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Underlying Fund Information

To help you select the funds that meet your objectives, risk tolerance and time horizon, the Variable Life insurance fund offerings are organized into style boxes. Style boxes can help show one portfolio's characteristics relative to other investments in the same asset class. Simply select the fund within the style box for more information.

A Northwestern Mutual financial representative can help walk you through the selection process of your investment options for Variable Life insurance. Contact a financial representative today for an appointment.

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 prospectus that will contain the information noted above, and other important information that you should read carefully before you invest or send money.

Equity Style Box

The equity style box categorizes the size and management style of the various equity offerings for Variable Life insurance.

On the horizontal axis, funds are separated into one of three categories - value, blend or growth, depending upon the management style of the portfolio. On the vertical axis, funds are separated into either their market capitalization, the general size of companies that it invests in, or international.

  Value Blend Growth
Large Cap Large Company Value (Mason Street Advisors/American Century) Domestic Equity (Mason Street Advisors/Delaware Management) Equity Income (Mason Street Advisors/T. Rowe Price) Large Cap Blend (Mason Street Advisors/Fiduciary Management) Index 500 Stock (Mason Street Advisors) Large Cap Core Stock (Mason Street Advisors/Fayez Sarofim) Neuberger Berman AMT Socially Responsive U.S. Strategic Equity (Russell Investments)* Fidelity® VIP Contrafund® Portfolio Service Class 2 Growth Stock (Mason Street Advisors/The Boston Company) Focused Appreciation (Mason Street Advisors/Loomis Sayles Company)
Mid Cap Mid Cap Value (Mason Street Advisors/American Century) Fidelity® VIP Mid Cap Portfolio, Service Class 2 Index 400 Stock (Mason Street Advisors) Mid Cap Growth Stock (Mason Street Advisors/William Blair)
Small Cap Small Cap Value (Mason Street Advisors/T. Rowe Price) Index 600 Stock (Mason Street Advisors) U.S. Small Cap Equity (Russell Investments)* Small Cap Growth Stock (Mason Street Advisors/Wellington Management)
International International Equity (Mason Street Advisors/Templeton) Emerging Markets Equity Portfolio (MSA/Aberdeen Asset Managers) Research International Core (Mason Street Advisors/MFS®) International Developed Markets (Russell Investments)* International Growth (Mason Street Advisors/FIAM LLC)

Equity Style Box Definitions

Specialty and Hybrid Funds

Real Estate Global Real Estate Securities (Russell Investments)
Commodities Credit Suisse Trust Commodity Return Strategy
Hybrid Funds Asset Allocation (Mason Street Advisors) Balanced (Mason Street Advisors) LifePoints® Moderate Strategy (Russell Investments) LifePoints® Balanced Strategy (Russell Investments) LifePoints® Growth Strategy (Russell Investments) LifePoints® Equity Growth Strategy (Russell Investments)

Fixed Income Style Box

The fixed income style box demonstrates the two most important and distinguishing characteristics of fixed income funds: credit quality and interest rate sensitivity.

For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration.

Interest Rate Sensitivity
Credit Quality Limited Moderate Extensive
High-Quality Short-Term Bond (Mason Street Advisors/T. Rowe Price) Inflation Protection (Mason Street Advisors/American Century) Strategic Bond (Russell Investments)* Select Bond (Mason Street Advisors/Wells Cap) Long-Term U.S. Government Bond (Mason Street Advisors/PIMCO)
Mid-Quality   Multi-Sector Bond (Mason Street Advisors/PIMCO)  
Low-Quality   High Yield Bond (Mason Street Advisors/Federated)  

Fixed Income Style Box Definitions
Style Box Disclosure Information

Other
Government Money Market (Mason Street Advisors/BlackRock Advisors)

*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.

You could lose money by investing in the Government Money Market Portfolio. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Portfolio's sponsor has no legal obligation to provide financial support to the Portfolio, and you should not expect that the sponsor will provide financial support to the Portfolio at any time.

Mason Street Advisors, LLC (MSA) is a wholly owned company of Northwestern Mutual and is a federally registered investment advisor.

Mason Street Advisors, LLC (MSA), a wholly owned company of Northwestern Mutual, is a federally registered investment adviser. MSA is the principal investment adviser for all the Portfolios in the Northwestern Mutual Series Fund (Series Fund). (Portfolios in the Series Funds are identified by the parenthetical next to the portfolio name.) MSA has engaged and oversees subadvisers who provide day-to-day management for certain of the Series Fund Portfolios. Each subadviser 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, Credit Suisse Asset Management, LLC, and Neuberger Berman Investment Advisers LLC.

General Investment Risk Disclosures

NMFN-VL-FUNDS-001 (1012)