in implementing the Fund’s investment strategies. The market’s behaviorcan be difficult to predict, particularly in the short term. There can be no guarantee that the Fund will achieve its goal. The Fundmay take temporary defensive and cash management positions; in such a case, it will not be pursuing its principal investmentstrategies.

The Fund is a mutual fund, not a bank deposit, and is not guaranteed or insured by the Federal Deposit Insurance Corporation orany other government agency. The value of your investment may fall, sometimes sharply, and you could lose money by investingin the Fund.

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, cansignificantly affect the Fund’s performance:

Currency Risk. Changes in currency exchange rates could adversely impact investment gains or add to investment losses.Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments orcentral banks or by currency controls or political developments in the U.S. or abroad.

ESG Criteria Risk. The Fund’s ESG criteria could cause it to sell or avoid stocks that subsequently perform well. The Fund mayunderperform funds that do not follow an ESG criteria.

Foreign Risk. Foreign securities involve risks in addition to those associated with comparable U.S. securities. Additional risksinclude exposure to less developed or less efficient trading markets; social, political, diplomatic, or economic instability; tradebarriers and other protectionist trade policies (including those of the U.S.); fluctuations in foreign currencies or currencyredenomination; potential for default on sovereign debt; nationalization or expropriation of assets; settlement, custodial or otheroperational risks; higher transaction costs; confiscatory withholding or other taxes; and less stringent auditing, corporatedisclosure, governance, and legal standards. As a result, foreign securities may fluctuate more widely in price, and may also be lessliquid, than comparable U.S. securities. World markets, or those in a particular region, may all react in similar fashion to

SUSTAINABLE EQUITY PORTFOLIO (FORMERLY, SOCIALLY RESPONSIVE PORTFOLIO) May 1, 2018

2

NB-2

important economic or political developments. In addition, foreign markets may perform differently than the U.S. market. Theeffect of economic instability on specific foreign markets or issuers may be difficult to predict or evaluate. Regardless of where acompany is organized or its stock is traded, its performance may be affected significantly by events in regions from which it derivesits profits or in which it conducts significant operations.

Securities of issuers traded on exchanges may be suspended, either by the issuers themselves, by an exchange or by governmentalauthorities. Trading suspensions may be applied from time to time to the securities of individual issuers for reasons specific to thatissuer, or may be applied broadly by exchanges or governmental authorities in response to market events. In the event that theFund holds material positions in such suspended securities, the Fund’s ability to liquidate its positions or provide liquidity toinvestors may be compromised and the Fund could incur significant losses.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

The Fund’s portfolio may contain fewer securities than the portfolios of other mutual funds, which increases the risk that thevalue of the Fund could go down because of the poor performance of one or a few investments.

Market Volatility Risk. Markets may be volatile and values of individual securities and other investments, including those of aparticular type, may decline significantly in response to adverse issuer, political, regulatory, market, economic or otherdevelopments that may cause broad changes in market value, public perceptions concerning these developments, and adverseinvestor sentiment. Geopolitical risks may add to instability in world economies and markets generally. Changes in value may betemporary or may last for extended periods. If the Fund sells a portfolio position before it reaches its market peak, it may miss outon opportunities for better performance.

Mid- and Large-Cap Companies Risk. At times, mid- and large-cap companies may be out of favor with investors. Compared tosmaller companies, large-cap companies may be less responsive to changes and opportunities. Compared to larger companies, mid-cap companies may depend on a more limited management group, may have a shorter history of operations, and may have limitedproduct lines, markets or financial resources. The securities of mid-cap companies are often more volatile and less liquid than thesecurities of larger companies and may be more affected than other types of securities by the underperformance of a sector orduring market downturns.

Operational and Cybersecurity Risk. The Fund and its service providers, and your ability to transact with the Fund, may benegatively impacted due to operational matters arising from, among other problems, human errors, systems and technologydisruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fundassets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venuesand their service providers, to suffer data corruption or lose operational functionality. It is not possible for the Manager or theother Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to developprocesses and controls to completely eliminate or mitigate their occurrence or effects. Most issuers in which the Fund invests areheavily dependent on computers for data storage and operations, and require ready access to the internet to conduct their business.Thus, cybersecurity incidents could also affect issuers of securities in which the Fund invests, leading to significant loss of value.

Recent Market Conditions. Some countries, including the U.S., are considering or pursuing the adoption of more protectionisttrade policies and moving away from the tighter financial industry regulations that followed the 2008 financial crisis. The U.S. isalso said to be considering significant new investments in infrastructure and national defense which, coupled with lower federaltaxes, could lead to sharply increased government borrowing and higher interest rates. The exact shape of these policies is stillbeing worked out through the political process, but the equity and debt markets may react strongly to expectations, which couldincrease volatility, especially if the market’s expectations for changes in government policies are not borne out. Also, prices ofmany U.S. equity securities have increased substantially for the last several years, U.S. unemployment has declined and manymarket prognosticators reportedly expect the Fed to raise interest rates in an effort to limit inflation and/or believe the market mayexperience a further “correction” to lower values.

High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty.Interest rates have been unusually low in recent years in the U.S. and abroad. Because there is little precedent for this situation, itis difficult to predict the impact on various markets of a significant rate increase or other significant policy changes.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities thatconditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist tradepolicies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in waysthat cannot necessarily be foreseen at the present time and could negatively affect the economies of even those countries thatimplement the protectionist policies.


3

NB-3

Redemption Risk. The Fund may experience periods of heavy redemptions that could cause the Fund to sell assets atinopportune times or at a loss or depressed value. Redemption risk is heightened during periods of declining or illiquid markets.Heavy redemptions could hurt the Fund’s performance.

Risk Management. Risk is an essential part of investing. No risk management program can eliminate the Fund’s exposure toadverse events; at best, it may only reduce the possibility that the Fund will be affected by such events, and especially those risksthat are not intrinsic to the Fund’s investment program. The Fund could experience losses if judgments about risk prove to beincorrect.

Risk of Increase in Expenses. A decline in the Fund’s average net assets during the current fiscal year due to market volatility orother factors could cause the Fund’s expenses for the current fiscal year to be higher than the expense information presented in“Fees and Expenses.”

Sector Risk. From time to time, based on market or economic conditions, the Fund may have significant positions in one ormore sectors of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especiallysensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may performdifferently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political orregulatory events.

Valuation Risk. The Fund may not be able to sell an investment at the price at which the Fund has valued the investment. TheFund’s ability to value its investments in an accurate and timely manner may be impacted by technological issues and/or errors bythird party service providers, such as pricing services or accounting agents.

Value Stock Risk. Value stocks may remain undervalued or may decrease in value during a given period or may not ever realizewhat the portfolio management team believes to be their full value. This may happen, among other reasons, because of a failure toanticipate which stocks or industries would benefit from changing market or economic conditions or investor preferences.

PERFORMANCEThe following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows how the Fund’sperformance has varied from year to year. The table next to the bar chart shows what the returns would equal if you averaged outactual performance over various lengths of time and compares the returns with the returns of a broad-based market index. Theindex, which is described in “Description of Index” in the prospectus, has characteristics relevant to the Fund’s investmentstrategy. The performance information does not reflect variable contract or qualified plan fees and expenses. If such fees andexpenses were reflected, returns would be less than those shown. Please refer to the prospectus for your variable contract or yourqualified plan documentation for information on their separate fees and expenses.

Returns would have been lower if Neuberger Berman Investment Advisers LLC had not reimbursed certain expenses and/orwaived a portion of the investment management fees during certain of the periods shown.


4

NB-4

Past performance is not a prediction of future results. Visit www.nb.com or call 800-877-9700 for updated performanceinformation.

YEAR-BY-YEAR % RETURNS AS OF 12/31 EACH YEAR

-39.44

31.43

22.85

-3.08

10.98

37.60

10.38

-0.46

9.86

18.43

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Best quarter: Q2 ’09, 15.74%Worst quarter: Q4 ’08, -27.01%

AVERAGE ANNUAL TOTAL % RETURNS AS OF 12/31/17

Sustainable Equity Portfolio (formerly, Socially Responsive Portfolio) 1 Year 5 Years 10 Years

Class I 18.43 14.49 7.54

S&P 500® Index (reflects no deduction for fees, expenses or taxes) 21.83 15.79 8.50

INVESTMENT MANAGERNeuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERSThe Fund is managed by co-Portfolio Managers Ingrid S. Dyott (Managing Director of the Manager) and Sajjad S. Ladiwala,CFA (Managing Director of the Manager). Ms. Dyott became a co-Portfolio Manager of the Fund in 2003. Mr. Ladiwala joinedas an Associate Portfolio Manager in 2003 and became co-Portfolio Manager in 2016.

BUYING AND SELLING SHARESThe Fund is designed as a funding vehicle for certain variable contracts and qualified plans. Because shares of the Fund are held bythe insurance companies or qualified plans involved, you will need to follow the instructions provided by your insurance companyor qualified plan administrator for matters involving allocations to the Fund.

When shares of the Fund are bought and sold, the share price is the Fund’s net asset value per share. When shares are bought orsold, the share price will be the next share price calculated after the order has been received in proper form. Shares of the Fundmay be purchased or redeemed (sold) on any day the New York Stock Exchange is open.

TAX INFORMATIONDistributions made by the Fund to an insurance company separate account or a qualified plan, and exchanges and redemptions ofFund shares made by a separate account or qualified plan, ordinarily do not cause the contract holder or plan participant torecognize income or gain for federal income tax purposes. Please see your variable contract prospectus or the governing documentsof your qualified plan for information regarding the federal income tax treatment of the distributions to the applicable separateaccount or qualified plan and the holders of the contracts or plan participants, respectively.

PAYMENTS TO FINANCIAL INTERMEDIARIESNeuberger Berman BD LLC and/or its affiliates may pay insurance companies or their affiliates, qualified plan administrators,broker-dealers or other financial intermediaries, for services to current and prospective variable contract owners and qualified plan


5

NB-5

participants who choose the Fund as an investment option. These payments may create a conflict of interest by influencing thefinancial intermediary and its employees to recommend the Fund over another investment or make the Fund available to theircurrent or prospective variable contract owners and qualified plan participants. Ask your financial intermediary or visit its websitefor more information.

The “Neuberger Berman” name and logo and “Neuberger Berman Investment Advisers LLC” are registered service marks of Neuberger Berman GroupLLC. The individual Fund name in this prospectus is either a service mark or a registered service mark of Neuberger Berman Investment Advisers LLC.©2018 Neuberger Berman BD LLC, distributor. All rights reserved.


NB-6


SEC File Number: 811-4255

K0055 05/18

NB-8

SUMMARY PROSPECTUS

U.S. STRATEGIC EQUITY FUND

May 1, 2018

Before you invest, you may want to review the Fund’s Prospectus, which contains more information about the Fund and its risks.You can find the Fund’s Prospectus, Statement of Additional Information (SAI), Annual Report and other information about theFund online at http://hosted.rightprospectus.com/RIF/. You can also get this information at no cost by calling 1-800-787-7354 or bysending an e-mail to: [email protected]. The Fund’s Prospectus and SAI, both dated May 1, 2018, and the Fund’smost recent shareholder report, dated December 31, 2017, are all incorporated by reference into this Summary Prospectus.

Ticker: RIFAX

Investment Objective (Non-Fundamental)

The Fund seeks to provide long term capital growth.

Fees and Expenses of the Fund

The following tables describe the fees and expenses that you may pay if you buy and hold Shares of the Fund. Thefees and expenses shown in this section do not reflect any Insurance Company Separate Account or Policy charges. Thosecharges, if included, would have increased overall fees and expenses. Please refer to your account or policy documentsfor a description of those fees and expenses. Please see the Expense Notes section of the Fund’s Prospectus for furtherinformation regarding expenses of the Fund.

Shareholder Fees (fees paid directly from your investment)

None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of yourinvestment)

Advisory Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.73%Other Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%Total Annual Fund Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.83%

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in othermutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of yourShares at the end of those periods. The example also assumes your investment has a 5% return each year and thatoperating expenses remain the same. This example does not reflect any Insurance Company Separate Account or Policycharges. If it did, the costs shown would have been higher. Although your actual costs may be higher or lower, underthese assumptions your costs would be:


$85 $266 $462 $1,029

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” itsportfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected inannual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, theFund’s portfolio turnover rate was 80% of the average value of its portfolio.

1

RIF-1

Investments, Risks and Performance

Principal Investment Strategies of the Fund

The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its netassets plus borrowings for investment purposes in equity securities economically tied to the U.S. The Fund investsprincipally in common stocks of large and medium capitalization U.S. companies. The Fund defines large and mediumcapitalization stocks as stocks of those companies represented by the Russell 1000

®

Index or within the capitalizationrange of the Russell 1000

®

Index as measured at its most recent reconstitution.

