Russell Aggressive Equity 

Fund Overview
Adviser: Russell Investment Management Company
Fund Manager(s): Conestoga Capital Advisors, LLC; DePrince, Race & Zollo, Inc.; Jacobs Levy Equity Management, Inc.; RBC Global Asset Management (U.S.) Inc.; Ranger Investment Management, L.P.; Signia Capital Management, LLC (Money managers listed are current as of 12/31/13. Russell has the right to employ or terminate a money manager at any time without prior notification, as is consistent with its role as investment manager.)
Objective/Focus: A multi-manager fund that invests primarily in common stocks of small and medium capitalization companies, most of which are U.S. based. The objective is to provide long-term capital growth.
Asset Class: Small-Cap Stocks/Mid-Cap Stocks
Style: Value, Growth and Market-Oriented
Investing in small company stocks involves a greater degree of risk than investing in medium or large company stocks.

Investing in medium company stocks involves a greater degree of risk than investing in large company stocks.
Fund Facts as of 12/31/13
Fund Inception 04-30-1999
First Available for Variable Annuity 04-30-1999
First Available for Variable Life 06-30-1999
Net Assets $237.84 Million
Top 10 Portfolio Holdings % of Net Assets
Cabot Corp. 1.0%
Granite Construction, Inc. 0.9%
Tyler Technologies, Inc. 0.9%
The Advisory Board Co. 0.9%
Iberiabank Corp. 0.8%
MAXIMUS, Inc. 0.8%
PrivateBancorp, Inc. 0.7%
Simpson Manufacturing Co., Inc. 0.7%
Medidata Solutions, Inc. 0.7%
EnerSys 0.7%
Total % of Net Assets 8.1%
Sector Weightings % of Equities
Technology 19.6%
Financial Services 19.5%
Producer Durables 17.3%
Consumer Discretionary 14.5%
Health Care 9.1%

You should carefully consider the investment objectives, risks, expenses and charges of the investment company before you invest. Your Northwestern Mutual Investment Services Registered Representative can provide you with a contract and fund prospectus that will contain the information noted above, and other important information that you should read carefully before you invest or send money.

Mason Street Advisors, LLC (MSA), a wholly owned company of Northwestern Mutual, is a federally registered investment adviser. Mason Street Advisors, LLC (MSA) is the principal investment adviser for all the Portfolios in the Northwestern Mutual Series Fund (Series Fund) (NMSF). (Portfolios in the Series Funds are identified by the parenthetical next to the portfolio name.) MSA has engaged and oversees sub-advisers who provide day-to-day management for certain of the Series Fund Portfolios. Each sub-adviser may be replaced without the approval of shareholders. Please see the prospectus for more information. Additional fund options are advised by Russell Investments, Fidelity Investments® and Neuberger Berman Management, LLC.

All securities are offered through Northwestern Mutual Investment Services LLC, (NMIS), Subsidiary of Northwestern Mutual and member FINRA and SIPC.

NMFN-VA18 (0309)