September 3, 2020

VIA EDGAR

Securities and Exchange Commission

Division of Investment Management

100 F Street, NE

Washington, DC 20549

RE:     Northwestern Mutual Variable Life Account

EDGAR CIK No. 0000742277; File No. 811-3989

Northwestern Mutual Variable Life Account II

EDGAR CIK No. 0001359314; File No. 811-21933

Dear Sir or Madam:

On behalf of Northwestern Mutual Life Insurance Company and Northwestern Mutual Variable Life Account and Account II, (“Registrants” or the “Accounts”) we hereby submit, pursuant to Rule 30b2-1 under the Investment Company Act of 1940 (the “1940 Act”), that the Accounts’ semi-annual report for the period ending June 30, 2020 has been transmitted to policy owners as required by Rule 30e-2 under the 1940 Act.

The following semi-annual reports were filed with the Commission via EDGAR on the date indicated below and are incorporated herein by reference:

Underlying Investment Company	CIK No.	Date Filed	Registration No.
Northwestern Mutual Series Fund, Inc.	0000742212	09/01/2020	811-03990
Fidelity VIP Mid Cap Portfolio	0000927384	08/20/2020	811-07205
Fidelity VIP Contrafund Portfolio	0000831016	08/20/2020	811-05511
Neuberger Berman Sustainable Equity Portfolio	0000736913	08/25/2020	811-04255
Russell Investment Funds	0000824036	08/13/2020	811-05371
Credit Suisse Trust Commodity Return Strategy Portfolio	0000941568	08/25/2020	811-07261

Some of the investment companies above (or series thereof) may not be available under every policy offered by a Registrant.

This filing will also include any other materials required to be filed, if any.

Please direct any questions or comments regarding this filing to the undersigned at 414-665-2418.

Sincerely,

/s/ Barbara Courtney

Barbara Courtney

Director – Mutual Fund Accounting

The Northwestern Mutual Life Insurance Company
Variable Life
Semi-Annual Reports
June 30, 2020
Northwestern Mutual Variable Life Account Northwestern Mutual Variable Life Account II
Optimized to contain one or more of the following:*
Northwestern Mutual Series Fund, Inc. Fidelity® VIP Mid Cap Portfolio Initial Class Fidelity® VIP Contrafund® Portfolio Initial Class Neuberger Berman AMT Sustainable Equity Portfolio Russell Investment Funds
Russell Investment Funds – LifePoints® Variable Target Portfolio Series Credit Suisse Trust Commodity Return Strategy Portfolio Class 2
*See Table of Contents for more information and a list of Prospectus supplements and/or shareholder documents, if any, included herein.
Beginning on or after January 1, 2021 as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Funds’ shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports from us at (888) 455-2232, free of charge. Instead, your Fund annual and semi-annual reports will be made available on a website and you will be notified by mail each time a report is posted and provided with a website link to access the report for each Fund. Your election to receive shareholder reports in paper will apply to all future reports for all Funds available under your policy or contract.
If you already elected to receive shareholder reports electronically, you will not be affected by this change, will continue to receive reports electronically and you need not take any action. You may elect to receive shareholder reports (and other communications) electronically by following the instructions on the inside cover of this report.
NorthwesternMutual.com
90-1899 (0786) (REV 0820)

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How to get more information

Information on the Internet: NorthwesternMutual.com

To obtain current performance information and information about Northwestern Mutual, visit us on our website. You can also visit us at our customer service section from our website for information on policy values and current fund performance. This site also allows you to view past confirmation and policy statements, as well as transfer funds online. To sign up for this service please call 1-866-424-2609 between 7:00 a.m. – 6:00 p.m. Central Time Monday – Friday. Your Northwestern Mutual Financial Representative is also available to answer any questions you have about your variable life insurance policy or any of our products.

For inforce policy service on Variable CompLife and Variable Whole Life, please call 1-866-424-2609, between 7:00 a.m. – 6:00 p.m. Central Time Monday – Friday.

For inforce policy service on Variable Executive Life, Variable Joint Life, Custom Variable Universal Life, Executive Variable Universal Life, Survivorship Variable Universal Life, and Variable Universal Life Plus, please call 1-866-464-3800, between 7:30 a.m. – 5:00 p.m. Central Time Monday – Friday.

Contents

Northwestern Mutual Series Fund, Inc. - Semi-Annual Report	236 pages
Fidelity® VIP Mid Cap Portfolio - Semi-Annual Report	30 pages
(This report follows the end of the Northwestern Mutual Series Fund, Inc.)
Fidelity® VIP Contrafund® Portfolio - Semi-Annual Report	30 pages
(This report follows the end of the Fidelity® VIP Mid Cap Portfolio)
Neuberger Berman AMT Sustainable Equity Portfolio - Semi-Annual Report	25 pages
(This report follows the end of the Fidelity® VIP Contrafund® Portfolio)
Russell Investment Funds - Semi-Annual Report	184 pages
(This report follows the end of the Neuberger Berman AMT Sustainable Equity Portfolio)
Russell Investment Funds - LifePoints® Variable Target Portfolio Series - Semi-Annual Report	100 pages
(This report follows the end of the Russell Investment Funds)
Credit Suisse Trust Commodity Return Strategy Portfolio - Semi-Annual Report	40 pages
(This report follows the end of the Russell Investment Funds - LifePoints® Variable Target Portfolio Series)
Northwestern Mutual Variable Life Account Financial Statements	33 pages
Northwestern Mutual Variable Life Account II Financial Statements	32 pages
Prospectus Supplements	5 pages

The performance data quoted represents past performance. Past performance is historical and does not guarantee future performance. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance information visit www.northwesternmutual.com.

Annual Report December 31, 2019

Northwestern Mutual Variable Life Account

Financial Statements

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of The Northwestern Mutual Life Insurance Company and the Policyowners of Northwestern Mutual Variable Life Account

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the divisions of Northwestern Mutual Variable Life Account indicated in the table below as of December 31, 2019, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the divisions of Northwestern Mutual Variable Life Account as of December 31, 2019, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Growth Stock Division (1)	Mid Cap Value Division (1)	Select Bond Division (1)	U.S. Strategic Equity Division (1)
Focused Appreciation Division (1)	Small Cap Growth Stock Division (1)	Long-Term U.S. Government Bond Division (1)	U.S. Small Cap Equity Division (1)
Large Cap Core Stock Division (1)	Index 600 Stock Division (1)	Inflation Protection Division (1)	International Developed Markets Division (1)
Large Cap Blend Division (1)	Small Cap Value Division (1)	High Yield Bond Division (1)	Strategic Bond Division (1)
Index 500 Stock Division (1)	International Growth Division (1)	Multi-Sector Bond Division (1)	Global Real Estate Securities Division (1)
Large Company Value Division (1)	Research International Core Division (1)	Balanced Division (1)	LifePoints Moderate Strategy Division (1)
Domestic Equity Division (1)	International Equity Division (1)	Asset Allocation Division (1)	LifePoints Balanced Strategy Division (1)
Equity Income Division (1)	Emerging Markets Equity Division (1)	Fidelity VIP Mid Cap Division (1)	LifePoints Growth Strategy Division (1)
Mid Cap Growth Stock Division (1)	Government Money Market Division (1)	Fidelity VIP Contrafund Division (1)	LifePoints Equity Growth Strategy Division (1)
Index 400 Stock Division (1)	Short-Term Bond Division (1)	AMT Sustainable Equity Division (1)	Credit Suisse Trust Commodity Return Strategy Division (1)
(1)  Statement of operations for the year ended December 31, 2019 and statement of changes in net assets for the years ended December 31, 2019 and 2018

Basis for Opinions

These financial statements are the responsibility of The Northwestern Mutual Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the divisions of Northwestern Mutual Variable Life Account based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to each of the divisions of Northwestern Mutual Variable Life Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2019 by correspondence with the custodians and the transfer agents of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Milwaukee, Wisconsin

April 24, 2020

We have served as the auditor of one or more of the divisions of Northwestern Mutual Variable Life Account since 1984.

2

Northwestern Mutual Variable Life Account

Table of Contents

Statements of Assets and Liabilities	1
Statements of Operations	9
Statements of Changes on Net Assets	12
Notes to Financial Statements	22

Statements of Assets and Liabilities

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT

December 31, 2019 (in thousands, except accumulation values)

	Growth Stock Division		Focused Appreciation Division		Large Cap Core Stock Division		Large Cap Blend Division		Index 500 Stock Division
Assets:
Investments, at fair value (1)
Northwestern Mutual Series Fund, Inc	$	545,300	$	219,823	$	319,372	$	13,261	$	1,677,242
Fidelity Variable Insurance Products Fund		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		-		-		-		-		-
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		-		-		-		-		-
Total Assets		545,300		219,823		319,372		13,261		1,677,242
Liabilities:
Due to Northwestern Mutual Life Insurance Company		33		4		6		1		471
Due to Participants		-		-		-		-		-
Total Liabilities		33		4		6		1		471
Total Net Assets	$	545,267	$	219,819	$	319,366	$	13,260	$	1,676,771
Net Assets:
Variable Life Policies Issued Before October 11, 1995
Policyowners’ Equity	$	45,973	$	15,314	$	33,796	$	708	$	219,833
Northwestern Mutual Equity		329		91		302		7		1,418
Variable CompLife Policies Issued Between October 11, 1995 and December 31, 2008 (2)
Policyowners’ Equity		473,486		182,414		269,166		11,863		1,361,060
Northwestern Mutual Equity		5,542		2,384		3,327		147		15,033
Variable Executive Life Policies Issued Between March 2, 1998 and December 31, 2008 (3)
Policyowners’ Equity		9,260		5,556		5,699		371		29,013
Variable Joint Life Policies Issued Between December 10, 1998 and December 31, 2008 (4)
Policyowners’ Equity		10,677		14,060		7,076		164		50,414
Total Net Assets	$	545,267	$	219,819	$	319,366	$	13,260	$	1,676,771
(1)  Investments, at cost	$	433,153	$	163,045	$	277,828	$	12,293	$	935,282
Mutual Fund Shares Held		171,586		69,257		197,265		10,887		289,879
(2)  Accumulation Unit Value	$	6.844781	$	6.365138	$	4.680129	$	2.430590	$	7.598098
Units Outstanding		69,984		29,033		58,223		4,941		181,113
(3)  Accumulation Unit Value	$	96.585761	$	68.873586	$	65.424142	$	21.249241	$	178.109105
Units Outstanding		96		81		87		17		163
(4)  Accumulation Unit Value	$	96.585761	$	68.873586	$	65.424142	$	21.249241	$	178.109105
Units Outstanding		111		204		108		8		283

^(a) Amount is less than 1,000

The Accompanying Notes are an Integral Part of these Financial Statements. 1

Statements of Assets and Liabilities

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT

December 31, 2019 (in thousands, except accumulation values)

	Large Company Value Division		Domestic Equity Division		Equity Income Division		Mid Cap Growth Stock Division		Index 400 Stock Division
Assets:
Investments, at fair value (1)
Northwestern Mutual Series Fund, Inc	$	15,611	$	223,756	$	137,257	$	562,875	$	372,351
Fidelity Variable Insurance Products Fund		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		-		-		-		-		-
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		2		27		-		21		17
Total Assets		15,613		223,783		137,257		562,896		372,368
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		-		2		-		-
Due to Participants		-		-		-		-		-
Total Liabilities		-		-		2		-		-
Total Net Assets	$	15,613	$	223,783	$	137,255	$	562,896	$	372,368
Net Assets:
Variable Life Policies Issued Before October 11, 1995
Policyowners’ Equity	$	1,303	$	18,518	$	11,176	$	75,677	$	18,574
Northwestern Mutual Equity		9		143		76		675		131
Variable CompLife Policies Issued Between October 11, 1995 and December 31, 2008 (2)
Policyowners’ Equity		13,789		190,691		115,653		467,120		327,856
Northwestern Mutual Equity		169		2,686		1,533		5,679		3,963
Variable Executive Life Policies Issued Between March 2, 1998 and December 31, 2008 (3)
Policyowners’ Equity		11		5,524		4,159		5,145		10,665
Variable Joint Life Policies Issued Between December 10, 1998 and December 31, 2008 (4)
Policyowners’ Equity		332		6,221		4,658		8,600		11,179
Total Net Assets	$	15,613	$	223,783	$	137,255	$	562,896	$	372,368
(1)  Investments, at cost	$	15,184	$	147,042	$	118,833	$	511,278	$	305,857
Mutual Fund Shares Held		15,113		127,860		77,197		164,391		184,515
(2)  Accumulation Unit Value	$	2.334690	$	3.219819	$	3.739921	$	5.429275	$	5.677085
Units Outstanding		5,979		60,059		31,334		87,083		58,449
(3)  Accumulation Unit Value	$	20.083819	$	35.207252	$	40.467475	$	154.540637	$	66.313755
Units Outstanding		1		157		103		33		161
(4)  Accumulation Unit Value	$	20.083819	$	35.207252	$	40.467475	$	154.540637	$	66.313755
Units Outstanding		17		177		115		56		169

^(a) Amount is less than 1,000

The Accompanying Notes are an Integral Part of these Financial Statements. 2

Statements of Assets and Liabilities

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT

December 31, 2019 (in thousands, except accumulation values)

	Mid Cap Value Division		Small Cap Growth Stock Division		Index 600 Stock Division		Small Cap Value Division		International Growth Division
Assets:
Investments, at fair value (1)
Northwestern Mutual Series Fund, Inc	$	76,432	$	330,596	$	50,266	$	204,801	$	122,988
Fidelity Variable Insurance Products Fund		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		-		-		-		-		-
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		9		7		11		12		-
Total Assets		76,441		330,603		50,277		204,813		122,988
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		-		-		-		7
Due to Participants		-		-		-		-		-
Total Liabilities		-		-		-		-		7
Total Net Assets	$	76,441	$	330,603	$	50,277	$	204,813	$	122,981
Net Assets:
Variable Life Policies Issued Before October 11, 1995
Policyowners’ Equity	$	5,218	$	14,676	$	4,203	$	14,647	$	5,905
Northwestern Mutual Equity		38		101		31		111		48
Variable CompLife Policies Issued Between October 11, 1995 and December 31, 2008 (2)
Policyowners’ Equity		66,609		298,214		42,686		179,175		107,270
Northwestern Mutual Equity		885		3,851		507		2,437		1,574
Variable Executive Life Policies Issued Between March 2, 1998 and December 31, 2008 (3)
Policyowners’ Equity		1,657		5,299		1,506		2,215		3,499
Variable Joint Life Policies Issued Between December 10, 1998 and December 31, 2008 (4)
Policyowners’ Equity		2,034		8,462		1,344		6,228		4,685
Total Net Assets	$	76,441	$	330,603	$	50,277	$	204,813	$	122,981
(1)  Investments, at cost	$	73,076	$	261,844	$	47,284	$	185,322	$	85,923
Mutual Fund Shares Held		46,211		121,364		35,078		94,422		66,480
(2)  Accumulation Unit Value	$	4.554015	$	5.829238	$	2.411252	$	4.791826	$	2.645647
Units Outstanding		14,821		51,819		17,913		37,900		41,141
(3)  Accumulation Unit Value	$	49.276848	$	78.030714	$	27.399696	$	52.395678	$	28.928599
Units Outstanding		34		68		55		42		121
(4)  Accumulation Unit Value	$	49.276848	$	78.030714	$	27.399696	$	52.395678	$	28.928599
Units Outstanding		41		108		43		119		156

^(a) Amount is less than 1,000

The Accompanying Notes are an Integral Part of these Financial Statements. 3

Statements of Assets and Liabilities

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT

December 31, 2019 (in thousands, except accumulation values)

	Research International Core Division		International Equity Division		Emerging Markets Equity Division		Government Money Market Division		Short-Term Bond Division
Assets:
Investments, at fair value (1)
Northwestern Mutual Series Fund, Inc	$	53,493	$	526,473	$	69,247	$	152,159	$	30,337
Fidelity Variable Insurance Products Fund		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		-		-		-		-		-
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		152		-		4		18		3
Total Assets		53,645		526,473		69,251		152,177		30,340
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		93		-		-		-
Due to Participants		-		-		-		30		-
Total Liabilities		-		93		-		30		-
Total Net Assets	$	53,645	$	526,380	$	69,251	$	152,147	$	30,340
Net Assets:
Variable Life Policies Issued Before October 11, 1995
Policyowners’ Equity	$	2,960	$	60,489	$	3,415	$	12,208	$	2,259
Northwestern Mutual Equity		23		711		29		144		17
Variable CompLife Policies Issued Between October 11, 1995 and December 31, 2008 (2)
Policyowners’ Equity		46,729		436,938		60,095		121,355		24,357
Northwestern Mutual Equity		575		5,982		752		2,479		293
Variable Executive Life Policies Issued Between March 2, 1998 and December 31, 2008 (3)
Policyowners’ Equity		1,983		9,274		2,203		8,906		942
Variable Joint Life Policies Issued Between December 10, 1998 and December 31, 2008 (4)
Policyowners’ Equity		1,375		12,986		2,757		7,055		2,472
Total Net Assets	$	53,645	$	526,380	$	69,251	$	152,147	$	30,340
(1)  Investments, at cost	$	47,573	$	566,882	$	60,683	$	152,159	$	29,906
Mutual Fund Shares Held		49,439		319,074		61,772		152,159		28,756
(2)  Accumulation Unit Value	$	1.454984	$	3.700743	$	1.056655	$	1.568812	$	1.084100
Units Outstanding		32,512		119,687		57,585		78,935		22,738
(3)  Accumulation Unit Value	$	14.176293	$	5.804990	$	12.866468	$	43.345856	$	13.380170
Units Outstanding		140		1,598		171		206		70
(4)  Accumulation Unit Value	$	14.176293	$	5.804990	$	12.866468	$	43.345856	$	13.380170
Units Outstanding		97		2,237		214		163		185

^(a) Amount is less than 1,000

The Accompanying Notes are an Integral Part of these Financial Statements. 4

Statements of Assets and Liabilities

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT

December 31, 2019 (in thousands, except accumulation values)

	Select Bond Division		Long-Term U.S. Government Bond Division		Inflation Protection Division		High Yield Bond Division		Multi-Sector Bond Division
Assets:
Investments, at fair value (1)
Northwestern Mutual Series Fund, Inc	$	266,685	$	13,947	$	11,881	$	120,112	$	55,537
Fidelity Variable Insurance Products Fund		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		-		-		-		-		-
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		-		3		-		-		2
Total Assets		266,685		13,950		11,881		120,112		55,539
Liabilities:
Due to Northwestern Mutual Life Insurance Company		84		-		-		7		-
Due to Participants		-		-		-		-		-
Total Liabilities		84		-		-		7		-
Total Net Assets	$	266,601	$	13,950	$	11,881	$	120,105	$	55,539
Net Assets:
Variable Life Policies Issued Before October 11, 1995
Policyowners’ Equity	$	21,369	$	1,013	$	504	$	8,463	$	3,340
Northwestern Mutual Equity		229		10		5		79		26
Variable CompLife Policies Issued Between October 11, 1995 and December 31, 2008 (2)
Policyowners’ Equity		212,160		12,523		9,338		102,358		48,400
Northwestern Mutual Equity		3,112		160		123		1,312		600
Variable Executive Life Policies Issued Between March 2, 1998 and December 31, 2008 (3)
Policyowners’ Equity		16,979		69		693		5,216		829
Variable Joint Life Policies Issued Between December 10, 1998 and December 31, 2008 (4)
Policyowners’ Equity		12,752		175		1,218		2,677		2,344
Total Net Assets	$	266,601	$	13,950	$	11,881	$	120,105	$	55,539
(1)  Investments, at cost	$	261,243	$	13,440	$	11,557	$	115,118	$	52,762
Mutual Fund Shares Held		205,776		12,464		10,524		160,792		48,716
(2)  Accumulation Unit Value	$	3.038977	$	1.603184	$	1.172363	$	4.407984	$	1.515308
Units Outstanding		70,837		7,911		8,071		23,520		32,337
(3)  Accumulation Unit Value	$	245.997917	$	22.930587	$	15.648347	$	59.428074	$	21.138053
Units Outstanding		69		3		44		88		39
(4)  Accumulation Unit Value	$	245.997917	$	22.930587	$	15.648347	$	59.428074	$	21.138053
Units Outstanding		52		8		78		45		111

^(a) Amount is less than 1,000

The Accompanying Notes are an Integral Part of these Financial Statements. 5

Statements of Assets and Liabilities

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT

December 31, 2019 (in thousands, except accumulation values)

	Balanced Division		Asset Allocation Division		Fidelity VIP Mid Cap Division		Fidelity VIP Contrafund Division		AMT Sustainable Equity Division
Assets:
Investments, at fair value (1)
Northwestern Mutual Series Fund, Inc	$	401,112	$	57,275	$	-	$	-	$	-
Fidelity Variable Insurance Products Fund		-		-		180,940		52,727		-
Neuberger Berman Advisers Management Trust		-		-		-		-		5,561
Russell Investment Funds		-		-		-		-		-
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		-		3		10		3		-
Total Assets		401,112		57,278		180,950		52,730		5,561
Liabilities:
Due to Northwestern Mutual Life Insurance Company		559		-		-		-		-
Due to Participants		-		-		-		-		-
Total Liabilities		559		-		-		-		-
Total Net Assets	$	400,553	$	57,278	$	180,950	$	52,730	$	5,561
Net Assets:
Variable Life Policies Issued Before October 11, 1995
Policyowners’ Equity	$	180,114	$	7,849	$	14,569	$	4,359	$	372
Northwestern Mutual Equity		1,279		70		111		36		3
Variable CompLife Policies Issued Between October 11, 1995 and December 31, 2008 (2)
Policyowners’ Equity		198,886		45,425		154,814		44,867		4,082
Northwestern Mutual Equity		2,950		615		2,187		543		61
Variable Executive Life Policies Issued Between March 2, 1998 and December 31, 2008 (3)
Policyowners’ Equity		9,856		1,134		3,458		780		254
Variable Joint Life Policies Issued Between December 10, 1998 and December 31, 2008 (4)
Policyowners’ Equity		7,468		2,185		5,811		2,145		789
Total Net Assets	$	400,553	$	57,278	$	180,950	$	52,730	$	5,561
(1)  Investments, at cost	$	379,843	$	54,748	$	174,566	$	48,207	$	4,964
Mutual Fund Shares Held		269,927		47,062		5,699		1,461		207
(2)  Accumulation Unit Value	$	4.418751	$	2.660780	$	5.515184	$	2.438969	$	2.274699
Units Outstanding		45,677		17,303		28,467		18,619		1,821
(3)  Accumulation Unit Value	$	246.784874	$	29.093477	$	59.676525	$	27.008170	$	25.016087
Units Outstanding		40		39		58		29		10
(4)  Accumulation Unit Value	$	246.784874	$	29.093477	$	59.676525	$	27.008170	$	25.016087
Units Outstanding		30		75		97		79		32

^(a) Amount is less than 1,000

The Accompanying Notes are an Integral Part of these Financial Statements. 6

Statements of Assets and Liabilities

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT

December 31, 2019 (in thousands, except accumulation values)