Russell Investment Management, LLC (“RIM”) provides or oversees the provision of all investment advisory andportfolio management services for the Fund. The Fund’s assets are managed by RIM and multiple moneymanagers unaffiliated with RIM pursuant to a multi-style (e.g., growth, value, market-oriented, defensive and/or dynamic)and multi-manager approach. The Fund employs discretionary and non-discretionary money managers. The Fund’sdiscretionary money managers select the individual portfolio instruments for the assets assigned to them. The Fund’snon-discretionary money managers provide a model portfolio to RIM representing their investment recommendations,based upon which RIM purchases and sells securities for the Fund. RIM manages Fund assets not allocated to moneymanager strategies and utilizes quantitative and/or rules-based processes and qualitative analysis to assessFund characteristics and invest in securities and instruments which provide the desired exposures. RIM may use strategiesbased on indexes. RIM also manages the portion of Fund assets for which the Fund’s non-discretionary money managersprovide model portfolios and the Fund’s cash balances. The Fund usually, but not always, pursues a strategy to be fullyinvested by exposing all or a portion of its cash to the performance of appropriate markets by purchasing equity securitiesand/or derivatives, which typically include index futures contracts.

The Fund may invest in derivative instruments and may use derivatives to take both long and short positions. TheFund may also invest in securities of non-U.S. issuers by purchasing American Depositary Receipts (“ADRs”) or GlobalDepositary Receipts (“GDRs”). Please refer to the “Investment Objective and Investment Strategies” section in the Fund’sProspectus for further information.

Principal Risks of Investing in the Fund

An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could losemoney. The principal risks of investing in the Fund are those associated with:

• Active Management. Despite strategies designed to achieve the Fund’s investment objective, the value ofinvestments will change with market conditions, and so will the value of any investment in the Fund and youcould lose money. The securities selected for the portfolio may not perform as RIM or the Fund’s money managersexpect. Additionally, securities selected may cause the Fund to underperform relative to other funds with similarinvestment objectives and strategies. There is no guarantee that RIM will effectively assess the Fund’sportfolio characteristics and it is possible that its judgments regarding the Fund’s exposures may prove incorrect.In addition, actions taken to actively manage overall Fund exposures, including risk, may be ineffective and/orcause the Fund to underperform.

• Multi-Manager Approach. While the investment styles employed by the money managers are intended to becomplementary, they may not in fact be complementary. A multi-manager approach could result in more exposureto certain types of securities and higher portfolio turnover.

• Index-Based Investing. Index-based strategies, which may be used to actively manage the Fund’s overallexposures, may cause the Fund’s returns to be lower than if the Fund employed a fundamental investmentapproach to security selection with respect to that portion of its portfolio. Additionally, index-based strategies aresubject to “tracking error” risk, which is the risk that the performance of the portion of the Fund’s portfolioutilizing an index-based strategy will differ from the performance of the index it seeks to track.

• Non-Discretionary Implementation Risk. With respect to the portion of the Fund that is managed pursuant to modelportfolios provided by non-discretionary money managers, it is expected that trades will be effected on a periodicbasis and therefore less frequently than would typically be the case if discretionary money managers wereemployed. Given that values of investments change with market conditions, this could cause the Fund’s return tobe lower than if the Fund employed discretionary money managers with respect to that portion of its portfolio.

2

RIF-2

• Quantitative Investing. Quantitative inputs and models use historical company, economic and/or industry data toevaluate prospective investments or to generate forecasts which could result in incorrect assessments of the specificportfolio characteristics or ineffective adjustments to the Fund’s overall exposures. Securities selected usingquantitative analysis may perform differently than analysis of their historical trends would suggest. Inputs ormodels may be flawed or not work as anticipated and may cause the Fund to underperform other funds withsimilar investment objectives and strategies.

• Equity Securities. The value of equity securities will rise and fall in response to the activities of the company thatissued them, general market conditions and/or economic conditions. Investments in medium capitalizationcompanies may involve greater risks because these companies generally have narrower markets, more limitedmanagerial and financial resources and a less diversified product offering than larger, more established companies.Some medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market.

• Depositary Receipts. Depositary receipts (including American Depositary Receipts and Global Depositary Receipts)are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company.Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence orinto which they may be converted.

• Derivatives. Investments in a derivative instrument could lose more than the initial amount invested. Compared toconventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations inmarket prices and thus the Fund’s losses may be greater if it invests in derivatives than if it invests only inconventional securities. The use of derivative instruments involves risks different from, and possibly greater than,the risks associated with investing directly in equity or fixed income securities, currencies or other instruments.Derivatives are subject to a number of risks such as leveraging risk, liquidity risk, market risk, credit risk, defaultrisk, counterparty risk (the risk that the other party in an agreement will fail to perform its obligations) andmanagement risk. They also involve the risk of mispricing or improper valuation and the risk that changes in thevalue of the derivative instrument may not correlate exactly with the change in the value of the underlying asset,rate or index.

• Large Redemptions. The Fund is used as an investment for certain funds of funds and in asset allocation programsand may have a large percentage of its Shares owned by such funds or held in such programs. Large redemptionactivity could result in the Fund incurring additional costs and being forced to sell portfolio securities at a loss tomeet redemptions.

• Global Financial Markets Risk. Global economies and financial markets are becoming increasingly interconnectedand conditions (including recent volatility and instability) and events (including natural disasters) in one country,region or financial market may adversely impact issuers in a different country, region or financial market. Inaddition, governmental and quasi-governmental organizations have taken a number of unprecedented actionsdesigned to support the markets. Such events and conditions may adversely affect the value of the Fund’ssecurities, result in greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments orachieving the Fund’s objective.

Please refer to the “Risks” section in the Fund’s Prospectus for further information.

Performance

The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fundvaries from year to year. The highest and lowest returns for a full quarter during the periods shown in the bar chart areset forth next to the bar chart. The performance results shown in this section do not reflect any Insurance CompanySeparate Account or Policy charges. Those charges, if included, would have reduced the performance results shown in thissection.

The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how theFund’s average annual total returns for the periods shown compare with the index returns that measure broad marketperformance.

Past performance is no indication of future results.

3

RIF-3

Calendar Year Total Returns

-60.00%

-40.00%

-20.00%

0.00%

20.00%

40.00%

60.00%

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

(40.56)%

31.40%

16.46%

(1.55)%

15.69%

32.92%

11.70%1.11%

10.64%20.80%

Highest Quarterly Return:16.95% (3Q/09)

Lowest Quarterly Return:(25.23)% (4Q/08)

Average annual total returnsfor the periods ended December 31, 2017 1 Year 5 Years 10 Years

U.S. Strategic Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.80% 14.94% 7.59%Russell 1000® Index (reflects no deduction for fees, expenses or taxes) . . . . . . . . . . . 21.69% 15.71% 8.59%

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to theRussell Indexes. Russell

®

is a trademark of Frank Russell Company.

Management

Investment Adviser

The Fund’s investment adviser is RIM. The Fund’s money managers are:

• Barrow, Hanley, Mewhinney & Strauss, LLC • Suffolk Capital Management, LLC

• Jacobs Levy Equity Management, Inc. • William Blair Investment Management, LLC

• Mar Vista Investment Partners, LLC

Portfolio Managers

James Barber, Chief Investment Officer of Equities, and Kevin Divney, a Senior Portfolio Manager, have primaryresponsibility for the management of the Fund. Mr. Barber and Mr. Divney have managed the Fund since April 2017.

Additional Information

Purchase of Fund Shares

Each insurance company (“Insurance Company”) places orders for its accounts (“Separate Account”) which hold theinterests of each variable insurance product (“Policy”) owner based on, among other things, the amount of premiumpayments to be invested pursuant to such Policies. Individuals may not place orders directly with Russell InvestmentFunds (“RIF”) or the Funds. See the prospectus of the Separate Account and Policies of the Insurance Company for moreinformation on the purchase of Fund Shares and with respect to the availability for investment in specific Funds. TheFunds do not issue share certificates. Any minimum or subsequent investment requirements are governed by theapplicable Policy through which you invest.

For more information about how to purchase Shares, please see Additional Information About Purchase of FundShares in the Funds’ Prospectus.

Redemption of Fund Shares

Shares may be redeemed at any time by Insurance Companies on behalf of their Separate Accounts or their generalaccounts. Individuals may not place redemption orders directly with RIF or the Funds. Redemption requests for Fund

4

RIF-4

Shares are based on premiums and transaction requests represented to the Funds by each Insurance Company as havingbeen received prior to the close of regular trading on the New York Stock Exchange (“NYSE”) (normally 4:00 p.m.Eastern Time) on any business day of the Funds (defined as a day on which the NYSE is open for regular trading).

For more information about how to redeem Shares, please see Additional Information About Redemption of FundShares in the Funds’ Prospectus.

Taxes

Provided that the Funds and Separate Accounts of Insurance Companies investing in the Funds satisfy applicable taxrequirements, the Funds generally will not be subject to federal tax. Special tax rules apply to Insurance Companies,variable annuity contracts and variable life insurance contracts. For a discussion of the taxation of life insurancecompanies and the Separate Accounts, as well as the tax treatment of the Policies and the holders thereof, see thediscussion regarding “Federal Tax Considerations” included in the prospectus for the Policies.

For more information about Taxes, please see Additional Information About Taxes in the Funds’ Prospectus.

Servicing Arrangements

Some Insurance Companies have entered into arrangements with Russell Investments Fund Services, LLC (“RIFUS”)and/or Russell Investments Financial Services, LLC. (“RIFIS” or the “Distributor”) pursuant to which they may receivecompensation from RIFUS and/or the Distributor, from RIFUS’s and/or the Distributor’s own resources, for administrativeand/or other services provided by those Insurance Companies. These payments may create a conflict of interest byinfluencing the Insurance Company and your salesperson to recommend the Funds or a Fund over another investment orby influencing an Insurance Company’s decision to include the Funds as an underlying investment option in its Policy.Ask your salesperson or visit your Insurance Company’s web site for more information.

5

RIF-5

36-08-281 (0518)

RIF-6

SUMMARY PROSPECTUS

U.S. SMALL CAP EQUITY FUND

May 1, 2018


Ticker: RIFBX






None



Example




$105 $329 $570 $1,263

Portfolio Turnover


1

RIF-7



The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its netassets plus borrowings for investment purposes in small capitalization equity securities economically tied to the U.S. TheFund invests principally in common stocks of small capitalization U.S. companies, some of which are also consideredmicro capitalization U.S. companies. The Fund defines small capitalization stocks as stocks of those companiesrepresented by the Russell 2000

®

Index or within the capitalization range of the Russell 2000®

Index as measured at itsmost recent reconstitution.

Russell Investment Management, LLC (“RIM”) provides or oversees the provision of all investment advisory andportfolio management services for the Fund. The Fund is managed pursuant to a multi-style (e.g., growth, value,market-oriented, defensive and/or dynamic) and multi-manager approach. The Fund’s money managers are unaffiliatedwith RIM and have non-discretionary asset management assignments pursuant to which they provide a model portfolio toRIM representing their investment recommendations, based upon which RIM purchases and sells securities for the Fund.For Fund assets not allocated to money manager strategies, RIM utilizes quantitative and/or rules-based processes andqualitative analysis to assess Fund characteristics and invest in securities and instruments which provide the desiredexposures. RIM may use strategies based on indexes. RIM also manages the Fund’s cash balances. The Fund usually, butnot always, pursues a strategy to be fully invested by exposing all or a portion of its cash to the performance ofappropriate markets by purchasing equity securities and/or derivatives, which typically include index futures contracts.

The Fund may invest in derivative instruments and may use derivatives to take both long and short positions. TheFund may also invest in securities of non-U.S. issuers by purchasing American Depositary Receipts (“ADRs”) or GlobalDepositary Receipts (“GDRs”). The Fund may invest a portion of its assets in securities of companies, known as realestate investment trusts (“REITs”), that own and/or manage properties. Please refer to the “Investment Objective andInvestment Strategies” section in the Fund’s Prospectus for further information.







• Quantitative Investing. Quantitative inputs and models use historical company, economic and/or industry data toevaluate prospective investments or to generate forecasts which could result in incorrect assessments of the specific

2

RIF-8

portfolio characteristics or ineffective adjustments to the Fund’s overall exposures. Securities selected usingquantitative analysis may perform differently than analysis of their historical trends would suggest. Inputs ormodels may be flawed or not work as anticipated and may cause the Fund to underperform other funds withsimilar investment objectives and strategies.

• Equity Securities. The value of equity securities will rise and fall in response to the activities of the company thatissued them, general market conditions and/or economic conditions. Investments in small and micro capitalizationcompanies may involve greater risks because these companies generally have narrower markets, more limitedmanagerial and financial resources and a less diversified product offering than larger, more established companies.Small and micro capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market.Micro capitalization company stocks are also more likely to suffer from significantly diminished market liquidity.

