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The Northwestern Mutual Life Insurance Company
VariableCompLife
®
Variable Whole Life
May 1, 2011 Policy with Additional
Prospectuses Protection
Variable CompLife®
Northwestern Mutual Series Fund, Inc.
Fidelity® VIP Mid Cap Portfolio
Service Class 2
Fidelity® VIP Contrafund® Portfolio
Service Class 2
Neuberger Berman AMT Socially
Responsive Fund
Russell Investment Funds
Russell Investment Funds – LifePoints®
Variable Target Portfolio Series
www.northwesternmutual.com
90-1944 (0386) (REV 0411)
THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY
________________________________________________________
NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT
SUPPLEMENT TO THE PROSPECTUSES
VARIABLE LIFE (DATED MAY 1, 2011)
®
VARIABLE COMPLIFE (DATED MAY 1, 2011)
VARIABLE JOINT LIFE (DATED MAY 1, 2011)
VARIABLE EXECUTIVE LIFE (DATED MAY 1, 2011)
________________________________________________________
NORTHWESTERN MUTUAL VARIABLE LIFE ACCOUNT II
SUPPLEMENT TO THE PROSPECTUSES
CUSTOM VARIABLE UNIVERSAL LIFE (DATED MAY 1, 2011)
EXECUTIVE VARIABLE UNIVERSAL LIFE (DATED MAY 1, 2011)
SURVIVORSHIP VARIABLE UNIVERSAL LIFE (DATED MAY 1, 2011)
________________________________________________________
This Supplement revises certain information with regard to the Money Market Portfolio contained in the
Prospectuses referenced above dated May 1, 2011.
Effective July 1, 2011, in the section titled, “Annual Portfolio Operating Expenses”, the footnote to the
Money Market Portfolio is amended to read:
(6) Money Market Portfolio - Effective July 1, 2011, with respect to the Money Market Portfolio,
MSA has voluntarily agreed to waive a portion of its management fee on a temporary basis such
that the management fee is 0.15% of the Portfolio’s average net assets. This voluntary waiver will
be reviewed periodically by MSA in light of market and economic developments and may be
revised or discontinued at any time without advance notice.
Please read this Supplement carefully and keep it with your Prospectus for future reference.
This Supplement is dated July 1, 2011.
LifePoints Funds, Variable Target Portfolio Series
RUSSELL INVESTMENT FUNDS
Supplement dated July 1, 2011 to
MODERATE STRATEGY FUND
BALANCED STRATEGY FUND
GROWTH STRATEGY FUND
EQUITY GROWTH STRATEGY FUND
SUMMARY PROSPECTUSES EACH DATED May 1, 2011
The legend appearing at the top of the first page of the Summary Prospectuses referenced above is hereby replaced with the
following:
Before you invest, you may want to review the Fund’s Prospectus, which contains more information about the Fund and its
risks. If you invest through Northwestern Mutual, you can find the Fund’s Prospectus, Statement of Additional Information
(SAI), Annual Report and other information about the Fund online at http://hosted.rightprospectus.com/RIF/. Otherwise, you
can find the Fund’s Prospectus, Statement of Additional Information (SAI), Annual Report and other information about the
Fund online at http://hosted.rightprospectus.com/RIF/AllFunds.aspx. You can also get this information at no cost by calling 1-
800-290-2604 or by sending an e-mail to: RussellProspectuses@RRD.com. For other information please call 1-800-787-7354.
The Fund’s Prospectus and SAI, both dated May 1, 2011, as supplemented through June 9, 2011, and the Fund’s most recent
annual report, dated December 31, 2010, are all incorporated by reference into this Summary Prospectus.
LifePoints Funds, Variable Target Portfolio Series
RUSSELL INVESTMENT FUNDS
Supplement dated June 9, 2011 to
PROSPECTUS DATED MAY 1, 2011
I. MONEY MANAGER CHANGES: The following replaces the information in the section entitled “Money
Manager Information” for the Russell Commodity Strategies Fund in the Prospectus listed above:
Russell Commodity Strategies Fund
Credit Suisse Asset Management, LLC, Eleven Madison Avenue, New York, NY 10010.
Goldman Sachs Asset Management, L.P., 200 West Street, New York, NY 10282.
Jefferies Asset Management, LLC, The Metro Center, One Station Place, Three North, Stamford, CT
06092.
36-08-356
Northwestern Mutual Series Fund, Inc.
Supplement Dated June 20, 2011 to the
Prospectus Dated May 1, 2011
The following information supplements the Statutory Prospectus for the Northwestern
Mutual Series Fund, Inc. dated May 1, 2011 (the “Prospectus”). You should read this
Supplement together with the Prospectus. Please retain this Supplement for future reference.
Effective July 1, 2011, the Prospectus is hereby amended by deleting the fifth paragraph
currently set forth on page 103 under the “Advisory Fee Waiver Agreements” portion of the
“Advisory Fees” sub-section of the Prospectus section titled, “THE INVESTMENT ADVISER
AND SUB-ADVISERS,” and replacing it with the following language:
“Effective July 1, 2011, with respect to the Money Market Portfolio, Mason Street
Advisors has voluntarily agreed to waive a portion of its management fee on a
temporary basis such that the management fee is 0.15% of the Portfolio’s average
net assets. This voluntary waiver will be reviewed periodically by Mason Street
Advisors in light of market and economic developments and may be revised or
discontinued at any time without advance notice.”
Table of Contents
Variable Product Prospectus
Page
Variable CompLife® 1
Summary Prospectuses
Northwestern Mutual Series Fund, Inc. Page Label
Growth Stock Portfolio NMSF-1
Focused Appreciation Portfolio NMSF-4
Large Cap Core Stock Portfolio NMSF-7
Large Cap Blend Portfolio NMSF-10
Index 500 Stock Portfolio NMSF-13
Large Company Value Portfolio NMSF-16
Domestic Equity Portfolio NMSF-19
Equity Income Portfolio NMSF-22
Mid Cap Growth Stock Portfolio NMSF-25
Index 400 Stock Portfolio NMSF-28
Mid Cap Value Portfolio NMSF-31
Small Cap Growth Stock Portfolio NMSF-34
Index 600 Stock Portfolio NMSF-37
Small Cap Value Portfolio NMSF-40
International Growth Portfolio NMSF-43
Research International Core Portfolio NMSF-46
International Equity Portfolio NMSF-50
Emerging Markets Equity Portfolio NMSF-53
Money Market Portfolio NMSF-57
Short-Term Bond Portfolio NMSF-60
Select Bond Portfolio NMSF-63
Long-Term U.S. Government Bond Portfolio NMSF-66
Inflation Protection Portfolio NMSF-70
High Yield Bond Portfolio NMSF-73
Multi-Sector Bond Portfolio NMSF-76
Commodities Return Strategy Portfolio NMSF-80
Balanced Portfolio NMSF-84
Asset Allocation Portfolio NMSF-88
Fidelity® Variable Insurance Products Page Label
VIP Mid Cap Portfolio FI-1
VIP Contrafund® Portfolio FI-6
Neuberger Berman Advisers Management Trust Page Label
Socially Responsive Portfolio NB-1
Russell Investment Funds Page Label
Multi-Style Equity Fund RIF-1
Aggressive Equity Fund RIF-5
Global Real Estate Securities Fund RIF-9
Non-U.S. Fund RIF-15
Core Bond Fund RIF-21
Russell Investment Funds LifePoints® Variable Target Portfolio Series Page Label
Moderate Strategy Fund RLP-1
Balanced Strategy Fund RLP-8
Growth Strategy Fund RLP-15
Equity Growth Strategy Fund RLP-22
[THIS PAGE INTENTIONALLY LEFT BLANK]
P r o s p e c t u s
May 1, 2011
Variable CompLife®
Issued by The Northwestern Mutual Life Insurance Company
and the Northwestern Mutual Variable Life Account
This prospectus describes an individual scheduled premium Variable Whole Life Insurance Policy that combines a
minimum guaranteed death benefit with additional protection in an integrated policy design (the “Policy”). You may
choose to invest your Net Premiums in up to ten Divisions of the Northwestern Mutual Variable Life Account (the
“Separate Account”), each of which invests in one of the corresponding Portfolios listed below:
Northwestern Mutual Series Fund, Inc.
Growth Stock Portfolio International Growth Portfolio
Focused Appreciation Portfolio Research International Core Portfolio*
Large Cap Core Stock Portfolio International Equity Portfolio
Large Cap Blend Portfolio* Emerging Markets Equity Portfolio*
Index 500 Stock Portfolio Money Market Portfolio
Large Company Value Portfolio* Short-Term Bond Portfolio*
Domestic Equity Portfolio Select Bond Portfolio
Equity Income Portfolio Long-Term U.S. Government Bond Portfolio*
Mid Cap Growth Stock Portfolio Inflation Protection Portfolio*
Index 400 Stock Portfolio High Yield Bond Portfolio
Mid Cap Value Portfolio Multi-Sector Bond Portfolio*
Small Cap Growth Stock Portfolio Commodities Return Strategy Portfolio*
Index 600 Stock Portfolio* Balanced Portfolio
Small Cap Value Portfolio Asset Allocation Portfolio
Fidelity® Variable Insurance Products
VIP Mid Cap Portfolio
VIP Contrafund® Portfolio*
Neuberger Berman Advisers Management Trust
Socially Responsive Portfolio*
Russell Investment Funds Russell Investment Funds LifePoints® Variable Target
Multi-Style Equity Fund Portfolio Series
Aggressive Equity Fund Moderate Strategy Fund*
Global Real Estate Securities Fund Balanced Strategy Fund*
Non-U.S. Fund Growth Strategy Fund*
Core Bond Fund Equity Growth Strategy Fund*
*Please note that we do not expect these Portfolios to be available as an investment option under the Policy until July 1, 2011 or thereafter,
depending on approval in your state.
Please note that the Policy and the Portfolios are not guaranteed to achieve their goals
and are not federally insured. The Policy and the Portfolios have not been endorsed by any bank or government
agency and are subject to risks, including loss of the principal amount invested.
This Policy is subject to the law of the state in which it is issued. Some of the terms of the Policy may differ from the
terms of the Policy delivered in another state because of state specific legal requirements. Areas where state specific
Policy provisions may apply include, but are not limited to:
• certain investment options and certain Policy features; and
• portfolio transfer rights.
Please read carefully this prospectus and the accompanying prospectuses for the corresponding
Portfolios and keep them for future reference. These prospectuses provide information
that you should know before investing in the Policy. No person is authorized
to make any representation in connection with the offering of the Policy
other than those contained in these prospectuses.
The Securities and Exchange Commission (“SEC”) has not approved or disapproved
the Policy or determined that this prospectus is accurate or complete.
It is a criminal offense to state otherwise.
We no longer issue the Policy described in this prospectus.
The variable life insurance policies we presently offer are described in separate prospectuses.
Contents of this Prospectus
SUMMARY OF BENEFITS AND RISKS . . . . . . . . . 1 Partial Surrenders . . . . . . . . . . . . . . . . . . . . . . . . . 20
Benefits of the Policy . . . . . . . . . . . . . . . . . . . . . . . . 1 Optional Benefits . . . . . . . . . . . . . . . . . . . . . . . . . 20
Death Benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Expenses of the Portfolios . . . . . . . . . . . . . . . . . . 20
Access to Your Values . . . . . . . . . . . . . . . . . . . . . 1 Guarantee of Premiums, Deductions and
Flexibility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Optional Benefits . . . . . . . . . . . . . . . . . . . . . . . . . 1 Cash Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Payment Plan Options . . . . . . . . . . . . . . . . . . . . . . 1 Annual Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Tax Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Policy Loans, Automatic Premium Loans, and
Risks of the Policy . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Withdrawals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Investment Risk . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Policy Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Default Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Automatic Premium Loans . . . . . . . . . . . . . . . . . . 21
Policy for Long-Term Protection . . . . . . . . . . . . . 1 General Loan Terms . . . . . . . . . . . . . . . . . . . . . . . 21
Policy Lapse . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Withdrawals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Policy Loan Risks . . . . . . . . . . . . . . . . . . . . . . . . . 2 Required Unscheduled Additional Premium . . . . 22
Limitations on Access to Your Values . . . . . . . . . 2 Excess Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Adverse Tax Consequences . . . . . . . . . . . . . . . . . 2 Paid-Up Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Risk of an Increase in Current Fees and Reinstatement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Reinvestments after Surrender or Withdrawal . . . . . 23
FEE AND EXPENSE TABLES . . . . . . . . . . . . . . . . . . 2 Right to Exchange for a Fixed Benefit Policy . . . . . 24
Transaction Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Modifying the Policy . . . . . . . . . . . . . . . . . . . . . . . . 24
Periodic Charges (Other than Portfolio Operating Other Policy Provisions . . . . . . . . . . . . . . . . . . . . . . 24
Expenses) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Owner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Annual Portfolio Operating Expenses . . . . . . . . . . . 5 Beneficiary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
THE COMPANY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Incontestability . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
THE SEPARATE ACCOUNT . . . . . . . . . . . . . . . . . . . 7 Suicide . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
THE FUNDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Misstatement of Age or Sex . . . . . . . . . . . . . . . . . 25
Northwestern Mutual Series Fund, Inc. . . . . . . . . . . 9 Collateral Assignment . . . . . . . . . . . . . . . . . . . . . . 25
Fidelity® Variable Insurance Products . . . . . . . . . . . 10 Optional Benefits . . . . . . . . . . . . . . . . . . . . . . . . . 25
Neuberger Berman Advisers Management Trust . . . 10 Benefit Payment Plans . . . . . . . . . . . . . . . . . . . . . 25
Russell Investment Funds . . . . . . . . . . . . . . . . . . . . . 11 Deferral of Determination and Payment . . . . . . . . 25
Payments We Receive . . . . . . . . . . . . . . . . . . . . . . . . 11 Voting Rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
INFORMATION ABOUT THE POLICY . . . . . . . . . . 12 Substitution of Fund Shares and Other Changes . . . 25
The Policy Design . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Reports and Financial Statements . . . . . . . . . . . . . . . 25
Requirements for Insurance . . . . . . . . . . . . . . . . . . . 12 Special Policy for Employers . . . . . . . . . . . . . . . . . . 26
Premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Householding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Scheduled Premium and Additional Protection . . 14 Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Suspension of Premium Payments . . . . . . . . . . . . 14 Speculative Investing . . . . . . . . . . . . . . . . . . . . . . . . 26
Grace Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Owner Inquiries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Death Benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Automatic Dollar-Cost Averaging . . . . . . . . . . . . . . 26
General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Allocation Models . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Minimum Guaranteed Death Benefit . . . . . . . . . . 15 Illustrations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Policy Value and Excess Amount . . . . . . . . . . . . . 15 TAX CONSIDERATIONS . . . . . . . . . . . . . . . . . . . . . . 27
Additional Protection . . . . . . . . . . . . . . . . . . . . . . 15 General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Tax Considerations . . . . . . . . . . . . . . . . . . . . . . . . 15 Life Insurance Qualification . . . . . . . . . . . . . . . . . 27
Paid-Up Additional Insurance . . . . . . . . . . . . . . . 15 Tax Treatment of Life Insurance . . . . . . . . . . . . . 28
Payment of Proceeds . . . . . . . . . . . . . . . . . . . . . . . 15 Modified Endowment Contracts (MEC) . . . . . . . 28
Policy Value and Paid-Up Additional Insurance . . . 16 Estate and Generation Skipping Taxes . . . . . . . . . 29
Allocations to the Separate Account . . . . . . . . . . . . . 16 Business-Owned Life Insurance . . . . . . . . . . . . . . 29
Transfers Between Divisions . . . . . . . . . . . . . . . . 17 Policy Split Right . . . . . . . . . . . . . . . . . . . . . . . . . 30
Short-Term and Excessive Trading . . . . . . . . . . . 17 Split Dollar Arrangements . . . . . . . . . . . . . . . . . . 30
Deductions and Charges . . . . . . . . . . . . . . . . . . . . . . 18 Valuation of Life Insurance . . . . . . . . . . . . . . . . . 30
Deductions from Premiums . . . . . . . . . . . . . . . . . 18 Other Tax Considerations . . . . . . . . . . . . . . . . . . . 31
Charges Against the Policy Value . . . . . . . . . . . . 19 DISTRIBUTION OF THE POLICY . . . . . . . . . . . . . . 31
Charges Against the Separate Account Assets . . . 19 GLOSSARY OF TERMS . . . . . . . . . . . . . . . . . . . . . . . 32
Transaction Charges . . . . . . . . . . . . . . . . . . . . . . . 19 ADDITIONAL INFORMATION . . . . . . . . . . . . . . . . . 33
Surrender Charges . . . . . . . . . . . . . . . . . . . . . . . . . 20
PROSPECTUS
Variable CompLife®
Š Variable Whole Life Policy
Š Minimum Guaranteed Death Benefit with Additional Protection
Summary of Benefits and Risks
The following summary identifies some of the benefits and an Additional Purchase Benefit. These optional benefits may
risks of the Policy. It omits important information which is not be available in all states. These optional benefits are not
included elsewhere in this prospectus, in the attached mutual available for all Issue Ages and underwriting classifications.
fund prospectuses, and in the terms of the Policy. Unless clear
Payment Plan Options There are several ways of receiving
from their context or otherwise appropriate, all of the
proceeds under the Death Benefit and surrender provisions of
capitalized terms used in this prospectus are defined herein or
the Policy, other than in a lump sum. More detailed
at the end of this prospectus in the Glossary of Terms.
information concerning these payment plan options is
included elsewhere in this prospectus. You may also call our
Benefits of the Policy
Income Benefits Department at 1-866-269-2950 for more
Death Benefit The primary benefit of your Policy is the life information.
insurance protection that it provides. The Policy combines a
Tax Benefits You are generally not taxed on your Policy’s
Minimum Guaranteed Death Benefit with Additional
investment gains until you surrender the Policy or make a
Protection. We guarantee the Minimum Guaranteed Death
withdrawal. (See “Tax Treatment of Life Insurance.”)
Benefit for the lifetime of the Insured so long as premiums are
paid when due and no Policy Debt is outstanding. We
Risks of the Policy
guarantee the Additional Protection for a period of years
defined in the Policy. Your Policy may also include variable Investment Risk Your Policy allows you to participate in
paid-up additional insurance. Any Excess Amount or any the investment experience of the Divisions you select. You
adjustment required for certain tax purposes may also increase bear the corresponding investment risks. You will be subject
your Death Benefit. Death Benefit amounts paid will be to the risk that the investment performance of the Divisions
reduced by any Policy Debt outstanding. (See “Death will be unfavorable and that, due both to the unfavorable
Benefit.”) performance and the resulting higher insurance charges, the
Cash Value and Policy Value will decrease. You could lose
Access to Your Values The Policy provides access to Cash
everything you invest. You may find a comprehensive
Value during the lifetime of the Insured. You may surrender
discussion of these investment risks in the attached mutual
your Policy for the Cash Value at any time during the lifetime
fund prospectuses. You will also be subject to the risk that the
of the Insured. We will permit partial surrenders so long as the
investment performance of the Divisions you choose may be
Policy that remains meets our minimum size requirements.
less favorable than that of other Divisions, and in order to
You may make a withdrawal from the Policy if the Excess
keep the Additional Protection from decreasing, you may be
Amount is sufficient. You may borrow up to 90% of your
required to pay more premiums than originally planned.
Policy’s Cash Value using the Policy as security. (See “Policy
Loans, Automatic Premium Loans, and Withdrawals.”) Default Risk Because certain guarantees under the Policy
are guaranteed by the Company’s General Account assets, the
Flexibility You may increase the scheduled premium, or
ability to make good on these guarantees depends on the
pay optional unscheduled additional premiums, at any time
financial strength and claims-paying ability of the Company.
before the Policy Anniversary nearest to the Insured’s 85th
Therefore, guaranteed benefits in excess of Invested Assets in
birthday, subject to our insurability requirements and issue
the Separate Account are subject to the risk of default to the
limits. You may reduce or suspend payment of premiums
extent the Company is unable to satisfy some or all of these
within the limits provided in the Policy. You may direct the
guarantees.
allocation of your premiums and apportion the Separate
Account assets supporting your Policy among the various Policy for Long-Term Protection Your Policy is designed
Divisions of the Separate Account, using as many as 10 to serve your need for long-term life insurance protection. It is
Divisions at any time. Subject to certain limits, you may not a suitable vehicle for short-term goals. We have not
transfer accumulated amounts from one Division to another as designed the Policy for frequent trading.
often as 12 times in a Policy Year.
Policy Lapse Your Policy will lapse if you do not pay
Optional Benefits You may select two optional benefits for sufficient premium to keep it in force. Favorable investment
purchase under the Policy, a Waiver of Premium Benefit and experience may reduce the amount of premium you need to
Variable CompLife® Prospectus 1
pay to keep the Policy in force, but we do not guarantee Adverse Tax Consequences Our understanding of the
investment experience. Policy loans or withdrawals may principal tax considerations for the Policy under current tax
increase the premium required to keep the Policy in force. law is set forth in this prospectus. There are areas of some
uncertainty under current law, and we do not address the
Policy Loan Risks A loan, whether or not repaid, will affect
likelihood of future changes in the law or interpretations
your Cash Value and Policy Value over time because the
thereof. Among other risks, your Policy may become a MEC
amounts borrowed do not participate in the investment
if the total amount of premiums you have paid exceeds a
performance of the Divisions; in addition, a charge is
defined limit; surrenders, withdrawals, and loans under the
deducted from your Policy Value while there is Policy Debt.
