go paperless! the northwestern mutual media.nmfn.com/pdf/  · the northwestern mutual life...

Download GO PAPERLESS! THE NORTHWESTERN MUTUAL media.nmfn.com/pdf/  · THE NORTHWESTERN MUTUAL LIFE INSURANCE…

Post on 23-Aug-2018

212 views

Category:

Documents

0 download

Embed Size (px)

TRANSCRIPT

  • 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 Funds Prospectus, which contains more information about the Fund and its risks. You can find the Funds 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: service@russellinvestments.com. The Funds Prospectus and SAI, both dated May 1, 2018, as supplemented through June 7, 2018, and the Funds 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

  • [THIS PAGE INTENTIONALLY LEFT BLANK]

  • 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 SECs 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 SECs Public Reference Room in Washington, D.C. For information on the Public Reference Rooms 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Recommended

View more >