	U.S. Strategic Equity Division		U.S. Small Cap Equity Division		International Developed Markets Division		Strategic Bond Division		Global Real Estate Securities Division
Assets:
Investments, at fair value (1)
Northwestern Mutual Series Fund, Inc	$	-	$	-	$	-	$	-	$	-
Fidelity Variable Insurance Products Fund		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		237,876		104,696		131,391		88,248		186,727
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		4		-		-		1		17
Total Assets		237,880		104,696		131,391		88,249		186,744
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		4		-		-		-
Due to Participants		-		-		-		-		-
Total Liabilities		-		4		-		-		-
Total Net Assets	$	237,880	$	104,692	$	131,391	$	88,249	$	186,744
Net Assets:
Variable Life Policies Issued Before October 11, 1995
Policyowners’ Equity	$	9,233	$	5,730	$	7,181	$	5,662	$	9,903
Northwestern Mutual Equity		70		44		74		75		83
Variable CompLife Policies Issued Between October 11, 1995 and December 31, 2008 (2)
Policyowners’ Equity		205,662		91,482		112,008		65,193		162,634
Northwestern Mutual Equity		2,851		1,368		1,598		1,006		2,417
Variable Executive Life Policies Issued Between March 2, 1998 and December 31, 2008 (3)
Policyowners’ Equity		10,622		2,963		6,956		12,997		4,605
Variable Joint Life Policies Issued Between December 10, 1998 and December 31, 2008 (4)
Policyowners’ Equity		9,442		3,105		3,574		3,316		7,102
Total Net Assets	$	237,880	$	104,692	$	131,391	$	88,249	$	186,744
(1)  Investments, at cost	$	228,341	$	97,292	$	124,994	$	87,887	$	170,056
Mutual Fund Shares Held		14,839		7,321		11,211		8,357		12,125
(2)  Accumulation Unit Value	$	2.520964	$	3.197903	$	2.055606	$	2.469076	$	5.422414
Units Outstanding		82,712		29,035		55,267		26,811		30,439
(3)  Accumulation Unit Value	$	28.741505	$	37.394611	$	22.896522	$	26.963899	$	59.135972
Units Outstanding		370		79		304		482		78
(4)  Accumulation Unit Value	$	28.741505	$	37.394611	$	22.896522	$	26.963899	$	59.135972
Units Outstanding		329		83		156		123		120

^(a) Amount is less than 1,000

The Accompanying Notes are an Integral Part of these Financial Statements. 7

Statements of Assets and Liabilities

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT

December 31, 2019 (in thousands, except accumulation values)

	LifePoints Moderate Strategy Division			LifePoints Balanced Strategy Division		LifePoints Growth Strategy Division		LifePoints Equity Growth Strategy Division		Credit Suisse Trust Commodity Return Strategy Division
Assets:
Investments, at fair value (1)
Northwestern Mutual Series Fund, Inc	$	-		$	-	$	-	$	-	$	-
Fidelity Variable Insurance Products Fund		-			-		-		-		-
Neuberger Berman Advisers Management Trust		-			-		-		-		-
Russell Investment Funds		7,501			23,488		23,332		12,289		-
Credit Suisse Trust		-			-		-		-		21,390
Due from Northwestern Mutual Life Insurance Company		-			1		5		-		1
Total Assets		7,501			23,489		23,337		12,289		21,391
Liabilities:
Due to Northwestern Mutual Life Insurance Company		2			-		-		3		-
Due to Participants		-			-		-		-		-
Total Liabilities		2			-		-		3		-
Total Net Assets	$	7,499		$	23,489	$	23,337	$	12,286	$	21,391
Net Assets:
Variable Life Policies Issued Before October 11, 1995
Policyowners’ Equity	$	2,020		$	5,780	$	5,262	$	1,690	$	629
Northwestern Mutual Equity		14			45		39		14		8
Variable CompLife Policies Issued Between October 11, 1995 and December 31, 2008 (2)
Policyowners’ Equity		5,362			16,688		17,340		9,442		17,987
Northwestern Mutual Equity		74			266		317		152		272
Variable Executive Life Policies Issued Between March 2, 1998 and December 31, 2008 (3)
Policyowners’ Equity		28			25		9		-		994
Variable Joint Life Policies Issued Between December 10, 1998 and December 31, 2008 (4)
Policyowners’ Equity		1			685		370		988		1,501
Total Net Assets	$	7,499		$	23,489	$	23,337	$	12,286	$	21,391
(1)  Investments, at cost	$	7,398		$	23,360	$	23,554	$	11,961	$	24,688
Mutual Fund Shares Held		746			2,402		2,400		1,336		5,828
(2)  Accumulation Unit Value	$	1.435781		$	1.547882	$	1.608669	$	1.675624	$	5.018507
Units Outstanding		3,786			10,953		10,976		5,725		3,638
(3)  Accumulation Unit Value	$	17.716081		$	17.958473	$	17.402048	$	16.548015	$	4.729147
Units Outstanding		2			1		1		-		210
(4)  Accumulation Unit Value	$	17.716081		$	17.958473	$	17.402048	$	16.548015	$	4.729147
Units Outstanding		-	(a)		38		21		60		317

^(a) Amount is less than 1,000

The Accompanying Notes are an Integral Part of these Financial Statements. 8

Statements of Operations

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT

For the Year Ended December 31, 2019 (in thousands)

	Growth Stock   Division			Focused   Appreciation   Division			Large Cap Core Stock Division			Large Cap Blend Division			Index 500 Stock Division
Income:
Dividend income	$	3,415		$	1,325		$	3,547		$	150		$	24,701
Expenses:
Mortality and expense risk charges		2,243			840			1,280			57			6,620
Taxes		22			7			16			-			101
Total expenses		2,265			847			1,296			57			6,721
Net investment income (loss)		1,150			478			2,251			93			17,980
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		15,398			11,258			6,277			193			44,030
Realized gain distribution		53,390			11,672			14,473			1,230			36,060
Realized gains (losses)		68,788			22,930			20,750			1,423			80,090
Change in unrealized appreciation/(depreciation) of investments during the period		57,241			31,875			53,758			1,229			301,904
Net increase (decrease) in net assets resulting from operations	$	127,179		$	55,283		$	76,759		$	2,745		$	399,974
	Large Company Value Division			Domestic Equity Division			Equity Income  Division			Mid Cap  Growth Stock  Division			Index 400 Stock Division
Income:
Dividend income	$	321		$	3,908		$	2,971		$	973		$	4,294
Expenses:
Mortality and expense risk charges		63			916			549			2,356			1,490
Taxes		1			9			5			36			9
Total expenses		64			925			554			2,392			1,499
Net investment income (loss)		257			2,983			2,417			(1,419	)		2,795
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		(336	)		5,538			7,297			5,186			4,432
Realized gain distribution		1,018			10,048			7,911			22,686			22,812
Realized gains (losses)		682			15,586			15,208			27,872			27,244
Change in unrealized appreciation/(depreciation) of investments during the period		2,478			20,470			12,175			115,822			47,170
Net increase (decrease) in net assets resulting from operations	$	3,417		$	39,039		$	29,800		$	142,275		$	77,209
	Mid Cap Value  Division			Small Cap  Growth Stock  Division			Index 600  Stock Division			Small Cap Value Division			International   Growth Division
Income:
Dividend income	$	1,169		$	297		$	116		$	924		$	1,384
Expenses:
Mortality and expense risk charges		310			1,311			197			846			462
Taxes		3			7			2			7			3
Total expenses		313			1,318			199			853			465
Net investment income (loss)		856			(1,021	)		(83	)		71			919
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		2,324			3,289			322			3,112			(343	)
Realized gain distribution		6,485			43,764			3,175			30,124			358
Realized gains (losses)		8,809			47,053			3,497			33,236			15
Change in unrealized appreciation/(depreciation) of investments during the period		8,080			42,501			5,532			9,853			31,121
Net increase (decrease) in net assets resulting from operations	$	17,745		$	88,533		$	8,946		$	43,160		$	32,055

The Accompanying Notes are an Integral Part of these Financial Statements. 9

Statements of Operations

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT

For the Year Ended December 31, 2019 (in thousands)

	Research International Core Division			International Equity Division			Emerging Markets Equity Division		Government Money Market Division			Short-Term Bond Division
Income:
Dividend income	$	738		$	12,707		$	722	$	2,935		$	596
Expenses:
Mortality and expense risk charges		182			2,213			270		616			113
Taxes		1			29			2		6			1
Total expenses		183			2,242			272		622			114
Net investment income (loss)		555			10,465			450		2,313			482
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		792			3,066			271		-			92
Realized gain distribution		1,184			23,234			-		2			-
Realized gains (losses)		1,976			26,300			271		2			92
Change in unrealized appreciation/(depreciation) of investments during the period		8,018			21,318			10,881		-			519
Net increase (decrease) in net assets resulting from operations	$	10,549		$	58,083		$	11,602	$	2,315		$	1,093
	Select Bond  Division			Long-Term U.S. Government Bond Division			Inflation     Protection     Division		High Yield Bond Division			Multi-Sector Bond Division
Income:
Dividend income	$	7,199		$	272		$	299	$	6,374		$	2,311
Expenses:
Mortality and expense risk charges		1,043			54			43		489			209
Taxes		11			-			-		4			1
Total expenses		1,054			54			43		493			210
Net investment income (loss)		6,145			218			256		5,881			2,101
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		713			(253	)		22		1,318			139
Realized gain distribution		-			-			-		-			-
Realized gains (losses)		713			(253	)		22		1,318			139
Change in unrealized appreciation/(depreciation)of investments during the period		13,342			1,352			640		8,209			3,774
Net increase (decrease) in net assets resulting from operations	$	20,200		$	1,317		$	918	$	15,408		$	6,014
	Balanced     Division			Asset      Allocation      Division			Fidelity VIP Mid Cap Division		Fidelity VIP  Contrafund Division			AMT Sustainable Equity Division
Income:
Dividend income	$	8,794		$	1,217		$	1,180	$	106		$	22
Expenses:
Mortality and expense risk charges		1,718			232			752		207			20
Taxes		87			4			7		2			-
Total expenses		1,805			236			759		209			20
Net investment income (loss)		6,989			981			421		(103	)		2
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		(795	)		779			1,044		599			227
Realized gain distribution		19,651			3,392			19,601		5,490			291
Realized gains (losses)		18,856			4,171			20,645		6,089			518
Change in unrealized appreciation/(depreciation) of investments during the period		34,018			4,749			13,976		6,705			698
Net increase (decrease) in net assets resulting from operations	$	59,863		$	9,901		$	35,042	$	12,691		$	1,218

The Accompanying Notes are an Integral Part of these Financial Statements. 10

Statements of Operations

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT

For the Year Ended December 31, 2019 (in thousands)

	U.S. Strategic Equity Division			U.S. Small Cap Equity Division			International Developed Markets Division			Strategic Bond Division
Income:
Dividend income	$	2,399		$	571		$	3,280		$	2,371
Expenses:
Mortality and expense risk charges		921			428			517			317
Taxes		5			3			3			3
Total expenses		926			431			520			320
Net investment income (loss)		1,473			140			2,760			2,051
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		(165	)		45			(1,971	)		(242	)
Realized gain distribution		12,307			1,561			-			1,136
Realized gains (losses)		12,142			1,606			(1,971	)		894
Change in unrealized appreciation/(depreciation) of investments during the period		43,177			18,423			21,073			4,196
Net increase (decrease) in net assets resulting from operations	$	56,792		$	20,169		$	21,862		$	7,141
	Global Real     Estate Securities Division			LifePoints     Moderate Strategy Division			LifePoints Balanced Strategy Division			LifePoints     Growth Strategy Division
Income:
Dividend income	$	9,180		$	92		$	345		$	157
Expenses:
Mortality and expense risk charges		765			35			96			101
Taxes		5			1			3			3
Total expenses		770			36			99			104
Net investment income (loss)		8,410			56			246			53
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		(2,162	)		(72	)		(517	)		(213	)
Realized gain distribution		-			176			381			1,198
Realized gains (losses)		(2,162	)		104			(136	)		985
Change in unrealized appreciation/(depreciation) of investments during the period		27,356			671			3,026			2,553
Net increase (decrease) in net assets resulting from operations	$	33,604		$	831		$	3,136		$	3,591
	LifePoints Equity Growth Strategy Division			Credit Suisse Trust Commodity Return Strategy
Income:
Dividend income	$	27		$	185
Expenses:
Mortality and expense risk charges		50			84
Taxes		1			-
Total expenses		51			84
Net investment income (loss)		(24	)		101
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		(107	)		(1,972	)
Realized gain distribution		740			-
Realized gains (losses)		633			(1,972	)
Change in unrealized appreciation/(depreciation) of investments during the period		1,536			3,120
Net increase (decrease) in net assets resulting from operations	$	2,145		$	1,249

The Accompanying Notes are an Integral Part of these Financial Statements. 11

Statements of Changes in Net Assets

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT

(in thousands)

	Growth Stock Division						Focused Appreciation Division
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Operations:
Net investment income (loss)	$	1,150		$	1,241		$	478		$	142
Net realized gains (losses)		68,788			64,092			22,930			9,816
Net change in unrealized appreciation/(depreciation)		57,241			(60,587	)		31,875			(14,420	)
Net increase (decrease) in net assets resulting from operations		127,179			4,746			55,283			(4,462	)
Policy Transactions:
Policy owners’ net payments		11,540			13,937			3,393			4,583
Policy loans, surrenders and death benefits		(27,361	)		(21,009	)		(16,912	)		(11,287	)
Mortality and other (net)		(9,217	)		(8,792	)		(3,589	)		(3,579	)
Transfers from other divisions or sponsor		58,461			58,975			21,881			25,055
Transfers to other divisions or sponsor		(59,770	)		(58,640	)		(21,590	)		(20,918	)
Net increase (decrease) in net assets resulting from contract transactions		(26,347	)		(15,529	)		(16,817	)		(6,146	)
Net increase (decrease) in net assets		100,832			(10,783	)		38,466			(10,608	)
Net Assets:
Beginning of period		444,435			455,218			181,353			191,961
End of period	$	545,267		$	444,435		$	219,819		$	181,353
Units issued during the period		5,338			5,954			3,122			3,511
Units redeemed during the period		(9,074	)		(8,021	)		(5,341	)		(4,514	)
Net units issued (redeemed) during period		(3,736	)		(2,067	)		(2,219	)		(1,003	)
	Large Cap Core Stock Division						Large Cap Blend Division
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Operations:
Net investment income (loss)	$	2,251		$	3,020		$	93		$	43
Net realized gains (losses)		20,750			90,228			1,423			853
Net change in unrealized appreciation/(depreciation)		53,758			(110,692	)		1,229			(1,427	)
Net increase (decrease) in net assets resulting from operations		76,759			(17,444	)		2,745			(531	)
Policy Transactions:
Policy owners’ net payments		7,127			10,089			287			341
Policy loans, surrenders and death benefits		(14,187	)		(13,157	)		(835	)		(151	)
Mortality and other (net)		(5,820	)		(5,567	)		(219	)		(206	)
Transfers from other divisions or sponsor		19,351			22,385			1,861			2,148
Transfers to other divisions or sponsor		(19,607	)		(23,397	)		(2,359	)		(2,294	)
Net increase (decrease) in net assets resulting from contract transactions		(13,136	)		(9,647	)		(1,265	)		(162	)
Net increase (decrease) in net assets		63,623			(27,091	)		1,480			(693	)
Net Assets:
Beginning of period		255,743			282,834			11,780			12,473
End of period	$	319,366		$	255,743		$	13,260		$	11,780
Units issued during the period		4,473			4,860			829			739
Units redeemed during the period		(7,077	)		(6,968	)		(1,232	)		(919	)
Net units issued (redeemed) during period		(2,604	)		(2,108	)		(403	)		(180	)

The Accompanying Notes are an Integral Part of these Financial Statements. 12

Statements of Changes in Net Assets

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT

(in thousands)

	Index 500 Stock Division						Large Company Value Division
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Operations:
Net investment income (loss)	$	17,980		$	16,883		$	257		$	179
Net realized gains (losses)		80,090			57,193			682			952
Net change in unrealized appreciation/(depreciation)		301,904			(142,220	)		2,478			(2,319	)
Net increase (decrease) in net assets resulting from operations		399,974			(68,144	)		3,417			(1,188	)
Policy Transactions:
Policy owners’ net payments		37,946			41,240			435			350
Policy loans, surrenders and death benefits		(62,749	)		(65,216	)		(1,441	)		(637	)
Mortality and other (net)		(27,106	)		(26,188	)		(245	)		(224	)
Transfers from other divisions or sponsor		145,726			151,145			2,222			3,036
Transfers to other divisions or sponsor		(143,381	)		(152,092	)		(1,708	)		(1,901	)
Net increase (decrease) in net assets resulting from contract transactions		(49,564	)		(51,111	)		(737	)		624
Net increase (decrease) in net assets		350,410			(119,255	)		2,680			(564	)
Net Assets:
Beginning of period		1,326,361			1,445,616			12,933			13,497
End of period	$	1,676,771		$	1,326,361		$	15,613		$	12,933
Units issued during the period		14,677			14,561			1,278			1,364
Units redeemed during the period		(20,017	)		(19,653	)		(1,457	)		(1,279	)
Net units issued (redeemed) during period		(5,340	)		(5,092	)		(179	)		85
	Domestic Equity Division						Equity Income Division
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Operations:
Net investment income (loss)	$	2,983		$	2,801		$	2,417		$	2,077
Net realized gains (losses)		15,586			13,396			15,208			14,455
Net change in unrealized appreciation/(depreciation)		20,470			(22,403	)		12,175			(29,347	)
Net increase (decrease) in net assets resulting from operations		39,039			(6,206	)		29,800			(12,815	)
Policy Transactions:
Policy owners’ net payments		4,418			6,415			3,570			4,203
Policy loans, surrenders and death benefits		(9,311	)		(12,413	)		(7,901	)		(5,313	)
Mortality and other (net)		(3,818	)		(3,960	)		(2,338	)		(2,335	)
Transfers from other divisions or sponsor		18,551			21,717			31,352			34,468
Transfers to other divisions or sponsor		(22,786	)		(25,575	)		(36,423	)		(34,845	)
Net increase (decrease) in net assets resulting from contract transactions		(12,946	)		(13,816	)		(11,740	)		(3,822	)
Net increase (decrease) in net assets		26,093			(20,022	)		18,060			(16,637	)
Net Assets:
Beginning of period		197,690			217,712			119,195			135,832
End of period	$	223,783		$	197,690		$	137,255		$	119,195
Units issued during the period		4,935			5,157			3,620			4,265
Units redeemed during the period		(8,454	)		(8,605	)		(6,675	)		(5,114	)
Net units issued (redeemed) during period		(3,519	)		(3,448	)		(3,055	)		(849	)

The Accompanying Notes are an Integral Part of these Financial Statements. 13

Statements of Changes in Net Assets

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT

(in thousands)

	Mid Cap Growth Stock Division						Index 400 Stock Division
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Operations:
Net investment income (loss)	$	(1,419	)	$	(1,651	)	$	2,795		$	2,392
Net realized gains (losses)		27,872			94,191			27,244			27,995
Net change in unrealized appreciation/(depreciation)		115,822			(129,136	)		47,170			(71,107	)
Net increase (decrease) in net assets resulting from operations		142,275			(36,596	)		77,209			(40,720	)
Policy Transactions:
Policy owners’ net payments		13,475			17,537			6,905			9,209
Policy loans, surrenders and death benefits		(25,940	)		(24,391	)		(15,265	)		(15,038	)
Mortality and other (net)		(10,183	)		(9,604	)		(5,812	)		(5,839	)
Transfers from other divisions or sponsor		26,266			29,379			62,922			76,431
Transfers to other divisions or sponsor		(28,656	)		(32,361	)		(62,690	)		(73,087	)
Net increase (decrease) in net assets resulting from contract transactions		(25,038	)		(19,440	)		(13,940	)		(8,324	)
Net increase (decrease) in net assets		117,237			(56,036	)		63,269			(49,044	)
Net Assets:
Beginning of period		445,659			501,695			309,099			358,143
End of period	$	562,896		$	445,659		$	372,368		$	309,099
Units issued during the period		5,977			6,492			5,643			6,152
Units redeemed during the period		(10,036	)		(9,716	)		(7,838	)		(7,499	)
Net units issued (redeemed) during period		(4,059	)		(3,224	)		(2,195	)		(1,347	)
	Mid Cap Value Division						Small Cap Growth Stock Division
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Operations:
Net investment income (loss)	$	856		$	857		$	(1,021	)	$	(1,370	)
Net realized gains (losses)		8,809			10,500			47,053			29,559
Net change in unrealized appreciation/(depreciation)		8,080			(21,062	)		42,501			(62,947	)
Net increase (decrease) in net assets resulting from operations		17,745			(9,705	)		88,533			(34,758	)
Policy Transactions:
Policy owners’ net payments		1,259			2,287			7,398			9,056
Policy loans, surrenders and death benefits		(2,736	)		(3,069	)		(15,014	)		(14,175	)
Mortality and other (net)		(1,313	)		(1,343	)		(5,247	)		(5,314	)
Transfers from other divisions or sponsor		8,489			8,528			34,236			40,892
Transfers to other divisions or sponsor		(10,565	)		(11,576	)		(36,980	)		(43,375	)
Net increase (decrease) in net assets resulting from contract transactions		(4,866	)		(5,173	)		(15,607	)		(12,916	)
Net increase (decrease) in net assets		12,879			(14,878	)		72,926			(47,674	)
Net Assets:
Beginning of period		63,562			78,440			257,677			305,351
End of period	$	76,441		$	63,562		$	330,603		$	257,677
Units issued during the period		1,478			1,450			4,203			4,736
Units redeemed during the period		(2,408	)		(2,544	)		(6,932	)		(6,887	)
Net units issued (redeemed) during period		(930	)		(1,094	)		(2,729	)		(2,151	)

The Accompanying Notes are an Integral Part of these Financial Statements. 14

Statements of Changes in Net Assets

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT

(in thousands)

	Index 600 Stock Division						Small Cap Value Division
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Operations:
Net investment income (loss)	$	(83	)	$	431		$	71		$	168
Net realized gains (losses)		3,497			2,295			33,236			20,371
Net change in unrealized appreciation/(depreciation)		5,532			(7,277	)		9,853			(46,873	)
Net increase (decrease) in net assets resulting from operations		8,946			(4,551	)		43,160			(26,334	)
Policy Transactions:
Policy owners’ net payments		1,307			1,116			4,722			6,343
Policy loans, surrenders and death benefits		(1,966	)		(1,412	)		(8,681	)		(8,910	)
Mortality and other (net)		(637	)		(738	)		(3,398	)		(3,530	)
Transfers from other divisions or sponsor		16,252			21,687			9,403			10,025
Transfers to other divisions or sponsor		(13,897	)		(14,489	)		(15,528	)		(14,096	)
Net increase (decrease) in net assets resulting from contract transactions		1,059			6,164			(13,482	)		(10,168	)
Net increase (decrease) in net assets		10,005			1,613			29,678			(36,502	)
Net Assets:
Beginning of period		40,272			38,659			175,135			211,637
End of period	$	50,277		$	40,272		$	204,813		$	175,135
Units issued during the period		4,122			5,520			3,092			3,084
Units redeemed during the period		(3,596	)		(3,139	)		(5,462	)		(5,013	)
Net units issued (redeemed) during period		526			2,381			(2,370	)		(1,929	)
	International Growth Division						Research International Core Division
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Operations:
Net investment income (loss)	$	919		$	1,048		$	555		$	494
Net realized gains (losses)		15			(434	)		1,976			873
Net change in unrealized appreciation/(depreciation)		31,121			(13,290	)		8,018			(7,190	)
Net increase (decrease) in net assets resulting from operations		32,055			(12,676	)		10,549			(5,823	)
Policy Transactions:
Policy owners’ net payments		3,873			4,950			(2,321	)		86
Policy loans, surrenders and death benefits		(7,410	)		(5,145	)		(1,827	)		(1,390	)
Mortality and other (net)		(1,848	)		(1,970	)		(596	)		(667	)
Transfers from other divisions or sponsor		18,214			20,586			25,897			18,677
Transfers to other divisions or sponsor		(17,262	)		(20,386	)		(14,083	)		(13,904	)
Net increase (decrease) in net assets resulting from contract transactions		(4,433	)		(1,965	)		7,070			2,802
Net increase (decrease) in net assets		27,622			(14,641	)		17,619			(3,021	)
Net Assets:
Beginning of period		95,359			110,000			36,026			39,047
End of period	$	122,981		$	95,359		$	53,645		$	36,026
Units issued during the period		5,287			6,323			12,847			7,190
Units redeemed during the period		(6,957	)		(6,934	)		(7,416	)		(5,422	)
Net units issued (redeemed) during period		(1,670	)		(611	)		5,431			1,768

