Russell LifePoints® Variable Balanced Strategy  

Fund Overview
Adviser: Russell Investment Management Company
Objective/Focus: A broadly diversified fund of funds, investing in a combination of underlying funds consisting of approximately 55-65% equity (U.S., non-U.S., including real estate) and 35-45% fixed income. The objective is to provide above-average capital appreciation and a moderate level of current income.
Asset Class: Value, Growth and Market-Oriented
Russell Investment Group, a Washington USA corporation, operates through subsidiaries worldwide and is a subsidiary of The Northwestern Mutual Life Insurance Company.

Each of the Divisions identified as a Russell LifePoints Variable Target Portfolio Series Fund (LifePoints Fund) is a fund of funds and diversified its assets by investing, at present, in other mutual funds (the "Underlying Fund"). Each LifePoints fund seeks to achieve a specific investment objective by investing in different combinations of the Underlying Funds.

LifePoints® and the Russell logo are registered trademarks and service marks of Russell Investment Group.

No investment strategy can guarantee a profit or protect against a loss.
Fund Facts as of 06/30/14
Fund Inception 04-30-2007
First Available for Variable Annuity 04-30-2007
First Available for Variable Life 06-30-2011
Net Assets $322.76 Million
Underlying Funds % of Net Assets
RIF Multi-Style Equity Fund 8.0%
RIC Russell U.S. Quantitative Equity Fund 8.0%
RIF Aggressive Equity Fund 5.9%
RIF Global Real Estate Securities Fund 1.5%
RIC Russell Commodity Strategies Fund 2.0%
RIC Russell Global Infrastructure Fund 4.6%
RIC Russell Global Equity Fund 11.0%
RIF Non-U.S. Fund 11.2%
RIC Russell Emerging Markets Fund 6.1%
RIF Core Bond Fund 27.7%
RIC Russell Global Credit Strategies Fund 4.0%
RIC Russell Investment Grade Bond Fund 0.0%
RIC Russell Short Duration Bond Fund 0.0%
RIC Russell Multi-Strategy Alternative Fund 3.0%
RIC Russell U.S. Dynamic Equity Fund 7.0%
% of Total Portfolio 100%

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.