Russell Global Real Estate Securities 

Fund Overview
Adviser: Russell Investment Management Company
Fund Manager(s): Cohen & Steers Capital Management, Inc.; INVESCO Advisers, Inc.; Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Limited and Morgan Stanley Investment Management Company. (Money managers listed are current as of 06/30/14. 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 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 $750.70 Million
Top 10 Portfolio Holdings % of Net Assets
Simon Property Group, Inc. 5.7%
Mitsui Fudosan Co., Ltd. 3.9%
Sun Hung Kai Properties, Ltd. 3.0%
Mitsubishi Estate Co., Ltd. 2.6%
ProLogis, Inc. 2.3%
Equity Residential 2.3%
Land Securities Group PLC 2.2%
AvalonBay Communities, Inc. 2.2%
Host Hotels & Resorts, Inc. 2.2%
Public Storage, Inc. 2.1%
% of Total Portfolio 28.5%
Sector Weightings % of Equities
Other 24.5%
Diversified 17.3%
Shopping Center 11.3%
Office/Industrial 10.6%
Apartment 9.0%

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-S12 (0601)