The Accompanying Notes are an Integral Part of these Financial Statements. 15

Statements of Changes in Net Assets

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT

(in thousands)

	International Equity Division						Emerging Markets Equity Division
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Operations:
Net investment income (loss)	$	10,465		$	11,683		$	450		$	537
Net realized gains (losses)		26,300			10,324			271			332
Net change in unrealized appreciation/(depreciation)		21,318			(114,245	)		10,881			(10,179	)
Net increase (decrease) in net assets resulting from operations		58,083			(92,238	)		11,602			(9,310	)
Policy Transactions:
Policy owners’ net payments		21,599			23,063			2,138			1,930
Policy loans, surrenders and death benefits		(24,330	)		(28,576	)		(3,210	)		(2,694	)
Mortality and other (net)		(8,800	)		(10,349	)		(1,025	)		(1,003	)
Transfers from other divisions or sponsor		42,006			50,395			14,790			18,352
Transfers to other divisions or sponsor		(52,138	)		(50,468	)		(11,868	)		(13,322	)
Net increase (decrease) in net assets resulting from contract transactions		(21,663	)		(15,935	)		825			3,263
Net increase (decrease) in net assets		36,420			(108,173	)		12,427			(6,047	)
Net Assets:
Beginning of period		489,960			598,133			56,824			62,871
End of period	$	526,380		$	489,960		$	69,251		$	56,824
Units issued during the period		18,002			17,874			11,676			14,904
Units redeemed during the period		(23,449	)		(21,014	)		(10,565	)		(11,451	)
Net units issued (redeemed) during period		(5,447	)		(3,140	)		1,111			3,453
	Government Money Market Division						Short-Term Bond Division
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Operations:
Net investment income (loss)	$	2,313		$	1,684		$	482		$	283
Net realized gains (losses)		2			-			92			(5	)
Net change in unrealized appreciation/(depreciation)		-			-			519			(32	)
Net increase (decrease) in net assets resulting from operations		2,315			1,684			1,093			246
Policy Transactions:
Policy owners’ net payments		43,281			46,736			1,105			361
Policy loans, surrenders and death benefits		(23,121	)		(24,887	)		(5,089	)		(1,997	)
Mortality and other (net)		(4,312	)		(4,202	)		(533	)		(402	)
Transfers from other divisions or sponsor		107,285			168,804			16,817			15,225
Transfers to other divisions or sponsor		(127,831	)		(181,455	)		(7,946	)		(11,029	)
Net increase (decrease) in net assets resulting from contract transactions		(4,698	)		4,996			4,354			2,158
Net increase (decrease) in net assets		(2,383	)		6,680			5,447			2,404
Net Assets:
Beginning of period		154,530			147,850			24,893			22,489
End of period	$	152,147		$	154,530		$	30,340		$	24,893
Units issued during the period		62,690			71,691			13,859			7,297
Units redeemed during the period		(62,028	)		(70,154	)		(7,508	)		(6,867	)
Net units issued (redeemed) during period		662			1,537			6,351			430

The Accompanying Notes are an Integral Part of these Financial Statements. 16

Statements of Changes in Net Assets

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT

(in thousands)

	Select Bond Division						Long-Term U.S. Government Bond Division
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Operations:
Net investment income (loss)	$	6,145		$	4,467		$	218		$	143
Net realized gains (losses)		713			(500	)		(253	)		21
Net change in unrealized appreciation/(depreciation)		13,342			(5,612	)		1,352			(344	)
Net increase (decrease) in net assets resulting from operations		20,200			(1,645	)		1,317			(180	)
Policy Transactions:
Policy owners’ net payments		7,815			9,372			332			515
Policy loans, surrenders and death benefits		(12,079	)		(14,848	)		(79	)		(253	)
Mortality and other (net)		(4,736	)		(4,331	)		(226	)		(179	)
Transfers from other divisions or sponsor		101,553			116,263			4,716			2,807
Transfers to other divisions or sponsor		(89,163	)		(113,554	)		(2,777	)		(1,923	)
Net increase (decrease) in net assets resulting from contract transactions		3,390			(7,098	)		1,966			967
Net increase (decrease) in net assets		23,590			(8,743	)		3,283			787
Net Assets:
Beginning of period		243,011			251,754			10,667			9,880
End of period	$	266,601		$	243,011		$	13,950		$	10,667
Units issued during the period		10,910			9,360			3,091			2,371
Units redeemed during the period		(10,401	)		(9,851	)		(2,134	)		(1,691	)
Net units issued (redeemed) during period		509			(491	)		957			680

	Inflation Protection Division						High Yield Bond Division
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Operations:
Net investment income (loss)	$	256		$	183		$	5,881		$	5,624
Net realized gains (losses)		22			(54	)		1,318			1,386
Net change in unrealized appreciation/(depreciation)		640			(456	)		8,209			(10,507	)
Net increase (decrease) in net assets resulting from operations		918			(327	)		15,408			(3,497	)
Policy Transactions:
Policy owners’ net payments		309			415			3,340			3,957
Policy loans, surrenders and death benefits		(455	)		(551	)		(5,362	)		(5,367	)
Mortality and other (net)		(185	)		(177	)		(2,153	)		(2,165	)
Transfers from other divisions or sponsor		7,624			6,764			24,561			24,915
Transfers to other divisions or sponsor		(7,141	)		(5,806	)		(23,077	)		(26,822	)
Net increase (decrease) in net assets resulting from contract transactions		152			645			(2,691	)		(5,482	)
Net increase (decrease) in net assets		1,070			318			12,717			(8,979	)
Net Assets:
Beginning of period		10,811			10,493			107,388			116,367
End of period	$	11,881		$	10,811		$	120,105		$	107,388
Units issued during the period		2,407			2,426			2,768			2,659
Units redeemed during the period		(2,356	)		(2,082	)		(3,328	)		(3,784	)
Net units issued (redeemed) during period		51			344			(560	)		(1,125	)

The Accompanying Notes are an Integral Part of these Financial Statements. 17

Statements of Changes in Net Assets

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT

(in thousands)

	Multi-Sector Bond Division						Balanced Division
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Operations:
Net investment income (loss)	$	2,101		$	1,130		$	6,989		$	6,980
Net realized gains (losses)		139			(322	)		18,856			7,148
Net change in unrealized appreciation/(depreciation)		3,774			(1,526	)		34,018			(28,103	)
Net increase (decrease) in net assets resulting from operations		6,014			(718	)		59,863			(13,975	)
Policy Transactions:
Policy owners’ net payments		852			1,268			11,730			14,159
Policy loans, surrenders and death benefits		(2,029	)		(1,995	)		(16,713	)		(21,756	)
Mortality and other (net)		(862	)		(758	)		(8,815	)		(8,811	)
Transfers from other divisions or sponsor		14,514			9,930			69,764			78,836
Transfers to other divisions or sponsor		(4,827	)		(6,231	)		(62,625	)		(76,177	)
Net increase (decrease) in net assets resulting from contract transactions		7,648			2,214			(6,659	)		(13,749	)
Net increase (decrease) in net assets		13,662			1,496			53,204			(27,724	)
Net Assets:
Beginning of period		41,877			40,381			347,349			375,073
End of period	$	55,539		$	41,877		$	400,553		$	347,349
Units issued during the period		9,173			6,891			6,043			4,614
Units redeemed during the period		(4,551	)		(5,784	)		(6,224	)		(5,946	)
Net units issued (redeemed) during period		4,622			1,107			(181	)		(1,332	)

	Asset Allocation Division						Fidelity VIP Mid Cap Division
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Operations:
Net investment income (loss)	$	981		$	822		$	421		$	(67	)
Net realized gains (losses)		4,171			2,557			20,645			18,502
Net change in unrealized appreciation/(depreciation)		4,749			(6,009	)		13,976			(46,600	)
Net increase (decrease) in net assets resulting from operations		9,901			(2,630	)		35,042			(28,165	)
Policy Transactions:
Policy owners’ net payments		1,825			1,681			4,882			6,023
Policy loans, surrenders and death benefits		(2,509	)		(3,546	)		(8,534	)		(8,185	)
Mortality and other (net)		(1,158	)		(1,139	)		(3,061	)		(3,349	)
Transfers from other divisions or sponsor		3,601			3,121			13,225			16,837
Transfers to other divisions or sponsor		(2,723	)		(2,746	)		(19,640	)		(19,693	)
Net increase (decrease) in net assets resulting from contract transactions		(964	)		(2,629	)		(13,128	)		(8,367	)
Net increase (decrease) in net assets		8,937			(5,259	)		21,914			(36,532	)
Net Assets:
Beginning of period		48,341			53,600			159,036			195,568
End of period	$	57,278		$	48,341		$	180,950		$	159,036
Units issued during the period		2,048			1,830			2,385			2,663
Units redeemed during the period		(2,216	)		(2,431	)		(4,493	)		(3,823	)
Net units issued (redeemed) during period		(168	)		(601	)		(2,108	)		(1,160	)

The Accompanying Notes are an Integral Part of these Financial Statements. 18

Statements of Changes in Net Assets

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT

(in thousands)

	Fidelity VIP Contrafund Division						AMT Sustainable Equity Division
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Operations:
Net investment income (loss)	$	(103	)	$	4		$	2		$	8
Net realized gains (losses)		6,089			4,972			518			490
Net change in unrealized appreciation/(depreciation)		6,705			(8,106	)		698			(858	)
Net increase (decrease) in net assets resulting from operations		12,691			(3,130	)		1,218			(360	)
Policy Transactions:
Policy owners’ net payments		1,010			1,371			114			197
Policy loans, surrenders and death benefits		(1,658	)		(1,572	)		(217	)		(159	)
Mortality and other (net)		(820	)		(779	)		(86	)		(88	)
Transfers from other divisions or sponsor		7,162			7,341			1,732			2,036
Transfers to other divisions or sponsor		(7,573	)		(6,171	)		(2,273	)		(1,840	)
Net increase (decrease) in net assets resulting from contract transactions		(1,879	)		190			(730	)		146
Net increase (decrease) in net assets		10,812			(2,940	)		488			(214	)
Net Assets:
Beginning of period		41,918			44,858			5,073			5,287
End of period	$	52,730		$	41,918		$	5,561		$	5,073
Units issued during the period		2,684			3,067			352			490
Units redeemed during the period		(3,606	)		(3,030	)		(623	)		(448	)
Net units issued (redeemed) during period		(922	)		37			(271	)		42

	U.S. Strategic Equity Division						U.S. Small Cap Equity Division
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Operations:
Net investment income (loss)	$	1,473		$	1,655		$	140		$	40
Net realized gains (losses)		12,142			45,898			1,606			18,450
Net change in unrealized appreciation/(depreciation)		43,177			(69,035	)		18,423			(31,125	)
Net increase (decrease) in net assets resulting from operations		56,792			(21,482	)		20,169			(12,635	)
Policy Transactions:
Policy owners’ net payments		3,691			6,575			2,689			3,467
Policy loans, surrenders and death benefits		(10,473	)		(10,381	)		(5,836	)		(5,554	)
Mortality and other (net)		(3,937	)		(3,961	)		(1,796	)		(2,013	)
Transfers from other divisions or sponsor		9,095			12,877			8,664			11,935
Transfers to other divisions or sponsor		(13,118	)		(18,307	)		(10,518	)		(14,339	)
Net increase (decrease) in net assets resulting from contract transactions		(14,742	)		(13,197	)		(6,797	)		(6,504	)
Net increase (decrease) in net assets		42,050			(34,679	)		13,372			(19,139	)
Net Assets:
Beginning of period		195,830			230,509			91,320			110,459
End of period	$	237,880		$	195,830		$	104,692		$	91,320
Units issued during the period		4,992			5,660			2,388			2,777
Units redeemed during the period		(10,133	)		(9,925	)		(4,199	)		(4,468	)
Net units issued (redeemed) during period		(5,141	)		(4,265	)		(1,811	)		(1,691	)

The Accompanying Notes are an Integral Part of these Financial Statements. 19

Statements of Changes in Net Assets

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT

(in thousands)

	International Developed Markets Division						Strategic Bond Division
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Operations:
Net investment income (loss)	$	2,760		$	1,725		$	2,051		$	1,430
Net realized gains (losses)		(1,971	)		10,177			894			(392	)
Net change in unrealized appreciation/(depreciation)		21,073			(32,739	)		4,196			(2,093	)
Net increase (decrease) in net assets resulting from operations		21,862			(20,837	)		7,141			(1,055	)
Policy Transactions:
Policy owners’ net payments		4,029			5,326			2,831			2,957
Policy loans, surrenders and death benefits		(7,912	)		(7,412	)		(5,318	)		(5,622	)
Mortality and other (net)		(2,271	)		(2,403	)		(1,655	)		(1,602	)
Transfers from other divisions or sponsor		19,212			19,698			57,505			32,671
Transfers to other divisions or sponsor		(19,606	)		(19,767	)		(53,867	)		(31,917	)
Net increase (decrease) in net assets resulting from contract transactions		(6,548	)		(4,558	)		(504	)		(3,513	)
Net increase (decrease) in net assets		15,314			(25,395	)		6,637			(4,568	)
Net Assets:
Beginning of period		116,077			141,472			81,612			86,180
End of period	$	131,391		$	116,077		$	88,249		$	81,612
Units issued during the period		6,299			6,537			5,898			4,833
Units redeemed during the period		(8,981	)		(7,759	)		(6,629	)		(5,716	)
Net units issued (redeemed) during period		(2,682	)		(1,222	)		(731	)		(883	)

	Global Real Estate Securities   Division						LifePoints Moderate Strategy Division
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Operations:
Net investment income (loss)	$	8,410		$	6,972		$	56		$	279
Net realized gains (losses)		(2,162	)		(4,643	)		104			159
Net change in unrealized appreciation/(depreciation)		27,356			(12,985	)		671			(778	)
Net increase (decrease) in net assets resulting from operations		33,604			(10,656	)		831			(340	)
Policy Transactions:
Policy owners’ net payments		5,368			7,050			353			(313	)
Policy loans, surrenders and death benefits		(10,384	)		(8,018	)		(298	)		(393	)
Mortality and other (net)		(3,234	)		(3,170	)		(189	)		(157	)
Transfers from other divisions or sponsor		23,645			21,601			1,039			2,196
Transfers to other divisions or sponsor		(23,405	)		(24,752	)		(951	)		(1,239	)
Net increase (decrease) in net assets resulting from contract transactions		(8,010	)		(7,289	)		(46	)		94
Net increase (decrease) in net assets		25,594			(17,945	)		785			(246	)
Net Assets:
Beginning of period		161,150			179,095			6,714			6,960
End of period	$	186,744		$	161,150		$	7,499		$	6,714
Units issued during the period		3,334			3,343			967			1,702
Units redeemed during the period		(4,707	)		(4,677	)		(959	)		(2,321	)
Net units issued (redeemed) during period		(1,373	)		(1,334	)		8			(619	)

The Accompanying Notes are an Integral Part of these Financial Statements. 20

Statements of Changes in Net Assets

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT

(in thousands)

	LifePoints Balanced Strategy Division						LifePoints Growth Strategy     Division
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Operations:
Net investment income (loss)	$	246		$	1,044		$	53		$	1,053
Net realized gains (losses)		(136	)		408			985			1,027
Net change in unrealized appreciation/(depreciation)		3,026			(3,007	)		2,553			(4,085	)
Net increase (decrease) in net assets resulting from operations		3,136			(1,555	)		3,591			(2,005	)
Policy Transactions:
Policy owners’ net payments		546			764			673			830
Policy loans, surrenders and death benefits		(552	)		(1,976	)		(1,800	)		(451	)
Mortality and other (net)		(467	)		(460	)		(431	)		(432	)
Transfers from other divisions or sponsor		2,987			1,488			1,325			2,538
Transfers to other divisions or sponsor		(1,494	)		(1,423	)		(1,032	)		(1,608	)
Net increase (decrease) in net assets resulting from contract transactions		1,020			(1,607	)		(1,265	)		877
Net increase (decrease) in net assets		4,156			(3,162	)		2,326			(1,128	)
Net Assets:
Beginning of period		19,333			22,495			21,011			22,139
End of period	$	23,489		$	19,333		$	23,337		$	21,011
Units issued during the period		2,394			1,597			1,464			1,737
Units redeemed during the period		(2,328	)		(2,163	)		(2,225	)		(1,825	)
Net units issued (redeemed) during period		66			(566	)		(761	)		(88	)

	LifePoints Equity Growth Strategy Division						Credit Suisse Trust Commodity Return Strategy Division
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Operations:
Net investment income (loss)	$	(24	)	$	587		$	101		$	456
Net realized gains (losses)		633			793			(1,972	)		(1,287	)
Net change in unrealized appreciation/(depreciation)		1,536			(2,664	)		3,120			(1,879	)
Net increase (decrease) in net assets resulting from operations		2,145			(1,284	)		1,249			(2,710	)
Policy Transactions:
Policy owners’ net payments		363			404			1,085			836
Policy loans, surrenders and death benefits		(471	)		(358	)		(767	)		(840	)
Mortality and other (net)		(198	)		(225	)		(336	)		(390	)
Transfers from other divisions or sponsor		336			739			6,889			8,169
Transfers to other divisions or sponsor		(1,486	)		(1,009	)		(6,765	)		(6,151	)
Net increase (decrease) in net assets resulting from contract transactions		(1,456	)		(449	)		106			1,624
Net increase (decrease) in net assets		689			(1,733	)		1,355			(1,086	)
Net Assets:
Beginning of period		11,597			13,330			20,036			21,122
End of period	$	12,286		$	11,597		$	21,391		$	20,036
Units issued during the period		691			852			1,765			1,929
Units redeemed during the period		(1,640	)		(1,026	)		(1,765	)		(1,608	)
Net units issued (redeemed) during period		(949	)		(174	)		-			321

The Accompanying Notes are an Integral Part of these Financial Statements. 21

Notes to Financial Statements

1. Organization

Northwestern Mutual Variable Life Account (“the Account”) is registered as a unit investment trust under the Investment Company Act of 1940 and is a segregated asset account of The Northwestern Mutual Life Insurance Company (“Northwestern Mutual” or “sponsor”) used to fund variable life insurance policies (“the Policies”).

All assets of each Division of the Account are invested in shares of the corresponding Portfolio of Northwestern Mutual Series Fund, Inc., Fidelity Variable Insurance Products Fund, Neuberger Berman Advisers Management Trust, Russell Investment Funds and Credit Suisse Trust (collectively known as “the Funds”). The Funds are open-end investment companies registered under the Investment Company Act of 1940. The financial statements for the Funds should be read in conjunction with the financial statements of the Divisions. Each Division of the account indirectly bears exposure to the market, credit and liquidity risks of the Funds in which it invests.

New sales of the Policies which invest in the Account were discontinued for Variable CompLife, Variable Executive Life, and Variable Joint Life policies in 2008; Variable Life was discontinued in 1995. However, premium payments made by policyowners existing at that date will continue to be recorded by the Account.

2. Significant Accounting Policies

A. Use of Estimates – The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets for use in estimates. Actual results could differ from those estimates.

B. Investment Valuation – The shares are valued at the Funds’ offering and redemption prices per share. As of December 31, 2019, all of the Account’s investments are identified as Level 1 securities for valuation purposes under the Fair Value Measurement Topic of the FASB Accounting Standards Codification. Level 1 fair value is determined by unadjusted quoted prices in active markets for identical securities or derivatives. Level 2 fair value is determined by other significant observable inputs (including quoted prices for similar securities). Level 3 fair value is determined by significant unobservable inputs (including the Account’s own assumptions in determining fair value). There were no transfers between levels during the year. All changes in fair value are recorded as change in unrealized appreciation/(depreciation) of investments during the period in the statements of operations of the applicable Division.

C. Investment Income, Securities Transactions and Policy Dividends – Transactions in the Funds’ shares are accounted for on the trade date. The basis for determining cost on sale of the Funds’ shares is identified cost. Dividend income and distributions of net realized gains from the Funds are recorded on the ex–date of the dividends. Dividends and distributions received are reinvested in additional shares of the respective portfolios of the Funds. The Policies are eligible to receive policy dividends from Northwestern Mutual. Any policy dividends reinvested in the Account are reflected in Policyowners’ net payments in the accompanying financial statements.

D. Due to Participants – Upon notification of death of the policyowner, a liability is recorded and is included in Due to Participants in the accompanying financial statements. This liability is identified as Level 1 for valuation purposes under the Fair Value Measurement Topic of the FASB Accounting Standards Codification.

E. Taxes – Northwestern Mutual is taxed as a “life insurance company” under the Internal Revenue Code. The Policies, which are funded in the Account, are taxed as part of the operations of Northwestern Mutual. The Policies provide that a charge for taxes may be made against the assets of the Account. Currently, for Variable Life policies issued before October 11, 1995, Northwestern Mutual charges the Account at an annual rate of 0.05% of the Account’s net assets and reserves the right to increase, decrease or eliminate the charge for taxes in the future. Currently, for Variable CompLife policies issued on or after October 11, 1995, Variable Executive Life policies issued on or after March 2, 1998, and Variable Joint Life policies issued on or after December 10, 1998, there is no charge being made against the assets of the Account for federal income taxes, but Northwestern Mutual reserves the right to charge for taxes in the future.

F. Premium Payments – For Variable Life and Variable CompLife policies, the Account is credited for the policyowners’ net annual premiums at the respective policy anniversary dates regardless of when policyowners actually pay their premiums. Northwestern Mutual’s equity represents any unpaid portion of net annual premiums.