Policy will then be taxable as ordinary income to the extent
The effect of a loan may be either favorable or unfavorable,
there are earnings in the Policy, and a 10% penalty will apply
depending on whether the earnings rate credited to the loan
to these distributions. Moreover, if excessive Policy loans
amount is higher or lower than the investment performance of
cause a Policy to terminate, or if the Policy otherwise lapses
the unborrowed amounts left in the Divisions. The Death
out of force before the Insured dies, a tax liability may arise as
Benefit is reduced by the amount of any Policy Debt
a result with no value in the Policy with which to pay the tax
outstanding. If you surrender the Policy or allow it to lapse
liability. In addition, please note that you may no longer
while Policy Debt is outstanding, the amount of the loan, to
change Insureds on your Policy, unless you exchange your
the extent it has not previously been taxed, will be considered
Policy for a new policy with the mortality tables recognized
as an amount you received and taxed accordingly.
by the Internal Revenue Service when satisfying the
Limitations on Access to Your Values We will deduct a definitional test for life insurance. (See “Tax Treatment of
surrender charge if you request a surrender or partial surrender Policy Benefits.”) Death Benefit proceeds may be subject to
of your Policy, or the Policy becomes paid-up insurance state and/or inheritance taxes.
before the payment of the premium due at the start of the 15th
Risk of an Increase in Current Fees and Expenses Certain
Policy Year. We permit withdrawals only if the Excess
fees and expenses are currently assessed at less than their
Amount is sufficient. The minimum amount for a withdrawal
maximum levels. We may increase these current charges in
is $250. A maximum of four withdrawals is permitted per
the future up to the guaranteed maximum levels. If fees and
Policy Year. A partial surrender or withdrawal will reduce the
expenses are increased, you may need to increase the amount
Death Benefit.
of premiums to keep the Additional Protection from
decreasing.
Fee and Expense Tables
The following tables describe the fees and expenses that are payable when a Policy is bought, owned, or surrendered. (See
“Deductions and Charges” for a more detailed description.)
Transaction Fees
The first table describes the fees and expenses that are payable when you pay premiums, withdraw Excess Amount, surrender the
Policy, make partial surrenders, or transfer amounts between the Divisions.
Charge When Charge is Deducted Current Charge Maximum Guaranteed Charge
State Premium Tax Upon each Premium 2.00% of premiums1 3.5% of the premium
Charge Payment (includes both “State
Premium Tax Charge” and
Other Premium Upon each Premium 1.00% of premiums “Other Premium Expense
Expense Charge2 Payment Charge”)
Sales Load Upon each Premium 4.5% of the premium 4.5% of the premium
Payment
Administrative Upon a withdrawal of Currently waived $25
Charge for Excess Amount
Withdrawals
Administrative Upon surrender, change $216 plus $1.08 per $1,000 of Minimum Same as current charge
Surrender Charge to paid-up insurance, or Guaranteed Death Benefit and Additional Protection
partial surrender for the first Policy Year, graded down linearly each
year to zero at the beginning of the tenth Policy
Year
2 Variable CompLife® Prospectus
Charge When Charge is Deducted Current Charge Maximum Guaranteed Charge
Premium Surrender Upon surrender, change Up to 40% of the sum of an annual premium for the Same as current charge
Charge to paid-up insurance, or Minimum Guaranteed Death Benefit (exclusive of
partial surrender before the Policy Fee and exclusive of any charge for extra
payment of a scheduled mortality) plus a term insurance premium for the
premium that is due at the initial amount of Additional Protection3
beginning of the fifteenth Minimum: $0.264 per $1000 of Minimum
Policy Year Guaranteed Death Benefit (for a female, Issue Age
1, after the year 14 Premium Payment) plus $0.0824
per $1000 of Additional Protection
Maximum: $38.16 per $1000 of Minimum
Guaranteed Death Benefit plus $26.304 per $1000
of Additional Protection (for a male, Issue Age 75,
Premier Tobacco or Preferred Tobacco, after 5-10
years of Premium Payments)
Representative: $5.052 per $1000 of Minimum
Guaranteed Death Benefit plus $0.756 per $1000 of
Additional Protection (for a male, Issue Age 35,
Premier Non-Tobacco or Preferred Non-Tobacco,
after 5-10 years of Premium Payments)
Fee for Transfer of Upon transfer of assets Currently waived $25
Assets among the Divisions
Expedited Delivery When express mail $15 per delivery (up to $45 for next day, a.m. $50 per delivery (up to $75
Charge4 delivery is requested delivery) for next day, a.m. delivery)
adjusted for inflation5
Wire Transfer Fee4 When a wire transfer is $25 per transfer (up to $50 for international wires) $50 per transfer (up to $100
requested for international wires)
adjusted for inflation5
1 See “Information about the Policy—Premiums” for more information.
2 This charge was previously referred to as the “OBRA Expense Charge”. Due to a 1990 federal tax law change under the Omnibus Budget
Reconciliation Act of 1990 (“OBRA”), as amended, insurance companies are generally required to capitalize and amortize certain
acquisition expenses rather than currently deduct such expenses. Due to this capitalization and amortization, the corporate income tax burden
on insurance companies has been affected. To compensate us for corporate taxes, we make a charge of 1.25% of the premium for scheduled
premiums due (or unscheduled premiums paid) prior to the Policy Anniversary in 2010 and 1.00% of subsequent premiums.
3 The premium surrender charge is a percentage of the surrender charge base, the amount of which will vary depending upon whether you
suspended the payment of scheduled premiums at any time during the first five Policy Years. The premium surrender charge percentage
varies by Issue Age and typically increases between Policy Years one through five, remains levels in Policy Years five through ten, and
declines in Policy Years eleven through fifteen to zero. For more information on the calculation of the premium surrender charge, see
“Surrender Charges” in this prospectus.
4 This fee may increase over time to cover our administrative or other costs but will not exceed the maximum charge. We may discontinue this
service at any time, with or without notice.
5 The maximum charges are subject to a consumer price index adjustment. The maximum charge will equal the maximum charge shown above
multiplied by the CPI for the fourth month prior to the time of the charge, divided by the CPI for April, 2009. “CPI” means the Consumer
Price Index for All Urban Consumers, United States City Average, All Items, as published by the United States Bureau of Labor Statistics. If
the method for determining the CPI is changed, or it is no longer published, it will be replaced by some other index found by the Company to
serve the same purpose.
Periodic Charges (Other than Portfolio Operating Expenses)1
The next table describes the fees and expenses, other than operating expenses for the Portfolios, that you will pay periodically
during the time that you own the Policy.
Charge When Charge is Deducted Current Charge Maximum Guaranteed Charge
Charge for At Policy Date and $60 $84 plus $0.12 per $1,000 of
Administrative Costs annually on the Policy both the Minimum
Anniversary Guaranteed Death Benefit
and the Additional
Protection
Charge for Issuance At Policy Date and $24 plus $0.12 per $1,000 of Minimum Guaranteed Same as current amount
Expenses annually on the Policy Death Benefit and Additional Protection
Anniversary for each of
the first ten Policy Years
Variable CompLife® Prospectus 3
Charge When Charge is Deducted Current Charge Maximum Guaranteed Charge
Charge for Guarantee At Policy Date and $0.12 per $1,000 of Minimum Guaranteed Death Same as current amount
of the Minimum annually on the Policy Benefit
Guaranteed Death Anniversary
Benefit
Charge for Cost of At Policy Date and Maximum: $1,000 per $1,000 of net amount at risk Same as current amount
Insurance— annually on the Policy (at age 99)2
Maximum and Anniversary Minimum: $0.69 per $1,000 of net amount at risk
Minimum2 (for a female Insured age 10)2
Charge for Cost of Representative: $3.07 per $1,000 of net amount at
Insurance— risk (for a male Insured age 44 in the Premier Non-
Representative2 Tobacco or Preferred Non-Tobacco underwriting
classification)2
Charge for Mortality Daily Annual rate of .45% of the assets of the Separate Annual rate of .60% of the
and Expense Risks Account2 assets of the Separate
Account2
Charge for Waiver of At Policy Date and Maximum: 5.1% of premium (Issue Age 57) Same as current amount
Premium Rider3 annually on the Policy Minimum: 1.3% of premium (Issue Age 0-9)
Anniversary to age 65
Representative: 2.5% of premium (Issue Age 35)
Charge for Additional At Policy Date and Maximum: $2.21 per $1,000 of the benefit (Issue Same as current amount
Purchase Benefit3 annually on the Policy Age 38)4
Anniversary to age 40 Minimum: $0.54 per $1,000 of the benefit (Issue
Age 0)4
Representative: $0.54 per $1,000 of the benefit (the
most common Issue Age is 0)
Extra Premium for At Policy Date and Up to $53.63 per $1,000 of Minimum Guaranteed Same as current amount
Insureds Who Qualify annually on the Policy Death Benefit and Additional Protection plus up to
as Sub-Standard Anniversary and with 37.2% of any (optional) additional premium5
Risks3 each unscheduled Maximum: $53.63 per $1,000 of the Minimum
premium Guaranteed Death Benefit and Additional Protection
plus 10.3% of additional premium paid (for a male,
Issue Age 75, Class 9 Non-Tobacco or Class 7
Tobacco, with additional premium paid at age 75)
Minimum: $0.66 per $1,000 of the Minimum
Guaranteed Death Benefit and Additional Protection
plus 5.6% of additional premium paid (for a female,
Issue Ages 0-3, Class 1 Non-Tobacco, with
additional premium paid at ages 0-15)
Representative: $3.76 per $1,000 of the Minimum
Guaranteed Death Benefit and Additional Protection
plus 10.1% of additional premium paid (for a male,
Issue Age 35, Class 2 Non-Tobacco or Standard Plus
Tobacco, with additional premium paid at age 44)
Charge for Mortality Daily Annual rate of 0.90% of Policy Debt2 Annual rate of 1.00% of
and Expense Risks Policy Debt
and Expenses for
Loans6
1 Some fees and expenses, such as fees applicable in Policy Years prior to your current Policy Year, may no longer apply because the Policy is
no longer issued.
2 See “Deductions and Charges—Charges Against the Policy Value” for more information about how we determine cost of insurance rates.
The amounts of these deductions may be effectively reduced by the dividends we may pay on in-force Policies. The dividends we currently
pay are reflected in illustrations we provide. You may request an illustration from your Financial Representative. We do not guarantee future
dividends. (See “Annual Dividends.”) The cost of insurance rate shown in the table may not be representative of the charge that a particular
Owner may pay. Generally, higher Issue Ages and/or worse underwriting classifications will result in higher cost of insurance rates, and men
will pay higher rates than women. The net amount at risk is the projected Death Benefit, discounted at a net annual rate of 4%, less the sum
of the Policy Value and the Cash Value of any paid-up insurance. The projected Death Benefit is the Death Benefit at the end of the Policy
Year, assuming a 4% net annual growth rate. Request an illustration for personalized information from your Financial Representative. (See
“Illustrations.”)
4 Variable CompLife® Prospectus
3 The charges shown in the table may not be representative of the charge that a particular Owner may pay. The charges for Waiver of Premium
Rider and Additional Purchase Benefit do not vary by sex. Generally, these charges increase for older Issue Ages except that the charge for
Waiver of Premium rider does not increase after age 57. In addition, higher rates may apply to substandard underwriting classifications.
4 The maximum benefit amount is $100,000.
5 Varies by age and underwriting classification.
6 This charge is a loan interest spread; that is, the difference between the interest charged and the amount credited to the Policy. This amount is
deducted from Invested Assets. (See “Policy Loans and Automatic Premium Loan—General Loan Terms.”)
Annual Portfolio Operating Expenses
The table below shows the range (minimum and maximum) of total operating expenses, including investment advisory fees,
distribution (12b-1) fees and other expenses of the Portfolios that are available for investment under the Policy. The first line of
this table lists expenses that do not reflect fee waivers or expense limits and reimbursements, nor do they reflect short-term
trading redemption fees, if any, charged by the Portfolios. The information is based on operations for the year ended
December 31, 2010. More details concerning these fees and expenses are contained in the attached prospectuses for the Funds.
Minimum Maximum
Range of Total Annual Portfolio Operating Expenses (expenses include investment advisory fees, distribution
(12b-1) fees, and other expenses as a percentage of average Portfolio assets)* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.21% 1.57%
Range of Total Annual Portfolio Operating Expenses After Contractual Fee Waiver or Reimbursement** . . . . . . 0.21% 1.50%
* For certain Portfolios, certain expenses were reimbursed or fees waived during 2010. It is anticipated that these voluntary expense reimbursement and fee
waiver arrangements will continue past the current year, although certain arrangements may be terminated at any time. After taking into account these
arrangements and any contractual fee waiver or expense reimbursement arrangements, Annual Portfolio Operating Expenses would have ranged from a
minimum of 0.21% to a maximum of 1.50%.
** The “Range of Total Annual Portfolio Operating Expenses After Contractual Fee Waiver or Reimbursement” line in the above table shows the minimum and
maximum fees and expenses charged by all of the Portfolios after taking into account contractual fee waiver or reimbursement arrangements in place. Those
contractual arrangements are designed to reduce Total Annual Portfolio Operating Expenses for Owners and will continue for at least one year from the date
of this prospectus. For more information about which Portfolios currently have such contractual reimbursement or fee waiver arrangements in place, see the
prospectuses of the underlying Funds.
The following table shows total annual operating expenses of each Portfolio available for investment under the Policy. Operating
expenses are expressed as a percentage of average net assets for the year ended December 31, 2010, except as otherwise set forth
in the notes to the table. The Russell Investment Funds LifePoints® Variable Target Portfolio Series are funds of funds and
because of their two-tiered structure, may have fees that are higher than other funds. The Portfolio expenses used to prepare the
table were provided to the Company by the Portfolios. The Company has not independently verified such information. The
expenses shown are based on expenses incurred for the year ended December 31, 2010, or restated to reflect current expenses (see
attached prospectuses for the Funds). Current or future expenses may be higher or lower than those shown, especially in periods
of market volatility.
Investment Acquired Fund Total Total Net
Advisory 12b-1 Other Fees and Operating Fee Waivers & Operating
Portfolio Fees Fees Expenses Expenses Expenses Reimbursements Expenses
Northwestern Mutual Series Fund, Inc.
Growth Stock Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . 0.43% 0.00% 0.02% 0.00% 0.45% 0.00% 0.45%
Focused Appreciation Portfolio(1)(2) . . . . . . . . . . . . . . . . . 0.77% 0.00% 0.02% 0.00% 0.79% (0.02%) 0.77%
Large Cap Core Stock Portfolio . . . . . . . . . . . . . . . . . . . . 0.44% 0.00% 0.02% 0.00% 0.46% 0.00% 0.46%
Large Cap Blend Portfolio(1) . . . . . . . . . . . . . . . . . . . . . . 0.77% 0.00% 0.07% 0.00% 0.84% 0.00% 0.84%
Index 500 Stock Portfolio . . . . . . . . . . . . . . . . . . . . . . . . 0.20% 0.00% 0.01% 0.00% 0.21% 0.00% 0.21%
Large Company Value Portfolio(1) . . . . . . . . . . . . . . . . . . 0.72% 0.00% 0.08% 0.00% 0.80% 0.00% 0.80%
Domestic Equity Portfolio(1) . . . . . . . . . . . . . . . . . . . . . . 0.56% 0.00% 0.02% 0.00% 0.58% 0.00% 0.58%
Equity Income Portfolio(1) . . . . . . . . . . . . . . . . . . . . . . . . 0.65% 0.00% 0.02% 0.00% 0.67% 0.00% 0.67%
Mid Cap Growth Stock Portfolio . . . . . . . . . . . . . . . . . . . 0.53% 0.00% 0.01% 0.00% 0.54% 0.00% 0.54%
Index 400 Stock Portfolio . . . . . . . . . . . . . . . . . . . . . . . . 0.25% 0.00% 0.02% 0.02% 0.29% 0.00% 0.29%
Mid Cap Value Portfolio(1)(3) . . . . . . . . . . . . . . . . . . . . . . 0.85% 0.00% 0.07% 0.00% 0.92% 0.00% 0.92%
Small Cap Growth Stock Portfolio . . . . . . . . . . . . . . . . . 0.56% 0.00% 0.04% 0.00% 0.60% 0.00% 0.60%
Index 600 Stock Portfolio(1) . . . . . . . . . . . . . . . . . . . . . . . 0.25% 0.00% 0.18% 0.00% 0.43% (0.07%) 0.36%
Small Cap Value Portfolio(1)(4) . . . . . . . . . . . . . . . . . . . . . 0.85% 0.00% 0.02% 0.21% 1.08% 0.00% 1.08%
International Growth Portfolio(1) . . . . . . . . . . . . . . . . . . . 0.68% 0.00% 0.13% 0.00% 0.81% 0.00% 0.81%
Research International Core Portfolio(1) . . . . . . . . . . . . . 0.88% 0.00% 0.50% 0.00% 1.38% (0.23%) 1.15%
International Equity Portfolio(5) . . . . . . . . . . . . . . . . . . . . 0.66% 0.00% 0.06% 0.00% 0.72% (0.05%) 0.67%
Emerging Markets Equity Portfolio(1) . . . . . . . . . . . . . . . 1.14% 0.00% 0.43% 0.00% 1.57% (0.07%) 1.50%
Money Market Portfolio(6) . . . . . . . . . . . . . . . . . . . . . . . . 0.30% 0.00% 0.00% 0.00% 0.30% 0.00% 0.30%
Short-Term Bond Portfolio(1) . . . . . . . . . . . . . . . . . . . . . . 0.35% 0.00% 0.04% 0.00% 0.39% 0.00% 0.39%
Select Bond Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.30% 0.00% 0.00% 0.00% 0.30% 0.00% 0.30%
Long-Term U.S. Government Bond Portfolio(1) . . . . . . . 0.56% 0.00% 0.06% 0.00% 0.62% 0.00% 0.62%
Variable CompLife® Prospectus 5
Investment Acquired Fund Total Total Net
Advisory 12b-1 Other Fees and Operating Fee Waivers & Operating
Portfolio Fees Fees Expenses Expenses Expenses Reimbursements Expenses
Inflation Protection Portfolio(1) . . . . . . . . . . . . . . . . . . . . 0.57% 0.00% 0.04% 0.00% 0.61% 0.00% 0.61%
High Yield Bond Portfolio . . . . . . . . . . . . . . . . . . . . . . . . 0.45% 0.00% 0.02% 0.00% 0.47% 0.00% 0.47%
Multi-Sector Bond Portfolio(1) . . . . . . . . . . . . . . . . . . . . . 0.79% 0.00% 0.12% 0.00% 0.91% 0.00% 0.91%
Commodities Return Strategy Portfolio(1)(7) . . . . . . . . . . . 0.80% 0.00% 0.16% 0.22% 1.18% (0.20%) 0.98%
Balanced Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.30% 0.00% 0.00% 0.03% 0.33% 0.00% 0.33%
Asset Allocation Portfolio(1)(8) . . . . . . . . . . . . . . . . . . . . . 0.54% 0.00% 0.04% 0.03% 0.61% (0.05%) 0.56%
Fidelity® Variable Insurance Products
VIP Mid Cap Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.56% 0.25% 0.10% 0.00% 0.91% 0.00% 0.91%
VIP Contrafund® Portfolio . . . . . . . . . . . . . . . . . . . . . . . 0.56% 0.25% 0.09% 0.00% 0.90% 0.00% 0.90%
Neuberger Berman Advisers Management Trust
Socially Responsive Portfolio(9) . . . . . . . . . . . . . . . . . . . . 0.85% 0.00% 0.23% 0.00% 1.08% 0.00% 1.08%
Russell Investment Funds
Multi-Style Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . 0.73% 0.00% 0.16% 0.00% 0.89% 0.00% 0.89%
Aggressive Equity Fund(10) . . . . . . . . . . . . . . . . . . . . . . . 0.90% 0.00% 0.21% 0.00% 1.11% (0.06%) 1.05%
Global Real Estate Securities Fund . . . . . . . . . . . . . . . . . 0.80% 0.00% 0.19% 0.00% 0.99% 0.00% 0.99%
Non-U.S. Fund(10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.90% 0.00% 0.23% 0.00% 1.13% (0.06%) 1.07%
Core Bond Fund(10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.55% 0.00% 0.21% 0.00% 0.76% (0.07%) 0.69%
Russell Investment Funds LifePoints® Variable Target
Portfolio Series
Moderate Strategy Fund(11) . . . . . . . . . . . . . . . . . . . . . . . 0.20% 0.00% 0.24% 0.78% 1.22% (0.34%) 0.88%
Balanced Strategy Fund(11) . . . . . . . . . . . . . . . . . . . . . . . . 0.20% 0.00% 0.16% 0.91% 1.27% (0.26%) 1.01%
Growth Strategy Fund(11) . . . . . . . . . . . . . . . . . . . . . . . . . 0.20% 0.00% 0.19% 0.98% 1.37% (0.29%) 1.08%
Equity Growth Strategy Fund(11) . . . . . . . . . . . . . . . . . . . 0.20% 0.00% 0.33% 1.03% 1.56% (0.43%) 1.13%
(1) Northwestern Mutual Series Fund, Inc.’s investment adviser, Mason Street Advisors, LLC (“MSA”) has contractually agreed to waive the management fee
and absorb certain other operating expenses of the below portfolios to the extent necessary so that Total Operating Expenses for such portfolios will not
exceed the following annual rates of each portfolio’s respective average net assets. These fee waivers may be terminated at any time after April 30, 2012.
Expense
Portfolio Limitation
Focused Appreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.90%
Large Cap Blend . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.85%
Large Company Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.80%
Domestic Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%
Equity Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%
Mid Cap Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%
Index 600 Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35%
Small Cap Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%
International Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.10%
Research International Core . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.15%
Emerging Markets Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.50%
Short-Term Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.45%
Long-Term U.S. Government Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.65%
Inflation Protection . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.65%
Multi-Sector Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.95%
Commodities Return Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.98%
Asset Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%
(2) Focused Appreciation Portfolio—MSA has agreed to waive a portion of its management fee such that its management fee is 0.75% of the portfolio’s first
$100 million of assets, 0.70% on portfolio assets from $100 million to $300 million, 0.65% on portfolio assets from $300 million to $500 million and 0.60%
on portfolio assets in excess of $500 million. The fee waiver agreement may be terminated at any time after April 30, 2012.
