Russell Non-U.S. 

Fund Overview
Adviser: Russell Investment Management Company
Fund Manager(s): Barrow, Hanley, Mewhinney & Strauss, LLC; MFS Institutional Advisors, Inc.; Pzena Investment Management, LLC; William Blair & 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 equity securities, including common stocks and preferred stocks, issued by companies domiciled outside the U.S. and in depository receipts, which represent ownership of securities of non-U.S. companies. The objective is to provide long-term capital growth.
Asset Class: International Stocks
Style: Value, Growth and Market-Oriented
Overseas investments can pose more risks than domestic investments. Unit values are subject 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 $411.86 Million
Top 10 Portfolio Holdings % of Net Assets
ING Groep NV 1.7%
Novartis AG 1.6%
Roche Holding AG 1.5%
Royal Dutch Shell PLC 1.4%
Nestle SA 1.3%
Wausau Paper Corp. 1.3%
BP PLC 1.3%
Schneider Electric SA 1.2%
Imperial Tobacco Group PLC 1.2%
Total SA 1.2%
% of Total Portfolio 13.7%
Country Diversification % of Equities
United Kingdom 21.1%
Japan 12.9%
France 11.4%
Switzerland 11.0%
Germany 7.8%

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-VA23 (0309)