Russell Multi-Style Equity 

Fund Overview
Adviser: Russell Investment Management Company
Fund Manager(s): Columbus Circle Investors; Institutional Capital LLC; Jacobs Levy Equity Management, Inc.; Mar Vista Investment Partners, LLC; Suffolk Capital Management, LLC; Sustainable Growth Advisers, LP (Money managers listed are current as of 06/30/14. 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 medium and large capitalization U.S. companies. The objective is to provide long-term capital growth.
Asset Class: Mid-Cap Stocks/Large-Cap Stocks
Style: Blend
No investment strategy can guarantee a profit or protect against a loss.
Fund Facts as of 06/30/14
Fund Inception 04-30-1999
First Available for Variable Annuity 04-30-1999
First Available for Variable Life 06-30-1999
Net Assets $485.19 Million
Top 10 Portfolio Holdings % of Net Assets
Exxon Mobil Corp. 2.9%
Pfizer, Inc. 2.2%
Apple, Inc. 1.9%
General Electric Co. 1.5%
Oracle Corp. 1.4%
Time Warner, Inc. 1.3%
Halliburton Co. 1.2%
Honeywell International, Inc. 1.2%
Monsanto Co. 1.2%
Johnson & Johnson 1.1%
% of Total Portfolio 15.9%
Sector Weightings % of Equities
Financial Services 18.9%
Technology 16.2%
Health Care 15.2%
Consumer Discretionary 14.9%
Energy 11.5%

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-VA08 (0309)