(3) Mid Cap Value Portfolio—MSA has agreed to waive a portion of its management fee such that its management fee is 0.85% of the portfolio’s first $150
million of assets, 0.80% on portfolio assets from $150 million to $300 million and 0.75% on portfolio assets in excess of $300 million. The fee waiver
agreement may be terminated at any time after April 30, 2012.
(4) Small Cap Value Portfolio—MSA has agreed to waive a portion of its management fee such that its management fee is 0.85% of the portfolio’s first $500
million of assets and 0.80% on portfolio assets in excess of $500 million. The fee waiver agreement may be terminated at any time after April 30, 2012.
(5) International Equity Portfolio—MSA has agreed to waive a portion of its management fee such that its management fee is 0.80% of the portfolio’s first $50
million of assets, 0.60% on portfolio assets from $50 million to $1 billion, 0.58% of assets from $1 billion to $1.5 billion and 0.51% on portfolio assets in
excess of $1.5 billion. The fee waiver agreement may be terminated at any time after April 30, 2012.
(6) Money Market Portfolio—MSA has voluntarily agreed to waive all of its management fee on a temporary basis. This voluntary waiver will be reviewed
periodically by MSA in light of market and economic developments and may be revised or discontinued at any time without advance notice.
(7) Commodities Return Strategy Portfolio—MSA has agreed to waive its management fee in an amount equal to the management fee paid to it by the
Portfolio’s wholly owned Cayman Islands subsidiary fund. The fee waiver agreement will remain in effect for as long as the Portfolio remains invested in the
subsidiary fund.
6 Variable CompLife® Prospectus
(8) Asset Allocation Portfolio—MSA has contractually agreed to waive a portion of its management fee such that its management fee is 0.55% on the portfolio’s
first $100 million of assets, 0.45% on portfolio assets from $100 million to $250 million and 0.35% on portfolio assets in excess of $250 million.
(9) Neuberger Berman Management LLC (“NBM”), the portfolio’s adviser, has contractually undertaken to limit the portfolio’s expenses through December 31,
2014 by waiving fees and/or reimbursing certain expenses of the portfolio so that its total operating expenses (including the compensation of NBM and
excluding taxes, interest, extraordinary expenses, brokerage commissions and transaction costs), in the aggregate, are limited to 1.30% per annum of the
portfolio’s average daily net asset value. These fee waivers and/or expense reimbursement are subject to recoupment by NBM within three years.
(10) Russell Investment Management Company (“RIMCo”) has contractually agreed, until April 30, 2012, to waive 0.06% of its advisory fee on the Aggressive
Equity Fund and Non-U.S. Fund and 0.07% of its advisory fee on the Core Bond Fund. These waivers may not be terminated during the relevant period
except with Board approval.
(11) For each of the Russell Investment Funds LifePoints® Variable Target Portfolio Series funds individually, RIMCo has contractually agreed, until April 30,
2012, to waive up to the full amount of its 0.20% advisory fee and then to reimburse each fund for other direct fund-level expenses to the extent that direct
fund-level expenses exceed 0.10% of the average daily net assets of the fund on an annual basis. Direct fund-level expenses do not include extraordinary
expenses or the expenses of other investment companies in which the funds invest, including the underlying funds, which are borne indirectly by the funds.
These waivers and reimbursements may not be terminated during the relevant period except with Board approval.
The Company
The Northwestern Mutual Life Insurance Company is a Account, such amounts will come from General Account
mutual life insurance company organized by a special act of assets. Thus, Owners must look to the strength of the
the Wisconsin Legislature in 1857. It is licensed to conduct a Company and its General Account with regard to guarantees
conventional life insurance business in the District of under the Policy. The General Account is exposed to the risks
Columbia and in all states of the United States. The total normally associated with the operation of a life insurance
assets of Northwestern Mutual exceeded $179 billion as of company, including insurance pricing, asset liability
December 31, 2010. The Home Office of Northwestern management and interest rate risk, operational risks, and the
Mutual is located is at 720 East Wisconsin Avenue, investment risks of a portfolio of securities that consists
Milwaukee, Wisconsin 53202. largely, though not exclusively, of fixed-income
securities. Some of the risks associated with such a portfolio
“Northwestern Mutual,” “Company,” “we,” “us,” and “our” in
include interest rate, option, liquidity, and credit risk. The
this prospectus mean The Northwestern Mutual Life Insurance
financial statements contained in the Statement of Additional
Company.
Information include a further discussion of risks inherent
General Account assets are used to guarantee the payment of within the General Account investments. The assets in the
certain benefits under the Policy, including death benefits. To General Account are subject to the claims of the Company’s
the extent that we are required to pay you amounts under these general creditors.
benefits that are in addition to Invested Assets in the Separate
The Separate Account
We established the Separate Account by action of our Trustees arising from the Policies and any other variable life insurance
on November 23, 1983, in accordance with the provisions of Policies funded by the Separate Account. We may, however,
Wisconsin insurance law. The Separate Account is registered use all of our assets (except those held in certain other separate
with the SEC as a unit investment trust under the Investment accounts) to satisfy our obligations under your Policy.
Company Act of 1940 (the “1940 Act”). We own the assets in Where permitted by law and subject to any required regulatory
the Separate Account and we are obligated to pay all benefits approvals or votes by Owners, we reserve the right to:
under the Policies. We may use the Separate Account to
support other variable life insurance policies we issue. We • operate the Separate Account or a Division either as a
have divided the Separate Account into Divisions, each of unit investment trust or a management investment
which invests in shares of one Portfolio of the Funds. company under the 1940 Act, or in any other form
permitted by law, if deemed by the Company to be in the
Under Wisconsin law, Separate Account assets are held best interest of Owners;
separate from our other assets and are not part of our General
Account. Income, gains, and losses, whether or not realized, • invest current and future assets of a Division in securities
from assets allocated to the Separate Account will be credited to of another Portfolio as a substitute for shares of a Portfolio
or charged against the Separate Account without regard to our already purchased or to be purchased;
other income, gains, or losses. Income, gains, and losses • transfer cash from time to time between the General
credited to, or charged against, a Division reflect that Division’s Account and the Separate Account as deemed necessary or
own investment performance and not the investment appropriate and consistent with the terms of the Policy,
performance of our other assets. We may not use the Separate including but not limited to transfers for the deduction of
Account’s assets to pay any of our liabilities other than those charges and in support of payment options;
Variable CompLife® Prospectus 7
• transfer assets of the Separate Account in excess of reserve • restrict or eliminate any voting rights of Owners or other
requirements applicable to the Policies supported by the persons having voting rights as to the Separate Account;
Separate Account to the General Account (Invested Assets and
remaining in the Separate Account necessary to fulfill its
• make any changes to the Separate Account to conform
obligations under the Policy are not subject to claims
with, or required by any change in, federal tax law, the
against or losses in the General Account);
1940 Act and regulations promulgated thereunder, or any
• register or deregister the Separate Account under the 1940 other applicable federal or state laws.
Act or change its classification under that Act;
In the event that we take any of these actions, we may make
• create new separate accounts; an appropriate endorsement of your Policy and take other
actions necessary to comply with applicable law.
• add, delete or make substitutions for the securities and
other assets held or purchased by the Separate Account;
The Funds
A variety of investment options are offered under the Policy for investment only by separate accounts supporting variable
for the allocation of your premiums. However, the Company insurance products and are not publicly traded. Their
does not endorse or recommend a particular option, nor does it performance can differ substantially from publicly traded
provide investment advice. You are responsible for choosing mutual funds with similar names. The specific Portfolios
your investment options and should make your choices based available under your Policy may change from time to time,
on your individual situation and risk tolerances. After making and not all Portfolios in which assets of the Separate Account
your initial allocation decisions, you should monitor your are invested may be available under your Policy. Your ability
allocations and periodically review the options you select and to invest in a Portfolio may be affected by the actions of such
the amounts allocated to each to ensure your selections Portfolio, such as when a Portfolio closes.
continue to be appropriate. The amounts you invest in a
The investment objectives of each Portfolio are set forth
particular Division are not guaranteed and, because both
below. There is no assurance that any of the Portfolios will
principal and any return on the investment are subject to
achieve its stated objective(s). You can find more detailed
market risk, you can lose money.
information about the Portfolios, including a description of
The assets of each Division are invested in a corresponding each Portfolio, in the attached Portfolio prospectuses.
Portfolio that is a series of one of the following mutual funds: Read the prospectuses for the Portfolios carefully before
Northwestern Mutual Series Fund, Inc.; Fidelity® Variable investing. Note: If you received a summary prospectus for a
Insurance Products; Neuberger Berman Advisers Management Portfolio listed below, please follow the directions on the first
Trust; and the Russell Investment Funds. The Separate page of the summary prospectus to obtain a copy of the full
Account buys shares of the Portfolios at their respective net fund prospectus.
asset values without sales charge. The Portfolios are available
8 Variable CompLife® Prospectus
Northwestern Mutual Series Fund, Inc.
The principal investment adviser for the Portfolios of the Northwestern Mutual Series Fund is Mason Street Advisors, LLC
(“MSA”), our wholly-owned company. The investment advisory agreements for the respective Portfolios provide that MSA will
provide services and bear certain expenses of the Fund. MSA employs a staff of investment professionals to manage the assets of
the Fund and the other advisory clients of MSA. We provide related facilities and personnel, which MSA uses in performing its
investment advisory functions. MSA has retained and oversees Templeton Investment Counsel, LLC, Capital Guardian Trust
Company, T. Rowe Price Associates, Inc., American Century Investment Management, Inc., Janus Capital Management LLC,
Massachusetts Financial Services Company, Pacific Investment Management Company LLC and Credit Suisse Asset
Management, LLC under investment sub-advisory agreements to provide day-to-day management of the Portfolios as indicated
below. Each such sub-adviser may be replaced without the approval of shareholders. Please see the attached prospectuses for the
Northwestern Mutual Series Fund, Inc. for more information.
Portfolio Investment Objective Sub-adviser (if applicable)
Growth Stock Portfolio Long-term growth of capital; current income N/A
is a secondary objective
Focused Appreciation Portfolio Long-term growth of capital Janus Capital Management LLC
Large Cap Core Stock Portfolio Long-term growth of capital and income N/A
Large Cap Blend Portfolio(1) Long-term growth of capital and income Capital Guardian Trust Company
Index 500 Stock Portfolio Investment results that approximate the N/A
performance of the S&P 500® Index
Large Company Value Portfolio(1) Long-term capital growth; current income is American Century Investment Management,
a secondary objective Inc.
Domestic Equity Portfolio Long-term growth of capital and income Capital Guardian Trust Company
Equity Income Portfolio Long-term growth of capital and income T. Rowe Price Associates, Inc.
Mid Cap Growth Stock Portfolio Long-term growth of capital N/A
Index 400 Stock Portfolio Investment results that approximate the N/A
performance of the S&P MidCap 400®
Index
Mid Cap Value Portfolio Long-term capital growth; current income is American Century Investment Management,
a secondary objective Inc.
Small Cap Growth Stock Portfolio Long-term growth of capital N/A
Index 600 Stock Portfolio(1) Investment results that approximate the N/A
performance of the S&P SmallCap 600®
Index
Small Cap Value Portfolio Long-term growth of capital T. Rowe Price Associates, Inc.
International Growth Portfolio Long-term growth of capital Janus Capital Management LLC
Research International Core Portfolio(1) Capital appreciation Massachusetts Financial Services Company
International Equity Portfolio Long-term growth of capital Templeton Investment Counsel, LLC
Emerging Markets Equity Portfolio(1) Capital appreciation Massachusetts Financial Services Company
Money Market Portfolio Maximum current income to the extent N/A
consistent with liquidity and stability of
capital(2)
Short-Term Bond Portfolio(1) To provide as high a level of current income N/A
as is consistent with prudent investment risk
Select Bond Portfolio To provide as high a level of total return as N/A
is consistent with prudent investment risk; a
secondary objective is to seek preservation
of shareholders’ capital
Long-Term U.S. Government Bond Maximum total return, consistent with Pacific Investment Management Company
Portfolio(1) preservation of capital and prudent LLC
investment management
Variable CompLife® Prospectus 9
Portfolio Investment Objective Sub-adviser (if applicable)
Inflation Protection Portfolio(1) Pursue total return using a strategy that American Century Investment Management,
seeks to protect against U.S. inflation Inc.
High Yield Bond Portfolio High current income and capital N/A
appreciation(3)
Multi-Sector Bond Portfolio(1) Maximum total return, consistent with Pacific Investment Management Company
prudent investment management LLC
Commodities Return Strategy Portfolio(1) Total return Credit Suisse Asset Management, LLC
Balanced Portfolio To realize as high a level of total return as is N/A
consistent with prudent investment risk,
through income and capital appreciation
Asset Allocation Portfolio To realize as high a level of total return as is N/A
consistent with reasonable investment risk
(1) We do not expect these Portfolios to be available as an investment option under the Policy until July 1, 2011 or thereafter, depending on approval in your
state. Check with your Financial Representative for availability.
(2) Although the Money Market Portfolio seeks to preserve its value at $1.00 per share, it is possible to lose money by investing in the Money Market Portfolio.
An investment in a money market portfolio is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any government agency.
During extended periods of low interest rates, the yield of a money market portfolio may also become extremely low and possibly negative.
(3) High yield bonds are commonly referred to as junk bonds.
Fidelity® Variable Insurance Products
The Fidelity® VIP Mid Cap Portfolio and the Fidelity® VIP Contrafund® Portfolio are series of Variable Insurance Products III
and the Variable Insurance Products Fund II, respectively. The Separate Account buys Service Class 2 shares of the Portfolios,
the investment adviser for which is the Fidelity Management & Research Company (FMR).
Portfolio Investment Objective Sub-adviser
VIP Mid Cap Portfolio Long-term growth of capital FMR Co., Inc. and Fidelity Research &
Analysis Company
VIP Contrafund® Portfolio* Long-term capital appreciation FMR Co., Inc. and Fidelity Research &
Analysis Company
* We do not expect the VIP Contrafund® Portfolio to be available as an investment option under the Policy until July 1, 2011 or thereafter, depending on
approval in your state. Check with your Financial Representative for availability.
Neuberger Berman Advisers Management Trust
The Neuberger Berman Advisers Management Trust Socially Responsive Portfolio is a series of the Neuberger Berman Advisers
Management Trust. The Separate Account buys Class I shares of the Portfolio, the investment adviser for which is Neuberger
Berman Management LLC.
Portfolio Investment Objective Sub-adviser
Socially Responsive Portfolio* Long-term growth of capital N/A
* We do not expect the Socially Responsive Portfolio to be available as an investment option under the Policy until July 1, 2011 or thereafter, depending on
approval in your state. Check with your Financial Representative for availability.
10 Variable CompLife® Prospectus
Russell Investment Funds availability to new premiums and/or transfers of accumulated
amounts if we determine that the Portfolio no longer meets
The assets of each of the Portfolios comprising the Russell
one or more of the selection criteria, and/or if the Portfolio has
Investment Funds are invested by one or more investment
not attracted significant allocations from Owners. The
management organizations researched and recommended by
Northwestern Mutual Series Fund, Inc. and the Russell
Frank Russell Company (“Russell”), and an affiliate of
Investment Funds have been included in part because they are
Russell, the Russell Investment Management Company
managed by subsidiaries of the Company.
(“RIMCo”). RIMCo is the investment adviser of the Russell
Investment Funds. Russell is our majority-owned subsidiary. We do not provide any investment advice and do not
recommend or endorse any particular Portfolio. You bear the
Portfolio Investment Objective risk of any decline in the Policy Value of your Policy resulting
Multi-Style Equity Fund Long-term growth of capital from the performance of the Portfolios you have chosen.
Aggressive Equity Fund Long-term growth of capital Owners, through their indirect investment in the Portfolios,
Global Real Estate Securities Current income and long-term bear the costs of the investment advisory or management fees
Fund growth of capital that the Portfolios pay to their respective investment advisors.
Non-U.S. Fund Long-term growth of capital (See the Portfolios’ prospectuses for more information.) As
described above, an investment adviser of a Portfolio, or its
Core Bond Fund Current income and, as a
affiliates, may make payments to the Company and/or certain
secondary objective, capital
of our affiliates. These payments may be derived, in whole or
appreciation
in part, from the advisory fee deducted from Portfolio assets.
LifePoints® Variable Target High current income and The amount of the compensation is based on a percentage of
Portfolio Series Moderate moderate long-term capital assets of the Portfolios attributable to the Policies and certain
Strategy Fund* appreciation
other variable insurance products that the Company issues.
LifePoints® Variable Target Above average capital The percentages differ and some investment advisers (or other
Portfolio Series Balanced appreciation and a moderate affiliates) may pay more than others. The percentages
Strategy Fund* level of current income currently range up to 0.25%. These payments may be used for
LifePoints® Variable Target High long-term capital any corporate purpose, including payment of expenses that the
Portfolio Series Growth appreciation with low current Company and/or its affiliates incur for services performed on
Strategy Fund* income behalf of the Policies and the Portfolios. The Company and its
LifePoints® Variable Target High long-term capital affiliates may profit from these payments.
Portfolio Series Equity Growth appreciation Certain Portfolios have adopted a Distribution (and/or
Strategy Fund*
Shareholder Servicing) Plan under Rule 12b-1 of the 1940
* We do not expect any of the LifePoints® Variable Target Portfolio Series
Act, which is described in more detail in the Portfolios’
to be available as an investment option under the Policy until July 1, prospectuses. These payments, which may be up to 0.25%, are
2011 or thereafter, depending on approval in your state. Check with your deducted from assets of the Portfolios and are paid to our
Financial Representative for availability. distributor, Northwestern Mutual Investment Services, LLC.
These payments decrease a Portfolio’s investment return.
Payments We Receive
Additionally, an investment adviser or sub-adviser of a
We select the Portfolios offered through this Policy based on Portfolio (or of an underlying fund in which a Portfolio
several criteria, including asset class coverage, the strength of invests) or its affiliate may provide the Company with
the investment adviser’s or sub-adviser’s reputation and wholesaling services that assist in the distribution of the
tenure, brand recognition, performance, and the capability and Policies and may pay the Company and/or certain of our
qualification of each investment firm. Another factor we affiliates amounts to participate in sales meetings. These
consider during the selection process is whether the amounts may be significant and may provide the investment
Portfolio’s investment adviser or an affiliate will make adviser or sub-adviser (or their affiliate) with increased access
payments to us or our affiliates. We review the Portfolios to persons involved in the distribution of the Policies.
periodically and may remove a Portfolio or limit its
Variable CompLife® Prospectus 11
Information About the Policy
We are no longer issuing this Policy. is simply added to the Death Benefit and the Cash Value,
dollar for dollar, unless a greater increase in the Death Benefit
This prospectus describes the material provisions of the
is required to meet tax requirements for life insurance. (See
Policy. You should consult your Policy for more information
“Excess Amount” and “Tax Treatment of Policy Benefits.”)
about its terms and conditions, and for any state specific
variations that may apply to your Policy. The Policy also allows you to pay additional premiums that
may be used to increase Policy Value or, subject to the
The Policy Design insurability of the Insured, to purchase variable paid-up
additional insurance. We calculate the values for the
The Policy combines a Minimum Guaranteed Death Benefit
additional insurance separately from those which support the
with Additional Protection in an integrated policy design. The
initial amount of insurance. The values for the variable
Minimum Guaranteed Death Benefit represents permanent life
paid-up additional insurance do not affect the Policy Value.
insurance guaranteed for the lifetime of the Insured if
premiums are paid when due and no Policy Debt is
Requirements for Insurance
outstanding. The Additional Protection is guaranteed for a
period of years which depends on the sex and underwriting The minimum amount required for the Minimum Guaranteed
classification and age of the Insured when the Policy is issued Death Benefit is $100,000, reduced to $50,000 if the Insured
and the relative proportions of Minimum Guaranteed Death was below age 15 or over age 59 at issue. If the initial
Benefit and Additional Protection. For an Insured aged less premium was at least $10,000 ($5,000 for ages below 15), the
than 43, the guaranteed period is not less than ten years. The required minimum for the Minimum Guaranteed Death
guaranteed period is stated in the Policy. It is generally longer Benefit was $1,000. A lower minimum also may have applied
for younger Insureds and shorter for older Insureds, but will in some other circumstances and would apply if the Policy
not be less than six years, or more than 46 years. was purchased for an employer-sponsored benefit plan. (See
“Special Policy for Employers.”) In all cases, the Minimum
We place Net Premiums in the Divisions you select. The Net
Guaranteed Death Benefit must be at least $1,000.
Premiums increase the Policy Value. The Policy Value is the
cumulative amount invested, adjusted for investment results, Before issuing a Policy, we required satisfactory evidence of
reduced by any charges, including the cost of insurance, which insurability. Non-smokers who meet underwriting
is based on the net amount at risk. The net amount at risk is requirements for the best three classifications were considered
the Projected Insurance Amount divided by 1.04, less the Premier Non-Tobacco, Preferred Non-Tobacco, and Standard
Policy Value. The Projected Insurance Amount is what the Plus Non-Tobacco, respectively. The best two classes of
insurance amount would be at the end of the year assuming a smokers were considered Premier Tobacco and Preferred
4% annual effective interest rate on invested amounts. The Tobacco, respectively. The premium depends in part on the
cost of insurance also reflects the Attained Age of the Insured underwriting classification. We charged a higher premium for
each year. If you pay premiums when they are due, and Insureds who qualified as substandard risks, i.e., for Insureds
investment experience is favorable, the Policy Value will who did not qualify for the underwriting classifications
increase year by year. mentioned above. The amount of extra premium depends in
part on the underwriting classification in which we placed the
We have designed the Policy so that the increase in Policy
Insured.