3. Purchases and Sales of Investments

Purchases and sales of the Funds’ shares for the year ended December 31, 2019 were as follows (amounts in thousands):

Fund Name	Purchases		Sales
Growth Stock Division	$	75,452	$	47,219
Focused Appreciation Division		25,489		30,145
Large Cap Core Stock Division		29,922		26,151
Large Cap Blend Division		2,939		2,882
Index 500 Stock Division		121,972		117,375
Large Company Value Division		3,806		3,271
Domestic Equity Division		22,933		22,846
Equity Income Division		17,708		19,050
Mid Cap Growth Stock Division		42,217		45,762
Index 400 Stock Division		43,464		31,647
Mid Cap Value Division		11,566		9,071
Small Cap Growth Stock Division		56,588		29,416
Index 600 Stock Division		10,762		6,611
Small Cap Value Division		39,311		22,577
International Growth Division		9,966		13,098

22

Notes to Financial Statements

Fund Name	Purchases		Sales
Research International Core Division	$	17,123	$	8,465
International Equity Division		62,785		50,682
Emerging Markets Equity Division		9,853		8,640
Government Money Market Division		60,206		62,652
Short-Term Bond Division		20,882		16,049
Select Bond Division		35,049		25,471
Long-Term U.S. Government Bond Division		5,003		2,819
Inflation Protection Bond Division		2,711		2,302
High Yield Bond Division		13,652		10,459
Multi-Sector Bond Division		14,849		5,102
Balanced Division		52,118		31,617
Asset Allocation Division		8,972		5,573
Fidelity VIP Mid Cap Division		28,442		21,346
Fidelity VIP Contrafund Division		10,462		6,958
AMT Sustainable Equity Division		891		1,327
U.S. Strategic Equity Division		21,182		22,126
U.S. Small Cap Equity Division		6,485		11,559
International Developed Markets Division		11,117		14,902
Strategic Bond Division		14,462		11,769
Global Real Estate Securities Division		19,434		19,032
LifePoints Moderate Strategy Division		1,538		1,351
LifePoints Balanced Strategy Division		5,288		3,631
LifePoints Growth Strategy Division		3,356		3,372
LifePoints Equity Growth Strategy Division		1,851		2,591
Credit Suisse Trust Commodity Return Strategy Division		3,362		3,154

4. Expenses and Related Party Transactions

A deduction for mortality and expense risks is paid to Northwestern Mutual. Mortality risk is the risk that insureds may not live as long as estimated. Expense risk is the risk that expenses of issuing and administering the Policies may exceed the estimated costs.

For Variable Life and Variable CompLife policies, the deduction is determined daily at an annual rate of 0.50% and 0.45%, respectively, of the net assets of the Account. These charges are reflected as a reduction in invested assets and are included in Mortality and expense risk charges on the statements of operations.

A deduction for the mortality and expense risks for Variable Executive Life policies is determined monthly at an annual rate of 0.48% of the amount invested in the Account for the Policy for the first ten Policy years, and 0.05% thereafter for policies with the Cash Value Amendment, or 0.03% thereafter for the policies without the Cash Value Amendment.

A deduction for the mortality and expense risks for Variable Joint Life policies is determined monthly at an annual rate of 0.00% of the amount invested in the Account. Additional Variable Joint Life mortality and expense risks deductions are determined annually and are paid to Northwestern Mutual for the first ten Policy years based on the age of the insured individuals at the time the policy was issued.

Additional mortality costs are deducted from the Policies annually for Variable Life and Variable CompLife policies, and monthly for Variable Executive Life and Variable Joint Life policies and are paid to Northwestern Mutual to cover the cost of providing insurance protection. For Variable Life and Variable CompLife policies, this cost is actuarially calculated based upon the insured’s age, the 1980 Commissioners Standard Ordinary Mortality Table and the amount of insurance provided under the policy. For Variable Executive Life and Variable Joint Life policies, the cost reflects expected mortality costs based upon actual experience.

Certain deductions are also made from the annual, single or other premiums before amounts are allocated to the Account. These deductions are for sales load, administrative expenses, taxes and a risk charge for the guaranteed minimum death benefit among other charges which are detailed in the Prospectus.

Mortality and expense risks deductions for Variable Executive Life and Variable Joint Life policies, as well as the noted additional mortality costs and other deductions for each of the products are reflected as a reduction in units and are included in Mortality and other on the statements of changes in net assets.

23

Notes to Financial Statements

5. Subsequent Events

On or around May 1, 2020, the Company will automatically transfer amounts in the Account’s investment in the following divisions to a share class of the same Fund that does not have a Rule 12b-1 fee.

Division	Current Fund/Class	New Fund/Class
Fidelity VIP Mid Cap Division	Fidelity VIP Mid Cap Portfolio – Service Class 2	Fidelity VIP Mid Cap Portfolio – Initial Class
Fidelity VIP Contrafund Division	Fidelity VIP Contrafund Portfolio – Service Class 2	Fidelity VIP Contrafund Portfolio – Initial Class
Credit Suisse Commodity Return Strategy Division	Credit Suisse Commodity Return Strategy Portfolio – Class 1	Credit Suisse Commodity Return Strategy Portfolio – Class 2

The Funds will continue to be managed by the same investment advisor according to the same investment objectives and policies and for the same investment advisory and other fee structure as before the transaction. However, expenses related to investment in the new share class of the Funds will not reflect a Rule 12b-1 fee.

Subsequent to December 31, 2019 a pandemic related to COVID-19 was declared which has adversely affected the financial markets and the economy and may continue to do so for an extended period of time. The extent of the impact is uncertain and cannot be predicted at this time. Management will continue to monitor developments which may have a negative impact on the Account’s assets.

24

Notes to Financial Statements

6. Financial Highlights

	As of the respective period end date:									For the respective period ended:
	Units Outstanding (000’s)		Unit Value, Lowest to Highest					Net Assets (000’s)		Dividend Income as a % of Average Net Assets			Expense Ratio, Lowest to Highest (1)			Total Return Lowest to Highest (1)
Growth Stock Division
2019		70,191	$	6.844781	to	$	96.585761	$	545,267		0.66	%		0.00% to 0.55	%		28.98	%	to	29.68	%
2018		73,927		5.301752	to		74.477290		444,435		0.70			0.00 to 0.55			0.70		to	1.26
2017		75,993		5.259578	to		73.551913		455,218		0.86			0.00 to 0.55			23.59		to	24.27
2016		78,732		4.251519	to		59.189518		381,579		0.87			0.00 to 0.55			1.91		to	2.47
2015		82,582		4.167790	to		57.763945		392,702		0.74			0.00 to 0.55			5.43		to	6.01
Focused Appreciation Division
2019		29,318	$	6.365138	to	$	68.873586	$	219,819		0.64	%		0.00% to 0.55	%		31.25	%	to	31.97	%
2018		31,537		4.844807	to		52.188290		181,353		0.49			0.00 to 0.55			(2.87	)	to	(2.34	)
2017		32,539		4.983314	to		53.438372		191,961		0.72			0.00 to 0.55			32.89		to	33.62
2016		33,700		3.746116	to		39.992151		146,387		0.24			0.00 to 0.55			5.30		to	5.87
2015		34,234		3.554167	to		37.773111		138,660		0.00			0.00 to 0.55			13.02		to	13.64
Large Cap Core Stock Division
2019		58,418	$	4.680129	to	$	65.424142	$	319,366		1.20	%		0.00% to 0.55	%		30.47	%	to	31.19	%
2018		61,022		3.583452	to		49.869208		255,743		1.51			0.00 to 0.55			(6.55	)	to	(6.04	)
2017		63,131		3.831001	to		53.073917		282,834		1.76			0.00 to 0.55			24.19		to	24.87
2016		64,732		3.081784	to		42.503832		234,433		2.16			0.00 to 0.55			6.98		to	7.57
2015		71,653		2.759081	to		37.544148		233,882		1.15			0.00 to 0.55			27.88		to	28.58
Large Cap Blend Division
2019		4,966	$	2.430590	to	$	21.249241	$	13,260		1.12	%		0.00% to 0.55	%		23.29	%	to	23.97	%
2018		5,369		1.969452	to		17.140701		11,780		0.78			0.00 to 0.55			(4.53	)	to	(4.00	)
2017		5,549		2.060897	to		17.855817		12,473		0.92			0.00 to 0.55			18.38		to	19.02
2016		5,069		1.739254	to		15.001832		9,582		1.06			0.00 to 0.55			13.36		to	13.99
2015		5,414		1.532727	to		13.161232		8,934		0.93			0.00 to 0.55			(2.95	)	to	(2.42	)
Index 500 Stock Division
2019		181,559	$	7.598098	to	$	178.109105	$	1,676,771		1.61	%		0.00% to 0.55	%		30.46	%	to	31.18	%
2018		186,899		5.818234	to		135.776139		1,326,361		1.60			0.00 to 0.55			(5.10	)	to	(4.58	)
2017		191,990		6.124794	to		142.286114		1,445,616		1.76			0.00 to 0.55			20.85		to	21.52
2016		196,058		5.062909	to		117.092375		1,222,210		1.85			0.00 to 0.55			11.12		to	11.73
2015		198,438		4.551560	to		104.794845		1,113,211		1.70			0.00 to 0.55			0.62		to	1.17
Large Company Value Division
2019		5,997	$	2.334690	to	$	20.083819	$	15,613		2.21	%		0.00% to 0.55	%		26.96	%	to	27.66	%
2018		6,176		1.837071	to		15.732361		12,933		1.78			0.00 to 0.55			(8.43	)	to	(7.92	)
2017		6,091		2.004205	to		17.086312		13,497		2.00			0.00 to 0.55			10.49		to	11.10
2016		6,290		1.812084	to		15.379433		12,809		1.71			0.00 to 0.55			14.73		to	15.36
2015		5,877		1.577867	to		13.331635		10,525		1.62			0.00 to 0.55			(4.37	)	to	(3.85	)
Domestic Equity Division
2019		60,393	$	3.219819	to	$	35.207252	$	223,783		1.83	%		0.00% to 0.55	%		20.11	%	to	20.77	%
2018		63,912		2.678096	to		29.152607		197,690		1.74			0.00 to 0.55			(3.34	)	to	(2.81	)
2017		67,362		2.768059	to		29.996128		217,712		1.62			0.00 to 0.55			13.16		to	13.78
2016		71,274		2.443831	to		26.364364		203,723		1.86			0.00 to 0.55			14.35		to	14.98
2015		73,953		2.135000	to		22.929503		183,664		1.82			0.00 to 0.55			(0.64	)	to	(0.09	)
Equity Income Division
2019		31,552	$	3.739921	to	$	40.467475	$	137,255		2.29	%		0.00% to 0.55	%		25.92	%	to	26.61	%
2018		34,607		2.967059	to		31.961107		119,195		2.01			0.00 to 0.55			(9.84	)	to	(9.35	)
2017		35,456		3.287847	to		35.257091		135,832		2.20			0.00 to 0.55			15.61		to	16.24
2016		37,103		2.841098	to		30.330455		122,350		2.03			0.00 to 0.55			18.52		to	19.17
2015		38,972		2.394831	to		25.451821		109,208		1.69			0.00 to 0.55			(7.25	)	to	(6.74	)

⁽¹⁾ Total return includes deductions for management and other expenses; it excludes deductions for sales loads and other charges, which are a reduction in units. The expense ratios further reflect only those expenses which impact total return. For additional information regarding all expenses assessed, refer to the accompanying notes.

25

Notes to Financial Statements

6. Financial Highlights

	As of the respective period end date:									For the respective period ended:
	Units Outstanding (000’s)		Unit Value, Lowest to Highest					Net Assets (000’s)		Dividend Income as a % of Average Net Assets			Expense Ratio, Lowest to Highest (1)			Total Return Lowest to Highest (1)
Mid Cap Growth Stock Division
2019		87,172	$	5.429275	to	$	154.540637	$	562,896		0.18	%		0.00% to 0.55	%		32.29	%	to	33.01	%
2018		91,231		4.100122	to		116.184426		445,659		0.13			0.00 to 0.55			(7.89	)	to	(7.38	)
2017		94,455		4.446849	to		125.441587		501,695		0.25			0.00 to 0.55			19.63		to	20.29
2016		97,909		3.713373	to		104.283373		434,672		0.19			0.00 to 0.55			0.28		to	0.83
2015		101,666		3.699378	to		103.425002		450,936		0.04			0.00 to 0.55			0.16		to	0.71
Index 400 Stock Division
2019		58,779	$	5.677085	to	$	66.313755	$	372,368		1.21	%		0.00% to 0.55	%		25.20	%	to	25.88	%
2018		60,974		4.530052	to		52.678316		309,099		1.11			0.00 to 0.55			(11.82	)	to	(11.33	)
2017		62,321		5.132177	to		59.411237		358,143		1.07			0.00 to 0.55			15.33		to	15.96
2016		64,605		4.445732	to		51.235085		321,909		1.15			0.00 to 0.55			19.72		to	20.38
2015		66,515		3.709654	to		42.560713		275,417		1.08			0.00 to 0.55			(2.92	)	to	(2.38	)
Mid Cap Value Division
2019		14,896	$	4.554015	to	$	49.276848	$	76,441		1.61	%		0.00% to 0.55	%		28.50	%	to	29.21	%
2018		15,826		3.540449	to		38.138006		63,562		1.60			0.00 to 0.55			(13.33	)	to	(12.85	)
2017		16,920		4.080949	to		43.762109		78,440		1.44			0.00 to 0.55			11.20		to	11.81
2016		17,981		3.666285	to		39.139970		74,486		1.68			0.00 to 0.55			22.56		to	23.23
2015		17,077		2.988550	to		31.761925		57,463		1.64			0.00 to 0.55			(1.87	)	to	(1.33	)
Small Cap Growth Stock Division
2019		51,995	$	5.829238	to	$	78.030714	$	330,603		0.10	%		0.00% to 0.55	%		34.95	%	to	35.69	%
2018		54,724		4.315234	to		57.505467		257,677		0.00			0.00 to 0.55			(12.19	)	to	(11.71	)
2017		56,874		4.909491	to		65.129570		305,351		0.11			0.00 to 0.55			20.94		to	21.61
2016		59,134		4.055279	to		53.557262		262,833		0.23			0.00 to 0.55			11.64		to	12.25
2015		61,830		3.628992	to		47.712811		246,246		0.11			0.00 to 0.55			(0.23	)	to	0.32
Index 600 Stock Division
2019		18,011	$	2.411252	to	$	27.399696	$	50,277		0.25	%		0.00% to 0.55	%		21.77	%	to	22.44	%
2018		17,485		1.978237	to		22.378619		40,272		1.41			0.00 to 0.55			(9.28	)	to	(8.78	)
2017		15,104		2.178475	to		24.532713		38,659		1.86			0.00 to 0.55			12.31		to	12.93
2016		13,434		1.937744	to		21.724279		30,548		0.58			0.00 to 0.55			25.43		to	26.12
2015		11,625		1.543293	to		17.224563		20,831		0.00			0.00 to 0.55			(2.88	)	to	(2.35	)
Small Cap Value Division
2019		38,061	$	4.791826	to	$	52.395678	$	204,813		0.47	%		0.00% to 0.55	%		25.20	%	to	25.89	%
2018		40,431		3.823467	to		41.620093		175,135		0.53			0.00 to 0.55			(13.21	)	to	(12.73	)
2017		42,358		4.400993	to		47.690780		211,637		0.77			0.00 to 0.55			11.04		to	11.65
2016		44,467		3.959369	to		42.713658		199,932		0.93			0.00 to 0.55			31.67		to	32.39
2015		45,429		3.004079	to		32.262868		156,881		0.68			0.00 to 0.55			(5.97	)	to	(5.45	)
International Growth Division
2019		41,418	$	2.645647	to	$	28.928599	$	122,981		1.25	%		0.00% to 0.55	%		34.07	%	to	34.80	%
2018		43,088		1.971431	to		21.459907		95,359		1.40			0.00 to 0.55			(11.76	)	to	(11.28	)
2017		43,701		2.232113	to		24.188049		110,000		1.30			0.00 to 0.55			29.32		to	30.03
2016		43,639		1.832844	to		19.596007		90,803		1.30			0.00 to 0.55			(5.04	)	to	(4.52	)
2015		44,659		1.928280	to		20.524033		98,031		1.40			0.00 to 0.55			19.15		to	19.81
Research International Core Division
2019		32,749	$	1.454984	to	$	14.176293	$	53,645		1.66	%		0.00% to 0.55	%		27.55	%	to	28.25	%
2018		27,318		1.139564	to		11.053328		36,026		1.66			0.00 to 0.55			(14.14	)	to	(13.66	)
2017		25,545		1.325886	to		12.802534		39,047		1.68			0.00 to 0.55			27.51		to	28.21
2016		21,617		1.038788	to		9.985604		26,555		1.77			0.00 to 0.55			(1.66	)	to	(1.12	)
2015		20,383		1.055308	to		10.098885		24,504		2.05			0.00 to 0.55			(1.65	)	to	(1.11	)

⁽¹⁾ Total return includes deductions for management and other expenses; it excludes deductions for sales loads and other charges, which are a reduction in units. The expense ratios further reflect only those expenses which impact total return. For additional information regarding all expenses assessed, refer to the accompanying notes.

26

Notes to Financial Statements

6. Financial Highlights

	As of the respective period end date:									For the respective period ended:
	Units Outstanding (000’s)		Unit Value, Lowest to Highest					Net Assets (000’s)		Dividend Income as a % of Average Net Assets			Expense Ratio, Lowest to Highest (1)			Total Return Lowest to Highest (1)
International Equity Division
2019		123,522	$	3.700743	to	$	5.804990	$	526,380		2.49	%		0.00% to 0.55	%		11.98	%	to	12.60	%
2018		128,969		3.301503	to		5.155553		489,960		2.50			0.00 to 0.55			(15.87	)	to	(15.41	)
2017		132,108		3.920448	to		6.094491		598,133		2.35			0.00 to 0.55			21.63		to	22.30
2016		134,698		3.220087	to		4.983406		502,291		2.14			0.00 to 0.55			2.33		to	2.89
2015		137,889		3.143590	to		4.843231		502,646		2.95			0.00 to 0.55			(2.75	)	to	(2.21	)
Emerging Markets Equity Division
2019		57,970	$	1.056655	to	$	12.866468	$	69,251		1.11	%		0.00% to 0.55	%		19.94	%	to	20.60	%
2018		56,859		0.880106	to		10.668771		56,824		1.31			0.00 to 0.55			(14.23	)	to	(13.75	)
2017		53,406		1.025080	to		12.370178		62,871		0.92			0.00 to 0.55			27.14		to	27.84
2016		42,450		0.805449	to		9.676365		39,231		0.72			0.00 to 0.55			8.47		to	9.06
2015		39,847		0.741823	to		8.872116		34,756		0.88			0.00 to 0.55			(12.72	)	to	(12.24	)
Government Money Market Division
2019		79,304	$	1.568812	to	$	43.345856	$	152,147		1.92	%		0.00% to 0.55	%		1.38	%	to	1.94	%
2018		78,642		1.545924	to		42.522150		154,530		1.53			0.00 to 0.55			0.97		to	1.53
2017		77,104		1.529296	to		41.875417		147,850		0.59			0.00 to 0.55			0.05		to	0.60
2016		83,720		1.527011	to		41.625993		164,799		0.12			0.00 to 0.55			(0.42	)	to	0.13
2015		79,683		1.531914	to		41.572750		171,148		0.01			0.00 to 0.55			(0.54	)	to	0.01
Short-Term Bond Division
2019		22,993	$	1.084100	to	$	13.380170	$	30,340		2.05	%		0.00% to 0.55	%		3.81	%	to	4.38	%
2018		16,642		1.043226	to		12.818134		24,893		1.54			0.00 to 0.55			0.81		to	1.36
2017		16,212		1.033965	to		12.646732		22,489		1.28			0.00 to 0.55			0.78		to	1.33
2016		16,506		1.025038	to		12.481062		20,405		1.19			0.00 to 0.55			1.12		to	1.67
2015		12,538		1.012734	to		12.275717		15,742		0.71			0.00 to 0.55			0.17	(2)	to	0.72
Select Bond Division
2019		70,958	$	3.038977	to	$	245.997917	$	266,601		2.77	%		0.00% to 0.55	%		8.06	%	to	8.65	%
2018		70,449		2.809628	to		226.413644		243,011		2.25			0.00 to 0.55			(0.76	)	to	(0.21	)
2017		70,939		2.828365	to		226.897252		251,754		2.07			0.00 to 0.55			3.02		to	3.58
2016		70,949		2.742774	to		219.047810		249,118		1.94			0.00 to 0.55			2.49		to	3.06
2015		70,587		2.673382	to		212.549665		243,197		1.50			0.00 to 0.55			(0.02	)	to	0.53
Long-Term U.S. Government Bond Division
2019		7,922	$	1.603184	to	$	22.930587	$	13,950		2.20	%		0.00% to 0.55	%		12.55	%	to	13.17	%
2018		6,965		1.423026	to		20.262648		10,667		2.02			0.00 to 0.55			(2.58	)	to	(2.04	)
2017		6,284		1.459300	to		20.685508		9,880		1.86			0.00 to 0.55			7.69		to	8.28
2016		6,543		1.353810	to		19.104481		9,594		1.87			0.00 to 0.55			0.54		to	1.09
2015		5,671		1.345254	to		18.898765		8,101		2.11			0.00 to 0.55			(2.01	)	to	(1.47	)
Inflation Protection Division
2019		8,193	$	1.172363	to	$	15.648347	$	11,881		2.63	%		0.00% to 0.55	%		8.42	%	to	9.02	%
2018		8,142		1.080225	to		14.354000		10,811		2.09			0.00 to 0.55			(3.14	)	to	(2.61	)
2017		7,799		1.114216	to		14.738894		10,493		0.69			0.00 to 0.55			3.01		to	3.58
2016		6,910		1.080563	to		14.229840		8,987		1.23			0.00 to 0.55			4.11		to	4.68
2015		6,372		1.036853	to		13.593038		7,975		2.34			0.00 to 0.55			(2.74	)	to	(2.20	)
High Yield Bond Division
2019		23,653	$	4.407984	to	$	59.428074	$	120,105		5.49	%		0.00% to 0.55%			14.34	%	to	14.97	%
2018		24,213		3.851321	to		51.690668		107,388		5.42			0.00 to 0.55			(3.24	)	to	(2.71	)
2017		25,336		3.976385	to		53.128855		116,367		5.44			0.00 to 0.55			6.30		to	6.88
2016		25,741		3.737039	to		49.707921		110,842		5.33			0.00 to 0.55			13.97		to	14.60
2015		26,563		3.275752	to		43.377037		100,914		4.53			0.00 to 0.55			(1.90	)	to	(1.36	)

⁽¹⁾ Total return includes deductions for management and other expenses; it excludes deductions for sales loads and other charges, which are a reduction in units. The expense ratios further reflect only those expenses which impact total return. For additional information regarding all expenses assessed, refer to the accompanying notes.

⁽²⁾  Ratio is less than 0.005%.