• Real Estate Investment Trusts (“REITs”). REITs may be affected by changes in the value of the underlyingproperties owned by the REITs and by the quality of tenants’ credit.


• Liquidity Risk. The market for certain investments may become illiquid under adverse or volatile market oreconomic conditions, making those investments difficult to sell. The market price of certain investments may falldramatically if there is no liquid trading market.





Performance


The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how theFund’s average annual total returns for the periods shown compare with the index returns that measure broad marketperformance. Effective May 1, 2012, RIM changed the Fund’s primary benchmark from the Russell 2500™ Index to the

3

RIF-9

Russell 2000®

Index. The U.S. Small Cap Equity Linked Benchmark (formerly named the Aggressive Equity LinkedBenchmark) represents the returns of the Russell 2500™ Index through April 30, 2012 and the returns of the Russell2000

®

Index thereafter. The U.S. Small Cap Equity Linked Benchmark provides a means to compare the Fund’s averageannual returns to a secondary benchmark that takes into account historical changes in the Fund’s primary benchmark.



-60.00%

-40.00%

-20.00%

0.00%

20.00%

40.00%

60.00%

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

(42.92)%

31.39%24.88%

(4.20)%

15.84%

40.00%

1.56% (7.19)%

18.66% 15.48%




U.S. Small Cap Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.48% 12.58% 6.51%Russell 2000® Index (reflects no deduction for fees, expenses or taxes) . . . . . . . . . . 14.65% 14.12% 8.71%U.S. Small Cap Equity Linked Benchmark (reflects no deduction for fees, expensesor taxes) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.65% 14.12% 9.10%


®


Management

Investment Adviser


• Ancora Advisors, LLC • Penn Capital Management Company, Inc.

• Copeland Capital Management, LLC • Snow Capital Management L.P.

• DePrince, Race & Zollo, Inc. • Timpani Capital Management LLC

• Falcon Point Capital, LLC

Portfolio Managers

Jon Eggins, a Senior Portfolio Manager, and Megan Roach, a Portfolio Manager, have primary responsibility for themanagement of the Fund. Mr. Eggins has managed the Fund since May 2011 and Ms. Roach has managed the Fund sinceMarch 2015.



Each insurance company (“Insurance Company”) places orders for its accounts (“Separate Account”) which hold theinterests of each variable insurance product (“Policy”) owner based on, among other things, the amount of premiumpayments to be invested pursuant to such Policies. Individuals may not place orders directly with Russell InvestmentFunds (“RIF”) or the Funds. See the prospectus of the Separate Account and Policies of the Insurance Company for more

4

RIF-10

information on the purchase of Fund Shares and with respect to the availability for investment in specific Funds. TheFunds do not issue share certificates. Any minimum or subsequent investment requirements are governed by theapplicable Policy through which you invest.



Shares may be redeemed at any time by Insurance Companies on behalf of their Separate Accounts or their generalaccounts. Individuals may not place redemption orders directly with RIF or the Funds. Redemption requests for FundShares are based on premiums and transaction requests represented to the Funds by each Insurance Company as havingbeen received prior to the close of regular trading on the New York Stock Exchange (“NYSE”) (normally 4:00 p.m.Eastern Time) on any business day of the Funds (defined as a day on which the NYSE is open for regular trading).


Taxes





5

RIF-11

36-08-282 (0518)

RIF-12

SUMMARY PROSPECTUS

GLOBAL REAL ESTATE SECURITIES FUND

May 1, 2018


Ticker: RIFSX


The Fund seeks to provide current income and long term capital growth.




None



Example




$94 $294 $510 $1,133

Portfolio Turnover


1

RIF-13



The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its netassets plus borrowings for investment purposes in real estate securities. The Fund seeks to achieve its objective byconcentrating its investments in equity securities of real estate companies economically tied to a number of countriesaround the world, including the U.S., in a globally diversified manner. The Fund invests principally in securities ofcompanies, known as real estate investment trusts (“REITs”) and other REIT-like entities that own interests in real estateor real estate-related loans. The Fund may also invest in equity securities of other types of real estate-related companies.A portion of the Fund’s securities are denominated in foreign currencies and are typically held outside the U.S. The Fundmay invest a portion of its assets in equity securities of companies that are located in emerging markets. The Fundconsiders emerging market countries to include every country in the world except Australia, Austria, Belgium, Canada,Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, NewZealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States.

Russell Investment Management, LLC (“RIM”) provides or oversees the provision of all investment advisory andportfolio management services for the Fund. The Fund’s assets are managed by RIM and multiple money managersunaffiliated with RIM pursuant to a multi-manager approach. RIM manages Fund assets not allocated to money managerstrategies and utilizes quantitative and/or rules-based processes and qualitative analysis to assess Fund characteristics andinvest in securities and instruments which provide the desired exposures. RIM may use strategies based on indexes. RIMalso manages the Fund’s cash balances. The Fund usually, but not always, pursues a strategy to be fully invested byexposing all or a portion of its cash to the performance of certain real estate securities or, in certain circumstances, broadglobal equity markets by purchasing equity securities and/or derivatives, which typically include index futures contractsand swaps.

The Fund may invest in derivative instruments and may use derivatives to take both long and short positions. TheFund may enter into spot or forward currency contracts to facilitate settlement of securities transactions. The Fund mayinvest in large, medium or small capitalization companies. Please refer to the “Investment Objective and InvestmentStrategies” section in the Fund’s Prospectus for further information.






• Quantitative Investing. Quantitative inputs and models use historical company, economic and/or industry data toevaluate prospective investments or to generate forecasts which could result in incorrect assessments of the specificportfolio characteristics or ineffective adjustments to the Fund’s overall exposures. Securities selected using

2

RIF-14

quantitative analysis may perform differently than analysis of their historical trends would suggest. Inputs ormodels may be flawed or not work as anticipated and may cause the Fund to underperform other funds withsimilar investment objectives and strategies.

• Equity Securities. The value of equity securities will rise and fall in response to the activities of the company thatissued them, general market conditions and/or economic conditions. Investments in small and mediumcapitalization companies may involve greater risks because these companies generally have narrower markets,more limited managerial and financial resources and a less diversified product offering than larger, moreestablished companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficultto buy and sell in the market.

• Real Estate Securities. Just as real estate values go up and down, the value of the securities of companies involvedin the industry also fluctuates. Real estate securities, including real estate investment trusts (“REITs”), may beaffected by changes in the value of the underlying properties owned by the companies and by the quality oftenants’ credit.

• Non-U.S. and Emerging Markets Securities. Non-U.S. securities have risks relating to political, economic andregulatory conditions in foreign countries. The risks associated with non-U.S. securities may be amplified foremerging markets securities.

• Currency Risk. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to therisk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, thatthe U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S.dollar-denominated securities and currencies may reduce the returns of the Fund.

• Counterparty Risk. Counterparty risk is the risk that the other party or parties to an agreement or a participant to atransaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due orfailing to fulfill the obligations of the contract or transaction.



• Currency Trading Risk. Currency trading strategies may involve instruments that have volatile prices, are illiquidor create economic leverage. Forward currency contracts are subject to the risk that, should forward pricesincrease, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds theprice of the currency agreed to be sold.



3

RIF-15

• Industry Concentration Risk. By concentrating in a single industry, the Fund carries much greater risk of adversedevelopments in that industry than a fund that invests in a wide variety of industries.


Performance


The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how theFund’s average annual total returns for the periods shown compare with the index returns that measure broad marketperformance. In October 2010, RIM changed the Fund’s primary benchmark from the FTSE NAREIT Equity REIT Indexto the FTSE EPRA/NAREIT Developed Real Estate Index (net of tax on dividends from foreign holdings). The GlobalReal Estate Linked Benchmark represents the returns of the FTSE NAREIT Equity REIT Index through September 30,2010 and the returns of the FTSE EPRA/NAREIT Developed Real Estate Index (net of tax on dividends from foreignholdings) thereafter. The Global Real Estate Linked Benchmark provides a means to compare the Fund’s average annualreturns to a secondary benchmark that takes into account historical changes in the Fund’s primary benchmark. The MSCIWorld Index (net of tax on dividends from foreign holdings) captures large and mid-cap representation across 23developed markets countries.



-40.00%

-20.00%

0.00%

20.00%

40.00%

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

(36.68)%

28.94%22.92%

(7.05)%

27.56%

3.65%

14.75%

0.25% 3.02%

11.80%




Global Real Estate Securities Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.80% 6.55% 5.03%FTSE EPRA/NAREIT Developed Real Estate Index (net of tax on dividends fromforeign holdings) (reflects no deduction for fees or expenses) . . . . . . . . . . . . . . . . . . . 10.36% 6.32% 3.28%Global Real Estate Linked Benchmark (reflects no deduction for fees, expenses ortaxes). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.36% 6.32% 5.03%MSCI World Index (net of tax on dividends from foreign holdings) (reflects nodeduction for fees or expenses) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.40% 11.64% 5.03%

Management

Investment Adviser


4

RIF-16

• Cohen & Steers Capital Management, Inc., Cohen &Steers UK Limited and Cohen & Steers Asia Limited

• RREEF America L.L.C., Deutsche InvestmentsAustralia Limited and Deutsche Alternatives AssetManagement (Global) Limited, operating under thebrand name Deutsche Asset Management

• Morgan Stanley Investment Management Inc., MorganStanley Investment Management Limited and MorganStanley Investment Management Company

Portfolio Manager

Bruce Eidelson, a Senior Portfolio Manager, and Patrick Nikodem, a Portfolio Manager, have primary responsibilityfor the management of the Fund. Mr. Eidelson has managed the Fund since January 2002 and Mr. Nikodem has managedthe Fund since December 2016.








Taxes





5

RIF-17

36-08-285 (0518)

RIF-18

SUMMARY PROSPECTUS

INTERNATIONAL DEVELOPED MARKETS FUND

May 1, 2018


Ticker: RIFCX






None



Example




$110 $344 $597 $1,320

Portfolio Turnover


1

RIF-19



The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its netassets plus borrowings for investment purposes in companies that are located in countries (other than the U.S.) withdeveloped markets or that are economically tied to such countries. The Fund invests principally in equity securities,including common stocks and preferred stocks, issued by companies incorporated in developed markets outside the U.S.and in depositary receipts. The Fund’s securities are denominated principally in foreign currencies and are typically heldoutside the U.S. The Fund may invest a portion of its assets in equity securities of companies that are economically tiedto emerging market countries. The Fund considers the following countries to have developed markets: Australia, Austria,Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, theNetherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and theUnited States. As a general rule, the Fund considers emerging market countries to include every other country. The Fundinvests principally in large and medium capitalization companies, but may also invest in small capitalization companies.The Fund defines large and medium capitalization stocks as stocks of those companies represented by the MSCI World exUSA Index or within the capitalization range of the MSCI World ex USA Index as measured at its most recentreconstitution.

Russell Investment Management, LLC (“RIM”) provides or oversees the provision of all investment advisory andportfolio management services for the Fund. The Fund’s assets are managed by RIM and multiple moneymanagers unaffiliated with RIM pursuant to a multi-style (e.g., growth, value, market-oriented and defensive) andmulti-manager approach. The Fund employs discretionary and non-discretionary money managers. The Fund’sdiscretionary money managers select the individual portfolio instruments for the assets assigned to them. The Fund’snon-discretionary money managers provide a model portfolio to RIM representing their investment recommendations,based upon which RIM purchases and sells securities for the Fund. RIM manages Fund assets not allocated to moneymanager strategies and utilizes quantitative and/or rules-based processes and qualitative analysis to assess Fundcharacteristics and invest in securities and instruments which provide the desired exposures. RIM may use strategies basedon indexes. RIM also manages the portion of Fund assets for which the Fund’s non-discretionary money managersprovide model portfolios and the Fund’s cash balances. The Fund usually, but not always, pursues a strategy to be fullyinvested by exposing all or a portion of its cash to the performance of appropriate markets by purchasing equity securitiesand/or derivatives, which typically include index futures contracts and forward currency contracts. The Fund may usederivatives, including stock options, country index futures and swaps or currency forwards, to (1) manage country andcurrency exposure as a substitute for holding securities directly or (2) facilitate the implementation of its investmentstrategy. The Fund may use derivatives to take both long and short positions.

The Fund may at times seek to protect a portion of its investments against adverse currency exchange rate changesby purchasing forward currency contracts and may engage in currency transactions for speculative purposes. Please referto the “Investment Objective and Investment Strategies” section in the Fund’s Prospectus for further information.