Value over time should reduce the net amount at risk. The
reduction in the net amount at risk offsets the rising cost of the For Policies issued prior to January 1, 2005, we used a
mortality risk as the age of the Insured increases, reducing the different underwriting classification system. Risks which
total cost of insurance which we subtract from the Policy would be considered Premier Non-Tobacco or Preferred
Value each year. The change in the Policy Value will depend, Non-Tobacco under the current system were called Select.
in part, on the investment performance of the Divisions you Risks which would be considered Premier Tobacco or
choose. Investment experience is not guaranteed. If Preferred Tobacco under the current system were called
investment experience does not produce a sufficient rate of Standard.
return, the amount of Additional Protection will be reduced in
later Policy Years, or you will need to pay additional premium Premiums
to keep the Additional Protection from falling.
The Policy provides for a level scheduled premium to be paid
For a typical Policy the average annual net investment rate of annually at the beginning of each Policy Year. Premiums are
return required to maintain the initial amount of Additional payable at our Home Office. You may send Premium
Protection, without additional premium, should be between Payments to our Home Office or to a payment center
4% and 6%, based on the current charges and dividend scale designated by us. All payments must be made in U.S. Dollars
as of the year the Policy was issued. You may request a sales payable through a U.S. financial institution. We accept
illustration to show the impact on the Additional Protection of Premium Payments by check or electronic funds transfer
a particular average annual net investment rate of return. (See (“EFT”). We do not accept third-party checks at the Home
“Illustrations.”) Any excess Policy Value (“Excess Amount”) Office as part of the initial Premium Payment. We generally
12 Variable CompLife® Prospectus
will not accept cash, money orders, traveler’s checks or due will cause (1) scheduled Premium Payments to be
“starter” checks; however, in limited circumstances, we may suspended (subject to the conditions described later in this
accept some cash equivalents in accord with our anti-money section), (2) if previously chosen by you, the Policy to
laundering procedures. If you make a Premium Payment with continue in force as a reduced amount of paid-up insurance,
a check or bank draft and, for whatever reason, it is later (3) if the Automatic Premium Loan provision is currently in
returned unpaid or uncollected, or if a Premium Payment by effect, an automatic premium loan (see “Policy Loans,
EFT is reversed, we reserve the right to reverse the Automatic Premium Loans, and Withdrawals”) to pay an
transaction. We also reserve the right to recover any resulting overdue premium if the premium is less than the maximum
losses incurred by us by withdrawing a sufficient amount of amount available for a new loan, or (4) the Policy to
Policy Value. If mandated under applicable law, we may be terminate. If you do not pay premiums when they are due, we
required to reject a Premium Payment. We may also be will reduce the Separate Account assets supporting the Policy
required to provide information about you and your account to to reflect the premiums due later in the Policy Year. This will
government regulators. result in the Company reclaiming the amount of any premium
previously advanced for later in the Policy year.
We accept Premium Payments via our website if eligible.
Electronic payments via our website must be made in Premiums you pay other than on an annual basis are increased
accordance with our current procedures. However, we are not to (1) reflect the time value of money, based on an 8% per
required to accept electronic payments, and we will not be annum interest rate, and (2) cover the administrative costs to
responsible for losses resulting from transactions based on process the additional Premium Payments. A monthly
unauthorized electronic payments, provided we follow premium is currently equal to the annual premium times .0863
procedures reasonably designed to verify the authenticity of plus 50 cents. You may pay monthly premiums only through
electronic payments. an automatic payment plan arranged with your bank. A
quarterly premium is currently equal to the annual premium
Although we do not anticipate delays in our receipt and times .2573 plus $2.00. A semi-annual premium is equal to the
processing of premiums, we may experience such delays to annual premium times .5096 plus $1.35. For any frequency
the extent premiums are not received at our Home Office on a other than annual, the annual percentage rate (“APR”) will
timely basis. Such delays could result in delays in the depend on the amount of the annual premium and the
allocation of premiums. (See “Allocations to the Separate Premium Payment frequency. For monthly premiums, the
Account.”) APR will be between 7.71% and 12.88%. For quarterly
premiums, the APR will be between 7.81% and 16.48%. For
By administrative practice, we accept premiums on a monthly,
semi-annual premiums, the APR will be between 7.83% and
quarterly or semi-annual schedule, and we permit Premium
12.38%. You may obtain information about APR calculations
Payment under an authorized payment plan by electronic
for premiums paid other than annually from your
funds transfer from your bank. Even if you pay premiums
Northwestern Mutual Financial Representative. The APR
more frequently than annually, we place the scheduled net
calculation is also available through
annual premium in the Separate Account at the beginning of
www.northwesternmutual.com.
each Policy Year. We advance this amount on this date and we
are reimbursed as we receive your Premium Payments during The following table shows examples of annual and periodic
the Policy Year. You have no obligation to repay the amount premiums, the excess of the annual sum of the periodic
that we have advanced, but failure to pay the premiums when premiums over the annual premiums and the APR.
Annual
Annual Sum of Periodic Annual
Sum of Premiums Minus Percentage
Annual Premium Periodic Premium Periodic Premiums the Annual Premium Rate (APR)
MONTHLY PREMIUMS
$ 1,000.00 $ 86.80 $ 1,041.60 $ 41.60 9.00%
5,000.00 432.00 5,184.00 184.00 7.97%
10,000.00 863.50 10,362.00 362.00 7.84%
QUARTERLY PREMIUMS
1,000.00 259.30 1,037.20 37.20 9.96%
5,000.00 1,288.50 5,154.00 154.00 8.24%
10,000.00 2,575.00 10,300.00 300.00 8.03%
SEMIANNUAL PREMIUMS
1,000.00 510.95 1,021.90 21.90 8.96%
5,000.00 2,549.35 5,098.70 98.70 8.06%
10,000.00 5,097.35 10,194.70 194.70 7.94%
Variable CompLife® Prospectus 13
Scheduled Premium and Additional Protection The solely of Minimum Guaranteed Death Benefit (the “70%
scheduled premium includes the premium for the Minimum requirement”). The premium for the Additional Protection is
Guaranteed Death Benefit and, depending on your Policy, the two times the cost of term insurance (for the Insured’s age
premium for Additional Protection. Additional Protection is when the Policy was issued using the Cost of Insurance rates
additional insurance coverage guaranteed for a certain number in your Policy) as long as this premium for Additional
of years provided Premium Payments are made when due and Protection in combination with the premium for the Minimum
dividends are used to increase Policy Value. The amount of Guaranteed Death Benefit meets the 70% requirement. If this
the scheduled premium depends on the amount of the combination does not meet the 70% requirement, the premium
Minimum Guaranteed Death Benefit (see “Death Benefit”) for Additional Protection is increased to meet the 70%
and the amount of Additional Protection, as well as the requirement. In this case, the amount by which the premium is
Insured’s age and underwriting classification. The amount of increased, after deductions, is used to increase the Policy
the scheduled premium also reflects the sex of the Insured Value.
except where state or federal law requires that premiums and
If the Policy includes Additional Protection, after the
other charges and values be determined without regard to sex.
guaranteed period we may reduce the amount of Additional
We send a notice to you not less than two weeks before each
Protection if Policy Value does not exceed a certain amount as
premium is due.
described in the Policy. To prevent a reduction of the amount
In addition to the premium required for the Minimum of Additional Protection, we may require an increased
Guaranteed Death Benefit and any Additional Protection, the premium determined as of the date 25 days before the Policy
scheduled premium may include additional premium to Anniversary. In this case you are entitled to pay the increased
purchase paid-up additional insurance or to increase the Policy premium required to keep the Additional Protection from
Value, as directed by the Owner. The scheduled premium will falling until the Insured reaches age 80, but this right
also include the premium required for any additional benefit terminates as of the first Policy Anniversary on which you do
included as part of the Policy. We will reduce the additional not pay the increased premium when it is due.
premium included in the scheduled premium at any time upon
The following table shows representative annual premiums for
your request unless required for any additional benefit. You
a Policy with an initial Death Benefit amount of $400,000,
may increase the additional premium included in the
divided equally between Minimum Guaranteed Death Benefit
scheduled premium, or you may pay optional unscheduled
and Additional Protection, for males at three ages, where
additional premiums, at any time before the Policy
Insureds are not substandard risks. This disclosure is intended
Anniversary nearest to the Insured’s 85th birthday, subject to
to provide an example of the amounts of premium for
our insurability requirements and issue limits.
Additional Protection relative to overall premium. Note that
Policies that include Additional Protection are subject to a the Total Premium amount will be at least 70% of the
minimum premium (as part of their scheduled premium) that premium that would be required for a $400,000 Policy without
is equal to 70% of the premium for a Policy if it consisted Additional Protection.
Premium for
Minimum Minimum Premium for
Age at Guaranteed Guaranteed Additional Additional Total
Issue Death Benefit Death Benefit Protection Protection Premium
SELECT or PREMIER NON-TOBACCO or PREFERRED NON-TOBACCO
15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $200,000 $1,292 $200,000 $ 588 $ 1,880
35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000 2,610 200,000 1,010 3,620
55 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000 6,618 200,000 3,320 9,938
STANDARD PLUS or STANDARD PLUS NON-TOBACCO
15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $200,000 $1,406 $200,000 $ 608 $ 2,014
35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000 2,874 200,000 1,118 3,992
55 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000 7,196 200,000 4,428 11,624
STANDARD or PREMIER TOBACCO or PREFERRED TOBACCO
15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $200,000 $1,612 $200,000 $ 740 $ 2,352
35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000 3,362 200,000 1,310 4,672
55 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000 8,650 200,000 6,380 15,030
Suspension of Premium Payments You may suspend coverage under your Policy, and future charges for expenses
payment of scheduled premiums, at your option, if, as of 25 and additional benefits, and (3) no withdrawals are made after
days prior to the Policy Anniversary on or before the due date a date 25 days prior to the previous Policy Anniversary. While
of the premium, (1) the Excess Amount (see “Excess payment of premiums is suspended, certain charges ordinarily
Amount”) equals or exceeds one year’s minimum scheduled deducted from premiums will reduce the Policy Value instead
premium (premium for the Minimum Guaranteed Death at a pre-established rate set forth in your Policy. These rates
Benefit and the Additional Protection), plus the premium for may be different than charges applicable to premiums not
any additional benefit, and (2) the Policy Value exceeds an under Premium Suspension. You may resume payment of
amount that, at 6% interest, provides for future insurance scheduled premiums as of any Policy Anniversary and may be
14 Variable CompLife® Prospectus
required to do so if the Excess Amount, as of a date 25 days and/or your Death Benefit. If your Policy Value exceeds the
prior to the Policy Anniversary, is determined to be less than amount needed to support the Minimum Guaranteed Death
one year’s minimum scheduled premium plus the premium for Benefit and Additional Protection, if any, due to favorable
any additional benefit. You may pay unscheduled additional investment results or from additional premiums or dividends
premiums while suspension of scheduled premiums is in used to increase Policy Value, you will have an Excess
effect, subject to our insurability requirements and issue Amount. (See “Excess Amount.”) Any Excess Amount will
limits. increase the Death Benefit for the Policy, dollar-for-dollar,
unless your Policy would not meet the definitional
Grace Period The Policy provides for a grace period of 31
requirements for life insurance under the Internal Revenue
days for any premium that is not paid when due. The Policy
Code (see below). The Policy Value and any Excess Amount
remains in force during this period. If you pay a premium
change daily. The Policy Value and Excess Amount on the
during the grace period, the values for the Policy will be the
date of death will be used in the calculation of the Death
same as if you had paid the premium when it was due. If you
Benefit.
do not pay the premium within the grace period, and the
Policy does not qualify for premium suspension, the Policy Additional Protection The Additional Protection included
will terminate as of the date when the premium was due and in a Policy when it is issued will not increase by reason of
will no longer be in force, unless it is continued as paid-up investment experience more favorable than the assumed 4%
insurance. (See “Paid-Up Insurance.”) net annual rate of growth. It will not decrease, regardless of
investment experience, until expiration of the guaranteed
Death Benefit period, so long as you pay scheduled premiums when they are
due and no Policy Debt is outstanding. A condition for this
General The Death Benefit for a Policy will equal the sum
guarantee is that you must use any dividends paid on the
of (1) the amount of the Minimum Guaranteed Death Benefit
Policy to increase Policy Value unless the Policy has an
(see below), (2) the amount of any Additional Protection in
Excess Amount. (See “Excess Amount.”) After the guaranteed
effect (see “Premiums—Scheduled Premium and Additional
period, the Additional Protection may be reduced unless the
Protection”), (3) any Excess Amount of Policy Value (see
Policy Value exceeds a certain amount described in the
“Excess Amount”), and (4) the amount of any paid-up
Policy. Additional information regarding Additional
additional insurance (see “Policy Value and Paid-Up
Protection can be found in the “Premiums—Scheduled
Additional Insurance”), unless a higher amount is required by
Premiums and Additional Protection” section.
the Internal Revenue Code (see “Tax Treatment of Policy
Benefits”). The amount payable under the Death Benefit is Tax Considerations We have designed the Policy to meet
reduced by the amount of any Policy Debt outstanding and, if the definitional requirements for life insurance in
premiums are not paid on an annual basis, an adjustment for Section 7702 of the Internal Revenue Code. (See “Tax
premiums used to purchase paid-up additional insurance that Treatment of Policy Benefits.”) These rules require that the
are due later in the Policy Year. Death Benefit will never be less than the Policy Value divided
by the net single premium per dollar of Death Benefit. The
Minimum Guaranteed Death Benefit The Minimum
required difference between the Death Benefit and the Policy
Guaranteed Death Benefit you select when the Policy is issued
Value is larger at younger ages than at older ages. The Policy
will neither increase nor decrease, regardless of the investment
provides for an increase in the Death Benefit to the extent
experience of the Divisions, so long as you pay scheduled
required to meet this requirement. After the Death Benefit has
premiums when they are due and no Policy Debt is
been increased to meet this requirement, an increase in the
outstanding. In setting the premium rates for the Minimum
Policy Value will cause a greater than dollar-for-dollar
Guaranteed Death Benefit, we have assumed that the Separate
increase in the Death Benefit, and a decrease in the Policy
Account assets will grow at a net annual rate of 4% after
Value will cause a greater than dollar-for-dollar decrease in
adjusting for the Separate Account charges and the expenses
the Death Benefit.
of the Portfolios in which the Divisions invest. (See
“Deductions and Charges—Charges Against the Separate Paid-Up Additional Insurance The Death Benefit is
Account Assets.”) We bear the risk that the rate of growth will increased by the amount of any paid-up additional insurance
be less. A higher rate of growth results in an increase in the purchased with additional premium or Policy dividends. The
Policy Value. amount and value of the paid-up additional insurance vary
daily to reflect investment experience and are not guaranteed.
Policy Value and Excess Amount The Policy Value is the
The amount of any paid-up additional insurance is its value
cumulative Net Premiums for the Minimum Guaranteed Death
used as a net single premium at the Attained Age of the
Benefit and the Additional Protection, including any
Insured.
additional Net Premiums or Policy dividends which have been
used to increase the Policy Value: (1) adjusted for investment Payment of Proceeds Subject to the terms and conditions
experience; (2) less the cost of insurance which we deduct of the Policy, the proceeds will be paid to a beneficiary or
from the Policy Value on each Policy Anniversary; and other payee after proof of the death of the Insured is received
(3) less any other charges. Therefore, the investment in our Home Office. The amount of proceeds will be
performance of the Portfolios, as well as the charges and determined as of the date of death. We will pay interest on the
expenses under your Policy, may decrease your Policy Value proceeds from that date until payment is made.
Variable CompLife® Prospectus 15
Your beneficiary may receive the Death Benefit as a cash Policy Value and Paid-Up Additional Insurance
settlement either by electing to receive a lump sum check or
We determine the Policy Value and the value of any paid-up
by electing the Northwestern Access Fund (an interest-bearing
account), if the cash settlement amount meets our criteria. If additional insurance daily by separate calculations. An
no affirmative election is made, the beneficiary will receive increase or decrease in the Policy Value has no effect on the
the Death Benefit as a lump sum check. If a Northwestern value of any paid-up additional insurance, and an increase or
Access Fund account is elected, payment of the full Death decrease in the value of any paid-up additional insurance has
Benefit is accomplished by the opening of the Northwestern no effect on the Policy Value. You may increase or decrease
Access Fund account in the name of the beneficiary. the amount of scheduled additional premium which you are
Northwestern Access Fund account information, along with a paying to increase the Policy Value or to increase the amount
book of drafts (which function much like checks from a of paid-up additional insurance, and you may change the
checking account at a bank), will be sent to the beneficiary, allocation for applying this additional premium. You must
and the beneficiary will have access to funds in the account make changes in the scheduled additional premium and its
simply by writing a draft for all or part of the amount of the allocation by written request. We may require evidence of
Death Benefit (or other available balance), and depositing or insurability if you increase the scheduled additional premium.
using the draft as desired. When the draft is paid through the We do not permit increases in the scheduled additional
bank that administers the account for Northwestern Mutual, premium after the Policy Anniversary nearest the Insured’s
the bank will receive the amount the beneficiary requests as a 85th birthday.
transfer from the Company's General Account. The
You may transfer the value of paid-up additional insurance to
Northwestern Access Fund is part of the Company's General
increase the Policy Value by written request. This will
Account. Any interest paid within a Northwestern Access
generally result in a decrease in the total Death Benefit. You
Fund may be taxable, so please consult your tax advisor. The
may not transfer Policy Value to the value of paid-up
Northwestern Access Fund is not a bank account, and it is not
insured by the FDIC or any other government agency. As part additional insurance.
of our General Account, the Northwestern Access Fund is
backed by the financial strength of the Company, although it Allocations to the Separate Account
is subject to the claims of our creditors. In addition, funds held We place the net scheduled annual premium in the Separate
in the Northwestern Access Fund are guaranteed by State Account on each Policy Anniversary even if you are paying
Insurance Guarantee Associations. The Company may make a premiums other than on an annual frequency. With respect to
profit on all amounts held in the Northwestern Access Fund. those Premium Payments, we will process the premiums based
We may discontinue the Northwestern Access Fund at any upon the value of the units in the Divisions determined at the
time, with or without notice. close of trading on the New York Stock Exchange (“NYSE”)
If a payment plan was not previously elected by the Owner (typically, 4:00 pm Eastern Time) for that day.
and in lieu of a lump sum payment, Death Benefits, less any We will place net unscheduled premiums in the Separate
Policy Debt, may be paid under a payment plan selected by Account as of the date they are received at a Network Office
your beneficiary after the death of the Insured. Available or at our Home Office, provided the request is received in
payment plans include an interest income plan, installment
good order prior to the close of trading on the NYSE. “Good
income plans, and life income plans. Generally, (1) an interest
order” means that your request meets all the requirements
income plan accrues interest on the Death Benefit, the interest
necessary for us to process it, including, but not limited to,
may be received monthly, and any remaining proceeds or
insurability, underwriting, and MEC-limit requirements. We
interest may be withdrawn at any time; (2) an installment
will generally process the net unscheduled premiums based
income plan pays the Death Benefit in installments for a fixed
upon the value of the units in the Divisions as of the close of
period of time, and any remaining proceeds may be withdrawn
at any time; and (3) a life income plan makes payments trading on the NYSE. If we receive the net unscheduled
monthly for a chosen period and after that, for the life of the premiums on or after the close of trading on the NYSE, we
person on whose life the payments are based (or two persons will process the net unscheduled premiums using the value of
if the joint option is selected). The choice of payment plans the units in the Divisions determined at the close of the next
will vary depending on financial situation and the amount of regular trading session of the NYSE. Net premiums are
income desired monthly for a chosen time period. The Owner premiums less the deductions from premiums. (See
may elect the payment plan while the Insured is living or, if “Deductions from Premiums.”)
the Insured is not the Owner, during the first 60 days after the You may change the allocation for future Net Premiums at
Insured’s date of death. A payment plan that is elected by the any time by written request and the change will be effective
Policy Owner will take effect on the date of death of the for premiums placed in the Separate Account thereafter.
Insured if notice of election is received in our Home Office Eligible Owners may also submit allocation requests via
while the Insured is living. In all other cases, the payment plan Northwestern Mutual Express (1-800-519-4665) or via our
will take effect on the date of receipt of the notice of election. website at www.northwesternmutual.com. If you allocate any
If no payment plan is elected, the benefit is paid to the
portion of a premium to a Division, the Division must receive
beneficiary with interest based on rates declared by the
at least 1% of that premium.
Company or as required by applicable state law on the date of
death of the Insured.
