Northwestern Mutual

U.S. Small Cap Equity Fund*

Fund Overview
Adviser: Russell Investment Management, LLC
Fund Manager(s): DePrince, Race & Zollo, Inc.; Monarch Partners Asset Management, LLC; RBC Global Asset Management (U.S.) Inc.; Snow Capital Management L.P.; Timpani Capital Management, LLC (Money managers listed are current as of 12/31/16. 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 invest primarily in equity securities of small capitalization companies, most of which are U.S. based.  The objective is to provide long-term capital growth.
Asset Class: Small-Cap Stocks/Mid-Cap Stocks
Style: Value, Growth and Market-Oriented
Investing in small company stocks involves a greater degree of risk than investing in medium or large company stocks.

Investing in medium company stocks involves a greater degree of risk than investing in large company stocks.
Fund Facts as of 12/31/16
Fund Inception 04-30-1999
First Available for Variable Annuity 04-30-1999
First Available for Variable Life 06-30-1999
Net Assets $228.71 Million
Top 10 Portfolio Holdings % of Net Assets
F.N.B. Corp.
1.4%
PBF Energy, Inc.
1.2%
ACCO Brands Corp.
0.8%
Diebold Nixdorf, Inc.
0.8%
American Equity Investment Life Holding Co.
0.8%
A. Schulman, Inc.
0.7%
The Hanover Insurance Group, Inc. 0.7%
Zions Bancorporation
0.7%
Lannett Company, Inc. 0.7%
OFG Bancorp 0.7%
% of Total Portfolio 8.5%
Sector Weightings % of Equities
Financial Services 25.6%
Producer Durables
17.0%
Technology
15.5%
Consumer Discretionary
13.9%
Health Care 9.3%

*Prior to the effective date of their new names on May 1, 2017, the Multi-Style Equity Fund, Aggressive Equity Fund, Non-U.S. Fund and Core Bond Fund will be known by their new names as the U.S. Strategic Equity Fund, U.S. Small Cap Equity Fund, International Developed Markets Fund and Strategic Bond Fund, respectively.