2

RIF-20




• Equity Securities. The value of equity securities will rise and fall in response to the activities of the company thatissued them, general market conditions and/or economic conditions. Investments in small and mediumcapitalization companies may involve greater risks because these companies generally have narrower markets,more limited managerial and financial resources and a less diversified product offering than larger, moreestablished companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficultto buy and sell in the market. Investments in preferred stocks are subject to the risks of common stocks, as well asthe risk that interest rates will rise and make the fixed dividend feature, if any, less appealing to investors resultingin a decline in price.







3

RIF-21





Performance


The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how theFund’s average annual total returns for the periods shown compare with the index returns that measure broad marketperformance. Effective January 1, 2011, RIM changed the Fund’s primary benchmark from the MSCI EAFE Index (net oftax on dividends from foreign holdings) to the Russell Developed ex-US Large Cap Index (net of tax on dividends fromforeign holdings). Effective January 1, 2018, RIM changed the Fund’s primary benchmark from the Russell Developedex-US Large Cap Index (net of tax on dividends from foreign holdings) to the MSCI World ex USA Index (net of tax ondividends from foreign holdings). RIM believes that the MSCI World ex USA Index (net of tax on dividends from foreignholdings) more accurately provides a means to compare the Fund’s average annual total returns to a benchmark thatcurrently best represents the investable global and international equity markets. The International Developed MarketsLinked Benchmark represents the returns of the MSCI EAFE Index (net of tax on dividends from foreign holdings)through December 31, 2010 and the returns of the Russell Developed ex-US Large Cap Index (net of tax on dividendsfrom foreign holdings) thereafter. The International Developed Markets Linked Benchmark provides a means to comparethe Fund’s average annual returns to a secondary benchmark that takes into account historical changes in the Fund’sprimary benchmark.



-60.00%

-40.00%

-20.00%

0.00%

20.00%

40.00%

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

(42.41)%

26.49%

11.42%

(12.88)%

19.81% 21.91%

(4.45)% (1.31)% 2.36%

24.98%Highest Quarterly Return:

21.75% (2Q/09)


4

RIF-22


International Developed Markets Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.98% 8.02% 2.22%MSCI World ex USA Index (net of tax on dividends from foreign holdings)(reflects no deduction for fees or expenses) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.21% 7.46% 1.87%Russell Developed ex-US Large Cap Index (net of tax on dividends from foreignholdings) (reflects no deduction for fees or expenses). . . . . . . . . . . . . . . . . . . . . . . . . . 24.85% 7.80% 2.14%International Developed Markets Linked Benchmark (reflects no deduction for feesor expenses) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.85% 7.80% 1.82%


®


Management

Investment Adviser


• GQG Partners LLC • Pzena Investment Management, LLC

• Janus Capital Management LLC and PerkinsInvestment Management LLC

• Wellington Management Company LLP

• Numeric Investors LLC

Portfolio Managers

James Barber, Chief Investment Officer of Equities, and Jon Eggins, a Senior Portfolio Manager, have primaryresponsibility for the management of the Fund. Mr. Barber and Mr. Eggins have managed the Fund since February 2015.








Taxes

Provided that the Funds and Separate Accounts of Insurance Companies investing in the Funds satisfy applicable taxrequirements, the Funds generally will not be subject to federal tax. Special tax rules apply to Insurance Companies,

5

RIF-23

variable annuity contracts and variable life insurance contracts. For a discussion of the taxation of life insurancecompanies and the Separate Accounts, as well as the tax treatment of the Policies and the holders thereof, see thediscussion regarding “Federal Tax Considerations” included in the prospectus for the Policies.




6

RIF-24

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7RIF-25

36-08-283 (0518)

RIF-26

SUMMARY PROSPECTUS

STRATEGIC BOND FUND

May 1, 2018


Ticker: RIFDX


The Fund seeks to provide total return.




None



Example




$69 $215 $375 $838

Portfolio Turnover


1

RIF-27



The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its netassets plus borrowings for investment purposes in bonds.

Russell Investment Management, LLC (“RIM”) provides or oversees the provision of all investment advisory andportfolio management services for the Fund. The Fund’s assets are managed by RIM and multiple money managersunaffiliated with RIM pursuant to a multi-manager approach. RIM manages assets not allocated to money managerstrategies and utilizes quantitative and/or rules-based processes and qualitative analysis to assess Fund characteristics andinvest in securities and instruments which provide the desired exposures. RIM may use strategies based on indexes. RIMalso manages the Fund’s cash balances.

The Fund may invest in mortgage related securities, including mortgage-backed securities. The Fund may also investin (1) U.S. and non-U.S. corporate debt securities, (2) Yankee Bonds (dollar-denominated obligations issued in the U.S.by non-U.S. banks and corporations), (3) fixed income securities issued or guaranteed by the U.S. government, non-U.S.governments, or by any U.S. government or non-U.S. government agency or instrumentality and (4) asset-backedsecurities. The Fund may invest in debt securities that are rated below investment grade (commonly referred to as“high-yield” or “junk bonds”). The Fund may invest in currency futures and options on futures, forward currencycontracts, currency swaps and currency options for speculative purposes or to seek to protect a portion of its investmentsagainst adverse currency exchange rate changes. The Fund may invest in derivative instruments and may use derivativesto take both long and short positions. The Fund’s use of derivatives may cause the Fund’s investment returns to beimpacted by the performance of securities the Fund does not own and result in the Fund’s total investment exposureexceeding the value of its portfolio. The duration of the Fund’s portfolio will typically be within one year of the durationof the Bloomberg Barclays U.S. Aggregate Bond Index, but may vary up to two years from the Index’s duration. Aportion of the Fund’s net assets may be illiquid. The Fund may invest in variable and floating rate securities. The Fundmay purchase loans and other direct indebtedness, including bank loans (also called “leveraged loans”). The Fund mayinvest in non-U.S. debt securities, including developed and emerging market debt securities, some of which may benon-U.S. dollar denominated. The Fund considers the following countries to have developed markets: Australia, Austria,Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, theNetherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and theUnited States. As a general rule, the Fund considers emerging market countries to include every other country. The Fundmay enter into repurchase agreements. The Fund may invest in commercial paper, including asset-backed commercialpaper. The Fund may engage in active and frequent trading of portfolio securities to achieve its principal investmentstrategies. The Fund may invest in obligations issued or guaranteed by U.S. or foreign banks. The Fund usually, but notalways, exposes a portion of its cash to changes in interest rates or market/sector returns by purchasing fixed incomesecurities and/or derivatives, which typically include exchange traded fixed income futures contracts, to be announced(“TBA”) securities and swaps. Please refer to the “Investment Objective and Investment Strategies” section in the Fund’sProspectus for further information.





2

RIF-28



• Fixed Income Securities. Prices of fixed income securities generally rise and fall in response to, among otherthings, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that theFund’s investments in fixed income securities could lose money. In addition, the Fund could lose money if theissuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to maketimely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may bedowngraded in credit rating or go into default.

• Non-Investment Grade Debt Securities (“High Yield” or “Junk Bonds”). Non-investment grade debt securitiesinvolve higher volatility and higher risk of default than investment grade bonds.

• U.S. and Non-U.S. Corporate Debt Securities Risk. Investments in U.S. and non-U.S. corporate debt securities aresubject to interest rate risk and market risk, and are affected by perceptions of the creditworthiness and businessprospects of individual issuers. Non-U.S. corporate debt securities may expose the Fund to greater risk thaninvestments in U.S. corporate debt securities.

• Bank Obligations. The banking industry may be particularly susceptible to certain economic factors such as interestrate changes, adverse developments in the real estate market, fiscal and monetary policy and general economiccycles. The banking industry may also be impacted by legal and regulatory developments.

• Government Issued or Guaranteed Securities, U.S. Government Securities. Bonds issued or guaranteed by agovernment are subject to inflation risk, price depreciation risk and default risk.

• Money Market Securities (Including Commercial Paper). Prices of money market securities generally rise and fallin response to interest rate changes.

• Asset-Backed Commercial Paper. Investment in asset-backed commercial paper is subject to the risk thatinsufficient proceeds from the projected cash flows of the contributed receivables are available to repay thecommercial paper.

• Variable and Floating Rate Securities Risk. Variable and floating rate securities generally are less sensitive tointerest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interestrates in general.

• Mortgage-Backed Securities. Mortgage-backed securities may be affected by, among other things, changes orperceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originatorof the mortgage, or the quality of the underlying assets. The underlying assets may default or decline in quality orvalue.

• Asset-Backed Securities. Payment of principal and interest on asset-backed securities may be largely dependentupon the cash flows generated by the assets backing the securities and asset-backed securities may not have thebenefit of any security interest in the related assets.

• Loans and Other Direct Indebtedness. Loans and other direct indebtedness involve the risk that payment ofprincipal, interest and other amounts due in connection with these investments may not be received. The highlyleveraged nature of many such loans, including bank loans, and other direct indebtedness may make such loansand other direct indebtedness especially vulnerable to adverse changes in economic or market conditions and/orchanges in the financial condition of the debtor. Investments in bank loans are typically subject to the risks offloating rate securities.

• Repurchase Agreements. Repurchase agreements are subject to the risk that the sellers may not be able to pay theagreed-upon repurchase price on the repurchase date.

3

RIF-29



• Yankee Bonds and Yankee CDs. Issuers of Yankee Bonds and Yankee CDs are not necessarily subject to the sameregulatory requirements that apply to U.S. corporations and banks.




• Illiquid Securities. An illiquid security may be difficult to sell quickly and at a fair price, which could cause theFund to realize a loss on the security if it was sold at a lower price than that at which it had been valued.


• High Portfolio Turnover Risk. The Fund may engage in active and frequent trading, which may result in higherportfolio turnover rates, higher transaction costs and realization of short-term capital gains that will generally betaxable to shareholders as ordinary income.




4

RIF-30

Performance


The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how theFund’s average annual total returns for the periods shown compare with the index returns that measure broad marketperformance.



-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

(3.57)%

15.81%

10.02%

4.68%

8.38%

(1.45)%

5.45%

(0.14)%

3.10% 3.86%




Strategic Bond Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.86% 2.13% 4.47%Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees,expenses or taxes) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.54% 2.10% 4.01%

Management

Investment Adviser


• Colchester Global Investors Limited • Schroder Investment Management North America Inc.

• Insight Investment International Limited (formerly,Pareto Investment Management Limited)

• Scout Investments, Inc.

• Logan Circle Partners, L.P. • Western Asset Management Company and WesternAsset Management Company Limited

Portfolio Manager

Keith Brakebill, a Senior Portfolio Manager, has primary responsibility for the management of the Fund. Mr.Brakebill has managed the Fund since August 2011.



Each insurance company (“Insurance Company”) places orders for its accounts (“Separate Account”) which hold theinterests of each variable insurance product (“Policy”) owner based on, among other things, the amount of premiumpayments to be invested pursuant to such Policies. Individuals may not place orders directly with Russell InvestmentFunds (“RIF”) or the Funds. See the prospectus of the Separate Account and Policies of the Insurance Company for more

5

RIF-31

information on the purchase of Fund Shares and with respect to the availability for investment in specific Funds. TheFunds do not issue share certificates. Any minimum or subsequent investment requirements are governed by theapplicable Policy through which you invest.





Taxes





6

RIF-32

[THIS PAGE INTENTIONALLY LEFT BLANK.]

7RIF-33

36-08-284 (0518)

RIF-34

SUMMARY PROSPECTUS

LifePoints®

Funds Variable Target Portfolio Series

MODERATE STRATEGY FUND

May 1, 2018


Ticker: RIFGX

Investment Objective

The Fund seeks to provide current income and moderate long term capital appreciation.




None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of yourinvestment)#

Advisory Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.20%Other Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%Acquired (Underlying) Fund Fees and Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.74%Total Annual Fund Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.09%Less Fee Waivers and Expense Reimbursements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.21)%Net Annual Fund Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.88%

# “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” have been restated to reflect the proportionate share of theexpenses of the Underlying Funds in which the Fund invests.Until April 30, 2019, RIM has contractually agreed to waive up to the full amount of its 0.20% advisory fee and then to reimburse the Fund forother direct Fund-level expenses to the extent that direct Fund-level expenses exceed 0.14% of the average daily net assets of the Fund on anannual basis. Direct Fund-level expenses do not include extraordinary expenses or the expenses of other investment companies in which the Fundinvests, including the Underlying Funds, which are borne indirectly by the Fund. This waiver and reimbursement may not be terminated duringthe relevant period except with Board approval.

1

RLP-1

Example


The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of yourShares at the end of those periods. The example also assumes your investment has a 5% return each year and thatoperating expenses remain the same (taking into account fee waivers/reimbursements in year 1 only). This example doesnot reflect any Insurance Company Separate Account or Policy charges. If it did, the costs shown would have beenhigher. Although your actual costs may be higher or lower, under these assumptions your costs would be:


$90 $326 $581 $1,310

Portfolio Turnover

The Fund pays no transaction costs or commissions when it buys and sells Shares of the Underlying Funds. TheUnderlying Funds pay transaction costs, such as commissions, when they buy and sell securities (or “turn over” theirportfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs affect the Underlying Funds’performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 20% of the average value of itsportfolio. Portfolio turnover rates for the Underlying Funds are available in the Prospectus for the Underlying Funds.