16 Variable CompLife® Prospectus
You may apportion the Separate Account assets supporting Divisions invest may impose redemption fees. These fees are
your Policy among as many as ten Divisions at any one time. described in the Portfolios’ prospectuses. Transfer requests
We count the Money Market Division as one of the ten must be in whole percentages and in amounts greater than or
available Divisions if you are using it for any purpose, equal to 1% of Invested Assets or the request will not be
including dollar cost averaging. processed. When a transfer is made from any Division, the
resulting allocation of Invested Assets must be in whole
Transfers Between Divisions Subject to the short-term and percentages in all Divisions that have any Invested Assets as a
excessive trading limitations described below, you may result of the transfer.
change your allocation between Divisions and transfer
accumulated amounts from one Division to another so long as Short-Term and Excessive Trading Short-term and
you are invested in no more than ten Divisions at a time. In excessive trading (sometimes referred to as “market timing”)
order to take full advantage of these features, you should may present risks to a Portfolio’s long-term investors, such as
carefully consider, on a continuing basis, which investment Owners and other persons who may have material rights under
options are best suited to your long-term investment needs. the Policy (e.g., beneficiaries), because it can, among other
See “Owner Inquiries” for more information on how you may things, disrupt Portfolio investment strategies, increase
change your allocation among Divisions. Your Financial Portfolio transaction and administrative costs, require higher
Representative may provide us with instructions on your than normal levels of cash reserves to fund unusually large or
behalf involving the allocation and transfer of accumulated unexpected redemptions, and adversely affect investment
amounts among available Divisions, subject to our rules and performance. These risks may be greater for Portfolios that
requirements, including the restrictions on short-term and invest in securities that may be more vulnerable to arbitrage
excessive trading discussed below. trading, including foreign securities and thinly traded
securities, such as small cap stocks and non-investment grade
We will make the transfer based upon the net valuation of bonds. These types of trading activities also may dilute the
units in the affected Division after our receipt of your request value of long-term investors’ interests in a Portfolio if it
for transfer at our Home Office, provided it is in good order. calculates its net asset value using closing prices that are no
“Good order” means that your request meets all the longer accurate. Accordingly, we discourage market timing
requirements necessary for us to process it. You may request activities.
the transfer in writing at our Home Office, via Northwestern
Mutual Express (1-800-519-4665) or, if eligible, via our To deter short-term and excessive trading, we have adopted
website at (www.northwesternmutual.com). The submission and implemented policies and procedures which are designed
of transfer instructions by telephone or through our website to control abusive trading practices. We seek to apply these
(“Electronic Instructions”) must be made in accordance with policies and procedures uniformly to all Owners. Any
our current procedures for Electronic Instructions. However, exceptions must be either expressly permitted by our policies
we are not required to accept Electronic Instructions, and we and procedures or subject to an approval process described in
will not be responsible for losses resulting from transactions them. We may also be prevented from uniformly applying
based on unauthorized Electronic Instructions, provided we these policies and procedures under applicable state or federal
follow procedures reasonably designed to verify the law or regulation. Because exceptions are permitted, it is
authenticity of Electronic Instructions. Please note that the possible that investors may be treated differently and, as a
telephone and/or electronic devices may not always be result, some may be allowed to engage in trading activity that
available. Any telephone or electronic device, whether it is might be viewed as market timing.
yours, your service provider's or your agent's or ours, can Among the steps we have taken to reduce the frequency and
experience outages or slowdowns for a variety of reasons, effect of these practices are monitoring trading activity and
which may delay or prevent our processing of your request. imposing trading restrictions, including the prohibition of
Although we have taken precautions to limit these problems, more than twelve transfers among Divisions under a single
we cannot promise complete reliability under all Policy during a Policy Year. Multiple transfers with the same
circumstances. If you are experiencing problems, you should effective date made by the same Owner will be counted as a
make your transfer request by writing to our Home Office. We single transfer for purposes of applying the twelve transfer
reserve the right to limit, modify, suspend or terminate the limitation. Further, an investor who is identified as having
ability to make transfers via Electronic Instructions. made a transfer in and out of the same Division, excluding the
Money Market Division, (“round trip transfer”) in an amount
If we receive your request in good order for transfer before the
in excess of $10,000 within fourteen calendar days will be
close of trading on the NYSE (typically, 4:00 pm Eastern
restricted from making additional transfers after the third such
Time), your request will receive same-day pricing. If we
round trip transfer until the next Policy Anniversary date, and
receive your request for transfer on or after the close of
will be sent a letter informing him or her of the restriction.
trading on the NYSE, we will process the order using the
Thereafter, the same investor will be similarly restricted after
value of the units in the Divisions determined at the close of
the second such round trip transfer. An Owner who is
the next regular trading session of the NYSE. Although no fee
identified as having made one or more round trip transfers
is presently charged, we reserve the right where allowed by
within thirty calendar days aggregating more than one percent
state law to charge a fee that will cover the administrative
(1%) of the total assets of the Portfolio underlying a Division,
costs of transfers. In addition, certain Portfolios in which the
Variable CompLife® Prospectus 17
excluding the Money Market Division and the Divisions or prohibit transfers or other transactions involving shares of a
corresponding to the Portfolios of the Russell Investment Portfolio, you may not be able to make additional purchases in
Funds LifePoints® Variable Target Portfolio Series, will be a Division until the restriction or prohibition ends. If you
sent a warning letter after the first such round trip transfer and submit a request that includes a purchase or transfer into such
will be restricted from making additional transfers until the a restricted Division, we will consider the request “not in good
next Policy Anniversary date after the second such round trip order” and it will not be processed. You may, however, submit
transfer. Thereafter, the same investor will be similarly a new transfer request.
restricted after the first such round trip transfer. These
If we believe your trading activity is in violation of, or
limitations do not apply to automatic asset transfers, scheduled
inconsistent with, our policies and procedures or otherwise is
or systematic transactions involving portfolio rebalancing,
potentially disruptive to the interests of other investors, you
dollar cost averaging, to initial allocations or changes in future
may be asked to stop such activities, and future investments
allocations. Once a Policy is restricted, we will allow one
and allocations or transfers by you may be rejected without
additional transfer into the Money Market Division until the
prior notice. Because we retain discretion to determine what
next Policy Anniversary. Additionally, in accordance with our
action is appropriate in a given situation, investors may be
procedures, we may modify some of these limitations to allow
treated differently and some may be allowed to engage in
for transfers that would not count against the total transfer
activities that might be viewed as market timing.
limit but only as necessary to alleviate any potential hardships
to Owners (e.g., in situations involving a substitution of an We intend to monitor events and the effectiveness of our
underlying fund). policies and procedures in order to identify whether instances
Policies such as yours (or other Policies supported by the of potentially abusive trading practices are occurring.
Separate Account) may be purchased by a corporation or other However, we may not be able to identify all instances of
entity as a means to informally fund the liabilities created by abusive trading practices, nor completely eliminate the
the entity’s employee benefit or similar plan. These Policies possibility of such activities, and there may be technological
may be aggregately managed to match liabilities under such limitations on our ability to impose restrictions on the trading
plans. Policies sold under these circumstances may be subject practices of Owners.
to special transfer restrictions. Namely, transactions involving
portfolio rebalancing programs may be exempt from the Deductions and Charges
twelve transfers per Policy year limitation where: (1) the Deductions from Premiums We deduct a charge from each
purpose of the portfolio rebalancing program is to match the premium for state premium taxes and a portion of our federal
Policy to the entity’s employee benefit or similar plan; (2) the corporate income taxes attributable to policy acquisition
portfolio rebalancing program adequately protects against expenses. Premium taxes vary from state to state and currently
short-term or excessive trading; and (3) the portfolio range from 0.0% to 3.5% of life insurance premiums. The
rebalancing program is managed by a third party administrator charge is currently 2.00% of premiums regardless of the state
that meets our requirements. We reserve the right to monitor in which you live. We reserve the right to deduct a higher or
or limit transactions involving portfolio rebalancing programs lower amount or percentage from premiums in the future to
where we believe such transactions may be potentially cover these taxes subject to the overall cap of 3.5% as stated
harmful to a Portfolio. below.
We may change these policies and procedures from time to
Due to a 1990 federal tax law change under the OBRA, as
time in our sole discretion without notice; provided, however,
amended, insurance companies are generally required to
Owners will be given advance, written notice if the policies
capitalize and amortize certain acquisition expenses rather
and procedures are revised to accommodate market timing.
than currently deducting such expenses. Due to this
Additionally, the Funds may have their own policies and
capitalization and amortization, the corporate income tax
procedures described in their prospectuses that are designed to
burden on insurance companies has been affected. We make a
limit or restrict frequent trading. Such policies may be
charge of up to 1.25% against each Premium Payment to
different from our policies and procedures, and may be more
compensate us for corporate taxes. Currently, this charge is
or less restrictive. As the Funds may accept purchase
1.00% of premiums. We believe that this charge does not
payments from other investors, including other insurance
exceed a reasonable estimate of an increase in our federal
company separate accounts on behalf of their variable product
income taxes resulting from a change in the Internal Revenue
customers and retirement plans, we cannot guarantee that the
Code relating to deferred acquisition costs. The state premium
Funds will not be harmed by any abusive market timing
tax charge and the other premium expense charge may each
activity relating to the retirement plans and/or other insurance
vary in amount, but the sum of these charges will not exceed
companies that may invest in the Funds. The Funds’ policies
3.5%.
and procedures may provide for the imposition of a
redemption fee and, upon request from the Fund, require us to We deduct a charge, or sales load, of 4.5% for sales costs from
provide transaction information to the Fund (including an each premium. We expect to recover our expenses of selling
Owner’s tax identification number) and to restrict or prohibit and advertising (“distribution expenses”) from this amount,
transfers and other transactions that involve the purchase of over the period while the Policies are in force, and from the
shares of a Portfolio. In the event a Fund instructs us to restrict surrender charges described below. The amounts we deduct
18 Variable CompLife® Prospectus
for costs in a Policy Year are not specifically related to The cost of insurance rates are included in the Policy. All
distribution expenses incurred that year. To the extent that things being equal, higher Issue Ages and/or worse
distribution expenses exceed the amounts deducted, we will underwriting classifications will result in higher cost of
pay the expenses from our other assets. These assets may insurance rates, and men will pay higher rates than women.
include, among other things, any gain realized from the charge We also deduct a cost of insurance charge from the Cash
against the assets of the Separate Account for the mortality Value of any paid-up additional insurance on each Policy
and expense risks we have assumed. (See “Charges Against Anniversary. If we receive an unscheduled premium on a day
the Separate Account Assets.”) To the extent that the amounts other than a Policy Anniversary and the net amount at risk
deducted for distribution expenses exceed the amounts increases as a result, we will deduct a cost of insurance charge
needed, we will realize a gain. on that day, reflecting the increase in the net amount at risk
and the portion of the Policy Year remaining. Our revenues
We deduct an annual charge of $60 from premiums each year attributable to this charge may exceed our costs attributable to
for administrative costs to maintain the Policy. These this charge, in which case we may realize a gain.
expenses include costs of premium billing and collection,
processing claims, keeping records and communicating with While payment of premiums is suspended, a portion of the
Owners. We retain the right to increase this charge after 10 annual charges which we would ordinarily deduct from
years, but it is guaranteed not to exceed $84 plus $0.12 per premiums will be deducted from the Policy Value instead. We
$1,000 of both the Minimum Guaranteed Death Benefit and will also make this deduction on the Policy Anniversary each
the Additional Protection. We do not expect to profit from this year.
charge. We will also reduce the Policy Value by any surrender charges,
We deduct an annual charge from premiums each of the first administrative charges or decrease in Policy Debt that may
10 years to compensate us for expenses, other than result from a withdrawal, a decrease in the face amount of
distribution expenses, incurred in issuing the Policy. These insurance, or a change to variable benefit paid-up insurance.
expenses include the costs of processing applications, medical Charges Against the Separate Account Assets There is a
examinations, determining insurability and establishing daily charge to the Separate Account for the mortality and
records. The annual amount of this charge is $24 plus expense risks that we have assumed. The current charge is at
$0.12 per $1,000 of Minimum Guaranteed Death Benefit and the annual rate of .45% of the assets of the Separate Account,
Additional Protection. If you surrender the Policy before these not to exceed a maximum annual rate of .60%. The mortality
charges have been deducted for 10 years, the remaining risk is that Insureds may not live as long as we estimated. The
charges will be reflected in the administrative surrender expense risk is that expenses of issuing and administering the
charge. (See “Surrender Charges.”) Policies may exceed the estimated costs, including other costs
We deduct an annual charge of $0.12 per $1,000 of Minimum such as those related to marketing and distribution. We will
Guaranteed Death Benefit from premiums each year to realize a gain from this charge to the extent it is not needed to
compensate us for the risk we have assumed by guaranteeing provide benefits and pay expenses under the Policies, in which
the Minimum Guaranteed Death Benefit. case the gain may be used for any Company purpose. The
actual mortality and expense experience under the Policies
To determine the net annual premium, we will also deduct any will be a factor used in determining dividends. (See “Annual
extra amounts we charge for Insureds who qualify as Dividends.”)
substandard risks, plus the cost of any additional benefits
purchased with the Policy. The Policies provide that a charge for taxes may be made
against the assets of the Separate Account. We are not
Charges Against the Policy Value We deduct a cost of currently making a separate daily charge on assets for such
insurance charge from the Policy Value on each Policy taxes. The Portfolios in which the assets that support your
Anniversary. We determine the amount by multiplying the net Policy are invested also bear expenses which reduce the
amount at risk by the cost of insurance rate. The net amount at investment rate of return. (See “Fee and Expense Tables –
risk is the Projected Insurance Amount, discounted at a net Annual Portfolio Operating Expenses” and attached Fund
annual rate of 4%, less the Policy Value. The Projected prospectuses.)
Insurance Amount is the amount of insurance at the end of the
Transaction Charges The Policy provides for a fee of up to
Policy Year, assuming that the Policy Value increases by the
$25 for a transfer of assets among the Divisions and for a fee
4% net annual growth rate assumed in constructing the Policy.
of up to $25 for a withdrawal of Excess Amount. We are
The cost of insurance rate reflects the Attained Age of the
currently waiving these charges.
Insured. For Select, Premier Non-Tobacco and Preferred
Non-Tobacco risks, the cost of insurance rate is based on the You may have the option of receiving funds via wire transfer
Commissioners 1980 Standard Ordinary Non-Smoker or priority mail. Currently, a fee of $25 is charged for wire
Mortality Tables. For Standard, Premier Tobacco and transfers (up to $50 for international wires) and a $15 fee (up
Preferred Tobacco risks, the cost of insurance rate is based on to $45 for next day, a.m. delivery) for priority mail. These fees
the Commissioners 1980 Standard Ordinary Smoker Mortality are to cover our administrative costs or other expenses. We
Tables. For other risks, the cost of insurance rate is based on may discontinue the availability of these options at any time,
the Commissioners 1980 Standard Ordinary Mortality Tables. with or without notice.
Variable CompLife® Prospectus 19
Surrender Charges If you surrender the Policy before you For Issue Ages 66 through 74, the percentages are determined
have paid the premium that is due at the beginning of the by linear interpolation between the percentages shown.
fifteenth Policy Year, we will deduct a surrender charge from
For a Policy that has a Minimum Guaranteed Death Benefit of
the Policy Value. Similarly, we will deduct a surrender charge
$50,000 or more, the surrender charge will not exceed $41.16
on a change to paid-up insurance. (See “Paid-Up Insurance.”)
per $1,000 of Minimum Guaranteed Death Benefit. For a
A table of surrender charges is in the Policy.
Policy that has a Minimum Guaranteed Death Benefit of
The surrender charge consists of an administrative surrender $100,000 or more, issued for an Insured ages 15-59, the
charge and a premium surrender charge. The administrative surrender charge will not exceed $22.86 per $1,000 of
surrender charge is equal to the sum of the issue expense Minimum Guaranteed Death Benefit. The surrender charge
charges which we have not deducted. The administrative could equal or exceed the Policy Value but we will not apply
surrender charge in the first Policy Year is $216, plus $1.08 the surrender charge to the value of any paid-up additional
per $1,000 of Minimum Guaranteed Death Benefit and insurance.
Additional Protection. This charge grades down linearly each
year as you pay the premium (or payment of premiums is Partial Surrenders We will permit partial surrenders of a
suspended) and is zero after you have paid the premium that is Policy so long as the Policy that remains meets the regular
due at the beginning of the tenth Policy Year (or it is minimum size requirements. A partial surrender will cause the
suspended). Policy to be split into two Policies. One Policy will be
surrendered; the other will continue in force on the same terms
The premium surrender charge is a percentage (shown in the as the original Policy, except that the premiums will be based
table below) of the surrender charge base. If payment of the on the reduced amount of insurance. You will receive a new
premium for a Policy Year has been suspended, the premium Policy document. The Cash Value and the Death Benefit will
surrender charge percentage will be as if you had paid the be proportionately reduced. We will allocate reductions
annual premium. During the first five Policy Years, if you pay among the Divisions in proportion to the amounts in the
premiums more frequently than annually, we will adjust the Divisions. We will make a deduction from the Policy proceeds
premium surrender charge percentages to reflect the actual for a proportionate part of the surrender charge (based on the
period for which you have paid premiums. change in the face amounts) if a partial surrender takes place
If none of the Premium Payments during the first five Policy before you have paid the scheduled premium that is due at the
Years have been suspended, the surrender charge base equals beginning of the fifteenth Policy Year.
the sum of an annual premium for the Minimum Guaranteed Optional Benefits There is a separate charge for any
Death Benefit (exclusive of the Policy fee and exclusive of optional benefit you have selected. (See “Other Policy
any charge for extra mortality) plus a term insurance premium Provisions—Optional Benefits.”) For a Policy with a Waiver
for the initial amount of Additional Protection. of Premium Rider, the maximum charge is 5.1% of premium,
If any of the Premium Payments during the first five Policy and the minimum is 1.3% of premium. For a Policy with an
Years have been suspended, the surrender charge base equals Additional Purchase Benefit, the maximum charge is $2.21
the lesser of (1) the sum of an annual premium for the per $1,000 of the benefit, and the minimum charge is $0.54
Minimum Guaranteed Death Benefit (exclusive of the Policy per $1,000 of the benefit.
fee and exclusive of any charge for extra mortality) plus a Expenses of the Portfolios The investment performance of
term insurance premium for the initial amount of Additional each Division reflects all expenses borne by the corresponding
Protection, and (2) the sum of the total premiums paid Portfolio. (See “Fee and Expense Tables—Range of Total
(exclusive of any premiums for additional benefits purchased Annual Portfolio Operating Expenses” and the attached
with the Policy, and premiums for extra mortality, and any mutual fund prospectuses.)
extra amount for premiums paid more often than annually)
divided by the number of years (including fractions), but not Guarantee of Premiums, Deductions and Charges
more than five, for which premiums have been paid or
suspended. We guarantee that the premiums for the Minimum Guaranteed
Premium Surrender Death Benefit and the maximum charge for mortality and
Charge Percentage expense risks will not increase over time. These amounts will
For Policies surrendered not increase regardless of future changes in longevity or
after payment at the Issue age 65
beginning of year and under Issue age 75 increases in expenses.
1 ............................... 24% 24%
2 ............................... 28% 25.5% Cash Value
3 ............................... 32% 27%
The Cash Value for the Policy will change daily in response to
4 ............................... 36% 28.5%
5 through 10 . . . . . . . . . . . . . . . . . . . . . . 40% 30%
investment results. No minimum Cash Value is guaranteed.
11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32% 24% The Cash Value is equal to the Policy Value plus the value of
12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24% 18% any paid-up additional insurance, reduced by any Policy Debt
13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16% 12% outstanding and the surrender charge. If you are not paying
14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8% 6% premiums on an annual basis, we reduce the Cash Value for
15 and later . . . . . . . . . . . . . . . . . . . . . . . 0% 0% any premiums due later in the Policy Year.
20 Variable CompLife® Prospectus
We determine the Cash Value for a Policy at the end of each Policy Loans, Automatic Premium Loans, and
valuation period (typically 4:00 pm Eastern Time each Withdrawals
business day). Each business day, together with any
Described below are certain terms and conditions that apply
non-business days before it, is a valuation period. A business
when you borrow or withdraw amounts under the Policy. For
day is any day on which the NYSE is open for trading. In
information on the tax treatment of loans and withdrawals, see
accordance with the requirements of the 1940 Act, we may
“Tax Treatment of Policy Benefits” and consult with your tax
also determine the Cash Value for a Policy on any other day
advisor.
on which there is sufficient trading in securities to materially
affect the value of the securities held by the Portfolios. Policy Loans You may borrow an amount that, when added
to existing Policy Debt, is not more than the loan value. The
You may surrender your Policy for the Cash Value at any time
loan value is 90% of the sum of the Cash Value and any
during the lifetime of the Insured. Alternatively, you may stop
existing Policy Debt on the date of the loan. You may take
paying premiums when due and request that we apply the
loan proceeds in cash or you may apply them to pay premiums
Cash Value to provide a reduced amount of fixed or variable
on the Policy. We normally pay the loan proceeds within
paid-up insurance. (See “Paid-Up Insurance.”) Surrender
seven days after we receive a proper loan request at our Home
proceeds may be paid under a payment plan requested by the
Office. Eligible Owners may also submit loan requests via the
Owner at the time of surrender. Available payment plans
Variable Life Service Center (1-866-424-2609). Written and
include an interest income plan, installment income plans, and
telephone requests will be processed based on the date and
life income plans.
time they are received in the Home Office, provided the
request is received in good order. Based on our administrative
Annual Dividends
procedures, you may have the option of receiving funds via
The Policy is eligible to share in the divisible surplus, if any, wire transfer or priority mail, and we may charge a fee for this
of the Company. Each year we determine, in our sole service to cover our administrative costs. We may postpone
discretion, the amount and appropriate allocation of divisible payments of loans under certain conditions described in the
surplus. Divisible surplus allocated to your Policy is referred “Deferral of Determination and Payment” section of this
to as a “dividend”. The Policy’s share, if any, will be credited prospectus.
as a dividend on the Policy Anniversary. There is no
Automatic Premium Loans If you have chosen the
guaranteed method or formula for the determination or
Automatic Premium Loan provision or it is currently in effect
allocation of divisible surplus. The Company’s approach is
for your Policy, and your Policy does not qualify for
subject to change. There is no guarantee of a divisible surplus.
suspension of Premium Payments, a premium loan will
Even if there is a divisible surplus, the payment of a dividend
automatically be made to pay an overdue premium if the
on the Policy is not guaranteed.
premium is less than the maximum amount available for a
Dividend illustrations published at the time a life insurance new loan. A confirmation statement will be sent each time an
policy is issued generally reflect the actual recent experience automatic premium loan occurs.
of the issuing company with respect to investment earnings,
General Loan Terms Interest on a loan accrues at an
mortality and expenses. State law generally prohibits a
annualized rate of interest. We add unpaid interest to the
company from projecting or estimating future results.
amount of the loan. The Policy’s Cash Value is reduced by the
If you receive dividends, you may use them to increase the amount of the loan. If the Cash Value decreases to zero, the
Policy Value. If the Policy has Additional Protection in force, Policy will terminate unless a sufficient portion of the loan is
the dividends will be used to increase the Policy Value unless repaid. We will send you a notice at least 31 days before the
the Policy has Excess Amount. (See “Excess Amount.”) If the termination date. The notice will show how much you must
Policy has Excess Amount, or if no Additional Protection is in repay to keep the Policy in force.
force, you may use dividends to purchase variable benefit
You select the loan interest rate. The loan interest rate is
paid-up additional insurance or to pay premiums, or you may
applied to both the amount of the loan and all accrued interest.
receive the dividend in cash. (See “Tax Considerations—Tax
A specified annual effective rate of 5% is one choice. The
Treatment of Life Insurance.”) We will use dividends to
other choice is a variable rate based on a corporate bond yield
increase the Policy Value if you give us no direction. If the
index. We will adjust the variable rate annually, but it will not
Policy is in force as fixed benefit paid-up insurance, you may
be less than 5%. Generally, if a higher rate is preferred,
use dividends to purchase fixed benefit paid-up additional
selecting the variable rate may be preferable. If you desire a
insurance or you may receive the dividend in cash. If the
smaller loan interest rate, the annual fixed, effective rate may
Policy is in force as variable benefit paid-up insurance, you
be preferable.
may use the dividends to increase Policy Value or you may
receive the dividend in cash. Dividends used to increase the We will take the amount of a loan, including interest as it
Policy Value or to purchase variable paid-up additional accrues, from the Divisions in proportion to the amounts in the
insurance will be allocated to the Divisions of the Separate Divisions. We will transfer the amounts withdrawn to our
Account according to the allocation of Net Premiums then in General Account and will credit those amounts on a daily
effect. basis with an annual earnings rate equal to the loan interest
rate less a charge for the mortality and expense risks we have
Variable CompLife® Prospectus 21
assumed and for expenses, including taxes. The aggregate Debt outstanding. A maximum of four withdrawals are
charge is currently at the annual rate of .90% for the 5% permitted per Policy Year. The minimum amount for
specified loan interest rate and .90% for the variable loan withdrawals is $250. An administrative charge of up to $25
interest rate. For example, the earnings rate corresponding to may apply, but we are currently waiving that charge. We will
the specified 5% loan interest rate is currently 4.10%. allocate withdrawals in proportion to the amounts in the
Divisions.
