Russell Investment Management, LLC
Ancora Advisors, LLC; Boston Partners Global Investors, Inc.; Calamos Advisors LLC; Copeland Capital Management, LLC; DePrince, Race & Zollo, Inc.; Jacobs Levy Equity Management, Inc.; Penn Capital Management Company, Inc.; Ranger Investment Management, L.P. (Money managers listed are current as of 06/30/20. 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.)
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.
Small-Cap Stocks/Mid-Cap Stocks
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 06/30/20
First Available for Variable Annuity
First Available for Variable Life
Top 10 Portfolio Holdings % of Net Assets
Gaming and Leisure Properties, Inc.
Wolverine World Wide, Inc.
Schweitzer-Mauduit International, Inc.
New Jersey Resources Corp.
e.l.f. Beauty, Inc.
TreeHouse Foods, Inc.
Utah Medical Products, Inc.
Energizer Holdings, Inc.
% of Total Portfolio
Sector Weightings % of Equities
Before investing in a variable product, you should carefully consider the objectives, risks and charges associated with its investment options. For this and other information about a Contract, you should obtain the appropriate Contract and underlying fund prospectuses by contacting your Northwestern Mutual Financial Representative. Read the prospectuses carefully before you invest.
Mason Street Advisors, LLC (MSA) is the principal investment adviser for all the Portfolios in the Northwestern Mutual Series Fund (Series Fund). (Portfolios in the Series Fund 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, Neuberger Berman Investment Advisers LLC and Credit Suisse Asset Management, LLC
All securities are offered through Northwestern Mutual Investment Services LLC, (NMIS), 720 E. Wisconsin Avenue, Milwaukee, WI 53202, 1–866–664–7737. Member FINRA and SIPC. NMIS is a subsidiary of Northwestern Mutual.