27

Notes to Financial Statements

6. Financial Highlights

	As of the respective period end date:									For the respective period ended:
	Units Outstanding (000’s)		Unit Value, Lowest to Highest					Net Assets (000’s)		Dividend Income as a % of Average Net Assets			Expense Ratio, Lowest to Highest (1)			Total Return Lowest to Highest (1)
Multi-Sector Bond Division
2019		32,487	$	1.515308	to	$	21.138053	$	55,539		4.66	%		0.00% to 0.55	%		13.42	%	to	14.04	%
2018		27,865		1.334721	to		18.535667		41,877		3.12			0.00 to 0.55			(1.84	)	to	(1.30	)
2017		26,759		1.358433	to		18.780164		40,381		3.85			0.00 to 0.55			7.79		to	8.38
2016		23,443		1.258995	to		17.327635		32,977		4.53			0.00 to 0.55			10.48		to	11.09
2015		21,624		1.138400	to		15.597729		27,546		5.58			0.00 to 0.55			(2.76	)	to	(2.22	)
Balanced Division
2019		45,747	$	4.418751	to	$	246.784874	$	400,553		2.30	%		0.00% to 0.55	%		17.28	%	to	17.92	%
2018		45,928		3.764026	to		209.277798		347,349		2.37			0.00 to 0.55			(3.98	)	to	(3.45	)
2017		47,261		3.916267	to		216.761163		375,073		2.19			0.00 to 0.55			11.37		to	11.98
2016		48,762		3.512832	to		193.563662		347,403		2.26			0.00 to 0.55			6.00		to	6.58
2015		53,304		3.310708	to		181.609174		345,035		1.97			0.00 to 0.55			(0.67	)	to	(0.12	)
Asset Allocation Division
2019		17,417	$	2.660780	to	$	29.093477	$	57,278		2.23	%		0.00% to 0.55	%		20.42	%	to	21.08	%
2018		17,585		2.207402	to		24.028105		48,341		1.99			0.00 to 0.55			(5.40	)	to	(4.88	)
2017		18,186		2.331046	to		25.259678		53,600		2.07			0.00 to 0.55			14.25		to	14.87
2016		17,637		2.038314	to		21.988973		44,895		2.37			0.00 to 0.55			7.20		to	7.79
2015		18,489		1.899554	to		20.400265		44,291		1.92			0.00 to 0.55			(0.97	)	to	(0.43	)
Fidelity VIP Mid Cap Division
2019		28,622	$	5.515184	to	$	59.676525	$	180,950		0.67	%		0.00% to 0.55	%		22.50	%	to	23.17	%
2018		30,730		4.497777	to		48.449732		159,036		0.40			0.00 to 0.55			(15.24	)	to	(14.77	)
2017		31,890		5.301232	to		56.847028		195,568		0.49			0.00 to 0.55			19.88		to	20.54
2016		33,080		4.417776	to		47.161926		169,985		0.32			0.00 to 0.55			11.31		to	11.92
2015		34,908		3.964922	to		42.137819		162,700		0.25			0.00 to 0.55			(2.17	)	to	(1.63	)
Fidelity VIP Contrafund Division
2019		18,727	$	2.438969	to	$	27.008170	$	52,730		0.22	%		0.00% to 0.55	%		30.56	%	to	31.27	%
2018		19,649		1.866274	to		20.573795		41,918		0.44			0.00 to 0.55			(7.15	)	to	(6.64	)
2017		19,612		2.008049	to		22.036922		44,858		0.77			0.00 to 0.55			20.92		to	21.59
2016		20,138		1.658952	to		18.124509		38,211		0.62			0.00 to 0.55			7.14		to	7.73
2015		22,441		1.546836	to		16.824006		39,557		0.82			0.00 to 0.55			(0.13	)	to	0.42
AMT Sustainable Equity Division
2019		1,863	$	2.274699	to	$	25.016087	$	5,561		0.41	%		0.00% to 0.55	%		25.20	%	to	25.88	%
2018		2,134		1.815096	to		19.872228		5,073		0.51			0.00 to 0.55			(6.23	)	to	(5.72	)
2017		2,092		1.933853	to		21.076980		5,287		0.51			0.00 to 0.55			17.78		to	18.43
2016		2,390		1.640254	to		17.797220		4,887		0.71			0.00 to 0.55			9.26		to	9.86
2015		2,413		1.499733	to		16.199640		4,514		0.57			0.00 to 0.55			(1.01	)	to	(0.46	)
U.S. Strategic Equity Division
2019		83,411	$	2.520964	to	$	28.741505	$	237,880		1.07	%		0.00% to 0.55	%		29.55	%	to	30.26	%
2018		88,552		1.943977	to		22.064057		195,830		1.15			0.00 to 0.55			(10.14	)	to	(9.64	)
2017		92,817		2.161152	to		24.418364		230,509		1.02			0.00 to 0.55			20.14		to	20.80
2016		99,289		1.797106	to		20.214494		204,986		1.04			0.00 to 0.55			10.03		to	10.64
2015		108,402		1.631656	to		18.271298		203,098		0.82			0.00 to 0.55			0.55		to	1.11
U.S. Small Cap Equity Division
2019		29,197	$	3.197903	to	$	37.394611	$	104,692		0.56	%		0.00% to 0.55	%		22.40	%	to	23.07	%
2018		31,008		2.610168	to		30.385277		91,320		0.47			0.00 to 0.55			(12.45	)	to	(11.97	)
2017		32,697		2.978626	to		34.518205		110,459		0.18			0.00 to 0.55			14.85		to	15.48
2016		34,090		2.590944	to		29.891437		100,382		0.83			0.00 to 0.55			18.01		to	18.66
2015		36,650		2.193357	to		25.191084		91,739		0.67			0.00 to 0.55			(7.69	)	to	(7.19	)

⁽¹⁾ Total return includes deductions for management and other expenses; it excludes deductions for sales loads and other charges, which are a reduction in units. The expense ratios further reflect only those expenses which impact total return. For additional information regarding all expenses assessed, refer to the accompanying notes. Returns are not annualized for periods less than one year.

28

Notes to Financial Statements

6. Financial Highlights

	As of the respective period end date:									For the respective period ended:
	Units Outstanding (000’s)		Unit Value, Lowest to Highest					Net Assets (000’s)		Dividend Income as a % of Average Net Assets			Expense Ratio, Lowest to Highest (1)			Total Return Lowest to Highest (1)
International Developed Markets Division
2019		55,727	$	2.055606	to	$	22.896522	$	131,391		2.62	%		0.00% to 0.55	%		19.07	%	to	19.72	%
2018		58,409		1.724712	to		19.124827		116,077		1.72			0.00 to 0.55			(15.34	)	to	(14.87	)
2017		59,631		2.035246	to		22.466466		141,472		2.65			0.00 to 0.55			24.29		to	24.98
2016		60,682		1.635824	to		17.976751		116,151		3.23			0.00 to 0.55			1.80		to	2.36
2015		62,803		1.605290	to		17.562157		117,670		1.15			0.00 to 0.55			(1.85	)	to	(1.31	)
Strategic Bond Division
2019		27,416	$	2.469076	to	$	26.963899	$	88,249		2.75	%		0.00% to 0.55	%		8.60	%	to	9.19	%
2018		28,147		2.271363	to		24.693685		81,612		2.12			0.00 to 0.55			(1.35	)	to	(0.81	)
2017		29,030		2.300337	to		24.895915		86,180		1.35			0.00 to 0.55			3.30		to	3.86
2016		29,943		2.224732	to		23.970161		86,313		1.59			0.00 to 0.55			2.54		to	3.10
2015		29,943		2.167486	to		23.248775		85,576		2.39			0.00 to 0.55			(0.69	)	to	(0.14	)
Global Real Estate Securities Division
2019		30,637	$	5.422414	to	$	59.135972	$	186,744		5.05	%		0.00% to 0.55	%		20.98	%	to	21.64	%
2018		32,010		4.477782	to		48.615288		161,150		4.49			0.00 to 0.55			(6.24	)	to	(5.73	)
2017		33,345		4.771257	to		51.568102		179,095		3.63			0.00 to 0.55			11.19		to	11.80
2016		34,924		4.286703	to		46.124107		168,647		4.49			0.00 to 0.55			2.46		to	3.02
2015		36,412		4.179747	to		44.771967		172,160		1.64			0.00 to 0.55			(0.30	)	to	0.25
LifePoints Moderate Strategy Division
2019		3,788	$	1.435781	to	$	17.716081	$	7,499		1.21	%		0.00% to 0.55	%		11.93	%	to	12.54	%
2018		3,780		1.281521	to		15.741887		6,714		4.57			0.00 to 0.55			(5.44	)	to	(4.92	)
2017		4,399		1.353996	to		16.557145		6,960		2.27			0.00 to 0.55			9.29		to	9.88
2016		3,497		1.237730	to		15.067752		5,175		3.65			0.00 to 0.55			7.16		to	7.75
2015		2,175		1.153913	to		13.984420		3,256		2.55			0.00 to 0.55			(2.24	)	to	(1.71	)
LifePoints Balanced Strategy Division
2019		10,992	$	1.547882	to	$	17.958473	$	23,489		1.59	%		0.00% to 0.55	%		15.81	%	to	16.45	%
2018		10,926		1.335190	to		15.421524		19,333		5.36			0.00 to 0.55			(7.31	)	to	(6.80	)
2017		11,492		1.439016	to		16.545882		22,495		2.36			0.00 to 0.55			11.39		to	12.00
2016		10,796		1.290626	to		14.773443		18,770		3.30			0.00 to 0.55			8.46		to	9.05
2015		11,511		1.188804	to		13.546956		17,506		2.20			0.00 to 0.55			(2.84	)	to	(2.30	)
LifePoints Growth Strategy Division
2019		10,998	$	1.608669	to	$	17.402048	$	23,337		0.70	%		0.00% to 0.55	%		17.42	%	to	18.06	%
2018		11,759		1.368685	to		14.739598		21,011		4.93			0.00 to 0.55			(8.55	)	to	(8.05	)
2017		11,847		1.495208	to		16.029490		22,139		3.19			0.00 to 0.55			15.02		to	15.65
2016		12,307		1.298639	to		13.860030		19,559		2.92			0.00 to 0.55			9.13		to	9.73
2015		13,267		1.188862	to		12.631574		19,036		1.81			0.00 to 0.55			(3.84	)	to	(3.31	)
LifePoints Equity Growth Strategy Division
2019		5,785	$	1.675624	to	$	16.548015	$	12,286		0.23	%		0.00% to 0.55	%		19.43	%	to	20.09	%
2018		6,734		1.401615	to		13.779890		11,597		4.92			0.00 to 0.55			(9.95	)	to	(9.45	)
2017		6,907		1.554985	to		15.218716		13,330		3.38			0.00 to 0.55			16.91		to	17.55
2016		6,850		1.328754	to		12.946453		10,823		2.95			0.00 to 0.55			10.24		to	10.85
2015		6,000		1.204105	to		11.679451		8,824		1.53			0.00 to 0.55			(4.40	)	to	(3.87	)
Credit Suisse Trust Commodity Return Strategy Division
2019		4,165	$	4.729147	to	$	5.018507	$	21,391		0.88	%		0.00% to 0.55	%		6.11	%	to	6.69	%
2018		4,165		4.432602	to		4.724979		20,036		2.52			0.00 to 0.55			(12.14	)	to	(11.66	)
2017		3,845		5.017461	to		5.372638		21,122		9.04			0.00 to 0.55			0.96		to	1.52
2016		3,494		4.942479	to		5.316102		18,978		0.00			0.00 to 0.55			11.41		to	12.02
2015		3,059		4.412123	to		4.767003		14,882		0.00			0.00 to 0.55			(25.44	)	to	(25.03	)

⁽¹⁾ Total return includes deductions for management and other expenses; it excludes deductions for sales loads and other charges, which are a reduction in units. The expense ratios further reflect only those expenses which impact total return. For additional information regarding all expenses assessed, refer to the accompanying notes. Returns are not annualized for periods less than one year.

29

Annual Report December 31, 2019

Northwestern Mutual Variable Life Account II

Financial Statements

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of The Northwestern Mutual Life Insurance Company and the Policyowners of Northwestern Mutual Variable Life Account II

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the divisions of Northwestern Mutual Variable Life Account II indicated in the table below as of December 31, 2019, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the divisions of Northwestern Mutual Variable Life Account II as of December 31, 2019, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Growth Stock Division (1)	Mid Cap Value Division (1)	Select Bond Division (1)	U.S. Strategic Equity Division (1)
Focused Appreciation Division (1)	Small Cap Growth Stock Division (1)	Long-Term U.S. Government Bond Division (1)	U.S. Small Cap Equity Division (1)
Large Cap Core Stock Division (1)	Index 600 Stock Division (1)	Inflation Protection Division (1)	International Developed Markets Division (1)
Large Cap Blend Division (1)	Small Cap Value Division (1)	High Yield Bond Division (1)	Strategic Bond Division (1)
Index 500 Stock Division (1)	International Growth Division (1)	Multi-Sector Bond Division (1)	Global Real Estate Securities Division (1)
Large Company Value Division (1)	Research International Core Division (1)	Balanced Division (1)	LifePoints Moderate Strategy Division (1)
Domestic Equity Division (1)	International Equity Division (1)	Asset Allocation Division (1)	LifePoints Balanced Strategy Division (1)
Equity Income Division (1)	Emerging Markets Equity Division (1)	Fidelity VIP Mid Cap Division (1)	LifePoints Growth Strategy Division (1)
Mid Cap Growth Stock Division (1)	Government Money Market Division (1)	Fidelity VIP Contrafund Division (1)	LifePoints Equity Growth Strategy Division (1)
Index 400 Stock Division (1)	Short-Term Bond Division (1)	AMT Sustainable Equity Division (1)	Credit Suisse Trust Commodity Return Strategy Division (1)
(1)  Statement of operations for the year ended December 31, 2019 and statement of changes in net assets for the years ended December 31, 2019 and 2018

Basis for Opinions

These financial statements are the responsibility of The Northwestern Mutual Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the divisions of Northwestern Mutual Variable Life Account II based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to each of the divisions of Northwestern Mutual Variable Life Account II in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2019 by correspondence with the custodians and the transfer agents of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Milwaukee, Wisconsin

April 24, 2020

We have served as the auditor of one or more of the divisions of Northwestern Mutual Variable Life Account II since 2007.

2

Northwestern Mutual Variable Life Account II

Table of Contents

Statements of Assets and Liabilities	1
Statements of Operations	9
Statements of Changes on Net Assets	12
Notes to Financial Statements	22

Statements of Assets and Liabilities

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT II

December 31, 2019 (in thousands, except accumulation unit values)

	Growth Stock Division			Focused Appreciation Division			Large Cap Core Stock Division			Large Cap Blend Division		Index 500 Stock Division
Assets:
Investments, at fair value (1)
Northwestern Mutual Series Fund, Inc	$	13,453		$	22,056		$	8,021		$	2,194	$	130,080
Fidelity Variable Insurance Products Fund		-			-			-			-		-
Neuberger Berman Advisers Management Trust		-			-			-			-		-
Russell Investment Funds		-			-			-			-		-
Credit Suisse Trust		-			-			-			-		-
Due from Northwestern Mutual Life Insurance Company		-			-			8			-		3
Total Assets		13,453			22,056			8,029			2,194		130,083
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-			-			-			-		-
Due to Participants		-			-			-			-		-
Total Liabilities		-			-			-			-		-
Total Net Assets	$	13,453		$	22,056		$	8,029		$	2,194	$	130,083
Net Assets:
Custom Variable Universal Life Policies Issued Between January 31, 2007 and December 23, 2019 (2)
Policyowners’ Equity	$	5,814		$	18,834		$	4,595		$	1,976	$	105,774
Executive Variable Universal Life Policies Issued Between January 31, 2007 and December 23, 2019 (3)
Policyowners’ Equity		7,359			1,891			2,609			4		15,577
Survivorship Variable Universal Life Policies Issued Between January 31, 2007 and December 23, 2019 (4)
Policyowners’ Equity		279			1,323			824			214		8,465
Variable Universal Life Plus Policies Issued On or After November 11, 2019 (5)
Policyowners’ Equity		1			8			1			-		267
Total Net Assets	$	13,453		$	22,056		$	8,029		$	2,194	$	130,083
(1)  Investments, at cost	$	12,536		$	17,890		$	8,057		$	2,048	$	108,005
Mutual Fund Shares Held		4,233			6,949			4,954			1,801		22,482
(2)  Accumulation Unit Value	$	96.585761		$	68.873586		$	65.424142		$	21.249241	$	178.109105
Units Outstanding		61			274			69			93		595
(3)  Accumulation Unit Value	$	96.585761		$	68.873586		$	65.424142		$	21.249241	$	178.109105
Units Outstanding		76			27			40			-		87
(4)  Accumulation Unit Value	$	96.585761		$	68.873586		$	65.424142		$	21.249241	$	178.109105
Units Outstanding		3			19			13			10		48
(5)  Accumulation Unit Value	$	96.585761		$	68.873586		$	65.424142		$	21.249241	$	178.109105
Units Outstanding		-	(a)		-	(a)		-	(a)		-		1

^(a) Amount is less than one thousand.

The Accompanying Notes are an Integral Part of these Financial Statements. 1

Statements of Assets and Liabilities

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT II

December 31, 2019 (in thousands, except accumulation unit values)

	Large Company Value Division			Domestic Equity Division		Equity Income Division			Mid Cap Growth Stock Division			Index 400 Stock Division
Assets:
Investments, at fair value (1)
Northwestern Mutual Series Fund, Inc	$	2,467		$	22,120	$	14,244		$	8,563		$	33,255
Fidelity Variable Insurance Products Fund		-			-		-			-			-
Neuberger Berman Advisers Management Trust		-			-		-			-			-
Russell Investment Funds		-			-		-			-			-
Credit Suisse Trust		-			-		-			-			-
Due from Northwestern Mutual Life Insurance Company		-			-		-			-			4
Total Assets		2,467			22,120		14,244			8,563			33,259
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-			-		1			-			-
Due to Participants		-			-		-			-			-
Total Liabilities		-			-		1			-			-
Total Net Assets	$	2,467		$	22,120	$	14,243		$	8,563		$	33,259
Net Assets:
Custom Variable Universal Life Policies Issued Between January 31, 2007 and December 23, 2019 (2)
Policyowners’ Equity	$	1,572		$	17,800	$	11,573		$	4,481		$	29,067
Executive Variable Universal Life Policies Issued Between January 31, 2007 and December 23, 2019 (3)
Policyowners’ Equity		676			3,235		1,898			3,614			2,931
Survivorship Variable Universal Life Policies Issued Between January 31, 2007 and December 23, 2019 (4)
Policyowners’ Equity		218			1,037		765			465			1,205
Variable Universal Life Plus Policies Issued On or After November 11, 2019 (5)
Policyowners’ Equity		1			48		7			3			56
Total Net Assets	$	2,467		$	22,120	$	14,243		$	8,563		$	33,259
(1)  Investments, at cost	$	2,419		$	19,638	$	13,811		$	7,953		$	32,285
Mutual Fund Shares Held		2,388			12,640		8,011			2,501			16,479
(2)  Accumulation Unit Value	$	20.083819		$	35.207252	$	40.467475		$	154.540637		$	66.313755
Units Outstanding		77			506		285			30			438
(3)  Accumulation Unit Value	$	20.083819		$	35.207252	$	40.467475		$	154.540637		$	66.313755
Units Outstanding		34			92		47			23			44
(4)  Accumulation Unit Value	$	20.083819		$	35.207252	$	40.467475		$	154.540637		$	66.313755
Units Outstanding		11			29		19			3			18
(5)  Accumulation Unit Value	$	20.083819		$	35.207252	$	40.467475		$	154.540637		$	66.313755
Units Outstanding		-	(a)		1		-	(a)		-	(a)		1

^(a) Amount is less than one thousand.

The Accompanying Notes are an Integral Part of these Financial Statements. 2

Statements of Assets and Liabilities

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT II

December 31, 2019 (in thousands, except accumulation unit values)

	Mid Cap Value Division		Small Cap Growth Stock Division			Index 600 Stock Division		Small Cap Value Division		International Growth Division
Assets:
Investments, at fair value (1)
Northwestern Mutual Series Fund, Inc	$	13,531	$	13,658		$	16,709	$	9,943	$	26,389
Fidelity Variable Insurance Products Fund		-		-			-		-		-
Neuberger Berman Advisers Management Trust		-		-			-		-		-
Russell Investment Funds		-		-			-		-		-
Credit Suisse Trust		-		-			-		-		-
Due from Northwestern Mutual Life Insurance Company		-		6			-		-		-
Total Assets		13,531		13,664			16,709		9,943		26,389
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		-			-		-		-
Due to Participants		-		-			-		-		-
Total Liabilities		-		-			-		-		-
Total Net Assets	$	13,531	$	13,664		$	16,709	$	9,943	$	26,389
Net Assets:
Custom Variable Universal Life Policies Issued Between January 31, 2007 and December 23, 2019 (2)
Policyowners’ Equity	$	10,615	$	9,308		$	13,549	$	8,793	$	24,298
Executive Variable Universal Life Policies Issued Between January 31, 2007 and December 23, 2019 (3)
Policyowners’ Equity		1,828		3,520			2,759		688		785
Survivorship Variable Universal Life Policies Issued Between January 31, 2007 and December 23, 2019 (4)
Policyowners’ Equity		1,062		815			379		462		1,250
Variable Universal Life Plus Policies Issued On or After November 11, 2019 (5)
Policyowners’ Equity		26		21			22		-		56
Total Net Assets	$	13,531	$	13,664		$	16,709	$	9,943	$	26,389
(1)  Investments, at cost	$	13,651	$	13,257		$	15,968	$	10,389	$	20,825
Mutual Fund Shares Held		8,180		5,014			11,660		4,584		14,264
(2)  Accumulation Unit Value	$	49.276848	$	78.030714		$	27.399696	$	52.395678	$	28.928599
Units Outstanding		214		119			494		168		840
(3)  Accumulation Unit Value	$	49.276848	$	78.030714		$	27.399696	$	52.395678	$	28.928599
Units Outstanding		37		45			101		13		27
(4)  Accumulation Unit Value	$	49.276848	$	78.030714		$	27.399696	$	52.395678	$	28.928599
Units Outstanding		22		10			14		9		43
(5)  Accumulation Unit Value	$	49.276848	$	78.030714		$	27.399696	$	52.395678	$	28.928599
Units Outstanding		1		-	(a)		1		-		2

^(a) Amount is less than one thousand.

The Accompanying Notes are an Integral Part of these Financial Statements. 3

Statements of Assets and Liabilities

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT II

December 31, 2019 (in thousands, except accumulation unit values)

	Research International Core Division		International Equity Division		Emerging Markets Equity Division		Government Money Market Division		Short-Term Bond Division
Assets:
Investments, at fair value (1)
Northwestern Mutual Series Fund, Inc	$	23,291	$	42,617	$	30,378	$	21,089	$	3,594
Fidelity Variable Insurance Products Fund		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		-		-		-		-		-
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		-		-		1		120		-
Total Assets		23,291		42,617		30,379		21,209		3,594
Liabilities:
Due to Northwestern Mutual Life Insurance Company		1		-		-		-		-
Due to Participants		-		-		-		10		-
Total Liabilities		1		-		-		10		-
Total Net Assets	$	23,290	$	42,617	$	30,379	$	21,199	$	3,594
Net Assets:
Custom Variable Universal Life Policies Issued Between January 31, 2007 and December 23, 2019 (2)
Policyowners’ Equity	$	19,851	$	36,627	$	28,124	$	16,048	$	1,852
Executive Variable Universal Life Policies Issued Between January 31, 2007 and December 23, 2019 (3)
Policyowners’ Equity		1,460		4,127		698		4,860		384
Survivorship Variable Universal Life Policies Issued Between January 31, 2007 and December 23, 2019 (4)
Policyowners’ Equity		1,930		1,818		1,499		78		1,353
Variable Universal Life Plus Policies Issued On or After November 11, 2019 (5)
Policyowners’ Equity		49		45		58		213		5
Total Net Assets	$	23,290	$	42,617	$	30,379	$	21,199	$	3,594
(1)  Investments, at cost	$	20,708	$	44,619	$	26,653	$	21,089	$	3,563
Mutual Fund Shares Held		21,526		25,828		27,099		21,089		3,407
(2)  Accumulation Unit Value	$	14.176293	$	5.804990	$	12.866468	$	43.345856	$	13.380170
Units Outstanding		1,400		6,309		2,186		371		139
(3)  Accumulation Unit Value	$	14.176293	$	5.804990	$	12.866468	$	43.345856	$	13.380170
Units Outstanding		103		711		54		112		29
(4)  Accumulation Unit Value	$	14.176293	$	5.804990	$	12.866468	$	43.345856	$	13.380170
Units Outstanding		136		313		117		2		101
(5)  Accumulation Unit Value	$	14.176293	$	5.804990	$	12.866468	$	43.345856	$	13.380170
Units Outstanding		3		8		4		5		-	(a)

^(a) Amount is less than one thousand.