A loan, even if it is repaid, will have a permanent effect on the
Policy Value and Cash Value because the amounts borrowed A withdrawal of Policy Value decreases the Death Benefit by
will not participate in the Separate Account’s investment the same amount. If the Death Benefit for a Policy has been
results while the loan is outstanding. The effect may be either increased to meet the federal tax requirements for life
favorable or unfavorable depending on whether the earnings insurance, the decrease in the Death Benefit caused by a
rate credited to the loan amount is higher or lower than the subsequent withdrawal may be larger than the amount of the
investment performance of the unborrowed amounts left in the withdrawal.
Divisions.
Required Unscheduled Additional Premium If cumulative
The Death Benefit will also be reduced by the amount of any withdrawals (including accumulation at a 4% annual interest
Policy Debt outstanding. If you surrender or exchange the rate) exceed the cumulative additional premiums which have
Policy or allow it to lapse while Policy Debt is outstanding, been used to increase the Policy Value (including
the amount of the loan, to the extent it has not previously been accumulation at a 4% annual interest rate) as of a date 25 days
taxed, will be considered as an amount you received and taxed prior to your Policy Anniversary, we may require you to pay
accordingly. an unscheduled additional premium to increase Policy Value
if there has been unfavorable investment experience since the
Except when the Policy is in force as fixed benefit paid-up
most recent withdrawal. The minimum amount of Policy
insurance, we will allocate a loan between Policy Value and
Value required to avoid an unscheduled additional premium
variable paid-up additional insurance in proportion to the
depends on pre-established tabular values in your Policy for
amount of Cash Value attributable to each.
the Minimum Guaranteed Death Benefit. Any required
You may repay a loan, and any accrued interest outstanding, unscheduled additional premium will be due the Policy
in whole or in part, at any time while the Insured is alive. If Anniversary following written notice to you. If the additional
we receive a payment without specific instructions, we will premium is not paid and there is sufficient Policy Value, the
first apply the payment to any premium due, with any Paid-Up or Automatic Premium Loan provision on your
remaining amount being applied to any outstanding loans. Policy will take effect. (See “Paid-Up Insurance” and “Policy
Payments in excess of outstanding debt and premiums due Loans, Automatic Premium Loans and Withdrawals.”)
will be returned unless such amounts are deemed to be de
By way of example, assume that at issue you added additional
minimis according to our procedures. Except as described
premium to increase your Policy Value in the amount of
below, if we receive your loan payments before the close of
$1,000, and no additional premiums are paid thereafter. On
trading on the NYSE, we will credit payments as of the date
your 5th Policy Anniversary you withdraw $2,000 and no
we receive them and transfer them from our General Account
further withdrawals are made. During the 10th Policy Year,
to the Divisions, in proportion to the amounts in the Divisions,
there is poor investment performance such that 25 days prior
as of the same date. If we receive your loan payments on or
to your Policy Anniversary, the Policy Value is less than the
after the close of trading on the NYSE, we will credit
tabular value pre-established in your Policy. To determine the
payments as of the close of the next regular trading session of
maximum amount of required unscheduled premium, we
the NYSE and transfer them from our General Account to the
accumulate the $1,000 in additional premium at a 4% annual
Divisions, in proportion to the amounts in the Divisions, as of
interest rate for 10 years ($1,480.24), and the $2,000 in
the date we credit the payment. Policy loan payments received
withdrawals at a 4% annual interest rate for 5 years
within 34 days after the loan interest billing date will be
($2,433.31). The amount of required unscheduled premium we
credited as of the loan interest billing date. Automatic
may request would be $2,433.31 minus $1,480.24, or $953.07.
premium loans are effective as of the premium due date unless
a loan payment is received between the premium due date and If the required unscheduled additional premium is greater than
the date the Automatic Premium Loan is made. Automatic the maximum premium loan available, you may request a
premium loan payments received up to 66 days after the loan partial loan and submit a premium payment for the remaining
interest billing date will be credited as of the Policy balance due. The due date for any unscheduled additional
Anniversary, depending on your premium payment schedule. premium is the Policy Anniversary following written notice to
We will send you a notice indicating your loan interest billing you. Required unscheduled additional premium payments will
date. Loan repayments are not subject to transaction fees. be credited the date they are received if payments are received
before market close (typically, 4:00 p.m. Eastern Time).
Withdrawals You may make a withdrawal if the Excess
Automatic Premium Loans used to pay Required Unscheduled
Amount is sufficient. (See “Excess Amount.”) A withdrawal
Additional Premium will be credited as of the Policy
may neither decrease the Excess Amount to less than the
Anniversary unless a loan payment is received between the
surrender charge which would apply if the Policy were
Policy Anniversary and the date the Automatic Premium Loan
surrendered nor reduce the loan value to less than any Policy
is made.
22 Variable CompLife® Prospectus
Excess Amount premium at the Attained Age of the Insured. Paid-up
insurance has cash and loan values. For fixed benefit paid-up
The Excess Amount is the amount by which the Policy Value
insurance, these amounts are guaranteed. For variable paid-up
exceeds the sum of (1) the Tabular Value for the Minimum
insurance, neither the Death Benefit nor the Cash Value is
Guaranteed Death Benefit and (2) the Tabular Values for any
guaranteed. Paid-up insurance remains in force for the lifetime
Additional Protection in effect. The Tabular Values are set out
of the Insured unless you surrender the Policy or the Policy
in your Policy. Tabular Values are based on a whole life
terminates. While the Policy is in force as either fixed or
policy assuming (1) all premiums are paid when due, (2) no
variable benefit paid-up insurance, the Minimum Guaranteed
additional premiums or dividends are used to increase Policy
Death Benefit and any Additional Protection will not be in
Value, (3) a 4% level annual net rate of return, and (4) the
effect. Any Policy Debt and the Policy loan interest rate will
maximum Policy charges apply. If you are not paying
continue, and interest on the Policy loan will continue to
premiums on an annual basis, the Excess Amount is reduced
accrue. (See “Policy Loans, Automatic Premium Loans, and
for any premiums due later in the Policy Year. Among other
Withdrawals.”)
things, the Excess Amount determines amounts available for
withdrawals. (See “Policy Loans, Automatic Premium Loans,
and Withdrawals.”)
Reinstatement
To demonstrate how Excess Amount is determined, assume If a premium is due and remains unpaid at the end of the grace
the following Policy characteristics: (1) the Policy has a period, and the Policy does not qualify for premium
Minimum Guaranteed Death Benefit in the amount of suspension, the Policy will lapse (i.e., terminate as of the date
$200,000; (2) the Policy has Additional Protection in the the premium was due and no longer be in force), unless it is
amount of $100,000; (3) the Policy Value is $90,000; (4) there continued as paid-up insurance. The Policy may be reinstated
are no premiums due later in the current Policy Year; and (5), after lapse while the Insured is alive within three years after
according to the Policy, the Tabular Value is .20000 per $1 of the premium due date. The Insured must provide satisfactory
insurance. The Excess Amount is $90,000 (Policy Value) evidence of insurability. Any premium or other payment due,
minus $60,000, which is the sum of $40,000 ($200,000 of including any applicable interest, will also be required. The
Minimum Guaranteed Death Benefit x .20000) plus $20,000 Company may waive the requirement to provide satisfactory
($100,000 of Additional Protection x .20000). In this case, the evidence of insurability if the reinstatement is applied for, and
Excess Amount is $30,000 ($90,000 - $60,000). any premium or other payment due is paid, within 90 days
after the premium due date and while the Insured is alive.
Paid-Up Insurance Upon reinstatement, your Policy Date will not change.
Therefore, fees and charges that vary by Policy year will take
The Paid-Up Insurance provision on your Policy will take into account the period of time your Policy was terminated. In
effect automatically if you do not pay a premium when due or addition, following reinstatement the Policy will have the
within the 31-day grace period and do not qualify for same Minimum Guaranteed Death Benefit, Additional
suspension of Premium Payments or you have elected to have Protection, Policy Value and variable paid-up additional
premiums paid by Automatic Premium Loan and your Policy insurance as if: minimum premiums had been paid when due;
no longer has sufficient value for the loan. The Policy will investment earnings for all Divisions, less charges against the
continue in force as a reduced amount of fixed benefit paid-up Separate Account, had been credited at an annual effective
insurance. Alternatively you may select a reduced amount of rate of 4% for the period from the due date of the overdue
variable benefit paid-up insurance. You must make this premium to the date of reinstatement; and loan interest, less
selection before or during the grace period. If the Paid-Up charges by the Company for expenses and taxes, had been
provision on your Policy takes effect before you have paid the credited to the Policy Value and to the Cash Value of variable
Premium that is due at the beginning of the fifteenth year, we paid-up additional insurance at an annual effective interest
will deduct surrender changes from the Policy Value. (See rate of 4% from the due date of the overdue premium until the
“Deductions and Charges – Surrender Charges.”) date of reinstatement. We will make an adjustment for any
If the Policy is in force as a reduced amount of fixed benefit Policy Debt or the debt may be reinstated. If a surrender
paid-up insurance, we will transfer the amount of the Cash charge was assessed at the time of lapse, the Policy Value
Value from the Separate Account to our General Account at when a Policy is reinstated will not reflect a reduction for such
the conclusion of the 31 day grace period. Thereafter the surrender charge. The same surrender charge schedule in your
Policy will not participate in the Separate Account’s Policy will apply upon reinstatement.
investment results unless the Policy is subsequently reinstated.
A reinstatement may have important tax consequences. If you
(See “Reinstatement.”) The minimum Cash Value for fixed
contemplate any such transaction you should consult a
benefit paid-up insurance is $1,000. If the Cash Value is less
qualified tax adviser.
than $1,000 as of the last day of the grace period, we will treat
the Policy as surrendered. You may select variable benefit
Reinvestments after Surrender or Withdrawal
paid-up insurance only if the Cash Value of the Policy is at
least $5,000. While Owners have no right to reinvestment after a surrender
or withdrawal, we may, at our sole discretion, permit such
We determine the amount of paid-up insurance by applying
reinvestments as described in this paragraph. In special limited
the amount of Cash Value plus any Policy Debt as a net single
Variable CompLife® Prospectus 23
circumstances, we may allow payments into the Policy in the exchange will be effective when we receive a proper written
form of returned surrender proceeds in connection with a request, as well as the Policy, and any amount due on the
request to void a surrender or a withdrawal if the request is exchange.
received by the Company within a reasonable time after the
surrender or withdrawal proceeds are mailed. These payments Modifying the Policy
may be processed with a refund of any surrender charge or Any Policy change that you request is subject to our then
withdrawal fee previously assessed at the time of surrender or current insurability and processing requirements. Processing
withdrawal and without a sales load. The period for which we requirements may include, for example, completion of certain
will accept requests for the return of surrender or withdrawal forms and satisfying certain evidentiary requirements.
proceeds may vary in accordance with our administrative
procedures. The returned surrender or withdrawal proceeds If the Policy is changed or modified, we may make
will be reinvested at the unit value next determined for each appropriate endorsements to the Policy, and we may require
Division after our receipt of the reinvestment request in good you to send your Policy to our Home Office for endorsement.
order at our Home Office, including, among other things, the Any modification or waiver of our rights or requirements
return of surrender or withdrawal proceeds, satisfactory under the Policy must be in writing and signed by an officer of
evidence of insurability, and any Premium Payments due. If the Company. No agent or other person may bind us by
we receive your request before the close of trading on the waiving or changing any provision contained in the Policy.
NYSE (typically, 4:00 p.m. Eastern Time), your request will Upon notice to you, we may modify the Policy:
receive same-day pricing. If we receive your request on or
• to conform the Policy, our operations, or the
after the close of trading on the NYSE, we will process the
Separate Account’s operations to the requirements
order using the value of the units in the Divisions determined
of any law (including any regulation issued by a
at the close of the next regular trading session of the NYSE.
government agency) to which the Policy, the
Proceeds will be applied to the same Divisions from which the
Company, or the Separate Account is subject;
surrender or withdrawal was made.
• to assure continued qualification of the Policy as a
Depending on the Insured’s underwriting classification, we life insurance contract under the federal tax laws;
may not accept the reinvestment or we may accept the or
reinvestment with different charges and expenses under the
Policy. We may refuse to process reinvestments where it is not • to reflect a change in the Separate Account’s
administratively feasible. Decisions regarding requests for operation.
reinvestment will take into consideration differences in costs
Other Policy Provisions
and services and will not be unfairly discriminatory. Policies
with reinvested surrender or withdrawal proceeds will have Owner The Owner is identified in the Policy. The Owner
the same Minimum Guaranteed Death Benefit, Additional may exercise all rights under the Policy while the Insured is
Protection, Policy Value, variable paid-up additional living. Ownership may be transferred to another. Written
insurance, and surrender charge schedule as if the proceeds proof of the transfer must be received by Northwestern Mutual
had not been surrendered or withdrawn, except that values will at its Home Office. In this prospectus “you” means the Owner
reflect the fact that amounts were not invested in the Separate or prospective purchaser of a Policy. Generally, only Owners
Account during the period of time the surrender or withdrawal are entitled to important information about the Policy. Other
proceeds were not in the Policy as well as any changes in persons, such as beneficiaries or payors, are entitled to only
charges and expenses due to a change in underwriting limited information.
classification. We will make an adjustment for any Policy Beneficiary The beneficiary is the person to whom the
Debt or the debt may be reinstated. Death Benefit is payable. The beneficiary is named in the
Application. You may change the beneficiary in accordance
Right to Exchange for a Fixed Benefit Policy with the Policy provisions.
Incontestability We will not contest insurance under the
You may exchange a Policy for a whole life insurance policy
Policy after the insurance has been in force during the lifetime
with benefits that do not vary with the investment experience
of the Insured for two years from the Date of Issue or two
of the Separate Account (“Fixed Benefit Policy”), if at any
years from the effective date of a reinstatement. If there is an
time, a Fund changes its investment adviser or if there is a
increase in insurance because of an increase in scheduled
material change in the investment policies of a Portfolio. You
premiums or payment of an unscheduled premium, and the
will be given notice of any such change and will have 60 days
increase was subject to insurability requirements, the increase
to make the exchange. There may be a cost associated with the
will not be contestable after it has been in force during the
exchange. The Fixed Benefit Policy will be on the life of the
lifetime of the Insured for two years from the date of issuance
same Insured and will have the same initial guaranteed Death
of the increase.
Benefit, Policy Date and Issue Age. The exchange may be
subject to an equitable cash adjustment, which will recognize Suicide If the Insured dies by suicide within one year from
the investment performance of the Policy through the effective the Date of Issue, the amount payable under the Policy will be
date of the exchange, and may have tax consequences. An limited to the premiums paid, less the amount of any Policy
24 Variable CompLife® Prospectus
Debt and withdrawals and less the Cash Value of any variable If you have submitted a check or draft to our Home Office, we
paid-up insurance surrendered. have the right to defer payment of surrender, partial surrender,
withdrawal, Death Benefit or loan proceeds, or payment plan
Misstatement of Age or Sex If the age or sex of the Insured
benefits until the check or draft has been honored.
has been misstated, we will adjust benefits under a Policy to
reflect the correct age and sex. If a Policy is in force as fixed benefit paid-up insurance, we
have the right to defer payment of the Cash Value for up to six
Collateral Assignment You may assign a Policy as
months from the date of a Policy loan or surrender. If payment
collateral security. We are not responsible for the validity or
on surrender is deferred for 30 days or more, we will pay
effect of a collateral assignment and will not be deemed to
interest at an annual effective rate of 4%.
know of an assignment before receipt of the assignment in
writing at our Home Office. If mandated under applicable law, we may be required to
block an Owner’s account and thereby refuse to pay any
Optional Benefits If available in your state, there are two
requests for transfer, withdrawal, partial surrender, surrender,
optional benefits available for purchase under the Policy: (1) a
loans, or Death Benefits, until instructions are received from
Waiver of Premium Benefit; and (2) an Additional Purchase
the appropriate regulator. We may also be required to provide
Benefit.
additional information about an Owner and an Owner’s
Subject to the terms and conditions of the benefit, the Waiver account to government regulators.
of Premium Benefit waives the payment of all premiums that
come due during the total disability of the Insured if the Voting Rights
disability is due to accident or sickness and it begins on or
As long as the Separate Account continues to be registered as
before the Policy Anniversary nearest the Insured’s 60th
a unit investment trust under the 1940 Act, and as long as
birthday. If the disability occurs after the Policy Anniversary
Separate Account assets of a particular Division are invested
nearest the Insured’s 60th birthday, the benefit waives the
in shares of a given Portfolio, we will vote the shares of that
payment of all premiums that come due during the total
Portfolio held in the Separate Account in accordance with
disability of the Insured until the Policy Anniversary nearest
instructions we receive from Owners. Periodic reports relating
the Insured’s 65th birthday.
to the Portfolios, proxy material, and a form on which one can
Subject to the terms and conditions of the benefit, the give instructions with respect to the proportion of shares of the
Additional Purchase Benefit guarantees the right to buy more Portfolio held in the Separate Account corresponding to the
insurance without proof of insurability. If you select one or Owner’s Policy Value, will be made available to the
both of these optional benefits, you will be subject to a Owner(s). We will vote shares for which no instructions have
separate charge. (See “Periodic Charges Other than Fund been received and shares held in our General Account in the
Operating Expenses” and “Deductions and Charges – Optional same proportion as the shares for which instructions have been
Benefits” for more information about the charges.) Any received from Owners. The effect of such proportional voting
charge will continue to be assessed (1) as long as the benefit is that a small number of Owners may control the outcome of
remains in force; or (2) until you decide you no longer need a particular vote.
the benefit and let us know in writing at our Home Office.
Once the Policy has been issued, an optional benefit may be Substitution of Fund Shares and Other Changes
issued only upon mutual agreement.
If, in our judgment, a Portfolio or Fund becomes unsuitable
Benefit Payment Plans The Policy provides a variety of for continued use with the Policies because of a change in
payment plans for Policy benefits. A Northwestern Mutual investment objectives or restrictions, we may substitute shares
Financial Representative authorized to sell the Policies can of another Portfolio or Fund or another mutual fund. Any
explain these provisions on request. substitution of shares will be subject to any required approval
of the SEC, the Wisconsin Commissioner of Insurance or
Deferral of Determination and Payment So long as
other regulatory authority. We have also reserved the right,
premiums have been paid when due, we will ordinarily pay
subject to applicable federal and state law, to operate the
Policy benefits within seven days after we receive all required
Separate Account or any of its Divisions as a management
documents at our Home Office. However, we may defer
company under the 1940 Act, or in any other form permitted,
determination and payment of benefits during any period
or to terminate registration of the Separate Account if
when it is not reasonably practicable to value securities
registration is no longer required, and to change the provisions
because the NYSE is closed, or the SEC, by order, either has
of the Policies to comply with any applicable laws.
determined that an emergency exists or permits deferral of the
determination and payment of benefits for the protection of If we take any of these actions, we may make an appropriate
Owners. If, under SEC rules, the Money Market Portfolio endorsement of your Policy and take other actions to carry out
suspends payments of redemption proceeds in connection with what we have done.
a liquidation of the Portfolio, we will delay payment of any
transfer, partial surrender, surrender, death benefit from the Reports and Financial Statements
Money Market Division until the Portfolio is liquidated.
