Russell Global Real Estate Securities 

Fund Overview
Adviser: Russell Investment Management Company
Fund Manager(s): Cohen & Steers Capital Management, Inc.; INVESCO Advisers, Inc., which acts as a money manager to the Fund through its INVESCO Real Estate Division; Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Limited and Morgan Stanley Investment Management Company. (Money managers listed are current as of 09/30/14. 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: The fund seeks to provide current income and long term capital growth. The Russell Global Real Estate Securities Fund is a multi-manager fund that seeks to achieve its objective by concentrating its investments in equity securities of real estate companies (“real estate securities”) located in a number of countries around the world, including the U.S., in a globally diversified manner. The Fund considers a company to be a real estate company if at least 50% of its assets, gross income or net profits are attributable to the ownership, construction, development, financing, management or sale of residential, commercial or industrial real estate.
Asset Class: Real Estate
Style: Value, Growth and Market-Oriented
Equity Real Estate Investment Trusts (REITs) may be affected by changes in the value of the underlying property owned by the trust, while mortgage REITs may be affected by the quality of any credit extended. This fund is subject to some of the risks associated with direct ownership of real estate, including market value declines, risks related to general and local economic conditions and increases in interest rates. This fund, however, does not own real estate directly.
Fund Facts as of 09/30/14
Fund Inception 04-30-1999
First Available for Variable Annuity 04-30-1999
First Available for Variable Life 06-30-1999
Net Assets $723.59 Million
Top 10 Portfolio Holdings % of Net Assets
Simon Property Group, Inc. 5.0%
Mitsui Fudosan Co., Ltd. 3.7%
Mitsubishi Estate Co., Ltd. 2.7%
Sun Hung Kai Properties, Ltd. 2.6%
Equity Residential 2.5%
AvalonBay Communities, Inc. 2.3%
ProLogis, Inc. 2.1%
General Growth Properties, Inc. 2.1%
Public Storage, Inc. 2.1%
Land Securities Group PLC 2.0%
% of Total Portfolio 27.1%
Sector Weightings % of Equities
Other 24.3%
Diversified 18.0%
Office/Industrial 10.8%
Shopping Center 10.7%
Apartment 9.9%

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.

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

NMFN-S12 (0601)