The Accompanying Notes are an Integral Part of these Financial Statements. 4

Statements of Assets and Liabilities

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT II

December 31, 2019 (in thousands, except accumulation unit values)

	Select Bond Division			Long-Term U.S. Government Bond Division			Inflation Protection Division		High Yield Bond Division			Multi-Sector Bond Division
Assets:
Investments, at fair value (1)
Northwestern Mutual Series Fund, Inc	$	31,508		$	672		$	4,928	$	15,205		$	18,341
Fidelity Variable Insurance Products Fund		-			-			-		-			-
Neuberger Berman Advisers Management Trust		-			-			-		-			-
Russell Investment Funds		-			-			-		-			-
Credit Suisse Trust		-			-			-		-			-
Due from Northwestern Mutual Life Insurance Company		-			-			-		3			-
Total Assets		31,508			672			4,928		15,208			18,341
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-			-			-		-			-
Due to Participants		-			-			-		-			-
Total Liabilities		-			-			-		-			-
Total Net Assets	$	31,508		$	672		$	4,928	$	15,208		$	18,341
Net Assets:
Custom Variable Universal Life Policies Issued Between January 31, 2007 and December 23, 2019 (2)
Policyowners’ Equity	$	23,000		$	615		$	3,541	$	12,637		$	16,556
Executive Variable Universal Life Policies Issued Between January 31, 2007 and December 23, 2019 (3)
Policyowners’ Equity		7,650			48			1,224		2,241			1,167
Survivorship Variable Universal Life Policies Issued Between January 31, 2007 and December 23, 2019 (4)
Policyowners’ Equity		817			8			155		316			594
Variable Universal Life Plus Policies Issued On or After November 11, 2019 (5)
Policyowners’ Equity		41			1			8		14			24
Total Net Assets	$	31,508		$	672		$	4,928	$	15,208		$	18,341
(1)  Investments, at cost	$	30,806		$	633		$	4,805	$	14,917		$	17,446
Mutual Fund Shares Held		24,312			600			4,365		20,355			16,088
(2)  Accumulation Unit Value	$	245.997917		$	22.930587		$	15.648347	$	59.428074		$	21.138053
Units Outstanding		94			27			225		213			783
(3)  Accumulation Unit Value	$	245.997917		$	22.930587		$	15.648347	$	59.428074		$	21.138053
Units Outstanding		31			2			78		38			55
(4)  Accumulation Unit Value	$	245.997917		$	22.930587		$	15.648347	$	59.428074		$	21.138053
Units Outstanding		3			-	(a)		10		5			28
(5)  Accumulation Unit Value	$	245.997917		$	22.930587		$	15.648347	$	59.428074		$	21.138053
Units Outstanding		-	(a)		-	(a)		1		-	(a)		1

^(a) Amount is less than one thousand.

The Accompanying Notes are an Integral Part of these Financial Statements. 5

Statements of Assets and Liabilities

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT II

December 31, 2019 (in thousands, except accumulation unit values)

	Balanced Division			Asset Allocation Division		Fidelity VIP Mid Cap Division		Fidelity VIP Contrafund Division		AMT Sustainable Equity Division
Assets:
Investments, at fair value (1)
Northwestern Mutual Series Fund, Inc	$	7,767		$	2,357	$	-	$	-	$	-
Fidelity Variable Insurance Products Fund		-			-		14,289		18,253		-
Neuberger Berman Advisers Management Trust		-			-		-		-		11,086
Russell Investment Funds		-			-		-		-		-
Credit Suisse Trust		-			-		-		-		-
Due from Northwestern Mutual Life Insurance Company		-			4		-		-		-
Total Assets		7,767			2,361		14,289		18,253		11,086
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-			-		-		-		-
Due to Participants		-			-		-		-		-
Total Liabilities		-			-		-		-		-
Total Net Assets	$	7,767		$	2,361	$	14,289	$	18,253	$	11,086
Net Assets:
Custom Variable Universal Life Policies Issued Between January 31, 2007 and December 23, 2019 (2)
Policyowners’ Equity	$	3,567		$	710	$	12,344	$	16,046	$	10,122
Executive Variable Universal Life Policies Issued Between January 31, 2007 and December 23, 2019 (3)
Policyowners’ Equity		4,186			1,438		987		482		332
Survivorship Variable Universal Life Policies Issued Between January 31, 2007 and December 23, 2019 (4)
Policyowners’ Equity		7			213		958		1,682		606
Variable Universal Life Plus Policies Issued On or After November 11, 2019 (5)
Policyowners’ Equity		7			-		-		43		26
Total Net Assets	$	7,767		$	2,361	$	14,289	$	18,253	$	11,086
(1)  Investments, at cost	$	7,522		$	2,332	$	14,501	$	16,808	$	10,088
Mutual Fund Shares Held		5,227			1,937		450		506		412
(2)  Accumulation Unit Value	$	246.784874		$	29.093477	$	59.676525	$	27.008170	$	25.016087
Units Outstanding		14			25		207		593		404
(3)  Accumulation Unit Value	$	246.784874		$	29.093477	$	59.676525	$	27.008170	$	25.016087
Units Outstanding		17			49		17		18		13
(4)  Accumulation Unit Value	$	246.784874		$	29.093477	$	59.676525	$	27.008170	$	25.016087
Units Outstanding		-	(a)		7		16		62		24
(5)  Accumulation Unit Value	$	246.784874		$	29.093477	$	59.676525	$	27.008170	$	25.016087
Units Outstanding		-	(a)		-		-		2		1

^(a) Amount is less than one thousand.

The Accompanying Notes are an Integral Part of these Financial Statements. 6

Statements of Assets and Liabilities

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT II

December 31, 2019 (in thousands, except accumulation unit values)

	U.S. Strategic Equity Division		U.S. Small Cap Equity Division		International Developed Markets Division		Strategic Bond Division		Global Real Estate Securities Division
Assets:
Investments, at fair value (1)
Northwestern Mutual Series Fund, Inc	$	-	$	-	$	-	$	-	$	-
Fidelity Variable Insurance Products Fund		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		4,290		2,771		10,434		9,326		22,970
Credit Suisse Trust		-		-		-		-		-
Due from Northwestern Mutual Life Insurance Company		8		1		1		4		2
Total Assets		4,298		2,772		10,435		9,330		22,972
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		-		-		-		-
Due to Participants		-		-		-		-		-
Total Liabilities		-		-		-		-		-
Total Net Assets	$	4,298	$	2,772	$	10,435	$	9,330	$	22,972
Net Assets:
Custom Variable Universal Life Policies Issued Between January 31, 2007 and December 23, 2019 (2)
Policyowners’ Equity	$	3,710	$	2,154	$	7,202	$	7,068	$	20,302
Executive Variable Universal Life Policies Issued Between January 31, 2007 and December 23, 2019 (3)
Policyowners’ Equity		560		377		3,143		1,864		1,634
Survivorship Variable Universal Life Policies Issued Between January 31, 2007 and December 23, 2019 (4)
Policyowners’ Equity		28		241		90		384		995
Variable Universal Life Plus Policies Issued On or After November 11, 2019 (5)
Policyowners’ Equity		-		-		-		14		41
Total Net Assets	$	4,298	$	2,772	$	10,435	$	9,330	$	22,972
(1)  Investments, at cost	$	4,424	$	2,838	$	10,264	$	9,195	$	22,197
Mutual Fund Shares Held		268		194		890		883		1,492
(2)  Accumulation Unit Value	$	28.741505	$	37.394611	$	22.896522	$	26.963899	$	59.135972
Units Outstanding		128		58		314		262		342
(3)  Accumulation Unit Value	$	28.741505	$	37.394611	$	22.896522	$	26.963899	$	59.135972
Units Outstanding		19		10		137		69		27
(4)  Accumulation Unit Value	$	28.741505	$	37.394611	$	22.896522	$	26.963899	$	59.135972
Units Outstanding		1		6		4		14		17
(5)  Accumulation Unit Value	$	28.741505	$	37.394611	$	22.896522	$	26.963899	$	59.135972
Units Outstanding		-		-		-		1		1

^(a) Amount is less than one thousand.

The Accompanying Notes are an Integral Part of these Financial Statements. 7

Statements of Assets and Liabilities

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT II

December 31, 2019 (in thousands, except accumulation unit values)

	LifePoints Moderate Strategy Division		LifePoints Balanced Strategy Division		LifePoints Growth Strategy Division		LifePoints Equity Growth Strategy Division		Credit Suisse Trust Commodity Return Strategy Division
Assets:
Investments, at fair value (1)
Northwestern Mutual Series Fund, Inc	$	-	$	-	$	-	$	-	$	-
Fidelity Variable Insurance Products Fund		-		-		-		-		-
Neuberger Berman Advisers Management Trust		-		-		-		-		-
Russell Investment Funds		124		1,543		2,622		420		-
Credit Suisse Trust		-		-		-		-		10,747
Due from Northwestern Mutual Life Insurance Company		-		-		-		-		-
Total Assets		124		1,543		2,622		420		10,747
Liabilities:
Due to Northwestern Mutual Life Insurance Company		-		-		-		-		-
Due to Participants		-		-		-		-		-
Total Liabilities		-		-		-		-		-
Total Net Assets	$	124	$	1,543	$	2,622	$	420	$	10,747
Net Assets:
Custom Variable Universal Life Policies Issued Between January 31, 2007 and December 23, 2019 (2)
Policyowners’ Equity	$	73	$	537	$	1,771	$	420	$	9,906
Executive Variable Universal Life Policies Issued Between January 31, 2007 and December 23, 2019 (3)
Policyowners’ Equity		51		1,006		462		-		380
Survivorship Variable Universal Life Policies Issued Between January 31, 2007 and December 23, 2019 (4)
Policyowners’ Equity		-		-		389		-		433
Variable Universal Life Plus Policies Issued On or After November 11, 2019 (5)
Policyowners’ Equity		-		-		-		-		28
Total Net Assets	$	124	$	1,543	$	2,622	$	420	$	10,747
(1)  Investments, at cost	$	122	$	1,485	$	2,627	$	426	$	11,399
Mutual Fund Shares Held		12		158		270		46		2,928
(2)  Accumulation Unit Value	$	17.716081	$	17.958473	$	17.402048	$	16.548015	$	4.729147
Units Outstanding		4		30		102		26		2,094
(3)  Accumulation Unit Value	$	17.716081	$	17.958473	$	17.402048	$	16.548015	$	4.729147
Units Outstanding		3		56		27		-		80
(4)  Accumulation Unit Value	$	17.716081	$	17.958473	$	17.402048	$	16.548015	$	4.729147
Units Outstanding		-		-		22		-		92
(5)  Accumulation Unit Value	$	17.716081	$	17.958473	$	17.402048	$	16.548015	$	4.729147
Units Outstanding		-		-		-		-		6

^(a) Amount is less than one thousand.

The Accompanying Notes are an Integral Part of these Financial Statements. 8

Statements of Operations

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT II

For the Year Ended December 31, 2019 (in thousands)

	Growth Stock Division			Focused   Appreciation   Division		Large Cap Core Stock Division			Large Cap Blend Division			Index 500 Stock Division
Income:
Dividend income	$	82		$	128	$	84		$	23		$	1,720
Net investment income (loss)		82			128		84			23			1,720
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		200			261		(70	)		34			2,611
Realized gain distribution		1,274			1,126		345			193			2,510
Realized gains (losses)		1,474			1,387		275			227			5,121
Change in unrealized appreciation/(depreciation) of investments during the period		1,387			3,643		1,518			187			19,962
Net increase (decrease) in net assets resulting from operations	$	2,943		$	5,158	$	1,877		$	437		$	26,803
	Large Company Value Division			Domestic Equity Division		Equity Income Division			Mid Cap Growth Stock Division			Index 400 Stock Division
Income:
Dividend income	$	45		$	360	$	303		$	14		$	350
Net investment income (loss)		45			360		303			14			350
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		1			179		32			73			129
Realized gain distribution		144			927		808			334			1,860
Realized gains (losses)		145			1,106		840			407			1,989
Change in unrealized appreciation/(depreciation) of investments during the period		251			1,911		1,856			1,384			3,530
Net increase (decrease) in net assets resulting from operations	$	441		$	3,377	$	2,999		$	1,805		$	5,869
	Mid Cap Value Division			Small Cap     Growth Stock     Division		Index 600 Stock Division			Small Cap Value Division			International Growth Division
Income:
Dividend income	$	193		$	11	$	36		$	44		$	281
Net investment income (loss)		193			11		36			44			281
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		(100	)		283		104			(50	)		179
Realized gain distribution		1,070			1,649		996			1,424			73
Realized gains (losses)		970			1,932		1,100			1,374			252
Change in unrealized appreciation/(depreciation) of investments during the period		1,627			1,249		1,481			550			5,723
Net increase (decrease) in net assets resulting from operations	$	2,790		$	3,192	$	2,617		$	1,968		$	6,256

The Accompanying Notes are an Integral Part of these Financial Statements. 9

Statements of Operations

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT II

For the Year Ended December 31, 2019 (in thousands)

	Research International Core Division		International Equity Division			Emerging Markets Equity Division			Government Money Market Division			Short-Term Bond Division
Income:
Dividend income	$	329	$	972		$	294		$	306		$	72
Net investment income (loss)		329		972			294			306			72
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		40		(198	)		33			-			11
Realized gain distribution		528		1,777			-			-			-
Realized gains (losses)		568		1,579			33			-			11
Change in unrealized appreciation/(depreciation) of investments during the period		3,531		1,872			4,174			-			37
Net increase (decrease) in net assets resulting from operations	$	4,428	$	4,423		$	4,501		$	306		$	120
	Select Bond  Division		Long-Term U.S. Government Bond Division			Inflation     Protection     Division			High Yield Bond Division			Multi-Sector Bond Division
Income:
Dividend income	$	843	$	12		$	113		$	782		$	769
Net investment income (loss)		843		12			113			782			769
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		114		65			8			(11	)		41
Realized gain distribution		-		-			-			-			-
Realized gains (losses)		114		65			8			(11	)		41
Change in unrealized appreciation/(depreciation) of investments during the period		1,310		43			229			1,034			1,138
Net increase (decrease) in net assets resulting from operations	$	2,267	$	120		$	350		$	1,805		$	1,948
	Balanced    Division		Asset      Allocation      Division			Fidelity VIP Mid Cap Division			Fidelity VIP  Contrafund  Division			AMT Sustainable Equity Division
Income:
Dividend income	$	166	$	30		$	90		$	34		$	41
Net investment income (loss)		166		30			90			34			41
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		39		12			(146	)		4			79
Realized gain distribution		372		83			1,284			1,501			549
Realized gains (losses)		411		95			1,138			1,505			628
Change in unrealized appreciation/(depreciation) of investments during the period		588		106			1,454			2,316			1,359
Net increase (decrease) in net assets resulting from operations	$	1,165	$	231		$	2,682		$	3,855		$	2,028

The Accompanying Notes are an Integral Part of these Financial Statements. 10

Statements of Operations

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT II

For the Year Ended December 31, 2019 (in thousands)

	U.S. Strategic Equity Division			U.S. Small Cap Equity Division			International Developed Markets Division			Strategic Bond Division
Income:
Dividend income	$	42		$	15		$	256		$	263
Net investment income (loss)		42			15			256			263
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		(88	)		(53	)		(18	)		62
Realized gain distribution		222			41			-			132
Realized gains (losses)		134			(12	)		(18	)		194
Change in unrealized appreciation/(depreciation) of investments during the period		852			510			1,266			311
Net increase (decrease) in net assets resulting from operations	$	1,028		$	513		$	1,504		$	768
	Global Real Estate Securities Division			LifePoints     Moderate Strategy Division			LifePoints Balanced     Strategy Division			LifePoints     Growth Strategy Division
Income:
Dividend income	$	1,090		$	1		$	23		$	18
Net investment income (loss)		1,090			1			23			18
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		41			(1	)		(86	)		(12	)
Realized gain distribution		-			2			29			130
Realized gains (losses)		41			1			(57	)		118
Change in unrealized appreciation/(depreciation) of investments during the period		2,538			11			274			265
Net increase (decrease) in net assets resulting from operations	$	3,669		$	13		$	240		$	401
	LifePoints Equity Growth Strategy Division			Credit Suisse Trust Commodity Return Strategy Division
Income:
Dividend income	$	1		$	80
Net investment income (loss)		1			80
Realized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		(1	)		(333	)
Realized gain distribution		28			-
Realized gains (losses)		27			(333	)
Change in unrealized appreciation/(depreciation) of investments during the period		50			838
Net increase (decrease) in net assets resulting from operations	$	78		$	585

The Accompanying Notes are an Integral Part of these Financial Statements. 11

Statements of Changes in Net Assets

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT II

(in thousands)

	Growth Stock Division						Focused Appreciation Division
	Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,
	2019			2018			2019			2018
Operations:
Net investment income (loss)	$	82		$	72		$	128		$	82
Net realized gains (losses)		1,474			1,264			1,387			731
Net change in unrealized appreciation/(depreciation)		1,387			(1,249	)		3,643			(1,215	)
Net increase (decrease) in net assets resulting from operations		2,943			87			5,158			(402	)
Policy Transactions:
Policy owners’ net payments		1,040			791			2,627			2,358
Policy loans, surrenders and death benefits		(220	)		(344	)		(553	)		(640	)
Mortality and other (net)		(296	)		(265	)		(639	)		(613	)
Transfers from other divisions or sponsor		48,949			49,870			33,005			29,722
Transfers to other divisions or sponsor		(48,391	)		(49,627	)		(33,303	)		(29,635	)
Net increase (decrease) in net assets resulting from contract transactions		1,082			425			1,137			1,192
Net increase (decrease) in net assets		4,025			512			6,295			790
Net Assets:
Beginning of period		9,428			8,916			15,761			14,971
End of period	$	13,453		$	9,428		$	22,056		$	15,761
Units issued during the period		583			648			589			592
Units redeemed during the period		(570	)		(643	)		(571	)		(570	)
Net units issued (redeemed) during period		13			5			18			22

	Large Cap Core Stock Division						Large Cap Blend Division
	Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,
	2019			2018			2019			2018
Operations:
Net investment income (loss)	$	84		$	101		$	23		$	16
Net realized gains (losses)		275			2,040			227			154
Net change in unrealized appreciation/(depreciation)		1,518			(2,542	)		187			(255	)
Net increase (decrease) in net assets resulting from operations		1,877			(401	)		437			(85	)
Policy Transactions:
Policy owners’ net payments		684			658			194			189
Policy loans, surrenders and death benefits		(329	)		(280	)		(57	)		(45	)
Mortality and other (net)		(204	)		(196	)		(66	)		(62	)
Transfers from other divisions or sponsor		15,446			17,082			2,028			2,062
Transfers to other divisions or sponsor		(15,583	)		(16,999	)		(2,282	)		(2,354	)
Net increase (decrease) in net assets resulting from contract transactions		14			265			(183	)		(210	)
Net increase (decrease) in net assets		1,891			(136	)		254			(295	)
Net Assets:
Beginning of period		6,138			6,274			1,940			2,235
End of period	$	8,029		$	6,138		$	2,194		$	1,940
Units issued during the period		280			334			116			127
Units redeemed during the period		(281	)		(330	)		(126	)		(139	)
Net units issued (redeemed) during period		(1	)		4			(10	)		(12	)

The Accompanying Notes are an Integral Part of these Financial Statements. 12

Statements of Changes in Net Assets

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT II

(in thousands)

	Index 500 Stock Division						Large Company Value Division
	Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,
	2019			2018			2019			2018
Operations:
Net investment income (loss)	$	1,720		$	1,216		$	45		$	24
Net realized gains (losses)		5,121			2,815			145			88
Net change in unrealized appreciation/(depreciation)		19,962			(8,101	)		251			(238	)
Net increase (decrease) in net assets resulting from operations		26,803			(4,070	)		441			(126	)
Policy Transactions:
Policy owners’ net payments		25,763			15,249			439			303
Policy loans, surrenders and death benefits		(2,413	)		(1,568	)		(133	)		(43	)
Mortality and other (net)		(4,944	)		(3,071	)		(84	)		(68	)
Transfers from other divisions or sponsor		197,896			174,565			3,122			2,068
Transfers to other divisions or sponsor		(189,319	)		(165,002	)		(2,727	)		(1,820	)
Net increase (decrease) in net assets resulting from contract transactions		26,983			20,173			617			440
Net increase (decrease) in net assets		53,786			16,103			1,058			314
Net Assets:
Beginning of period		76,297			60,194			1,409			1,095
End of period	$	130,083		$	76,297		$	2,467		$	1,409
Units issued during the period		1,455			1,334			194			146
Units redeemed during the period		(1,286	)		(1,195	)		(161	)		(121	)
Net units issued (redeemed) during period		169			139			33			25

	Domestic Equity Division						Equity Income Division
	Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,
	2019			2018			2019			2018
Operations:
Net investment income (loss)	$	360		$	258		$	303		$	249
Net realized gains (losses)		1,106			707			840			1,168
Net change in unrealized appreciation/(depreciation)		1,911			(1,452	)		1,856			(2,587	)
Net increase (decrease) in net assets resulting from operations		3,377			(487	)		2,999			(1,170	)
Policy Transactions:
Policy owners’ net payments		4,073			2,772			1,358			1,497
Policy loans, surrenders and death benefits		(531	)		(576	)		(598	)		(518	)
Mortality and other (net)		(938	)		(685	)		(400	)		(414	)
Transfers from other divisions or sponsor		39,544			37,070			29,631			31,165
Transfers to other divisions or sponsor		(38,135	)		(35,826	)		(29,890	)		(30,453	)
Net increase (decrease) in net assets resulting from contract transactions		4,013			2,755			101			1,277
Net increase (decrease) in net assets		7,390			2,268			3,100			107
Net Assets:
Beginning of period		14,730			12,462			11,143			11,036
End of period	$	22,120		$	14,730		$	14,243		$	11,143
Units issued during the period		1,387			1,316			868			988
Units redeemed during the period		(1,265	)		(1,225	)		(865	)		(954	)
Net units issued (redeemed) during period		122			91			3			34

The Accompanying Notes are an Integral Part of these Financial Statements. 13

Statements of Changes in Net Assets

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT II

(in thousands)

	Mid Cap Growth Stock Division						Index 400 Stock Division
	Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,
	2019			2018			2019			2018
Operations:
Net investment income (loss)	$	14		$	7		$	350		$	233
Net realized gains (losses)		407			903			1,989			1,632
Net change in unrealized appreciation/(depreciation)		1,384			(1,260	)		3,530			(4,450	)
Net increase (decrease) in net assets resulting from operations		1,805			(350	)		5,869			(2,585	)
Policy Transactions:
Policy owners’ net payments		691			556			6,354			3,921
Policy loans, surrenders and death benefits		(188	)		(118	)		(364	)		(1,074	)
Mortality and other (net)		(226	)		(167	)		(1,267	)		(857	)
Transfers from other divisions or sponsor		26,139			17,934			65,435			62,443
Transfers to other divisions or sponsor		(24,034	)		(18,637	)		(62,994	)		(59,317	)
Net increase (decrease) in net assets resulting from contract transactions		2,382			(432	)		7,164			5,116
Net increase (decrease) in net assets		4,187			(782	)		13,033			2,531
Net Assets:
Beginning of period		4,376			5,158			20,226			17,695
End of period	$	8,563		$	4,376		$	33,259		$	20,226
Units issued during the period		192			146			1,212			1,177
Units redeemed during the period		(174	)		(148	)		(1,095	)		(1,090	)
Net units issued (redeemed) during period		18			(2	)		117			87