For each Policy Year, you will receive a statement showing
the Death Benefit, Cash Value and any Policy loan (including
Variable CompLife® Prospectus 25
interest charged) as of the anniversary date. We will also send supplements, reports, announcements, proxy statements,
you a confirmation statement when you pay the annual notices, and information statements) to each consenting
premium. These statements will show your apportioned household (rather than sending copies to each Owner residing
amounts among the Divisions. The Invested Assets may in a household). If you are or become a member of such a
exceed the Cash Value of your Policy, because the Cash Value household, you can revoke your consent to “householding” at
is reduced by the amount of any applicable surrender charge any time, and can begin receiving your own copy of such
and any premiums due later in the Policy Year. We will also disclosure documents by calling us at 1-866-424-2609.
send you a confirmation statement when you transfer among
Divisions, take a Policy loan, or surrender the Policy. The Legal Proceedings
annual statement and confirmation statements will show the
Northwestern Mutual, like other life insurance companies, is
apportionment of Invested Assets among the Divisions. If the
generally involved in litigation at any given time. Although
Policy is in force as fixed benefit paid-up insurance,
the outcome of any litigation cannot be predicted with
statements and reports will be limited to an annual Policy
certainty, we believe that, as of the date of this prospectus,
statement showing the Death Benefit, Cash Value and any
there are no pending or threatened lawsuits that will have a
Policy loan.
materially adverse impact on the ability of Northwestern
Annually, we will send you a report containing financial Mutual to meet its obligations under the Policy, on the
statements of the Separate Account and, semi-annually, we Separate Account, or on Northwestern Mutual Investment
will send you reports containing financial information and Services, LLC, the principal underwriter for the Separate
schedules of investments for the Portfolios underlying the Account, and its ability to perform its duties as underwriter for
Divisions to which your Invested Assets are allocated. The the Separate Account.
financial statements of the Company appear in the Statement
of Additional Information. To receive a copy of the Annual Speculative Investing
Report, Semi-Annual Report and/or the Statement of
This Policy, or any of its riders, should not be used for any
Additional Information, call 1-866-424-2609.
type of speculative collective investment scheme (including,
Special Policy for Employers for example, arbitrage). Your Policy is not intended to be
traded on any stock exchange or secondary market, and
A reduced minimum amount applied for Policies where the attempts to engage in such trading may violate state and/or
insurance involved an employer-sponsored benefit plan or federal law.
arrangement. The sum of the Minimum Guaranteed Death
Benefit and the Additional Protection was required to be at Owner Inquiries
least $10,000, of which the Minimum Guaranteed Death
Benefit must have been at least $1,000. The premium for the If eligible, you may get up-to-date information about your
Additional Protection is two times the cost of term insurance Policy at your convenience with your Policy number and your
for the Insured’s age when the Policy was issued. Premium Personal Identification Number (“PIN”). Call Northwestern
rates for term insurance are set forth in the Policy. Mutual Express toll-free at 1-800-519-4665 to review Policy
values and unit values, transfer among Divisions, change the
These Policies for employers may include a provision to allocation and obtain performance information. With your ID
permit the amount of Additional Protection to increase after and password, you can also visit our website
issue. Any such increase amount must be based on the terms (www.northwesternmutual.com) to access performance
of the benefit plan or arrangement and may not be subject to information, forms for routine service, and daily Policy and
the discretion of the Insured or the Insured’s beneficiary. A unit values for Policies you own. Eligible Owners may also set
description of the method of determining the amount of any up certain electronic payments, transfer accumulated amounts
increase is included in the Policy. Changes to the amount of among Divisions and change the allocation of future
Additional Protection will be effective on Policy contributions online, subject to our administrative procedures.
anniversaries. The surrender charge and all charges for issue For enrollment information, please visit our website
and administrative expenses will be based on the Minimum (www.northwesternmutual.com). If you have questions about
Guaranteed Death Benefit and the initial amount of Additional surrendering your Policy, please call your Financial
Protection. Representative or the Variable Life Service Center at
For certain situations where the insurance involves an 1-866-424-2609. To file a claim, please call your Financial
employer-sponsored benefit plan or arrangement, federal law Representative or Life Benefits at 1-800-635-8855.
and the laws of certain states may require that premiums and
annuity rates be determined without regard to sex. Special Automatic Dollar-Cost Averaging
Policies were available for this purpose. You are urged to With Dollar-Cost Averaging, you can arrange to have a
review any questions in this area with qualified counsel. regular amount of money (either a fixed dollar amount or a
fractional amount) automatically transferred monthly from the
Householding
Money Market Division into the Division(s) you have chosen.
To reduce costs, we may send only a single copy of the same Transferred amounts must be allocated in whole percentages.
disclosure document(s) (such as prospectuses, prospectus (See “Allocations to the Separate Account—Transfers
26 Variable CompLife® Prospectus
Between Divisions.”) Transfers will end either when the to ten Divisions at any time. We reserve the right to modify,
amount in the Money Market Division is depleted or when suspend or terminate any asset allocation models at any time
you submit the appropriate form to our Home Office to stop without affecting your current allocation.
such transfers, whichever is earlier. There is no charge for the
Dollar-Cost Averaging. We reserve the right to modify or Illustrations
terminate the Dollar-Cost Averaging Plan at any time.
Your Northwestern Mutual Financial Representative will
Dollar-cost averaging does not assure a profit or protect provide you with an illustration for your Policy upon request.
against loss in a declining market. Carefully consider your The illustration will reflect the performance of your Policy to
willingness to continue payments during periods of low prices. date and will show how the Death Benefit minus Policy Debt,
Invested Assets and Cash Value would vary based on
Allocation Models hypothetical investment results.
Allocation models may be offered. Each model is comprised Illustrations for variable life insurance policies do not project
of a combination of Portfolios representing various asset or predict investment results. The illustrated values assume
classes. The models are static or fixed allocation models that that non-guaranteed elements such as dividends, Policy
do not change. We do not provide investment advice regarding charges and level investment returns will not change. Given
whether a model should be revised or whether it remains the volatility of the securities markets over time, the illustrated
appropriate to invest in accordance with any particular model scenario is unlikely to occur and the Policy’s actual Cash
due to performance, a change in your investment needs or for Value, Death Benefit, and certain expenses (which will vary
other reasons. Please note that investment according to an with the investment performance of the Portfolios) will be
allocation model may result in an increase in assets allocated more or less than those illustrated. In addition, the actual
to Portfolios managed by an affiliated investment adviser, and timing and amounts of payments, deductions, expenses and
therefore a corresponding increase in Portfolio management any values removed from the Policy will also impact product
fees collected by such adviser. Not all models offered will be performance. Due to these variations, even a Portfolio that
available under your Policy because you may only invest in up averaged the same return as illustrated will produce values
which will be more or less than those which were illustrated.
Tax Considerations
General The following discussion provides a general The definitional tests under the Code are based on the
description of federal tax considerations relating to your Commissioner's Standard Ordinary (CSO) mortality tables in
Policy. The discussion is based on current provisions of the effect when the Policies were issued. For Policies issued or
Internal Revenue Code (“Code”) as currently interpreted by materially changed after 2008, the tests must be based on the
the Treasury and the Internal Revenue Service (“IRS”). The 2001 CSO mortality tables. Because Policies issued based on
discussion is not exhaustive, it does not address the likelihood the 1980 CSO mortality tables may not satisfy the definitional
of future changes in federal tax law or interpretations thereof, tests using the 2001 CSO mortality tables, certain changes to
and it does not address state or local tax considerations which those Polices will not be permitted (as defined by IRS Notices
may be significant in the purchase and ownership of a Policy. 2004-61 and 2006-95). Special safe harbor calculation rules
apply to life insurance after the Insured attains age 100. See
This tax discussion is intended to describe the tax
IRS Rev. Proc. 2010-28.
consequences associated with your Policy. It does not
constitute legal or tax advice, and is not intended to be used As provided by Section 817(h) of the Code, the Secretary of
and cannot be used to avoid any penalties that may be the Treasury has set standards for diversification of the
imposed on a taxpayer. Taxpayers should seek advice based investments underlying variable life insurance policies.
on their particular circumstances from an independent tax Failure to meet the diversification requirements would
advisor. disqualify your Policy as life insurance for purposes of
Section 7702 of the Code. We believe that your Policy
Life Insurance Qualification Section 7702 of the Code
complies with the provisions of Sections 7702 and 817(h) of
defines life insurance for federal income tax purposes. Under
the Code, but the application of these rules is not entirely
Section 7702, a Policy will generally be treated as life
clear. We may make changes to your Policy if necessary for
insurance for federal tax purposes if at all times it meets either
the Policy to qualify as life insurance for tax purposes.
a guideline premium test or a cash value accumulation test.
We have designed your Policy to comply with only the cash IRS Rev. Ruls. 2003-91 and 2003-92 provide guidance on
value accumulation test. We have designed your Policy to when an Owner’s control of Separate Account assets will
comply with these rules. We may take any action that may be cause the Owner, and not the life insurance company, to be
necessary for the Policy to qualify as life insurance for tax treated as the owner of those assets. Important indicators of
purposes. investor control are the ability of the Owner to select the
investment advisor, the investment strategy or the particular
Variable CompLife® Prospectus 27
investments of the Separate Account. If the Owner of a Policy interest would have to be paid annually or it would be added
were treated as the owner of the mutual fund shares held in the to the Policy loan, causing the Policy to terminate and any
Separate Account, the income and gains related to those income tax due on the loan amount to be payable with other
shares would be included in the Owner’s gross income for assets of the Owner.
federal income tax purposes. We believe that we own the
assets of the Separate Account under current federal income Subject to the agreement of the Company, and the Owner
tax law. meeting any conditions set by the Company, a Policy may be
exchanged tax-free for another life insurance policy or an
Tax Treatment of Life Insurance While your Policy is in annuity contract covering the same Insured (or, in the case of
force, increases due to investment experience are not subject joint life insurance, covering the Insureds or a surviving
to federal income tax until there is a distribution as defined by Insured). The Code also allows certain policies to be
the Code. The Death Benefit received by a beneficiary will exchanged for stand-alone and combination long-term care
generally not be subject to federal income tax. policies on a tax-free basis. Policies that are exchanged for life
Unless the Policy is a MEC, as described below, a loan insurance policies after 2008 may only be exchanged for life
received under your Policy will not be treated as a distribution insurance policies using 2001 CSO mortality tables. Any cash
subject to current federal income tax. Interest paid by received or loan repaid in an exchange will be taxed to the
individual Owners of a Policy will ordinarily not be extent of the gain in the Policy (i.e., on gain-first basis).
deductible. You should consult a qualified tax advisor as to Ownership of a Policy may be transferred to a new owner and
the deductibility of interest paid, or accrued, by business is taxable to the extent the sales proceeds exceed the basis of
Owners of a Policy. (See “Business-Owned Life Insurance.”) the Policy. In Rev. Rul. 2009-13, the IRS ruled that, when a
So long as your Policy is not classified as a MEC (see life insurance policy is sold to a person with no insurable
“Modified Endowment Contract”), as a general rule, the interest in the insured, the taxable gain is calculated by
proceeds from a surrender or withdrawal will be taxable only reducing the basis of the policy by the annual cost of the
to the extent that the proceeds exceed the basis of the Policy. insurance protection provided by the policy. The death benefit
The basis of the Policy is generally equal to the premiums of a policy in excess of the basis also may become taxable as a
paid less any amounts previously received as tax-free result of a transfer, unless the new owner is the insured, a
distributions. Dividends paid in cash, used to purchase partner of the insured, a partnership in which the insured is a
additional insurance or used to pay premiums, are generally partner or a corporation in which the insured is a shareholder
taxable as withdrawals with a resulting reduction in basis. or officer. You should seek qualified tax advice if you plan a
However, when the dividend is applied to increase Cash Value transfer of ownership.
or to pay premiums, the reduction in the basis of the Policy is For taxable years beginning in 2013, part or all of the taxable
offset by a corresponding increase in basis. In certain benefits from and sales of the Policies may be subject to an
circumstances, a withdrawal of Cash Value during the first 15 additional 3.8% Medicare tax. The tax will be assessed on the
Policy Years may be taxable to the extent that the Cash Value Owner’s net investment income for the year to the extent that
exceeds the basis of the Policy. This means that the amount the Owner’s adjusted gross income (with slight modifications)
withdrawn may be taxable even if that amount is less than the exceeds $250,000 (married filing jointly or surviving spouse),
basis of the Policy. $125,000 (married filing separately) or $200,000 (other filers)
Caution must be used when taking cash out of a Policy (not indexed). Although the term “net investment income”
through policy loans. If interest is not paid annually, it is does not specifically refer to life insurance, there is a
added to the principal amount and the total amount will possibility that it could be construed to include transfers of
continue to accrue for as long as the loan is maintained on the and/or distributions from life insurance, to the extent they are
Policy. If the Policy remains in force until the death of the taxable.
Insured or, in the case of joint life insurance, the second death, Modified Endowment Contracts (MEC) A Policy may be
the loan will be repaid from the tax-free Death Benefit. classified as a MEC if the cumulative premiums paid at any
However, if the Policy terminates by any method other than time during the first seven Policy Years exceed a defined
death, the loan will be repaid from the Cash Value of the “seven-pay” limit. The seven-pay limit is the sum of the
Policy, and the total Cash Value, including the total amount of premiums (net of expense and administrative charges) that
the loan, will be taxable to the extent it exceeds the basis of would have to be paid in order for the Policy to be fully paid
the Policy. If the extended term insurance nonforfeiture option for after seven level annual payments based on defined
is available in your Policy, and it lapses to extended term interest and mortality assumptions. A Policy will be treated as
insurance, the loan will be repaid from Cash Value of the a MEC unless any excess premiums are withdrawn from the
Policy and the loan repayment will be treated as income and Policy with interest within 60 days after the end of the Policy
taxable to the extent it exceeds the amount of premiums paid. Year in which they are paid.
In extreme situations, Owners can face what is called the
“surrender squeeze”. The surrender squeeze occurs when the Whenever there is a “material change” under a Policy, it will
unborrowed value remaining in the Policy is insufficient to generally be treated as a new contract for purposes of
cover the interest payment required to keep the Policy in force determining whether the Policy is a MEC, and it will be
or to cover the tax due if the Policy terminates. Either the subjected to a new seven-pay period and a new seven-pay
28 Variable CompLife® Prospectus
limit. The new seven-pay limit would be determined taking Estate and Generation Skipping Taxes The amount of the
into account the value of the Policy at the time of such change. Death Benefit will generally be includible in the Owner’s
A materially changed Policy would be considered a MEC if it estate for federal estate tax purposes and any applicable state
failed to satisfy the new seven-pay limit. A material change inheritance tax. If your Policy is a joint life Policy, the Life
could occur as a result of certain changes to the benefits or Insurance Benefit will be includible in the Owner’s estate if
terms of the Policy, such as a change in a death benefit option the second of the Insureds to die owns the Policy, and the fair
or a change in the Insured, if allowable under your Policy. A market value of the Policy will be includible in the Owner’s
material change could occur as a result of an increase in the estate if the Owner is not the last surviving Insured. An
death benefit, the addition of a benefit or the payment of a unlimited marital deduction permits deferral of federal estate
premium after the seven-pay period, which could be and gift taxes until the death of the Owner’s surviving spouse.
considered “unnecessary” under the Code.
If ownership of a Policy is transferred, either directly or in
If the benefits under the Policy are reduced during the first trust, to a person two or more generations younger than the
seven Policy Years after entering into the Policy (or within Owner, the value of the Policy may be subject to a generation
seven years after a material change) or, in the case of joint life skipping transfer tax.
Policies, the lifetime of either Insured, the seven-pay premium
During 2010, the estate tax and generation skipping transfer
limit will be redetermined based on the reduced level of
tax was repealed and the gift tax was subject to a $1 million
benefits and applied retroactively for purposes of the
exemption amount and a 35% maximum rate. The basis
seven-pay test. If the premiums previously paid are greater
step-up for inherited assets was also replaced with a modified
than the recalculated seven-pay premium level limit, the
carryover basis. In December of 2010, Congress reinstated the
Policy will become a MEC. A reduction in benefits includes a
estate tax, generation skipping transfer tax and the basis
decrease in the amount of coverage, a withdrawal or any other
step-up rules for years 2010 to 2012, subject to an increased
action resulting in a surrender of Cash Value to you according
exemption limit of $5 million (single)/$10 million (married)
to the terms of the Policy, an election of the paid-up option or,
(with inflation indexing in 2012) and a maximum rate of 35%
in some cases, a lapsing of the Policy. A life insurance policy
(except the GSTT rate remains zero for 2010). Congress also
which is received in exchange for a MEC will also be
extended the higher exemption limits to the gift tax for those
considered a MEC.
years. Finally, any unused exemption limit may be carried
If a Policy is a MEC, any distribution from the Policy will be over to the surviving spouse. Estates of decedents who died in
taxed on a gain-first basis. Distributions for this purpose 2010 can elect to apply the estate tax rules in effect in 2010
include a loan (including any increase in the loan amount to without regard to the reinstatement. Unless Congress again
pay interest on an existing loan or an assignment or a pledge intervenes, the reinstatement will sunset in 2013 and the law
to secure a loan), a withdrawal of Cash Value or a surrender of will revert to the rules in effect in 2001($1 million exemption
the Policy. Distributions taken within the two-year period and 55% maximum tax rate).
prior to the Policy becoming a MEC may also be taxed under
Business-Owned Life Insurance Business-owned life
the MEC tax rules. If a Policy terminates while there is a
insurance may be subject to certain additional rules.
Policy loan, the cancellation of the loan and accrued loan
Section 101(j) of the Code provides that the Death Benefit
interest also will be treated as a distribution to the extent not
payable under business-owned life insurance in which the
previously treated as such. Any such distributions will be
business is also the beneficiary will be taxable unless (i) the
considered taxable income to the extent the Cash Value
Insured is an eligible employee and (ii) the employee is given
exceeds the basis in the Policy. For MECs, the basis would be
notice of the insurance and the maximum face amount and
increased by the amount of any prior loan under the Policy
consents to be insured and to the continuation of the insurance
that was considered taxable income. For purposes of
after the employee terminates service with the employer.
determining the taxable portion of any distribution, all MECs
Generally, an eligible employee is an officer, a director, a
issued by Northwestern Mutual to the same Owner (excluding
person who owns more than 5% of the business, an employee
certain qualified plans) during any calendar year are to be
earning more than $110,000 annually (increased for cost of
aggregated. The Secretary of the Treasury has authority to
living) or an employee who is among the highest paid 35% of
prescribe additional rules to prevent avoidance of gain-first
employees. The law also imposes an annual reporting and
taxation on distributions from MECs.
record-keeping obligation on the employer. Increases in
A 10% penalty tax will apply to the taxable portion of a Policy or Cash Value may also be subject to tax under the
distribution from a MEC. The penalty tax will not, however, corporation alternative minimum tax provisions.
apply to distributions (i) to taxpayers 59 1⁄ 2 years of age or
Section 264(a)(1) of the Code generally disallows a deduction
older, (ii) in the case of a disability (as defined in the Code) or
for premiums paid on Policies by anyone who is directly or
(iii) received as part of a series of substantially equal periodic
indirectly a beneficiary under the Policy. Section 264(a)(4) of
annuity payments for the life (or life expectancy) of the
the Code limits the Owner’s deduction for interest on loans
taxpayer or the joint lives (or joint life expectancies) of the
taken against life insurance policies to interest on an aggregate
taxpayer and the taxpayer’s beneficiaries. The exceptions
total of $50,000 of loans per covered life only with respect to
generally do not apply to life insurance policies owned by
life insurance policies covering key persons. Generally, a key
corporations or other entities.
person means an officer or a 20% owner. However, the
Variable CompLife® Prospectus 29
number of key persons will be limited to the greater of (a) five and (2) for split dollar arrangements entered into on or before
individuals, or (b) the lesser of 5% of the total officers and September 17, 2003, taxation of the equity (cash surrender
employees of the taxpayer or 20 individuals. Deductible value in excess of the amount payable to the employer) is
interest for these Policies will be subject to limits based on governed by prior law and is subject to the following three
current market rates. safe harbors: (a) the annual accrual of income will not, by
itself, be enough to trigger a taxable transfer; (b) equity will
In addition, Section 264(f) of the Code disallows a
not be taxed regardless of the level of the employer’s
proportionate amount of a business’s interest deduction on
economic interest in the life insurance policy as long as the
non-life insurance indebtedness based on the amount of
value of the life insurance protection is treated and reported as
unborrowed Cash Value of non-exempt life insurance policies
an economic benefit; and (c) the employee can elect loan
held in relation to other business assets. Exempt policies
treatment at any time, provided all premiums paid by the
include policies held by natural persons unless the business is
employer are treated as a loan entered into at the beginning of
a direct or indirect beneficiary under the policy and policies
the first year in which payments are treated as loans.
owned by a business and insuring employees, directors,
officers and 20% owners (as well as joint policies insuring The Treasury and IRS regulations regarding the taxation of
20% owners and their spouses). split dollar arrangements apply only to arrangements entered
into or materially changed after September 17, 2003. The
The IRS ruled privately in 2009 that losses in business-owned
regulations provide that such split dollar arrangements must
life insurance could be deducted upon the surrender of the
be taxed under one of two mutually exclusive tax regimes
policy if there was no reasonable prospect of recovery, but
depending on the ownership of the underlying life insurance
that the losses would be calculated by reducing the basis of the
policy. Collateral assignment split dollar arrangements, in
policy by the annual cost of the insurance protection provided
which the employee owns the policy, must be taxed under a
by the policy. Private rulings apply only to the taxpayer who
loan regime. Where such an arrangement imposes a below
receives the ruling but may be indicative of the IRS’s thinking
market interest rate or no interest rate, the employee is taxed
on an issue.
on the imputed interest under Section 7872 of the Code.
