The Northwestern Mutual Life Insurance Company, et al.; Notice of Application Agency: Securities and Exchange Commission (“SEC” or “Commission”)
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Applicants:
Summary of the Application: The Substitution Applicants seek an order pursuant to Section 26(c) of the 1940 Act, approving the substitution of shares of the Commodity Return Strategy Portfolio (the "
DATES: Filing Date:
The application was filed on
ADDRESSES: Secretary,
FOR FURTHER INFORMATION CONTACT:
SUPPLEMENTARY INFORMATION: The following is a summary of the application. The complete application may be obtained via the Commission's Web site by searching for the file number, or for an applicant using the Company name box, at http://www.sec.gov/search/search.htm, or by calling (202) 551-8090.
Applicants' Representations
1. The Company, on its own behalf and on behalf of their respective separate accounts, proposes to substitute shares of the
2. The Company is the depositor and sponsor of the Separate Accounts.
3. Each of VA Account A, VA Account B, VA Account C, VL Account and VL Account II is a "separate account" as defined by Rule 0-1(e) under the Act and each is registered under the Act as a unit investment trust for the purpose of funding the Contracts. Security interests under the Contracts have been registered under the Securities Act of 1933. The application sets forth the registration statement file numbers for the Contracts and the Separate Accounts.
4. The variable annuity Contracts are either flexible premium variable annuity contracts or unallocated group combination variable annuity contracts. The variable life insurance Contracts are either variable whole life forms of insurance contracts or variable universal life insurance contracts. Under each of the Contracts (the proper form of which is provided to every Contract owner) as well as the prospectus for each Contract, the Company has the right to substitute shares of one fund for shares of another fund managed by either the same investment adviser or by a different investment adviser.
5.
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8. MSA has entered into a sub-advisory agreement with
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11.
12. The Substitution Applicants state that the Funds' investment objectives, principal investment strategies and risks are substantially the same. A comparison of the investing objectives, strategies and risks of the
13. The following table compares the fees and expenses of the
FOOTNOTE 2 Includes fees and expenses incurred indirectly by the
..........................The replaced fund........ The replacement fund
..........................(percent)................ (percent)
Management Fee............0.80......................0.50
Distribution and Service..None......................0.25
(12b-1) Fee
Other Expenses............0.16......................0.59
Acquired Fund Fees and....0.07......................N/A
Expenses
Total Annual Operating....(1M)(2M) 1.03............ (1M)(
Expenses
Expense Reimbursement and (0.08)....................N/A
Fee Waiver
Total Annual Operating....(1M)(4M) 0.95............ (1M) 1.34
Expenses After Expense
Reimbursement and Waiver
14. The Substitution Applicants state that the reason for the proposed substitution is in response to a recent rule amendment adopted by the CFTC that eliminated the
--This is a summary of a
Notice of application for an order approving the substitution of certain securities pursuant to Section 26(c) of the Investment Company Act of 1940, as amended (the "1940 Act" or "Act") and an order of exemption pursuant to Section 17(b) of the Act from Section 17(a) of the Act.
Citation: "78 FR 53175"
Document Number: "Investment Company Act Release No. 30671; File No. 812-14128"
Federal Register Page Number: "53175"
"Notices"
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