	Mid Cap Value Division						Small Cap Growth Stock Division
	Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,
	2019			2018			2019			2018
Operations:
Net investment income (loss)	$	193		$	153		$	11		$	-
Net realized gains (losses)		970			941			1,932			1,100
Net change in unrealized appreciation/(depreciation)		1,627			(2,395	)		1,249			(2,288	)
Net increase (decrease) in net assets resulting from operations		2,790			(1,301	)		3,192			(1,188	)
Policy Transactions:
Policy owners’ net payments		2,577			1,927			2,148			1,534
Policy loans, surrenders and death benefits		(676	)		(410	)		(492	)		(397	)
Mortality and other (net)		(624	)		(470	)		(477	)		(394	)
Transfers from other divisions or sponsor		26,422			28,842			31,435			30,281
Transfers to other divisions or sponsor		(26,093	)		(27,882	)		(30,461	)		(29,563	)
Net increase (decrease) in net assets resulting from contract transactions		1,606			2,007			2,153			1,461
Net increase (decrease) in net assets		4,396			706			5,345			273
Net Assets:
Beginning of period		9,135			8,429			8,319			8,046
End of period	$	13,531		$	9,135		$	13,664		$	8,319
Units issued during the period		674			719			487			485
Units redeemed during the period		(640	)		(672	)		(457	)		(465	)
Net units issued (redeemed) during period		34			47			30			20

The Accompanying Notes are an Integral Part of these Financial Statements. 14

Statements of Changes in Net Assets

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT II

(in thousands)

	Index 600 Stock Division						Small Cap Value Division
	Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,
	2019			2018			2019			2018
Operations:
Net investment income (loss)	$	36		$	141		$	44		$	43
Net realized gains (losses)		1,100			616			1,374			741
Net change in unrealized appreciation/(depreciation)		1,481			(1,875	)		550			(1,829	)
Net increase (decrease) in net assets resulting from operations		2,617			(1,118	)		1,968			(1,045	)
Policy Transactions:
Policy owners’ net payments		3,329			1,856			1,264			1,094
Policy loans, surrenders and death benefits		(153	)		(242	)		(300	)		(424	)
Mortality and other (net)		(609	)		(400	)		(310	)		(311	)
Transfers from other divisions or sponsor		32,317			32,992			15,027			14,454
Transfers to other divisions or sponsor		(30,710	)		(31,182	)		(15,021	)		(14,331	)
Net increase (decrease) in net assets resulting from contract transactions		4,174			3,024			660			482
Net increase (decrease) in net assets		6,791			1,906			2,628			(563	)
Net Assets:
Beginning of period		9,918			8,012			7,315			7,878
End of period	$	16,709		$	9,918		$	9,943		$	7,315
Units issued during the period		1,464			1,399			347			336
Units redeemed during the period		(1,297	)		(1,283	)		(333	)		(325	)
Net units issued (redeemed) during period		167			116			14			11

	International Growth Division						Research International Core Division
	Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,
	2019			2018			2019			2018
Operations:
Net investment income (loss)	$	281		$	237		$	329		$	215
Net realized gains (losses)		252			233			568			82
Net change in unrealized appreciation/(depreciation)		5,723			(2,441	)		3,531			(2,228	)
Net increase (decrease) in net assets resulting from operations		6,256			(1,971	)		4,428			(1,931	)
Policy Transactions:
Policy owners’ net payments		4,876			3,452			5,110			2,994
Policy loans, surrenders and death benefits		(520	)		(689	)		(336	)		(405	)
Mortality and other (net)		(1,053	)		(773	)		(1,054	)		(703	)
Transfers from other divisions or sponsor		38,513			32,159			41,142			33,864
Transfers to other divisions or sponsor		(38,091	)		(30,378	)		(39,280	)		(30,772	)
Net increase (decrease) in net assets resulting from contract transactions		3,725			3,771			5,582			4,978
Net increase (decrease) in net assets		9,981			1,800			10,010			3,047
Net Assets:
Beginning of period		16,408			14,608			13,280			10,233
End of period	$	26,389		$	16,408		$	23,290		$	13,280
Units issued during the period		1,764			1,550			3,761			3,053
Units redeemed during the period		(1,617	)		(1,388	)		(3,320	)		(2,651	)
Net units issued (redeemed) during period		147			162			441			402

The Accompanying Notes are an Integral Part of these Financial Statements. 15

Statements of Changes in Net Assets

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT II

(in thousands)

	International Equity Division						Emerging Markets Equity Division
	Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,
	2019			2018			2019			2018
Operations:
Net investment income (loss)	$	972		$	839		$	294		$	245
Net realized gains (losses)		1,579			266			33			65
Net change in unrealized appreciation/(depreciation)		1,872			(6,450	)		4,174			(2,866	)
Net increase (decrease) in net assets resulting from operations		4,423			(5,345	)		4,501			(2,556	)
Policy Transactions:
Policy owners’ net payments		7,233			6,197			6,460			4,378
Policy loans, surrenders and death benefits		(1,255	)		(1,291	)		(387	)		(765	)
Mortality and other (net)		(1,493	)		(1,265	)		(1,320	)		(893	)
Transfers from other divisions or sponsor		76,907			76,709			44,444			32,578
Transfers to other divisions or sponsor		(74,346	)		(74,892	)		(42,467	)		(29,492	)
Net increase (decrease) in net assets resulting from contract transactions		7,046			5,458			6,730			5,806
Net increase (decrease) in net assets		11,469			113			11,231			3,250
Net Assets:
Beginning of period		31,148			31,035			19,148			15,898
End of period	$	42,617		$	31,148		$	30,379		$	19,148
Units issued during the period		15,795			14,408			4,468			3,332
Units redeemed during the period		(14,496	)		(13,458	)		(3,902	)		(2,822	)
Net units issued (redeemed) during period		1,299			950			566			510

	Government Money Market Division						Short-Term Bond Division
	Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,
	2019			2018			2019			2018
Operations:
Net investment income (loss)	$	306		$	200		$	72		$	38
Net realized gains (losses)		-			-			11			(3	)
Net change in unrealized appreciation/(depreciation)		-			-			37			(2	)
Net increase (decrease) in net assets resulting from operations		306			200			120			33
Policy Transactions:
Policy owners’ net payments		43,219			42,716			414			233
Policy loans, surrenders and death benefits		(2,618	)		(693	)		(257	)		(109	)
Mortality and other (net)		(898	)		(812	)		(102	)		(74	)
Transfers from other divisions or sponsor		48,985			70,301			4,846			3,564
Transfers to other divisions or sponsor		(83,745	)		(108,891	)		(3,819	)		(2,674	)
Net increase (decrease) in net assets resulting from contract transactions		4,943			2,621			1,082			940
Net increase (decrease) in net assets		5,249			2,821			1,202			973
Net Assets:
Beginning of period		15,950			13,129			2,392			1,419
End of period	$	21,199		$	15,950		$	3,594		$	2,392
Units issued during the period		2,333			2,936			424			306
Units redeemed during the period		(2,218	)		(2,875	)		(342	)		(231	)
Net units issued (redeemed) during period		115			61			82			75

The Accompanying Notes are an Integral Part of these Financial Statements. 16

Statements of Changes in Net Assets

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT II

(in thousands)

	Select Bond Division						Long-Term U.S. Government Bond Division
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Operations:
Net investment income (loss)	$	843		$	534		$	12		$	17
Net realized gains (losses)		114			(142	)		65			2
Net change in unrealized appreciation/(depreciation)		1,310			(404	)		43			(7	)
Net increase (decrease) in net assets resulting from operations		2,267			(12	)		120			12
Policy Transactions:
Policy owners’ net payments		4,877			3,473			142			74
Policy loans, surrenders and death benefits		(1,219	)		(993	)		(3	)		(154	)
Mortality and other (net)		(1,180	)		(907	)		(27	)		(18	)
Transfers from other divisions or sponsor		97,972			95,211			663			870
Transfers to other divisions or sponsor		(94,886	)		(94,387	)		(901	)		(372	)
Net increase (decrease) in net assets resulting from contract transactions		5,564			2,397			(126	)		400
Net increase (decrease) in net assets		7,831			2,385			(6	)		412
Net Assets:
Beginning of period		23,677			21,292			678			266
End of period	$	31,508		$	23,677		$	672		$	678
Units issued during the period		439			460			39			55
Units redeemed during the period		(415	)		(449	)		(43	)		(35	)
Net units issued (redeemed) during period		24			11			(4	)		20

	Inflation Protection Division						High Yield Bond Division
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Operations:
Net investment income (loss)	$	113		$	71		$	782		$	619
Net realized gains (losses)		8			(6	)		(11	)		(39	)
Net change in unrealized appreciation/(depreciation)		229			(153	)		1,034			(890	)
Net increase (decrease) in net assets resulting from operations		350			(88	)		1,805			(310	)
Policy Transactions:
Policy owners’ net payments		899			605			1,827			1,579
Policy loans, surrenders and death benefits		(84	)		(373	)		(301	)		(650	)
Mortality and other (net)		(209	)		(63	)		(455	)		(375	)
Transfers from other divisions or sponsor		13,072			9,949			30,355			30,072
Transfers to other divisions or sponsor		(12,826	)		(9,235	)		(29,413	)		(30,118	)
Net increase (decrease) in net assets resulting from contract transactions		852			883			2,013			508
Net increase (decrease) in net assets		1,202			795			3,818			198
Net Assets:
Beginning of period		3,726			2,931			11,390			11,192
End of period	$	4,928		$	3,726		$	15,208		$	11,390
Units issued during the period		944			747			599			607
Units redeemed during the period		(889	)		(687	)		(564	)		(597	)
Net units issued (redeemed) during period		55			60			35			10

The Accompanying Notes are an Integral Part of these Financial Statements. 17

Statements of Changes in Net Assets

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT II

(in thousands)

	Multi-Sector Bond Division						Balanced Division
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Operations:
Net investment income (loss)	$	769		$	356		$	166		$	153
Net realized gains (losses)		41			(30	)		411			144
Net change in unrealized appreciation/(depreciation)		1,138			(459	)		588			(511	)
Net increase (decrease) in net assets resulting from operations		1,948			(133	)		1,165			(214	)
Policy Transactions:
Policy owners’ net payments		3,287			2,290			581			580
Policy loans, surrenders and death benefits		(284	)		(479	)		(472	)		(152	)
Mortality and other (net)		(723	)		(481	)		(180	)		(163	)
Transfers from other divisions or sponsor		27,196			19,749			38,750			46,011
Transfers to other divisions or sponsor		(25,605	)		(18,600	)		(38,525	)		(45,503	)
Net increase (decrease) in net assets resulting from contract transactions		3,871			2,479			154			773
Net increase (decrease) in net assets		5,819			2,346			1,319			559
Net Assets:
Beginning of period		12,522			10,176			6,448			5,889
End of period	$	18,341		$	12,522		$	7,767		$	6,448
Units issued during the period		1,623			1,227			172			234
Units redeemed during the period		(1,431	)		(1,093	)		(172	)		(231	)
Net units issued (redeemed) during period		192			134			-			3

	Asset Allocation Division						Fidelity VIP Mid Cap Division
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Operations:
Net investment income (loss)	$	30		$	22		$	90		$	57
Net realized gains (losses)		95			40			1,138			1,212
Net change in unrealized appreciation/(depreciation)		106			(121	)		1,454			(3,345	)
Net increase (decrease) in net assets resulting from operations		231			(59	)		2,682			(2,076	)
Policy Transactions:
Policy owners’ net payments		159			218			1,821			1,518
Policy loans, surrenders and death benefits		(19	)		(45	)		(294	)		(477	)
Mortality and other (net)		(38	)		(34	)		(456	)		(467	)
Transfers from other divisions or sponsor		2,705			1,288			23,620			41,682
Transfers to other divisions or sponsor		(1,688	)		(1,135	)		(25,229	)		(41,719	)
Net increase (decrease) in net assets resulting from contract transactions		1,119			292			(538	)		537
Net increase (decrease) in net assets		1,350			233			2,144			(1,539	)
Net Assets:
Beginning of period		1,011			778			12,145			13,684
End of period	$	2,361		$	1,011		$	14,289		$	12,145
Units issued during the period		113			59			473			750
Units redeemed during the period		(74	)		(48	)		(484	)		(739	)
Net units issued (redeemed) during period		39			11			(11	)		11

The Accompanying Notes are an Integral Part of these Financial Statements. 18

Statements of Changes in Net Assets

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT II

(in thousands)

	Fidelity VIP Contrafund Division						AMT Sustainable Equity Division
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Operations:
Net investment income (loss)	$	34		$	50		$	41		$	33
Net realized gains (losses)		1,505			886			628			465
Net change in unrealized appreciation/(depreciation)		2,316			(1,772	)		1,359			(937	)
Net increase (decrease) in net assets resulting from operations		3,855			(836	)		2,028			(439	)
Policy Transactions:
Policy owners’ net payments		3,882			2,668			2,441			1,833
Policy loans, surrenders and death benefits		(462	)		(341	)		(14	)		(420	)
Mortality and other (net)		(868	)		(619	)		(555	)		(418	)
Transfers from other divisions or sponsor		29,977			21,723			20,827			15,667
Transfers to other divisions or sponsor		(29,182	)		(20,332	)		(20,372	)		(15,183	)
Net increase (decrease) in net assets resulting from contract transactions		3,347			3,099			2,327			1,479
Net increase (decrease) in net assets		7,202			2,263			4,355			1,040
Net Assets:
Beginning of period		11,051			8,788			6,731			5,691
End of period	$	18,253		$	11,051		$	11,086		$	6,731
Units issued during the period		1,432			1,116			1,073			892
Units redeemed during the period		(1,294	)		(977	)		(969	)		(823	)
Net units issued (redeemed) during period		138			139			104			69

	U.S. Strategic Equity Division						U.S. Small Cap Equity Division
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Operations:
Net investment income (loss)	$	42		$	47		$	15		$	12
Net realized gains (losses)		134			785			(12	)		437
Net change in unrealized appreciation/(depreciation)		852			(1,205	)		510			(753	)
Net increase (decrease) in net assets resulting from operations		1,028			(373	)		513			(304	)
Policy Transactions:
Policy owners’ net payments		263			291			195			194
Policy loans, surrenders and death benefits		(75	)		(132	)		(85	)		(46	)
Mortality and other (net)		(92	)		(106	)		(71	)		(79	)
Transfers from other divisions or sponsor		9,015			10,157			6,631			7,305
Transfers to other divisions or sponsor		(9,389	)		(10,165	)		(6,611	)		(7,360	)
Net increase (decrease) in net assets resulting from contract transactions		(278	)		45			59			14
Net increase (decrease) in net assets		750			(328	)		572			(290	)
Net Assets:
Beginning of period		3,548			3,876			2,200			2,490
End of period	$	4,298		$	3,548		$	2,772		$	2,200
Units issued during the period		362			424			198			217
Units redeemed during the period		(374	)		(423	)		(197	)		(216	)
Net units issued (redeemed) during period		(12	)		1			1			1

The Accompanying Notes are an Integral Part of these Financial Statements. 19

Statements of Changes in Net Assets

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT II

(in thousands)

	International Developed Markets Division						Strategic Bond Division
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Operations:
Net investment income (loss)	$	256		$	117		$	263		$	136
Net realized gains (losses)		(18	)		601			194			(33	)
Net change in unrealized appreciation/(depreciation)		1,266			(1,776	)		311			(126	)
Net increase (decrease) in net assets resulting from operations		1,504			(1,058	)		768			(23	)
Policy Transactions:
Policy owners’ net payments		1,369			970			1,430			1,066
Policy loans, surrenders and death benefits		(216	)		(187	)		(201	)		(321	)
Mortality and other (net)		(290	)		(229	)		(388	)		(284	)
Transfers from other divisions or sponsor		22,235			14,228			38,696			19,936
Transfers to other divisions or sponsor		(20,431	)		(13,696	)		(38,057	)		(18,435	)
Net increase (decrease) in net assets resulting from contract transactions		2,667			1,086			1,480			1,962
Net increase (decrease) in net assets		4,171			28			2,248			1,939
Net Assets:
Beginning of period		6,264			6,236			7,082			5,143
End of period	$	10,435		$	6,264		$	9,330		$	7,082
Units issued during the period		1,134			713			1,562			877
Units redeemed during the period		(1,006	)		(663	)		(1,503	)		(796	)
Net units issued (redeemed) during period		128			50			59			81

	Global Real Estate Securities Division						LifePoints Moderate Strategy Division
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Operations:
Net investment income (loss)	$	1,090		$	699		$	1		$	5
Net realized gains (losses)		41			36			1			(1	)
Net change in unrealized appreciation/(depreciation)		2,538			(1,644	)		11			(10	)
Net increase (decrease) in net assets resulting from operations		3,669			(909	)		13			(6	)
Policy Transactions:
Policy owners’ net payments		4,094			2,993			24			25
Policy loans, surrenders and death benefits		(613	)		(600	)		-			(72	)
Mortality and other (net)		(942	)		(710	)		(5	)		(11	)
Transfers from other divisions or sponsor		42,112			34,264			145			130
Transfers to other divisions or sponsor		(41,547	)		(32,878	)		(147	)		(129	)
Net increase (decrease) in net assets resulting from contract transactions		3,104			3,069			17			(57	)
Net increase (decrease) in net assets		6,773			2,160			30			(63	)
Net Assets:
Beginning of period		16,199			14,039			94			157
End of period	$	22,972		$	16,199		$	124		$	94
Units issued during the period		848			759			10			10
Units redeemed during the period		(793	)		(699	)		(9	)		(13	)
Net units issued (redeemed) during period		55			60			1			(3	)

The Accompanying Notes are an Integral Part of these Financial Statements. 20

Statements of Changes in Net Assets

NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT II

(in thousands)

	LifePoints Balanced Strategy Division						LifePoints Growth Strategy     Division
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Operations:
Net investment income (loss)	$	23		$	90		$	18		$	122
Net realized gains (losses)		(57	)		21			118			86
Net change in unrealized appreciation/(depreciation)		274			(233	)		265			(401	)
Net increase (decrease) in net assets resulting from operations		240			(122	)		401			(193	)
Policy Transactions:
Policy owners’ net payments		154			140			236			270
Policy loans, surrenders and death benefits		(122	)		-			(234	)		(9	)
Mortality and other (net)		(37	)		(33	)		(70	)		(67	)
Transfers from other divisions or sponsor		2,288			2,287			3,429			3,291
Transfers to other divisions or sponsor		(2,601	)		(1,637	)		(3,396	)		(3,320	)
Net increase (decrease) in net assets resulting from contract transactions		(318	)		757			(35	)		165
Net increase (decrease) in net assets		(78	)		635			366			(28	)
Net Assets:
Beginning of period		1,621			986			2,256			2,284
End of period	$	1,543		$	1,621		$	2,622		$	2,256
Units issued during the period		188			151			227			227
Units redeemed during the period		(207	)		(106	)		(229	)		(217	)
Net units issued (redeemed) during period		(19	)		45			(2	)		10

	LifePoints Equity Growth Strategy Division						Credit Suisse Trust Commodity Return Strategy Division
	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2019			Year Ended December 31, 2018
Operations:
Net investment income (loss)	$	1		$	24		$	80		$	191
Net realized gains (losses)		27			24			(333	)		(435	)
Net change in unrealized appreciation/(depreciation)		50			(100	)		838			(743	)
Net increase (decrease) in net assets resulting from operations		78			(52	)		585			(987	)
Policy Transactions:
Policy owners’ net payments		71			93			2,537			1,890
Policy loans, surrenders and death benefits		-			-			(210	)		(329	)
Mortality and other (net)		(26	)		(26	)		(541	)		(410	)
Transfers from other divisions or sponsor		207			177			20,092			15,426
Transfers to other divisions or sponsor		(333	)		(340	)		(19,379	)		(14,919	)
Net increase (decrease) in net assets resulting from contract transactions		(81	)		(96	)		2,499			1,658
Net increase (decrease) in net assets		(3	)		(148	)		3,084			671
Net Assets:
Beginning of period		423			571			7,663			6,992
End of period	$	420		$	423		$	10,747		$	7,663
Units issued during the period		19			38			5,055			3,654
Units redeemed during the period		(24	)		(45	)		(4,512	)		(3,317	)
Net units issued (redeemed) during period		(5	)		(7	)		543			337

The Accompanying Notes are an Integral Part of these Financial Statements. 21

Notes to Financial Statements

1. Organization

Northwestern Mutual Variable Life Account II (“the Account”) is registered as a unit investment trust under the Investment Company Act of 1940 and is a segregated asset account of The Northwestern Mutual Life Insurance Company (“Northwestern Mutual” or “sponsor”) used to fund variable life insurance policies (“the Policies”).

All assets of each Division of the Account are invested in shares of the corresponding Portfolio of Northwestern Mutual Series Fund, Inc., Fidelity Variable Insurance Products Fund, Neuberger Berman Advisers Management Trust, Russell Investment Funds and Credit Suisse Trust (collectively known as “the Funds”). The Funds are open-end investment companies registered under the Investment Company Act of 1940. The financial statements for the Funds should be read in conjunction with the financial statements of the Divisions. Each Division of the account indirectly bears exposure to the market, credit and liquidity risks of the Funds in which it invests.

Executive Variable Universal Life II Policies were made available as of November 11, 2019; no such policies were issued during the period ended December 31, 2019.

2. Significant Accounting Policies

A. Use of Estimates – The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets for use in estimates. Actual results could differ from those estimates.

B. Investment Valuation – The shares are valued at the Funds’ offering and redemption prices per share. As of December 31, 2019, all of the Account’s investments are identified as Level 1 securities for valuation purposes under the Fair Value Measurement Topic of the FASB Accounting Standards Codification. Level 1 fair value is determined by unadjusted quoted prices in active markets for identical securities or derivatives. Level 2 fair value is determined by other significant observable inputs (including quoted prices for similar securities). Level 3 fair value is determined by significant unobservable inputs (including the Account’s own assumptions in determining fair value). There were no transfers between levels during the year. All changes in fair value are recorded as change in unrealized appreciation/(depreciation) of investments during the period in the statements of operations of the applicable Division.

C. Investment Income, Securities Transactions and Policy Dividends – Transactions in the Funds’ shares are accounted for on the trade date. The basis for determining cost on sale of the Funds’ shares is identified cost. Dividend income and distributions of net realized gains from the Funds are recorded on the ex–date of the dividends. Dividends and distributions received are reinvested in additional shares of the respective portfolios of the Funds. The Policies are eligible to receive policy dividends from Northwestern Mutual. Any policy dividends reinvested in the Account are reflected in Policyowners’ net payments in the accompanying financial statements.

D. Due to Participants – Upon notification of death of the policyowner, a liability is recorded and is included in Due to Participants in the accompanying financial statements. This liability is identified as Level 1 for valuation purposes under the Fair Value Measurement Topic of the FASB Accounting Standards Codification.

E. Taxes – Northwestern Mutual is taxed as a “life insurance company” under the Internal Revenue Code. The Policies, which are funded in the Account, are taxed as part of the operations of Northwestern Mutual. Currently, there is no charge being made against the assets of the Account for federal income taxes, but Northwestern Mutual reserves the right to charge for taxes in the future.