The Fund is a “fund of funds,” which seeks to achieve its objective by investing principally in a combination ofseveral other Russell Investment Funds (“RIF”) funds or Russell Investment Company (“RIC”) funds (the “UnderlyingFunds”). RIC is a registered investment company that has the same investment adviser as RIF. Russell InvestmentManagement, LLC (“RIM”), the Fund’s investment adviser, intends the Fund’s strategy of investing in a combination ofUnderlying Funds to result in investment diversification that an investor could otherwise achieve only by holdingnumerous individual investments. The Fund’s approximate target strategic allocation as of May 1, 2018 is 29.5% toequity, 53% to fixed income, 10% to multi-asset and 7.5% to alternative asset classes. As a result of its investments in theUnderlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity and fixed income securities andderivatives. Alternative Underlying Funds pursue investment strategies that differ from those of traditional broad marketequity or fixed income funds. The Underlying Funds employ a multi-manager approach whereby most assets of theUnderlying Funds are allocated to different unaffiliated money managers. RIM considers this Fund to be a “moderate”fund due to its investment objective and asset allocation to fixed income and equity Underlying Funds. In addition toinvesting in the Underlying Funds, RIM may seek to actively manage the Fund’s overall exposures (such as asset class,currency, capitalization size, industry, sector, region, credit exposure, country risk, yield curve positioning or interest rates)by investing in derivatives, including futures, options, forwards and swaps, that RIM believes will achieve the desiredexposures for the Fund. The Fund may hold cash in connection with these investments. The Fund usually, but not always,pursues a strategy of being fully invested by exposing its cash to the performance of segments of the global equity marketby purchasing index futures contracts (also known as “equitization”).

RIM may modify the target allocation for any Fund, including changes to the Underlying Funds in which a Fundinvests, from time to time. RIM’s allocation decisions are generally based on RIM’s outlook on the business andeconomic cycle, relative market valuations and market sentiment. A Fund’s actual allocation may vary from the targetstrategic asset allocation at any point in time (1) due to market movements, (2) by up to +/- 5% at the equity, fixedincome, multi-asset or alternative category level based on RIM’s capital markets research, and/or (3) due to theimplementation over a period of time of a change to the target strategic asset allocation including the addition of a newUnderlying Fund. There may be no changes in the asset allocation or to the Underlying Funds in a given year or suchchanges may be made one or more times in a year. The Fund’s target strategic asset allocation, range of variance from thetarget strategic asset allocation and the Underlying Funds in which the Fund may invest may be changed from time totime without shareholder notice or approval.

Please refer to the “Investment Objective and Investment Strategies” section in the Fund’s Prospectus for furtherinformation.

2

RLP-2



• Investing in Affiliated Underlying Funds. The assets of the Fund are invested principally in Shares of theUnderlying Funds, and the investment performance of the Fund is directly related to the investment performanceof the Underlying Funds in which it invests. RIM is the investment adviser for both the Fund and the UnderlyingFunds and may be deemed to have a conflict of interest in determining the allocation of the Fund to theUnderlying Funds.

• Asset Allocation. Neither the Fund nor RIM can offer any assurance that the asset allocation of the Fund willeither maximize returns or minimize risks. Nor can the Fund or RIM offer assurance that a recommendedallocation will be the appropriate allocation in all circumstances for every investor. The value of your investmentmay decrease if RIM’s judgment about the attractiveness, value or market trends affecting a particular asset class,investment style or Underlying Fund is incorrect. Asset allocation decisions might also result in the Fund havingmore exposure, indirectly through its investments in the Underlying Funds, to asset classes, countries or regions, orindustries or groups of industries that underperform.

The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assetsamong the Underlying Funds. The following are the principal risks associated with investing in the Underlying Funds,which are also principal risks of investing in the Fund as a result of its investment in the Underlying Funds. In addition,certain principal risks associated with investing in the Underlying Funds and, indirectly, the Fund are also principal risksassociated with investing in the Fund due to RIM’s active management of the Fund’s overall exposures.

• Active Management. Despite strategies designed to achieve the Fund’s and/or an Underlying Fund’s investmentobjective, the value of investments will change with market conditions, and so will the value of any investment inthe Fund and/or Underlying Funds and you could lose money. The securities selected for the Fund’s and/or anUnderlying Fund’s portfolio may not perform as RIM or the Underlying Fund’s money managers expectAdditionally, securities selected may cause the Fund and/or an Underlying Fund to underperform relative to otherfunds with similar investment objectives and strategies. There is no guarantee that RIM will effectively assess theFund’s and/or an Underlying Fund’s portfolio characteristics and it is possible that its judgments regarding theFund’s and/or an Underlying Fund’s exposures may prove incorrect. In addition, actions taken to actively manageoverall Fund and/or Underlying Fund exposures, including risk, may be ineffective and/or cause the Fund and/orUnderlying Fund to underperform.


• Index-Based Investing. Index-based strategies, which may be used to actively manage a Fund’s and/or anUnderlying Fund’s overall exposures, may cause the Fund’s and/or an Underlying Fund’s returns to be lower thanif the Fund and/or an Underlying Fund employed a fundamental investment approach to security selection withrespect to that portion of its portfolio. Additionally, index-based strategies are subject to “tracking error” risk,which is the risk that the performance of the portion of the Fund’s and/or an Underlying Fund’s portfolio utilizingan index-based strategy will differ from the performance of the index it seeks to track.

• Non-Discretionary Implementation Risk. With respect to the portion of an Underlying Fund that is managedpursuant to model portfolios provided by non-discretionary money managers, it is expected that trades will beeffected on a periodic basis and therefore less frequently than would typically be the case if discretionary moneymanagers were employed. Given that values of investments change with market conditions, this could cause anUnderlying Fund’s return to be lower than if the Underlying Fund employed discretionary money managers withrespect to that portion of its portfolio.

• Quantitative Investing. Quantitative inputs and models use historical company, economic and/or industry data toevaluate prospective investments or to generate forecasts which could result in incorrect assessments of the specificportfolio characteristics or ineffective adjustments to the Fund’s and/or an Underlying Fund’s overall exposures.Securities selected using quantitative analysis may perform differently than analysis of their historical trends wouldsuggest. Inputs or models may be flawed or not work as anticipated and may cause the Fund and/or an UnderlyingFund to underperform other funds with similar investment objectives and strategies.

3

RLP-3

• Equity Securities. The value of equity securities will rise and fall in response to the activities of the company thatissued them, general market conditions and/or economic conditions. Investments in small and mediumcapitalization companies may involve greater risks because these companies generally have narrower markets,more limited managerial and financial resources and a less diversified product offering than larger, moreestablished companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficultto buy and sell in the market. Investments in preferred stocks are subject to the risks of common stocks, as well asthe risk that interest rates will rise and make the fixed dividend feature, if any, less appealing to investors resultingin a decline in price. In rising markets, defensive stocks are likely to underperform growth, value and dynamicstocks and the relative performance of stocks selected pursuant to a defensive style may fluctuate over time.Dynamic stocks have higher than average stock price volatility and may experience sharp declines in value.

• Convertible Securities. Convertible securities are subject to both the credit and interest rate risks associated withfixed income securities and to the market risk associated with common stock. Contingent convertible securitiesgenerally provide for mandatory conversion into common stock of the issuer under certain circumstances, andtherefore are subject to the risk an Underlying Fund could experience a reduced income rate and a worsenedstanding in the case of an issuer’s insolvency.

• Fixed Income Securities. Prices of fixed income securities generally rise and fall in response to, among otherthings, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that anUnderlying Fund’s investments in fixed income securities could lose money. In addition, an Underlying Fund couldlose money if the issuer or guarantor of a fixed income security or other issuer of credit support is unable orunwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Fixed incomesecurities may be downgraded in credit rating or go into default.


• U.S. and Non-U.S. Corporate Debt Securities Risk. Investments in U.S. and non-U.S. corporate debt securities aresubject to interest rate risk and market risk, and are affected by perceptions of the creditworthiness and businessprospects of individual issuers. Non-U.S. corporate debt securities may expose an Underlying Fund to greater riskthan investments in U.S. corporate debt securities.








• Puts, Stand-by Commitments and Demand Notes. The ability of an Underlying Fund to exercise a put or stand-bycommitment may depend on the seller’s ability to purchase the securities at the time the put or stand-bycommitment is exercised or on certain restrictions in the buy back arrangement. If there is a shortfall in theanticipated proceeds from demand notes, including variable rate demand notes, the notes may not be fully repaidand an Underlying Fund may lose money.

4

RLP-4




• Currency Risk. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to therisk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, thatthe U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S.dollar-denominated securities and currencies may reduce the returns of the Fund and/or an Underlying Fund.

• Synthetic Foreign Equity/Fixed Income Securities. Investments in these instruments involve the risk that the issuerof the instrument may default on its obligation to deliver the underlying security or its value. These instrumentsmay also be subject to liquidity risk, foreign risk and currency risk. In addition, the exercise or settlement datemay be affected by certain market disruption events which could cause the local access products to becomeworthless if the events continue for a period of time.


• Derivatives. Investments in a derivative instrument could lose more than the initial amount invested. Compared toconventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations inmarket prices and thus the Fund’s and/or an Underlying Fund’s losses may be greater if it invests in derivativesthan if it invests only in conventional securities. The use of derivative instruments involves risks different from,and possibly greater than, the risks associated with investing directly in equity or fixed income securities,currencies or other instruments. Derivatives are subject to a number of risks such as leveraging risk, liquidity risk,market risk, credit risk, default risk, counterparty risk (the risk that the other party in an agreement will fail toperform its obligations) and management risk. They also involve the risk of mispricing or improper valuation andthe risk that changes in the value of the derivative instrument may not correlate exactly with the change in thevalue of the underlying asset, rate or index.


• Short Sales Risk. A short sale will result in a loss if the price of the security sold short increases between the dateof the short sale and the date on which the borrowed security must be returned. Short sales may give rise to aform of leverage. Leverage tends to exaggerate the effect of any increase or decrease in the value of portfoliosecurities. Short sales have the potential for unlimited loss.

• Securities of Other Investment Companies. Investments in other investment companies expose shareholders to theexpenses and risks associated with the investments of an Underlying Fund as well as to the expenses and risks ofthe underlying investment companies.


5

RLP-5


• Commodity Risk. Exposure to the commodities markets may subject an Underlying Fund to greater volatility thaninvestments in traditional securities, particularly if the investments involve leverage. The value ofcommodity-linked derivative instruments may be affected by changes in overall market movements, commodityindex volatility, changes in interest rates or factors affecting a particular industry or commodity and internationaleconomic, political and regulatory developments. The use of leveraged commodity-linked derivatives creates anopportunity for increased return, but also creates the possibility for a greater loss.


• Infrastructure Companies. Infrastructure companies are subject to the risk that: the potential for realized revenuevolumes is significantly lower than projected and/or cost overruns; the nature of the concession fundamentallychanges during the life of the project (e.g., the state sponsor alters the terms); macroeconomic factors such as lowGDP growth or high nominal interest rates raise the average cost of funding; government regulation may affectrates charged to customers; government budgetary constraints impact projects; special tariffs are imposed; andchanges in tax laws, regulatory policies or accounting standards could be unfavorable. Other risks includeenvironmental damage due to a company’s operations or an accident, changes in market sentiment towardsinfrastructure and terrorist acts.

• Master Limited Partnerships (“MLPs”). Investing in MLPs involves certain risks related to investing in theunderlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs that concentrate in aparticular industry or a particular geographic region are subject to risks associated with such industry or region.The benefit derived from an Underlying Fund’s investment in MLPs is largely dependent on the MLPs beingtreated as partnerships for federal income tax purposes.

• Illiquid Securities. An illiquid security may be difficult to sell quickly and at a fair price, which could cause anUnderlying Fund to realize a loss on the security if it was sold at a lower price than that at which it had beenvalued.


• High Portfolio Turnover Risk. Certain Underlying Funds may engage in active and frequent trading, which mayresult in higher portfolio turnover rates, higher transaction costs and realization of short-term capital gains that willgenerally be taxable to shareholders as ordinary income.

• Large Redemptions. Certain Underlying Funds are used as investments for certain funds of funds and in assetallocation programs and may have a large percentage of their Shares owned by such funds or held in suchprograms. Large redemption activity could result in an Underlying Fund incurring additional costs and beingforced to sell portfolio securities at a loss to meet redemptions.

