Russell Core Bond 

Fund Overview
Adviser: Russell Investment Management Company
Fund Manager(s): Colchester Global Investors Limited; Logan Circle Partners, L.P.; Macro Currency Group - an investment group within Principal Global Investors LLC; Metropolitan West Asset Management LLC; Pacific Investment Management Company LLC  (Money managers listed are current as of 03/31/14. Russell has the right to employ or terminate a money manager at any time and without prior notification, as is consistent with its role as investment manager.)
Objective/Focus: A multi-manager fund that invests primarily in bonds. Bonds are fixed-income securities representing debt obligations that require the issuer to repay the bondholders the principal amount borrowed and to generally pay interest. The objective is to provide current income and the preservation of capital.
Asset Class: Bond
Style: Broad Market/Sector Rotation
Bonds and other debt obligations are affected by changes in interest rates, inflation risk and the creditworthiness of their issuers. High yield bonds generally have greater price swings and higher default risks than investment grade bonds. Return of principal is not guaranteed. In contrast to owning individual bonds, there are ongoing fees and expenses associated with owning shares of bond funds.

Overseas investments can pose more risks than domestic investments due to fluctuations in foreign stock markets, currency values, interest rates, government regulations and political conditions.
Fund Facts as of 03/31/14
Fund Inception 04-30-1999
First Available for Variable Annuity 04-30-1999
First Available for Variable Life 06-30-1999
Net Assets $754.19 Million
Top 10 Portfolio Holdings % of Net Assets
Fannie Mae 2.6%
United States Treasury Notes 2.3%
United States Treasury Inflation Indexed Bonds 2.0%
United States Treasury Notes 1.9%
Fannie Mae 1.6%
Fannie Mae 1.6%
Fannie Mae 1.5%
United States Treasury Bills 1.4%
Fannie Mae 1.3%
United States Treasury Notes 1.2%
% of Total Portfolio 17.4%

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-VA34 (0309)