3. Purchases and Sales of Investments

Purchases and sales of the Funds’ shares for the year ended December 31, 2019 were as follows (amounts in thousands):

Fund Name	Purchases		Sales
Growth Stock Division	$	4,195	$	1,755
Focused Appreciation Division		5,394		3,003
Large Cap Core Stock Division		1,695		1,259
Large Cap Blend Division		490		458
Index 500 Stock Division		49,558		18,327
Large Company Value Division		1,133		326
Domestic Equity Division		8,096		2,798
Equity Income Division		3,526		2,312
Mid Cap Growth Stock Division		4,240		1,508
Index 400 Stock Division		12,891		3,533
Mid Cap Value Division		5,193		2,325
Small Cap Growth Stock Division		5,856		2,049
Index 600 Stock Division		7,049		1,856
Small Cap Value Division		3,509		1,381
International Growth Division		7,137		3,058
Research International Core Division		8,725		2,287
International Equity Division		15,328		5,533
Emerging Markets Equity Division		10,332		3,310
Government Money Market Division		55,213		50,065
Short-Term Bond Division		2,036		834
Select Bond Division		14,685		8,276
Long-Term U.S. Government Bond Division		462		578
Inflation Protection Bond Division		1,941		977

22

Notes to Financial Statements

Fund Name	Purchases		Sales
High Yield Bond Division	$	4,464	$	1,671
Multi-Sector Bond Division		7,518		2,878
Balanced Division		2,281		1,589
Asset Allocation Division		1,457		230
Fidelity VIP Mid Cap Division		4,795		3,959
Fidelity VIP Contrafund Division		7,200		2,318
AMT Sustainable Equity Division		4,516		1,600
U.S. Strategic Equity Division		781		803
U.S. Small Cap Equity Division		469		354
International Developed Markets Division		3,945		1,022
Strategic Bond Division		4,659		2,788
Global Real Estate Securities Division		7,354		3,163
LifePoints Moderate Strategy Division		51		31
LifePoints Balanced Strategy Division		901		1,168
LifePoints Growth Strategy Division		672		559
LifePoints Equity Growth Strategy Division		113		166
Credit Suisse Trust Commodity Return Strategy Division		4,511		1,932

4. Expenses and Related Party Transactions

A monthly deduction for policy and service charges is paid to Northwestern Mutual. This monthly deduction includes charges for the cost of insurance, administrative fees, underwriting, and other charges for optional benefits.

Certain deductions are also made from the annual, single or other premiums before amounts are allocated to the Account. These deductions are for sales load, administrative expenses, taxes and a risk charge for the guaranteed death benefit among other charges which are detailed in the Prospectus.

The charges noted are reflected as a reduction in units and are included in Mortality and other in the accompanying financial statements.

5. Subsequent Events

On or around May 1, 2020, the Company will automatically transfer amounts in the Account’s investment in the following divisions to a share class of the same Fund that does not have a Rule 12b-1 fee.

Division	Current Fund/Class	New Fund/Class
Fidelity VIP Mid Cap Division	Fidelity VIP Mid Cap Portfolio – Service Class 2	Fidelity VIP Mid Cap Portfolio – Initial Class
Fidelity VIP Contrafund Division	Fidelity VIP Contrafund Portfolio – Service Class 2	Fidelity VIP Contrafund Portfolio – Initial Class
Credit Suisse Commodity Return Strategy Division	Credit Suisse Commodity Return Strategy Portfolio – Class 1	Credit Suisse Commodity Return Strategy Portfolio – Class 2

The Funds will continue to be managed by the same investment advisor according to the same investment objectives and policies and for the same investment advisory and other fee structure as before the transaction. However, expenses related to investment in the new share class of the Funds will not reflect a Rule 12b-1 fee.

Subsequent to December 31, 2019 a pandemic related to COVID-19 was declared which has adversely affected the financial markets and the economy and may continue to do so for an extended period of time. The extent of the impact is uncertain and cannot be predicted at this time. Management will continue to monitor developments which may have a negative impact on the Account’s assets.

23

Notes to Financial Statements

6. Financial Highlights

	As of the respective period end date:						For the respective period ended:
	Units Outstanding (000’s)		Unit Value, Lowest to Highest		Net Assets (000’s)		Dividend Income as a % of Average Net Assets			Expense Ratio (1)			Total Return (1)
Growth Stock Division
2019		140	$	96.585761	$	13,453		0.67	%		0.00	%		29.68	%
2018		127		74.477290		9,428		0.72			0.00			1.26
2017		122		73.551913		8,916		0.87			0.00			24.27
2016		110		59.189518		6,498		0.89			0.00			2.47
2015		102		57.763945		5,867		0.74			0.00			6.01
Focused Appreciation Division
2019		320	$	68.873586	$	22,056		0.66	%		0.00	%		31.97	%
2018		302		52.188290		15,761		0.51			0.00			(2.34	)
2017		280		53.438372		14,971		0.73			0.00			33.62
2016		288		39.992151		11,512		0.24			0.00			5.87
2015		260		37.773111		9,866		0.00			0.00			13.64
Large Cap Core Stock Division
2019		122	$	65.424142	$	8,029		1.20	%		0.00	%		31.19	%
2018		123		49.869208		6,138		1.54			0.00			(6.04	)
2017		119		53.073917		6,274		1.80			0.00			24.87
2016		81		42.503832		3,451		2.16			0.00			7.57
2015		69		37.544148		2,627		1.14			0.00			28.58
Large Cap Blend Division
2019		103	$	21.249241	$	2,194		1.14	%		0.00	%		23.97	%
2018		113		17.140701		1,940		0.79			0.00			(4.00	)
2017		125		17.855817		2,235		0.91			0.00			19.02
2016		116		15.001832		1,740		1.09			0.00			13.99
2015		104		13.161232		1,369		0.88			0.00			(2.42	)
Index 500 Stock Division
2019		731	$	178.109105	$	130,083		1.64	%		0.00	%		31.18	%
2018		562		135.776139		76,297		1.66			0.00			(4.58	)
2017		423		142.286114		60,194		1.74			0.00			21.52
2016		337		117.092375		39,430		1.82			0.00			11.73
2015		291		104.794845		30,414		1.71			0.00			1.17
Large Company Value Division
2019		122	$	20.083819	$	2,467		2.33	%		0.00	%		27.66	%
2018		89		15.732361		1,409		1.78			0.00			(7.92	)
2017		64		17.086312		1,095		2.09			0.00			11.10
2016		50		15.379433		769		2.06			0.00			15.36
2015		26		13.331635		343		1.71			0.00			(3.85	)
Domestic Equity Division
2019		628	$	35.207252	$	22,120		1.94	%		0.00	%		20.77	%
2018		506		29.152607		14,730		1.81			0.00			(2.81	)
2017		415		29.996128		12,462		1.65			0.00			13.78
2016		301		26.364364		7,934		1.97			0.00			14.98
2015		222		22.929503		5,133		1.85			0.00			(0.09	)
Equity Income Division
2019		351	$	40.467475	$	14,243		2.34	%		0.00	%		26.61	%
2018		348		31.961107		11,143		2.10			0.00			(9.35	)
2017		314		35.257091		11,036		2.23			0.00			16.24
2016		312		30.330455		9,470		1.97			0.00			19.17
2015		326		25.451821		8,299		1.79			0.00			(6.74	)
(1) Total return includes deductions for management and other expenses; it excludes deductions for sales loads and other charges, which are a reduction in units. The expense ratios further reflect only those expenses which impact total return. For additional information regarding all expenses assessed, refer to the accompanying notes.

24

Notes to Financial Statements

6. Financial Highlights

	As of the respective period end date:						For the respective period ended:
	Units Outstanding (000’s)		Unit Value, Lowest to Highest		Net Assets (000’s)		Dividend Income as a % of Average Net Assets			Expense Ratio (1)			Total Return (1)
Mid Cap Growth Stock Division
2019		56	$	154.540637	$	8,563		0.19	%		0.00	%		33.01	%
2018		38		116.184426		4,376		0.13			0.00			(7.38	)
2017		40		125.441587		5,158		0.24			0.00			20.29
2016		36		104.283373		3,830		0.26			0.00			0.83
2015		26		103.425002		2,769		0.04			0.00			0.71
Index 400 Stock Division
2019		501	$	66.313755	$	33,259		1.26	%		0.00	%		25.88	%
2018		384		52.678316		20,226		1.15			0.00			(11.33	)
2017		297		59.411237		17,695		1.07			0.00			15.96
2016		260		51.235085		13,307		1.14			0.00			20.38
2015		221		42.560713		9,385		1.08			0.00			(2.38	)
Mid Cap Value Division
2019		274	$	49.276848	$	13,531		1.67	%		0.00	%		29.21	%
2018		240		38.138006		9,135		1.65			0.00			(12.85	)
2017		193		43.762109		8,429		1.46			0.00			11.81
2016		162		39.139970		6,340		1.91			0.00			23.23
2015		143		31.761925		4,534		1.58			0.00			(1.33	)
Small Cap Growth Stock Division
2019		174	$	78.030714	$	13,664		0.10	%		0.00	%		35.69	%
2018		144		57.505467		8,319		0.00			0.00			(11.71	)
2017		124		65.129570		8,046		0.11			0.00			21.61
2016		101		53.557262		5,420		0.24			0.00			12.25
2015		85		47.712811		4,071		0.11			0.00			0.32
Index 600 Stock Division
2019		610	$	27.399696	$	16,709		0.26	%		0.00	%		22.44	%
2018		443		22.378619		9,918		1.43			0.00			(8.78	)
2017		327		24.532713		8,012		1.89			0.00			12.93
2016		281		21.724279		6,130		0.63			0.00			26.12
2015		164		17.224563		2,807		0.00			0.00			(2.35	)
Small Cap Value Division
2019		190	$	52.395678	$	9,943		0.49	%		0.00	%		25.89	%
2018		176		41.620093		7,315		0.52			0.00			(12.73	)
2017		165		47.690780		7,878		0.78			0.00			11.65
2016		157		42.713658		6,684		0.84			0.00			32.39
2015		202		32.262868		6,547		0.69			0.00			(5.45	)
International Growth Division
2019		912	$	28.928599	$	26,389		1.28	%		0.00	%		34.80	%
2018		765		21.459907		16,408		1.45			0.00			(11.28	)
2017		603		24.188049		14,608		1.30			0.00			30.03
2016		262		19.596007		5,142		1.30			0.00			(4.52	)
2015		201		20.524033		4,123		1.41			0.00			19.81
Research International Core Division
2019		1,642	$	14.176293	$	23,290		1.75	%		0.00	%		28.25	%
2018		1,201		11.053328		13,280		1.73			0.00			(13.66	)
2017		799		12.802534		10,233		1.67			0.00			28.21
2016		656		9.985604		6,548		1.92			0.00			(1.12	)
2015		422		10.098885		4,259		2.15			0.00			(1.11	)
(1) Total return includes deductions for management and other expenses; it excludes deductions for sales loads and other charges, which are a reduction in units. The expense ratios further reflect only those expenses which impact total return. For additional information regarding all expenses assessed, refer to the accompanying notes.

25

Notes to Financial Statements

6. Financial Highlights

	As of the respective period end date:						For the respective period ended:
	Units Outstanding (000’s)		Unit Value, Lowest to Highest		Net Assets (000’s)		Dividend Income as a % of Average Net Assets			Expense Ratio (1)			Total Return (1)
International Equity Division
2019		7,341	$	5.804990	$	42,617		2.63	%		0.00	%		12.60	%
2018		6,042		5.155553		31,148		2.58			0.00			(15.41	)
2017		5,092		6.094491		31,035		2.43			0.00			22.30
2016		3,917		4.983406		19,520		1.19			0.00			(3.41	)
2015		3,497		4.843231		16,935		2.98			0.00			(2.21	)
Emerging Markets Equity Division
2019		2,361	$	12.866468	$	30,379		1.17	%		0.00	%		20.60	%
2018		1,795		10.668771		19,148		1.40			0.00			(13.75	)
2017		1,285		12.370178		15,898		0.92			0.00			27.84
2016		919		9.676365		8,873		0.72			0.00			9.06
2015		717		8.872116		6,344		0.90			0.00			(12.24	)
Government Money Market Division
2019		490	$	43.345856	$	21,199		1.88	%		0.00	%		1.94	%
2018		375		42.522150		15,950		1.55			0.00			1.53
2017		314		41.875417		13,129		0.59			0.00			0.60
2016		333		41.625993		13,827		0.12			0.00			0.13
2015		201		41.572750		8,216		0.01			0.00			0.01
Short-Term Bond Division
2019		269	$	13.380170	$	3,594		2.37	%		0.00	%		4.38	%
2018		187		12.818134		2,392		1.79			0.00			1.36
2017		112		12.646732		1,419		1.33			0.00			1.33
2016		66		12.481062		812		1.18			0.00			1.67
2015		57		12.275717		703		0.79			0.00			0.72
Select Bond Division
2019		128	$	245.997917	$	31,508		2.93	%		0.00	%		8.65	%
2018		104		226.413644		23,677		2.34			0.00			(0.21	)
2017		93		226.897252		21,292		2.11			0.00			3.58
2016		78		219.047810		17,054		2.05			0.00			3.06
2015		56		212.549665		11,845		1.54			0.00			0.53
Long-Term U.S. Government Bond Division
2019		29	$	22.930587	$	672		1.56	%		0.00	%		13.17	%
2018		33		20.262648		678		2.58			0.00			(2.04	)
2017		13		20.685508		266		1.72			0.00			8.28
2016		12		19.104481		253		1.95			0.00			1.09
2015		10		18.898765		202		2.38			0.00			(1.47	)
Inflation Protection Division
2019		314	$	15.648347	$	4,928		2.66	%		0.00	%		9.02	%
2018		259		14.354000		3,726		2.21			0.00			(2.61	)
2017		199		14.738894		2,931		0.72			0.00			3.58
2016		125		14.229840		1,787		1.15			0.00			4.68
2015		96		13.593038		1,316		2.32			0.00			(2.20	)
High Yield Bond Division
2019		256	$	59.428074	$	15,208		5.74	%		0.00	%		14.97	%
2018		221		51.690668		11,390		5.46			0.00			(2.71	)
2017		211		53.128855		11,192		5.51			0.00			6.88
2016		187		49.707921		9,331		5.50			0.00			14.60
2015		170		43.377037		7,376		4.80			0.00			(1.36	)
(1) Total return includes deductions for management and other expenses; it excludes deductions for sales loads and other charges, which are a reduction in units. The expense ratios further reflect only those expenses which impact total return. For additional information regarding all expenses assessed, refer to the accompanying notes.

26

Notes to Financial Statements

6. Financial Highlights

	As of the respective period end date:						For the respective period ended:
	Units Outstanding (000’s)		Unit Value, Lowest to Highest		Net Assets (000’s)		Dividend Income as a % of Average Net Assets			Expense Ratio (1)			Total Return (1)
Multi-Sector Bond Division
2019		867	$	21.138053	$	18,341		4.85	%		0.00	%		14.04	%
2018		675		18.535667		12,522		3.14			0.00			(1.30	)
2017		541		18.780164		10,176		3.98			0.00			8.38
2016		392		17.327635		6,763		4.89			0.00			11.09
2015		250		15.597729		3,876		5.61			0.00			(2.22	)
Balanced Division
2019		31	$	246.784874	$	7,767		2.28	%		0.00	%		17.92	%
2018		31		209.277798		6,448		2.36			0.00			(3.45	)
2017		28		216.761163		5,889		2.16			0.00			11.98
2016		20		193.563662		4,264		2.25			0.00			6.58
2015		16		181.609174		3,115		2.00			0.00			(0.12	)
Asset Allocation Division
2019		81	$	29.093477	$	2,361		2.16	%		0.00	%		21.08	%
2018		42		24.028105		1,011		2.35			0.00			(4.88	)
2017		31		25.259678		778		2.08			0.00			14.87
2016		27		21.988973		589		2.50			0.00			7.79
2015		24		20.400265		494		1.72			0.00			(0.43	)
Fidelity VIP Mid Cap Division
2019		240	$	59.676525	$	14,289		0.70	%		0.00	%		23.17	%
2018		251		48.449732		12,145		0.41			0.00			(14.77	)
2017		240		56.847028		13,684		0.50			0.00			20.54
2016		256		47.161926		12,048		0.32			0.00			11.92
2015		246		42.137819		10,348		0.27			0.00			(1.63	)
Fidelity VIP Contrafund Division
2019		675	$	27.008170	$	18,253		0.22	%		0.00	%		31.27	%
2018		537		20.573795		11,051		0.47			0.00			(6.64	)
2017		398		22.036922		8,788		0.84			0.00			21.59
2016		291		18.124509		5,268		0.68			0.00			7.73
2015		236		16.824006		3,957		0.97			0.00			0.42
AMT Sustainable Equity Division
2019		442	$	25.016087	$	11,086		0.44	%		0.00	%		25.88	%
2018		338		19.872228		6,731		0.50			0.00			(5.72	)
2017		269		21.076980		5,691		0.57			0.00			18.43
2016		199		17.797220		3,559		0.76			0.00			9.86
2015		146		16.199640		2,376		0.64			0.00			(0.46	)
U.S. Strategic Equity Division
2019		148	$	28.741505	$	4,298		1.07	%		0.00	%		30.26	%
2018		160		22.064057		3,548		1.15			0.00			(9.64	)
2017		159		24.418364		3,876		1.01			0.00			20.80
2016		151		20.214494		3,056		1.03			0.00			10.64
2015		156		18.271298		2,862		0.81			0.00			1.11
U.S. Small Cap Equity Division
2019		74	$	37.394611	$	2,772		0.57	%		0.00	%		23.07	%
2018		73		30.385277		2,200		0.47			0.00			(11.97	)
2017		72		34.518205		2,490		0.17			0.00			15.48
2016		65		29.891437		1,962		0.83			0.00			18.66
2015		72		25.191084		1,827		0.67			0.00			(7.19	)
(1) Total return includes deductions for management and other expenses; it excludes deductions for sales loads and other charges, which are a reduction in units. The expense ratios further reflect only those expenses which impact total return. For additional information regarding all expenses assessed, refer to the accompanying notes.

27

Notes to Financial Statements

6. Financial Highlights

	As of the respective period end date:						For the respective period ended:
	Units Outstanding (000’s)		Unit Value, Lowest to Highest		Net Assets (000’s)		Dividend Income as a % of Average Net Assets			Expense Ratio (1)			Total Return (1)
International Developed Markets Division
2019		455	$	22.896522	$	10,435		2.86	%		0.00	%		19.72	%
2018		327		19.124827		6,264		1.77			0.00			(14.87	)
2017		277		22.466466		6,236		2.75			0.00			24.98
2016		272		17.976751		4,892		3.17			0.00			2.36
2015		234		17.562157		4,106		1.06			0.00			(1.31	)
Strategic Bond Division
2019		346	$	26.963899	$	9,330		2.84	%		0.00	%		9.19	%
2018		287		24.693685		7,082		2.15			0.00			(0.81	)
2017		206		24.895915		5,143		1.34			0.00			3.86
2016		193		23.970161		4,624		1.60			0.00			3.10
2015		195		23.248775		4,526		2.44			0.00			(0.14	)
Global Real Estate Securities Division
2019		387	$	59.135972	$	22,972		5.30	%		0.00	%		21.64	%
2018		332		48.615288		16,199		4.49			0.00			(5.73	)
2017		272		51.568102		14,039		3.91			0.00			11.80
2016		213		46.124107		9,821		4.73			0.00			3.02
2015		179		44.771967		8,027		1.65			0.00			0.25
LifePoints Moderate Strategy Division
2019		7	$	17.716081	$	124		1.16	%		0.00	%		12.54	%
2018		6		15.741887		94		3.80			0.00			(4.92	)
2017		9		16.557145		157		2.12			0.00			9.88
2016		12		15.067752		184		3.95			0.00			7.75
2015		10		13.984420		144		3.14			0.00			(1.71	)
LifePoints Balanced Strategy Division
2019		86	$	17.958473	$	1,543		1.57	%		0.00	%		16.45	%
2018		105		15.421524		1,621		6.44			0.00			(6.80	)
2017		60		16.545882		986		2.46			0.00			12.00
2016		50		14.773443		747		3.41			0.00			9.05
2015		48		13.546956		650		2.32			0.00			(2.30	)
LifePoints Growth Strategy Division
2019		151	$	17.402048	$	2,622		0.70	%		0.00	%		18.06	%
2018		153		14.739598		2,256		5.28			0.00			(8.05	)
2017		143		16.029490		2,284		3.26			0.00			15.65
2016		110		13.860030		1,516		3.41			0.00			9.73
2015		60		12.631574		751		1.94			0.00			(3.31	)
LifePoints Equity Growth Strategy Division
2019		26	$	16.548015	$	420		0.23	%		0.00	%		20.09	%
2018		31		13.779890		423		4.51			0.00			(9.45	)
2017		38		15.218716		571		3.51			0.00			17.55
2016		31		12.946453		403		3.01			0.00			10.85
2015		25		11.679451		290		1.57			0.00			(3.87	)
Credit Suisse Trust Commodity Return Strategy Division
2019		2,272	$	4.729147	$	10,747		0.88	%		0.00	%		6.69	%
2018		1,729		4.432602		7,663		2.47			0.00			(11.66	)
2017		1,392		5.017461		6,992		8.90			0.00			1.52
2016		1,013		4.942479		4,997		0.00			0.00			12.02
2015		624		4.412123		2,742		0.00			0.00			(25.03	)
(1) Total return includes deductions for management and other expenses; it excludes deductions for sales loads and other charges, which are a reduction in units. The expense ratios further reflect only those expenses which impact total return. For additional information regarding all expenses assessed, refer to the accompanying notes.

28

	PRSRT BPM US POSTAGE PAID NORTHWESTERN MUTUAL
PO BOX 3095 MILWAUKEE WI 53201-3095

This booklet contains information about the Northwestern Mutual variable insurance products and the variable investment options identified on the front cover. The variable investment options correspond with the investment divisions available under the variable insurance product (“Product”). The information is prepared for Product owners and does not represent an offer of the Product, nor should it be used in connection with any offer, except when accompanied or preceded by the current Product prospectus and the variable investment option prospectuses, which contain detailed information about variable investment option investment objectives and operations, applicable fees, expenses and sales charges. Prospectuses may be obtained by calling the telephone number or visiting the website address listed on the inside of the front cover. You should read and carefully consider this information before you invest or send money. The variable investment option reports are prepared from the books and records of the options. Discussions of investment performance in the reports represent the views of the options’ portfolio managers as of the dates of the reports. They are not guarantees of investment results, nor should they be relied upon as investment advice or indications of current or future trading strategies of the portfolio managers. Portfolio manager views and security holdings are subject to change at any time.

NMIS is a member of Financial Industry Regulatory Authority (FINRA) and in accordance with the Investor Education and Protection Rule, we are providing our clients information regarding FINRA BrokerCheck, a free resource available to investors. An investor brochure describing FINRA BrokerCheck may be obtained online from FINRA’s website at FINRA.org or by contacting the FINRA BrokerCheck Help Line at 800-289-9999.

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.

Product Distributor: Northwestern Mutual Investment Services, LLC (NMIS),

720 East Wisconsin Avenue, Milwaukee, WI 53202-4797, 1-866-664-7737, member FINRA and SIPC.

NorthwesternMutual.com

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