• Global Financial Markets Risk. Global economies and financial markets are becoming increasingly interconnectedand conditions (including recent volatility and instability) and events (including natural disasters) in one country,region or financial market may adversely impact issuers in a different country, region or financial market. Inaddition, governmental and quasi-governmental organizations have taken a number of unprecedented actionsdesigned to support the markets. Such events and conditions may adversely affect the value of the Fund’s and/oran Underlying Fund’s securities, result in greater market or liquidity risk or cause difficulty valuing the Fund’sand/or an Underlying Fund’s portfolio instruments or achieving the Fund’s and/or an Underlying Fund’s objective.

The officers and Trustees of the Fund currently serve as officers and Trustees of the Underlying Funds. RIMcurrently serves as investment manager of the Fund and Underlying Funds. Therefore, conflicts may arise as thosepersons and RIM fulfill their fiduciary responsibilities to the Fund and to the Underlying Funds.


6

RLP-6

Performance

The following bar chart illustrates the risks of investing in the Fund by showing the performance of the Fund sincethe beginning of the Fund’s operation. The highest and lowest returns for a full quarter during the periods shown in thebar chart are set forth next to the bar chart. The performance results shown in this section do not reflect any InsuranceCompany Separate Account or Policy charges. Those charges, if included, would have reduced the performance resultsshown in this section.

The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how theFund’s average annual total returns for the periods shown compare with index returns that measure broad marketperformance. The Fund is a fund of funds that invests in a variety of asset classes. Therefore, no single index provides anappropriate basis for comparison. For reference purposes, the indexes presented in the chart below have characteristicsthat represent the largest of these asset classes.



-20.00%

-10.00%

0.00%

10.00%

20.00%

30.00%

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

(19.97)%

22.45%

12.62%

0.12%

11.07%6.79% 4.85%

(1.71)%

7.75% 9.88%




Moderate Strategy Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.88% 5.44% 4.81%Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees,expenses or taxes) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.54% 2.10% 4.01%Russell 1000® Index (reflects no deduction for fees, expenses or taxes) . . . . . . . . . . . 21.69% 15.71% 8.59%


®


Management

Investment Adviser

RIM is the investment adviser of the Fund and the Underlying Funds.

Portfolio Managers

Rob Balkema, a Senior Portfolio Manager, and Brian Meath, Chief Investment Officer of Multi-Asset Solutions, haveprimary responsibility for the management of the Fund. Mr. Balkema and Mr. Meath have managed the Fund sinceDecember 2014.



Each insurance company (“Insurance Company”) places orders for its accounts (“Separate Account”) which hold theinterests of each variable insurance product (“Policy”) owner based on, among other things, the amount of premiumpayments to be invested pursuant to such Policies. Individuals may not place orders directly with Russell Investment

7

RLP-7

Funds (“RIF”) or the Funds. See the prospectus of the Separate Account and Policies of the Insurance Company for moreinformation on the purchase of Fund Shares and with respect to the availability for investment in specific Funds. TheFunds do not issue share certificates. Any minimum or subsequent investment requirements are governed by theapplicable Policy through which you invest.





Taxes





8 36-08-286 (0518)

RLP-8

SUMMARY PROSPECTUS

LifePoints®


BALANCED STRATEGY FUND

May 1, 2018


Ticker: RIFHX


The Fund seeks to provide above average long term capital appreciation and a moderate level of current income.




None




1

RLP-9

Example




$102 $355 $627 $1,405

Portfolio Turnover




The Fund is a “fund of funds,” which seeks to achieve its objective by investing principally in a combination ofseveral other Russell Investment Funds (“RIF”) funds or Russell Investment Company (“RIC”) funds (the “UnderlyingFunds”). RIC is a registered investment company that has the same investment adviser as RIF. Russell InvestmentManagement, LLC (“RIM”), the Fund’s investment adviser, intends the Fund’s strategy of investing in a combination ofUnderlying Funds to result in investment diversification that an investor could otherwise achieve only by holdingnumerous individual investments. The Fund’s approximate target strategic allocation as of May 1, 2018 is 51% to equity,38% to fixed income, 4% to multi-asset and 7% to alternative asset classes. As a result of its investments in theUnderlying Funds, the Fund indirectly invests principally in U.S. and non-U.S. equity and fixed income securities andderivatives. Alternative Underlying Funds pursue investment strategies that differ from those of traditional broad marketequity or fixed income funds. The Underlying Funds employ a multi-manager approach whereby most assets of theUnderlying Funds are allocated to different unaffiliated money managers. RIM considers this Fund to be a “balanced”fund due to its investment objective and asset allocation to equity and fixed income Underlying Funds. In addition toinvesting in the Underlying Funds, RIM may seek to actively manage the Fund’s overall exposures (such as asset class,currency, capitalization size, industry, sector, region, credit exposure, country risk, yield curve positioning or interest rates)by investing in derivatives, including futures, options, forwards and swaps, that RIM believes will achieve the desiredexposures for the Fund. The Fund may hold cash in connection with these investments. The Fund usually, but not always,pursues a strategy of being fully invested by exposing its cash to the performance of segments of the global equity marketby purchasing index futures contracts (also known as “equitization”).



2

RLP-10











3

RLP-11













• Puts, Stand-by Commitments and Demand Notes. The ability of an Underlying Fund to exercise a put or stand-bycommitment may depend on the seller’s ability to purchase the securities at the time the put or stand-bycommitment is exercised or on certain restrictions in the buy back arrangement. If there is a shortfall in theanticipated proceeds from demand notes, including variable rate demand notes, the notes may not be fully repaidand an Underlying Fund may lose money.

4

RLP-12












5

RLP-13













6

RLP-14

Performance





-30.00%

-20.00%

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

(27.27)%

25.49%

14.06%

(2.40)%

12.95% 12.43%

4.61%(2.30)%

9.05% 12.00%




Balanced Strategy Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.00% 7.01% 4.88%Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees,expenses or taxes) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.54% 2.10% 4.01%Russell 1000® Index (reflects no deduction for fees, expenses or taxes) . . . . . . . . . . . 21.69% 15.71% 8.59%MSCI World ex USA Index (net of tax on dividends from foreign holdings)(reflects no deduction for fees or expenses) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.21% 7.46% 1.87%


®


Management

Investment Adviser


Portfolio Managers


7

RLP-15








Taxes





8 36-08-287 (0518)

RLP-16

SUMMARY PROSPECTUS

LifePoints®


GROWTH STRATEGY FUND

May 1, 2018


Ticker: RIFIX


The Fund seeks to provide high long term capital appreciation, and as a secondary objective, current income.




None




1

RLP-17

Example




$109 $377 $665 $1,485

Portfolio Turnover




The Fund is a “fund of funds,” which seeks to achieve its objective by investing principally in a combination ofseveral other Russell Investment Funds (“RIF”) funds or Russell Investment Company (“RIC”) funds (the “UnderlyingFunds”). RIC is a registered investment company that has the same investment adviser as RIF. Russell InvestmentManagement, LLC (“RIM”), the Fund’s investment adviser, intends the Fund’s strategy of investing in a combination ofUnderlying Funds to result in investment diversification that an investor could otherwise achieve only by holdingnumerous individual investments. The Fund’s approximate target strategic allocation as of May 1, 2018 is 70% to equity,22% to fixed income and 8% to alternative asset classes. As a result of its investments in the Underlying Funds, the Fundindirectly invests principally in U.S. and non-U.S. equity and fixed income securities and derivatives. AlternativeUnderlying Funds pursue investment strategies that differ from those of traditional broad market equity or fixed incomefunds. The Underlying Funds employ a multi-manager approach whereby most assets of the Underlying Funds areallocated to different unaffiliated money managers. RIM considers this Fund to be a “growth” fund due to its investmentobjective and asset allocation to equity and alternative Underlying Funds. In addition to investing in the UnderlyingFunds, RIM may seek to actively manage the Fund’s overall exposures (such as asset class, currency, capitalization size,industry, sector, region, credit exposure, country risk, yield curve positioning or interest rates) by investing in derivatives,including futures, options, forwards and swaps, that RIM believes will achieve the desired exposures for the Fund. TheFund may hold cash in connection with these investments. The Fund usually, but not always, pursues a strategy of beingfully invested by exposing its cash to the performance of segments of the global equity market by purchasing indexfutures contracts (also known as “equitization”).



2

RLP-18











3

RLP-19













• Loans and Other Direct Indebtedness. Loans and other direct indebtedness involve the risk that payment ofprincipal, interest and other amounts due in connection with these investments may not be received. The highlyleveraged nature of many such loans, including bank loans, and other direct indebtedness may make such loans

4

RLP-20

and other direct indebtedness especially vulnerable to adverse changes in economic or market conditions and/orchanges in the financial condition of the debtor. Investments in bank loans are typically subject to the risks offloating rate securities.












• Commodity Risk. Exposure to the commodities markets may subject an Underlying Fund to greater volatility thaninvestments in traditional securities, particularly if the investments involve leverage. The value of

5

RLP-21

commodity-linked derivative instruments may be affected by changes in overall market movements, commodityindex volatility, changes in interest rates or factors affecting a particular industry or commodity and internationaleconomic, political and regulatory developments. The use of leveraged commodity-linked derivatives creates anopportunity for increased return, but also creates the possibility for a greater loss.











Performance


6

RLP-22




-40.00%

-20.00%

0.00%

20.00%

40.00%

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

(34.30)%

28.59%

15.06%

(4.73)%

14.22% 16.56%

3.76%(3.31)%

9.73%15.65%




Growth Strategy Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.65% 8.21% 4.61%Russell 1000® Index (reflects no deduction for fees, expenses or taxes) . . . . . . . . . . . 21.69% 15.71% 8.59%Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees,expenses or taxes) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.54% 2.10% 4.01%MSCI World ex USA Index (net of tax on dividends from foreign holdings)(reflects no deduction for fees or expenses) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.21% 7.46% 1.87%


®


Management

Investment Adviser


Portfolio Managers





7

RLP-23





Taxes





8 36-08-288 (0518)

RLP-24

SUMMARY PROSPECTUS

LifePoints®


EQUITY GROWTH STRATEGY FUND

May 1, 2018


Ticker: RIFJX


The Fund seeks to provide high long term capital appreciation.




None




1

RLP-25

Example




$114 $416 $739 $1,656

Portfolio Turnover




The Fund is a “fund of funds,” which seeks to achieve its objective by investing principally in a combination ofseveral other Russell Investment Funds (“RIF”) funds or Russell Investment Company (“RIC”) funds (the “UnderlyingFunds”). RIC is a registered investment company that has the same investment adviser as RIF. Russell InvestmentManagement, LLC (“RIM”), the Fund’s investment adviser, intends the Fund’s strategy of investing in a combination ofUnderlying Funds to result in investment diversification that an investor could otherwise achieve only by holdingnumerous individual investments. The Fund’s approximate target strategic allocation as of May 1, 2018 is 85% to equity,7% to fixed income and 8% to alternative asset classes. As a result of its investments in the Underlying Funds, the Fundindirectly invests principally in U.S. and non-U.S. equity and fixed income securities and derivatives. AlternativeUnderlying Funds pursue investment strategies that differ from those of traditional broad market equity or fixed incomefunds. The Underlying Funds employ a multi-manager approach whereby most assets of the Underlying Funds areallocated to different unaffiliated money managers. RIM considers this Fund to be an “equity growth” fund due to itsinvestment objective and asset allocation to equity and alternative Underlying Funds. In addition to investing in theUnderlying Funds, RIM may seek to actively manage the Fund’s overall exposures (such as asset class, currency,capitalization size, industry, sector, region, credit exposure, country risk, yield curve positioning or interest rates) byinvesting in derivatives, including futures, options, forwards and swaps, that RIM believes will achieve the desiredexposures for the Fund. The Fund may hold cash in connection with these investments. The Fund usually, but not always,pursues a strategy of being fully invested by exposing its cash to the performance of segments of the global equity marketby purchasing index futures contracts (also known as “equitization”).

RIM may modify the target allocation for any Fund, including changes to the Underlying Funds in which a Fundinvests, from time to time. RIM’s allocation decisions are generally based on RIM’s outlook on the business andeconomic cycle, relative market valuations and market sentiment. A Fund’s actual allocation may vary from the targetstrategic asset allocation at any point in time (1) due to market movements, (2) by up to +/- 5% at the equity, fixedincome, multi-asset or alternative category level based on RIM’s capital markets research, and/or (3) due to theimplementation over a period of time of a change to the target strategic asset allocation including the addition of a newUnderlying Fund. There may be no changes in the asset allocation or to the Underlying Funds in a given year or suchchanges may be made one or more times in a year. The Fund’s target strategic asset allocation, range of variance from thetarget strategic asset allocation and the Underlying Funds in which the Fund may invest may be changed from time totime without shareholder notice or approval. The Fund has a non-fundamental policy to invest, under normalcircumstances, at least 80% of the value of its net assets plus borrowings for investment purposes in shares of equityUnderlying Funds. The Fund considers certain alternative Underlying Funds that invest predominantly in equity securitiesto be equity Underlying Funds for purposes of assessing compliance with this policy.

2

RLP-26











• Quantitative Investing. Quantitative inputs and models use historical company, economic and/or industry data toevaluate prospective investments or to generate forecasts which could result in incorrect assessments of the specificportfolio characteristics or ineffective adjustments to the Fund’s and/or an Underlying Fund’s overall exposures.

3

RLP-27

Securities selected using quantitative analysis may perform differently than analysis of their historical trends wouldsuggest. Inputs or models may be flawed or not work as anticipated and may cause the Fund and/or an UnderlyingFund to underperform other funds with similar investment objectives and strategies.













4

RLP-28












5

RLP-29










Performance




6

RLP-30


-60.00%

-40.00%

-20.00%

0.00%

20.00%

40.00%

60.00%

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

(40.75)%

30.83%

15.09%

(6.22)%

15.68% 19.81%

3.48% (3.87)%10.85%

17.55%




Equity Growth Strategy Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.55% 9.20% 4.16%Russell 1000® Index (reflects no deduction for fees, expenses or taxes) . . . . . . . . . . 21.69% 15.71% 8.59%MSCI World ex USA Index (net of tax on dividends from foreign holdings)(reflects no deduction for fees or expenses) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.21% 7.46% 1.87%


®


Management

Investment Adviser


Portfolio Managers








7

RLP-31


Taxes





8 36-08-289 (0518)

RLP-32

Credit Suisse Trust Commodity Return Strategy PortfolioBefore you invest, you may want to review the portfolio’s Prospectus, which contains more information about the portfolio and its risks. You canfind the portfolio’s Prospectus and other information about the portfolio online at www.credit-suisse.com/us/funds. You can also get thisinformation at no cost by calling 1 (877) 870-2874 or by sending an email request to [email protected]. The portfolio’s Prospectusand Statement of Additional Information, both dated May 1, 2018, as supplemented, along with the portfolio’s annual report to shareholders forthe fiscal year ended December 31, 2017, are incorporated by reference into this Summary Prospectus.

Investment ObjectiveThe portfolio seeks total return.

Fees and Portfolio ExpensesThe accompanying table describes the fees and expenses you may pay if you buy and hold shares of the portfolio. The fee table and the expenseexample do not reflect expenses incurred from investing through a variable contract or qualified plan and do not reflect variable annuity or lifeinsurance contract charges. If they did, the overall fees and expenses would be higher than those shown. Detailed information about the cost ofinvesting in the portfolio through a variable contract or qualified plan is presented in the contract prospectus through which the portfolio’s sharesare offered to you or in the plan documents or other informational materials supplied by plan sponsors.

1 The portfolio invests in Credit Suisse Cayman Commodity Fund II, Ltd., a wholly-owned subsidiary of the portfolio organized under the laws of the Cayman Islands (the “Subsidiary”). “Other Expenses” include expensesof both the portfolio and the Subsidiary.

2 Credit Suisse Trust (the “Trust”) and Credit Suisse Asset Management, LLC (“Credit Suisse”) have entered into a written contract limiting operating expenses to 1.05% of the portfolio’s average daily net assets at leastthrough May 1, 2019. This limit excludes certain expenses, including interest charges on fund borrowings, taxes, brokerage commissions, dealer spreads and other transaction charges, expenditures that are capitalizedin accordance with generally accepted accounting principles, acquired fund fees and expenses, short sale dividends, and extraordinary expenses (e.g., litigation and indemnification and any other costs and expensesthat may be approved by the Board of Trustees). The Trust is authorized to reimburse Credit Suisse for management fees previously limited and/or for expenses previously paid by Credit Suisse, provided, however, thatany reimbursements must be paid at a date not more than three years after the end of the fiscal year during which such fees were limited or expenses were paid by Credit Suisse and the reimbursements do not causethe portfolio to exceed the expense limitation in the contract at the time the fees were limited or expenses were paid. This contract may not be terminated before May 1, 2019.

ExampleThis example may help you compare the cost of investing in the portfolio with the cost of investing in other mutual funds. The example does notinclude expenses incurred from investing through a variable annuity or life insurance contract or qualified plan. If the example included theseexpenses, the figures shown would be higher.Assume you invest $10,000, the portfolio returns 5% annually, expense ratios remain the same and you close your account at the end of each ofthe time periods shown. Although your actual costs may be higher or lower, based on these assumptions, your cost would be:


Maximum sales charge (load) imposed on purchases N/A

Maximum deferred sales charge (load) N/A

Maximum sales charge (load) on reinvested distributions N/A

Redemption fees N/A

Exchange fees N/A

Annual Portfolio Operating Expenses (expenses that you pay as a percentage of the value of your investment)

Management fee 0.59%

Distribution and service (12b-1) fee 0.25%

Other expenses1 0.24%

Total annual portfolio operating expenses 1.08%

Less: amount of fee limitations/expense reimbursements2 0.03%

Total annual portfolio operating expenses after fee limitations/expense reimbursements 1.05%

Summary ProspectusMay 1, 2018

Ticker: CCRSX


$107 $340 $593 $1,314

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Portfolio TurnoverThe computation of the portfolio’s portfolio turnover rate for regulatory purposes excludes trades of derivatives and instruments with a maturityof one year or less. However, the portfolio expects to engage in frequent trading of derivatives, which could have tax consequences that impactshareholders, such as the realization of taxable short-term capital gains. In addition, the portfolio could incur transaction costs, such ascommissions, when it buys and sells securities and other instruments. Transaction costs, which are not reflected in annual portfolio operatingexpenses or in the example, affect the portfolio’s performance. During the fiscal year ended December 31, 2017, the portfolio’s portfolio turnoverrate was 94% of the average value of its portfolio.

Principal Investment StrategiesThe portfolio is designed to achieve positive total return relative to the performance of the Bloomberg Commodity Index Total Return (the “BCOMIndex”). The portfolio intends to invest its assets in a combination of commodity-linked derivative instruments and fixed income securities. Theportfolio gains exposure to commodities markets by investing through the Subsidiary and in structured notes linked to the BCOM Index, othercommodity indices, or the value of a particular commodity or commodity futures contract or subset of commodities or commodity futurescontracts. The value of these investments will rise or fall in response to changes in the underlying index or commodity.The portfolio may invest up to 25% of its total assets in the Credit Suisse Cayman Commodity Fund II, Ltd., a wholly-owned subsidiary of theportfolio organized under the laws of the Cayman Islands (the “Subsidiary”). The portfolio will invest in the Subsidiary primarily to gain exposureto the commodities markets within the limitations of the federal tax laws, rules and regulations that apply to registered investment companies.Generally, the Subsidiary will invest in commodity-linked derivative instruments, but it will also invest in fixed income instruments, including U.S.government securities, U.S. government agency securities, corporate bonds, debentures and notes, mortgage-backed and other asset-backedsecurities, event-linked bonds, loan participations, bank certificates of deposit, fixed time deposits, bankers’ acceptances, commercial paper andother short-term fixed income securities. The primary purpose of the fixed income instruments held by the Subsidiary will be to serve as collateralfor the Subsidiary’s derivative positions; however, these instruments are also expected to earn income for the Subsidiary.The portfolio invests in a portfolio of fixed income securities normally having an average duration of one year or less, and emphasizes investment-grade fixed income securities.

Principal Risks of Investing in the PortfolioA Word About RiskAll investments involve some level of risk. Simply defined, risk is the possibility that you will lose money or not make money.Principal risk factors for the portfolio are discussed below. Before you invest, please make sure you understand the risks that apply to the portfolio.As with any mutual fund, you could lose money over any period of time.The portfolio is not a complete investment program and should only form a small part of a diversified portfolio. At any time, the risk of lossassociated with a particular instrument in the portfolio’s portfolio may be significantly higher than 50% of the value of the investment. Investorsin the portfolio should be willing to assume the greater risks of potentially significant short-term share price fluctuations.Investments in the portfolio are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any othergovernment agency.

Commodity Exposure RisksThe portfolio’s and the Subsidiary’s investments in commodity-linked derivative instruments may subject the portfolio to greater volatility thaninvestments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked derivative instruments maybe affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particularindustry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatorydevelopments.Use of leveraged commodity-linked derivatives creates an opportunity for increased return but, at the same time, creates the possibility forgreater loss (including the likelihood of greater volatility of the portfolio’s net asset value), and there can be no assurance that the portfolio’s useof leverage will be successful.

Correlation RiskChanges in the value of a hedging instrument may not match those of the investment being hedged. In addition, certain of the portfolio’scommodity-linked derivative investments may result in the portfolio’s performance diverging from the BCOM Index, perhaps materially. Forexample, a structured note can be structured to limit the loss or the gain on the investment, which would result in the portfolio not participatingin declines or increases in the BCOM Index that exceed the limits.

Credit RiskThe issuer of a debt instrument or the counterparty to a contract, including derivatives contracts, may default or otherwise become unable tohonor a financial obligation. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness also may affect the valueof the portfolio’s investment in that issuer.

Derivatives RiskDerivatives are financial contracts whose value depends on, or is derived from, the value of an underlying asset, reference rate or index. Theportfolio typically uses derivatives as a substitute for taking a position in the underlying asset and/or as part of a strategy designed to reduceexposure to other risks, such as interest rate or currency risk. The portfolio also may use derivatives for leverage. The portfolio’s use of derivativeinstruments, particularly commodity-linked derivatives, involves risks different from, or possibly greater than, the risks associated with investingdirectly in securities and other traditional investments. Derivatives are subject to a number of risks described elsewhere in the Prospectus, such ascommodity exposure risks, correlation risk, liquidity risk, interest rate risk, market risk and credit risk. Also, suitable derivative transactions may notbe available in all circumstances and there can be no assurance that the portfolio will engage in these transactions to reduce exposure to other

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risks when that would be beneficial. In December 2015, the SEC proposed a new rule to regulate the use of derivatives by registered investmentcompanies, such as the portfolio. If the new rule goes into effect, it could limit the ability of the portfolio to invest or remain invested in derivatives.

Exposure RiskThe risk associated with investments (such as derivatives) or practices (such as short selling) that increase the amount of money the portfoliocould gain or lose on an investment.• Hedged Exposure risk could multiply losses generated by a derivative or practice used for hedging purposes. Such losses should be

substantially offset by gains on the hedged investment. However, while hedging can reduce or eliminate losses, it can also reduce or eliminategains.

• Speculative To the extent that a derivative or practice is not used as a hedge, the portfolio is directly exposed to its risks. Gains or losses fromspeculative positions in a derivative may be much greater than the derivative’s original cost. For example, potential losses from commodity-linked notes or swap agreements, from writing uncovered call options and from speculative short sales are unlimited.

Fixed Income RiskThe market value of fixed income investments will change in response to interest rate changes and other factors, such as changes in the effectivematurities and credit ratings of fixed income investments. During periods of falling interest rates, the values of outstanding fixed income securitiesand related financial instruments generally rise. Conversely, during periods of rising interest rates, the values of such securities and relatedfinancial instruments generally decline. Fixed income investments are also subject to credit risk.

Focus RiskThe portfolio will be exposed to the performance of commodities in the BCOM Index, which may from time to time have a small number ofcommodity sectors (e.g., energy, metals or agricultural) representing a large portion of the index. As a result, the portfolio may be subject togreater volatility than if the index were more broadly diversified among commodity sectors. If the portfolio is exposed to a significant extent to aparticular commodity or subset of commodities, the portfolio will be more exposed to the specific risks relating to such commodity orcommodities and will be subject to greater volatility than if it were more broadly diversified among commodity sectors.

Futures Contracts RiskThe risks associated with the portfolio’s use of futures contracts and swaps and structured notes that reference the price of futures contractsinclude the risk that: (i) changes in the price of a futures contract may not always track the changes in market value of the underlying referenceasset; (ii) trading restrictions or limitations may be imposed by an exchange, and government regulations may restrict trading in futures contracts;and (iii) if the portfolio has insufficient cash to meet margin requirements, the portfolio may need to sell other investments, including atdisadvantageous times.

Interest Rate RiskChanges in interest rates may cause a decline in the market value of an investment. With bonds and other fixed income instruments, a rise ininterest rates typically causes a fall in values, while a fall in interest rates typically causes a rise in values. The portfolio may be subject to a greaterrisk of rising interest rates due to the recent period of historically low rates and the effect of potential government fiscal policy initiatives andresulting market reaction to those initiatives. Generally, the longer the maturity or duration of a debt instrument, the greater the impact of achange in interest on the instrument’s value. In periods of market volatility, the market values of fixed income securities may be more sensitive tochanges in interest rates.

Leveraging RiskThe portfolio may invest in certain derivatives that provide leveraged exposure. The portfolio’s investment in these instruments generally requiresa small investment relative to the amount of investment exposure assumed. As a result, such investments may cause the portfolio to lose morethan the amount it invested in those instruments. The net asset value of the portfolio when employing leverage will be more volatile and sensitiveto market movements. Leverage may involve the creation of a liability that requires the portfolio to pay interest.

Liquidity RiskCertain portfolio holdings, such as commodity-linked notes and swaps, may be difficult or impossible to sell at the time and the price that theportfolio would like. The portfolio may have to lower the price, sell other holdings instead or forgo an investment opportunity. Any of these couldhave a negative effect on portfolio management or performance.

Market RiskThe market value of a security may fluctuate, sometimes rapidly and unpredictably. These fluctuations, which are often referred to as “volatility,”may cause an instrument to be worth less than it was worth at an earlier time. Market risk may affect a single issuer, industry, commodity, sectorof the economy, or the market as a whole. Market risk is common to most investments – including stocks, bonds and commodities, and the mutualfunds that invest in them.Bonds and other fixed income securities generally involve less market risk than stocks and commodities. The risk of bonds can vary significantlydepending upon factors such as issuer and maturity. The bonds of some companies may be riskier than the stocks of others.

Non-Diversified StatusThe portfolio is considered a non-diversified investment company under the Investment Company Act of 1940, as amended (the “1940 Act”), andis permitted to invest a greater proportion of its assets in the securities of a smaller number of issuers. As a result, the portfolio may be subject togreater volatility with respect to its portfolio securities than a fund that is diversified.

Portfolio Turnover RiskThe portfolio expects to engage in frequent trading of derivatives. Active and frequent trading may lead to the realization and distribution toshareholders of higher short-term capital gains, which would increase their tax liability. Frequent trading also increases transaction costs, whichcould detract from the portfolio’s performance.

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4

Structured Note RiskThe value of a structured note will be influenced by time to maturity, level of supply and demand for the type of note, interest rate and marketvolatility, changes in the issuer’s credit rating, and economic, legal, political, or geographic events that affect the reference asset. In addition, theremay be a lag between a change in the value of the underlying reference asset and the value of the structured note.

Subsidiary RiskBy investing in the Subsidiary, the portfolio is indirectly exposed to the risks associated with the Subsidiary’s investments. The derivatives andother investments held by the Subsidiary are generally similar to those that are permitted to be held by the portfolio and are subject to the samerisks that apply to similar investments if held directly by the portfolio. These risks are described elsewhere in the Prospectus.The Subsidiary is not registered under the 1940 Act and, unless otherwise noted in the Prospectus, is not subject to all the investor protections ofthe 1940 Act. However, the portfolio wholly owns and controls the Subsidiary, and the portfolio and the Subsidiary are both managed by CreditSuisse, making it unlikely that the Subsidiary will take action contrary to the interests of the portfolio and its shareholders. The portfolio’s Boardof Trustees has oversight responsibility for the investment activities of the portfolio, including its investment in the Subsidiary, and the portfolio’srole as sole shareholder of the Subsidiary. The Subsidiary will be subject to the same investment restrictions and limitations, and follow the samecompliance policies and procedures, as the portfolio.Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the portfolio and/or the Subsidiary to continueto operate as it does currently and could adversely affect the portfolio.

Swap Agreements RiskSwap agreements involve the risk that the party with whom the portfolio has entered into the swap will default on its obligation to pay theportfolio and the risk that the portfolio will not be able to meet its obligations to pay the other party to the agreement.

Tax RiskIn order to qualify as a Regulated Investment Company (a “RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), the portfoliomust meet certain requirements regarding the source of its income, the diversification of its assets and the distribution of its income. The InternalRevenue Service (“IRS”) has issued a ruling that income realized directly from certain types of commodity-linked derivatives would not bequalifying income. As a result, the portfolio’s ability to realize income from direct investments in such commodity-linked derivatives as part of itsinvestment strategy would be limited to a maximum of 10% of its gross income. To comply with the ruling, the portfolio seeks to gain exposureto the commodity markets primarily through investments in the Subsidiary, which invests in commodity-linked swaps, commodity futures andother derivatives, and directly through investments in commodity index-linked notes. If the portfolio fails to qualify as a RIC, the portfolio will besubject to federal income tax on its net income at regular corporate rates (without reduction for distributions to shareholders). When distributed,that income also would be taxable to shareholders as an ordinary dividend to the extent attributable to the portfolio’s earnings and profits. If theportfolio were to fail to qualify as a RIC and became subject to federal income tax, shareholders of the portfolio would be subject to diminishedreturns. The portfolio anticipates treating income and gain from the Subsidiary and from commodity-linked notes as qualifying income.

U.S. Government Securities RiskObligations of U.S. government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faithand credit of the U.S. government. No assurance can be given that the U.S. government will provide financial support to its agencies andauthorities if it is not obligated by law to do so.

PerformanceThe accompanying bar chart and table provide an indication of the risks of investing in the portfolio. The bar chart shows you how portfolioperformance has varied from year to year for up to 10 years (if applicable). The table compares the portfolio’s performance over time to that of abroad-based securities market index. The table also compares the portfolio’s performance to the BCOM Index, which is currently composed offutures contracts on 22 physical commodities. The bar chart and table do not reflect additional charges and expenses which are, or may be,imposed under the variable contracts or plans; such charges and expenses are described in the prospectus of the insurance company separateaccount or in the plan documents or other informational materials supplied by plan sponsors. Inclusion of these charges would reduce the totalreturn for the periods shown. As with all mutual funds, past performance is not a prediction of future performance.The portfolio makes updated performance available at the portfolio’s website (www.credit-suisse.com/us/funds) or by calling Credit Suisse Fundsat 877-870-2874.

Best quarter: 16.74% (Q2 08)Worst quarter: -28.82% (Q4 08)Inception date: 2/28/06

20092008 201220112010 2013 2014 2015 2016 2017Year-by-Year Total Returns

-33.72%-12.65% -17.01%-10.27%-2.09%

16.66% 12.02% 1.52%19.48%

-25.10%

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ManagementInvestment manager: Credit Suisse Asset Management, LLC (“Credit Suisse”)Portfolio managers: The Credit Suisse Commodities Management Team is responsible for the day-to-day management of the portfolio. NelsonLouie and Christopher Burton, each a Managing Director of Credit Suisse, are the co-lead portfolio managers of the team and have been teammembers since August 2010 and the portfolio’s inception in February 2006, respectively.

Purchase and Sale of Portfolio SharesShares of the portfolio may be purchased or redeemed only through variable annuity contracts and variable life insurance policies offered by theseparate accounts of certain insurance companies or through tax-qualified pension and retirement plans. Shares of the portfolio may bepurchased and redeemed each day the New York Stock Exchange is open, at the portfolio’s net asset value determined after receipt of a requestin good order.The portfolio does not have any initial or subsequent investment minimums. However, your life insurance company, pension plan or retirementplan may impose investment minimums.

Tax InformationDistributions made by the portfolio to an insurance company separate account, and exchanges and redemptions of portfolio shares made by aseparate account, ordinarily do not cause the corresponding contract holder to recognize income or gain for federal income tax purposes. See theaccompanying contract prospectus for information regarding the federal income tax treatment of the distributions to separate accounts and theholders of the contracts.

Payments to BrokerDealers and Other Financial RepresentativesThe portfolio and its related companies may pay broker-dealers or other financial intermediaries (such as a bank or insurance company) for thesale of portfolio shares and related services. These payments may create a conflict of interest by influencing your broker-dealer or otherrepresentative or its employees or associated persons to recommend the portfolio over another investment. Ask your financial representative orvisit your financial representative’s website for more information.

Average Annual Total Returns

One Year Five Years Ten YearsPeriod Ended 12/31/17: 2017 2013-2017 2008-2017

Commodity Return Strategy Portfolio 1.52% -8.70% -6.68%

Bloomberg Commodity Index Total Return (Reflects no deductions for fees or expenses) 1.70% -8.45% -6.83%

Standard & Poor’s 500 Index (Reflects no deductions for fees or expenses) 21.83% 15.79% 8.50%

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TRCRSSUMPRO0518Credit Suisse Asset Management, LLC. • One Madison Avenue • New York, NY 10010 • 877 870 2874

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Business Continuity PlanNorthwestern Mutual Investment Services, LLC (“NMIS”) has a business continuity plan to provide for an orderly return to normal business operations after a significant disruption. Where necessary, NMIS has integrated its plan with the business continuity plan of its parent, The Northwestern Mutual Life Insurance Company, and plans of key third-party services providers.

While a catastrophic event may negatively impact our ability to continue to transact business, we have attempted to identify potential disruptions and methods to continue to operate in the event such disruptions occur. The strategy of NMIS’s business continuity plan is to take all reasonable and appropriate steps to protect our people, our infrastructure, the services provided to our customers, and the services provided to our field.

NMIS’s business continuity plan addresses: data back up and recovery; mission critical systems; financial and operational assessments; alternative communications with customers, employees, and regulators; alternate physical location of employees; critical supplier, contractor, bank and counter-party impact; regulatory reporting; and assuring our customers prompt access to their funds and securities if we were unable to continue our business.

The information below is intended as a synopsis of our business continuity plan. Since the timing and extent of significant business disruptions are by nature unpredictable, we have reserved flexibility in our plan to allow us to respond to tangible events in the manner we deem appropriate as they occur.

Contacting UsYour primary contact in the event of a significant business disruption affecting the home office is your financial representative. If your financial representative or the network office to which your financial representative is associated with experiences a significant business disruption, you can contact the home office at 1-866-664-7737. If a significant business disruption affects your ability to contact our home office please go to www.northwesternmutual.com for instructions on how to obtain information regarding your accounts.

Strategy by Disruption TypeThe strategy of NMIS’s business continuity plan is to address three scenarios in which a Northwestern Mutual campus is impacted by a local business disruption. The scenarios are (1) part or all of the Milwaukee, Wisconsin Campus disabled, (2) part or all of the Franklin, Wisconsin Campus disabled, and (3) significant portion of staff unable to work (for example, pandemic). In all scenarios, NMIS plans to continue business, transfer operations to our clearing firm, if necessary, and notify our clients through our web site or via the home office phone number which are both listed in the paragraph above. If the significant business disruption is so severe that it prevents NMIS from processing transactions, NMIS will take all necessary steps to assure our clients’ prompt access to their funds and securities.

Milwaukee Campus Only DisruptionIf NMIS loses the ability to perform business at part or all of the Milwaukee campus, the staff associated with the mission critical functions will be relocated to an established off-site location outside of the affected area. The firm expects to recover and resume business as soon as reasonably practical depending on the severity of the disruption.

Franklin Campus Only DisruptionIf NMIS loses the ability to perform business at part or all of the Franklin campus, the staff associated with the mission critical functions will be relocated to an established off-site location outside of the affected area. The firm expects to recover and resume business as soon as reasonably practical depending on the severity of the disruption.

Staff Only DisruptionIf a staff only disruption (for example, pandemic) was to occur at either the Milwaukee or Franklin campus, the firm will redirect the available staff, to service the critical and essential processes needed to keep the firm running with little impact. If necessary, certain key employees will work from an established remote location to assist in the recovery of business operations.

Changes and ModificationsThe firm may, from time to time, alter or revise the plan as necessary to support current business needs. Certain aspects of the plan are tested on a regular basis and updated as necessary. For a current copy of this notice, go to www.northwesternmutual.com and search business continuity or contact your Northwestern Mutual representative. If you have questions about our business continuity plan, please contact us at 1-866-664-7737.

SIPC DisclosureVariable insurance products are offered through Northwestern Mutual Investment Services, LLC (“NMIS”), a wholly owned subsidiary of The Northwestern Mutual Life Insurance Company. NMIS is a broker-dealer and investment adviser registered with the SEC and is a member of FINRA and SIPC. You may obtain information about SIPC, including the SIPC brochure, by contacting SIPC at 202-371-8300 or visiting its web site at www.sipc.org.

ComplaintsComplaints concerning Northwestern Mutual’s variable life insurance or variable annuity contracts may be directed to:

Variable Life Variable AnnuityNorthwestern Mutual Northwestern MutualPolicyowner Services Dept. Investment Client Services Dept.Variable Life Service Center P.O. Box 3223P.O. Box 3220 Milwaukee, WI 53202-3223Milwaukee, WI 53201-3220 888-455-2232866-424-2609

17-1418 (1107) (REV 0512) This page is not part of the Prospectus.

PRSRT STD US POSTAGE

PAIDNORTHWESTERN

MUTUALPO BOX 3095

MILWAUKEE WI 53201-3095

Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Northwestern Long Term Care Insurance Company, Milwaukee, WI (long-term care insurance) is a subsidiary of NM.www.northwesternmutual.com

90-1773 (0386) (REV 0518)

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