IRS Notice 2007-61 has established a safe harbor under which Endorsement split dollar arrangements, in which the employer
the annual increase in the cash value of life insurance policies owns the policy, must be taxed under an economic benefit
owned by life insurance companies is not taxable provided the regime. Under this regime, the employee is taxed each year on
policies cover no more than 35% of the company’s (i) the value of the current life insurance protection provided
employees, directors, officers and 20% owners. The Notice to the employee, (ii) the increase in the amount of policy Cash
adds that there is an unresolved issue whether cash value Value to which the employee has current access, and (iii) the
increases of other policies owned by life insurance companies value of any other economic benefits provided to the
may be taxable. employee during the taxable year.
Policy Split Right If your Policy is a joint life Policy, your Under the Sarbanes-Oxley Act of 2002, it is a criminal offense
Policy permits the Owner to exchange the Policy for two for an employer with publicly traded stock to extend or
policies, one on the life of each Insured, without evidence of arrange a personal loan to a director or executive officer after
insurability, if a change in the federal estate tax law results in July 30, 2002. One issue that has not been clarified is whether
either the repeal of the unlimited marital deduction or a 50% each premium paid by such an employer under a split dollar
or greater reduction in the maximum estate tax rate set forth in arrangement with a director or executive officer is a personal
the law. The exchange must be made while both Insureds are loan subject to the new law.
alive (and neither Insured is classified as a Joint Insurable).
Section 409A of the Code imposes requirements for
The request for exchange must be received no later than 180
nonqualified deferred compensation plans with regard to the
days after the earlier of the enactment of the law repealing the
timing of deferrals, distribution triggers, funding mechanisms
unlimited marital deduction or the enactment of the law
and reporting requirements. Nonqualified deferred
reducing the estate tax rate by at least 50%.
compensation plans that fail to meet these conditions are taxed
The IRS has ruled with respect to one taxpayer that such a currently on all compensation previously deferred and interest
transaction would be treated as a non-taxable exchange. If not earned thereon and assessed an additional 20% penalty. The
so treated, such a split of the Policy could result in the law does not limit the use of life insurance as an informal
recognition of taxable income. funding mechanism for nonqualified deferred compensation
plans, but IRS Notice 2007-34 treats certain split dollar
Split Dollar Arrangements Life insurance purchased under
arrangements as nonqualified deferred compensation plans
a split dollar arrangement is subject to special tax rules. IRS
that must comply with the new rules. The effective date of
Notice 2002-8 provides that (1) the value of the current life
these rules was December 31, 2008. Congress has also
insurance protection provided to the employee under the
considered limiting an individual’s annual aggregate deferrals
arrangement is taxed to the employee each year and, until the
to a nonqualified deferred compensation plan to $1,000,000.
issuance of further guidance, can be determined using the
government’s Table 2001 rates or the insurer’s lower one year Valuation of Life Insurance Special valuation rules apply
term rates (which, for arrangements entered into after to life insurance contracts distributed from a qualified plan to
January 28, 2002, must satisfy additional sales requirements); a participant or transferred by an employer to an employee.
30 Variable CompLife® Prospectus
IRS Notice 2005-25 provides safe harbor formulas for valuing include a tax indemnity. Rev. Proc. 2003-25 further held that
variable and non-variable life insurance under which the value the purchase of life insurance policies by a business does not,
is the greater of the interpolated terminal reserve increased by by itself, constitute a “reportable transaction”.
a pro rata portion of the estimated dividends for the Policy
Depending on the circumstances, the exchange of a Policy, a
Year or the cash value without reduction for surrender charges
Policy loan (including the addition of unpaid loan interest to a
(but adjusted by a surrender factor for policies distributed
Policy loan), or a change in ownership or an assignment of the
from qualified plans). These rules do not apply to split dollar
Policy may have federal income tax consequences. In
arrangements entered into on or before September 17, 2003
addition, federal, state and local transfer, estate, inheritance,
and not materially modified thereafter.
and other tax consequences of Policy ownership, premium
Other Tax Considerations Taxpayers are required by payments and receipt of Policy proceeds depend on the
regulation to annually report all “reportable transactions” as circumstances of each Owner or beneficiary. If you
defined in the regulations. “Reportable transactions” include contemplate any such transaction you should consult a
transactions that are offered under conditions of qualified tax adviser. In addition, a Death Benefit under the
confidentiality as to tax treatment and involve an advisor who Policy may be subject to federal estate tax and state
receives a fee of $250,000 or more, or transactions that inheritance taxes.
Distribution of the Policy
We sell the Policy through our Financial Representatives who Because registered representatives of NMIS are also our
also are registered representatives of Northwestern Mutual appointed agents, they may be eligible for various cash
Investment Services, LLC (“NMIS”). NMIS, our wholly- benefits, such as bonuses, insurance benefits, retirement
owned company, was organized under Wisconsin law in 1998 benefits, and non-cash compensation programs that we offer,
and is located at 611 East Wisconsin Avenue, Milwaukee, such as conferences, achievement recognition, prizes, and
Wisconsin 53202. NMIS is a registered broker-dealer under awards. In addition, registered representatives of NMIS who
the Securities Exchange Act of 1934 and is a member of the meet certain productivity, persistency, and length of service
Financial Industry Regulatory Authority. NMIS is the standards and/or their managers may be eligible for additional
principal underwriter and distributor of the Policy and has compensation. For example, registered representatives who
entered into a Distribution Agreement with us. meet certain annual sales production requirements with
respect to their sales of Northwestern Mutual insurance and
Northwestern Mutual variable insurance and annuity products
annuity products may qualify to receive additional cash
are available exclusively through NMIS and its registered
compensation for their other sales of investment products and
representatives and cannot be held with or transferred to an
services. Sales of the Policies may help registered
unaffiliated broker-dealer. Except in limited circumstances,
representatives and/or their managers qualify for such
NMIS registered representatives are required to offer
compensation and benefits. Certain registered representatives
Northwestern Mutual variable insurance and annuity products.
of NMIS may receive other payments from us for the
The amount and timing of sales compensation paid by
recruitment, training, development, and supervision of
insurance companies varies. The commissions, benefits, and
financial representatives, production of promotional literature
other sales compensation that NMIS and its registered
and similar services.
representatives receive for the sale of a Northwestern Mutual
variable insurance or annuity product might be more or less Commissions and other incentives and payments described
than that received for the sale of a comparable product from above are not charged directly to Owners or to the Separate
another company. Account. We intend to recoup commissions and other sales
expenses through fees and charges deducted under the Policy.
The maximum commission payable to the registered
NMIS registered representatives receive ongoing servicing
representative who sold the Policy is 40% of the premium
compensation related to the Policies, but may be ineligible to
paid during the first Policy Year; 6% of the premium paid in
receive ongoing servicing compensation paid by issuers of
Policy Years 2-10; and 2.75% of Premium Payments
other investment products for certain smaller accounts.
thereafter. We may pay new registered representatives
differently during a training period. The entire amount of the
sales commissions is passed through NMIS to the registered
representative who sold the Policy and to his or her managers.
The Company pays compensation and bonuses for the
management team of NMIS, and other expenses of
distributing the Policies.
Variable CompLife® Prospectus 31
Glossary of Terms
APPLICATION INVESTED ASSETS
The form completed by the applicant when applying for The sum of all amounts in the Divisions of the Separate
coverage under the Policy. This includes any: Account.
1. amendments or endorsements; ISSUE AGE
2. supplemental Applications; The Insured’s age on his or her birthday nearest the Policy
3. reinstatement Applications; and Date.
4. Policy change Applications.
MEC
ADDITIONAL PROTECTION Modified endowment contract as described in section 7702A
The additional coverage provided by the Policy, guaranteed of the Internal Revenue Code.
for a certain number of years provided Premium Payments are
made when due and dividends are used to increase Policy NET PREMIUM
Value. The amount of Premium Payment remaining after premium
charges have been deducted.
ATTAINED AGE
The Insured’s Issue Age listed in the Policy, plus the number of NETWORK OFFICE
complete Policy Years that have elapsed since the Policy Date. A principal office of a general agent of the Company.
CASH VALUE OWNER (You, Your)
The amount available in cash if the Policy is surrendered. The person named in the Application as the Owner, or the
person who becomes Owner of a Policy by transfer or
DATE OF ISSUE succession.
The date on which insurance coverage takes effect as shown in
the Policy. POLICY ANNIVERSARY
The same day and month as the Policy Date in each year
DEATH BENEFIT following the first Policy Year.
The gross amount payable to the Beneficiary upon the death of
the Insured, before the deduction of Policy Debt and other POLICY DATE
adjustments. The date shown in the Policy from which the following are
computed, among other things:
DIVISION
A subdivision of the Separate Account. We invest each 1. Policy Year;
Division’s assets exclusively in shares of one Portfolio. 2. Policy Anniversary;
3. the Issue Age of Insured; and
FINANCIAL REPRESENTATIVE 4. the Attained Age of the Insured.
An individual who is authorized to sell you the Policy and
who is both licensed as a Northwestern Mutual insurance POLICY DEBT
agent and registered as a representative of our affiliate, The total amount of all outstanding Policy loans, including
Northwestern Mutual Investment Services, LLC, the principal both principal and accrued interest.
underwriter of the Policy. POLICY VALUE
FUND The sum of Invested Assets and Policy Debt, and excluding
Each Fund is registered under the 1940 Act as an open-end any cash value of variable paid-up insurance.
management investment company or as a unit investment POLICY YEAR
trust, or is not required to be registered under the Act. Each A year that starts on the Policy Date or on a Policy
Portfolio of the Funds is available as an investment option Anniversary.
under the Policy. The assets of each of the Divisions of the
Separate Account are used to purchase shares of the PORTFOLIO
corresponding Portfolio of a Fund. A series of a Fund available for investment under the Policy
which corresponds to a particular Division of the Separate
GENERAL ACCOUNT
Account.
All assets of the Company, other than those held in the
Separate Account or in other separate accounts that have been PREMIUM PAYMENTS
or may be established by the Company. All payments you make under the Policy other than loan
repayments and transaction charges.
HOME OFFICE
Our office at 720 East Wisconsin Avenue, Milwaukee, PROJECTED INSURANCE AMOUNT
Wisconsin 53202-4797. An estimated annual amount of insurance that assumes a 4%
interest rate on invested amounts.
INSURED
The person named as the Insured on the Application and in the SEPARATE ACCOUNT
Policy. Northwestern Mutual Variable Life Account.
32 Variable CompLife® Prospectus
Additional Information
More information about the Separate Account is included in a Statement of Additional Information (“SAI”), which is dated the
same day as this prospectus, is incorporated by reference in this prospectus, and is available free of charge from the Company. To
request a free copy of the Separate Account’s SAI, or current annual report, call us toll-free at 1-866-424-2609. Information about
the Separate Account (including the SAI) can be reviewed and copied at the Public Reference Room of the SEC in Washington,
DC. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-202-551-8090. Reports
and other information about the Separate Account are available on the SEC’s Internet site at http://www.sec.gov, or they may be
obtained, upon payment of a duplicating fee, by writing the Public Reference Section of the SEC, 100 F Street, NE, Washington,
DC 20549-0102.
Your Northwestern Mutual Financial Representative will provide you with illustrations for a Variable CompLife® Policy free of
charge upon your request. The illustrations show how the Death Benefit, Invested Assets and cash surrender value for a Policy
would vary based on hypothetical investment results. Your Northwestern Mutual Financial Representative will also respond to
other inquiries you may have regarding the Policy, or you may contact the Variable Life Service Center at 1-866-424-2609.
Investment Company Act File No. 811-3989
Variable CompLife® Prospectus 33
[THIS PAGE INTENTIONALLY LEFT BLANK]
SUMMARY PROSPECTUS
MAY 1, 2011 Growth Stock Portfolio
Before you invest, you may want to review the Portfolio’s prospectus, which contains more information about the Portfolio
and its risks. You can find the Portfolio’s prospectus and other information about the Portfolio online at
www.nmseriesfund.com. You can also get this information at no cost by calling 1-888-455-2232 or by sending an e-mail
request to sfprospectus@northwesternmutual.com. The current prospectus and statement of additional information, each
dated May 1, 2011, along with the Portfolio’s most recent annual report dated December 31, 2010, are incorporated by
reference into this Summary Prospectus. The Portfolio’s statement of additional information and annual report may be
obtained, free of charge, in the same manner as the prospectus.
INVESTMENT OBJECTIVE
The investment objective of the Portfolio is long-term growth of capital. Current income is a secondary objective.
FEES AND EXPENSES OF THE PORTFOLIO
The table below describes the fees and expenses that you may pay when you buy and hold interests in a separate account that
invests in shares of the Portfolio as a result of your purchase of a variable annuity contract or variable life insurance policy. The
fees and expenses shown in the table and Example do not reflect fees and expenses separately charged by variable annuity
contracts or variable life insurance policies. If the fees and expenses separately charged by variable annuity contracts and variable
life insurance policies were included, the fees and expenses shown in the table and the Example would be higher.
Shareholder Fees Example
(fees paid directly from your investment) N/A This Example is intended to help you compare the cost of
investing in the Portfolio with the cost of investing in other
Annual Portfolio Operating Expenses
mutual funds. The Example assumes that you invest $10,000
(expenses that you pay each year as a percentage
in the Portfolio for the time periods indicated and then redeem
of the value of your investment)
all of your shares at the end of those periods. The Example
Management Fee 0.43% also assumes that your investment has a 5% return each year
and that the Portfolio’s operating expenses remain the same.
Distribution and Service (12b-1) Fees None
Although your actual costs may be higher or lower, based on
Other Expenses 0.02% these assumptions your costs would be:
Total Annual Portfolio Operating Expenses* 0.45% 1 Year 3 Years 5 Years 10 Years
*
$46 $144 $252 $567
The operating expenses of the Portfolio reflected in the
Portfolio’s most recent annual report and Financial Highlights
do not include fees and expenses incurred indirectly by the
Portfolio as a result of investments in shares of one or more
investment companies (referred to as “Acquired Fund Fees
and Expenses”).
Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A
higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in Annual Portfolio
Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s
portfolio turnover rate was 48.90% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
The Portfolio invests primarily in the equity securities of well established, medium and large capitalization companies. Stocks are
selected for their above average earnings growth potential, with an emphasis on companies that have strong financial
characteristics. For this purpose, medium capitalization companies are those with a market capitalization between the 25th and
75th percentile companies in the Russell MidCap® Index and larger capitalization companies are those with a market
capitalization above that range. As of December 31, 2010, the 25th and 75th percentile companies in the Russell MidCap® Index
had market capitalizations of $7.23 billion and $2.77 billion, respectively.
In keeping with its growth strategy, the Portfolio employs a “bottom up” analysis to seek to identify companies which have the
potential to grow faster than average given current and expected economic conditions and the outlook for the economic sector and
industry in which they compete. In evaluating individual companies, the adviser considers factors such as the company
NMSF–1 Northwestern Mutual Series Fund, Inc.
Growth Stock Portfolio
management team, product outlook, competitive position, global exposure, financial characteristics and valuation. While most
assets will be invested in U.S. common stocks, other securities may also be purchased, including preferred stocks, warrants, and
securities convertible into common or preferred stocks, in keeping with the Portfolio’s objectives.
The Portfolio seeks to reduce overall risk by diversifying its assets in an appropriate manner. This diversification will span
economic sectors, industry groups and companies. The adviser may overweight or underweight the sector exposure of the
Portfolio relative to its benchmark based on the adviser’s assessment of the relative attractiveness of such sectors. In
implementing this top down analysis, the adviser may utilize options, futures, forwards, swap agreements and exchange-traded
funds as a cash management strategy, to seek to enhance returns or as alternatives to direct investments when the adviser deems it
to be more efficient or advantageous. The Portfolio may invest up to 20% of net assets in American Depositary Receipts and
other securities of foreign issuers.
The Portfolio may sell securities for a variety of reasons, such as to secure gains, when the adviser perceives a significant change
in the outlook for a company or industry, or to make room in the Portfolio for more promising opportunities.
PRINCIPAL RISKS
Portfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be no
assurance that the Portfolio will achieve its objective. The main risks of investing in this Portfolio are identified below.
• Active Management Risk – The adviser’s investment strategies and techniques may not perform as expected which could
cause the Portfolio to underperform other mutual funds or lose money. Also, an actively managed Portfolio using a growth
style of investing, such as the Portfolio, may underperform when the market does not favor the particular style used by the
Portfolio. Different investment styles tend to shift in and out of favor, depending on market conditions and investor sentiment.
• Derivatives Risk – The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate or
index. The Portfolio’s use of derivatives involves risks different from, or possibly greater than, the risks associated with
investing directly in securities or other traditional investments. Investments in derivatives may not have the intended effects
and may result in losses for the Portfolio that may not otherwise have occurred or missed opportunities for the Portfolio.
Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amount invested.
Derivatives could involve management, credit, interest rate, liquidity and market risks, and the risks of mispricing or improper
valuation. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index. In
addition, the Portfolio could sustain a loss in the event the counterparty to a derivatives transaction fails to make the required
payments or otherwise comply with the terms of the contract.
• Equity Securities Risk – The value of equity securities, such as common and preferred stocks, could decline if the financial
condition of the companies the Portfolio is invested in declines or if overall market and economic conditions deteriorate.
Equity securities generally have greater price volatility than fixed income securities. Investments in rights and warrants may be
more volatile than the underlying investments in stocks.
• Exchange Traded Funds Risk – Investing in exchange traded funds (ETFs) may expose the Portfolio to greater risk of loss
and price fluctuation than investing directly in a comparable portfolio of stocks comprising the index due to lack of liquidity,
the additional expenses incurred as a shareholder in another investment company, and tracking error.
• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in value
or more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differing
reporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,
political and economic conditions, or diplomatic developments. Foreign securities may be adversely affected by decreases in
foreign currency values relative to the U.S. dollar and may be less liquid, more volatile, and harder to value than U.S.
securities. The Portfolio’s investments in emerging markets heighten these risks due to a lack of established legal, political,
business and social frameworks to support securities markets.
• Large Cap Company Risk – Investing in large cap stocks could cause the Portfolio to underperform in markets favoring
faster growing companies. Large cap stocks tend to be more mature with fewer opportunities to grow and may not have the
same growth potential as stocks with smaller capitalizations.
• Market Risk – The risk that the market price of securities owned by the Portfolio may go up or down, sometimes rapidly or
unpredictably, due to factors affecting securities markets generally or particular industries.
• Mid Cap Company Risk – Investing in mid cap stocks may cause greater risk of loss and price fluctuation than investing in
stocks of larger cap companies due to a more limited track record, narrower product markets, more limited resources and less
liquid trading markets. These stocks may be more volatile and more difficult to buy and sell than stocks with larger
capitalizations.
Northwestern Mutual Series Fund, Inc. NMSF–2
Growth Stock Portfolio
PERFORMANCE
The following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio has
varied from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain time
periods and compares the Portfolio’s returns with the returns of certain market indices and peer groups. Returns are based on past
results and are not an indication of future performance. Neither the bar chart nor the table reflects the fees and expenses
separately charged by the variable annuity contract or variable life insurance policy separate account that invests in the Portfolio
and returns would be lower if those fees and expenses were reflected.
50%
40% 37.17% Average Annual Total Return
30% (for periods ended December 31, 2010)
20% 18.94%
12.37% 1 Yr 5 Yrs 10 Yrs
10% 6.67% 7.71% 9.57% 9.20%
0%
Growth Stock Portfolio
-10%
12.37% 2.43% 0.46%
-20% -14.22% Russell 1000® Growth Index
-20.83%
-30% 16.71% 3.75% 0.02%
-40% -38.86% Lipper®Variable Insurance Products (VIP) Large Cap
-50%
Growth Funds Average
01
02
03
04
05
06
07
08
09
10
15.62% 2.85% 0.05%
20
20
20
20
20
20
20
20
20
20
Best Qtr: 2nd – ‘09 16.43% Worst Qtr: 4th – ‘08 -22.25%
PORTFOLIO MANAGEMENT
Investment Adviser: Mason Street Advisors, LLC (MSA)
Portfolio Managers: David R. Keuler, who has co-managed the Portfolio since 2002, is a Managing Director of MSA and joined
The Northwestern Mutual Life Insurance Company (Northwestern Mutual) in 1991.
Michael P. Johnson, who has co-managed the Portfolio since 2002, is a Director of MSA and joined Northwestern Mutual in
1984.
TAX INFORMATION
Shares of the Portfolio are offered only for funding variable annuity contracts and variable life insurance policies offered by The
Northwestern Mutual Life Insurance Company through separate accounts. Insurance company separate accounts generally do not
pay tax on dividends or capital gain distributions. Investors in variable annuity contracts and variable life insurance policies
should refer to the prospectuses for the variable products for a discussion of the tax considerations that affect the insurance
company and its separate accounts and the tax consequences to investors of owning such products.
COMPENSATION TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
Neither the Portfolio nor any related companies pay compensation to broker-dealers or other financial intermediaries for the sale
of Portfolio shares or related services. Investors in variable annuity contracts and variable life insurance policies should refer to
the prospectuses for the variable products for important information about compensation paid to financial intermediaries for sales
of variable annuity contracts and variable life insurance policies.
NMSF–3 Northwestern Mutual Series Fund, Inc.
SUMMARY PROSPECTUS
MAY 1, 2011 Focused Appreciation Portfolio
Before you invest, you may want to review the Portfolio’s prospectus, which contains more information about the Portfolio
and its risks. You can find the Portfolio’s prospectus and other information about the Portfolio online at
www.nmseriesfund.com. You can also get this information at no cost by calling 1-888-455-2232 or by sending an e-mail
request to sfprospectus@northwesternmutual.com. The current prospectus and statement of additional information, each
dated May 1, 2011, along with the Portfolio’s most recent annual report dated December 31, 2010, are incorporated by
reference into this Summary Prospectus. The Portfolio’s statement of additional information and annual report may be
obtained, free of charge, in the same manner as the prospectus.
INVESTMENT OBJECTIVE
The investment objective of the Portfolio is long-term growth of capital.
FEES AND EXPENSES OF THE PORTFOLIO
The table below describes the fees and expenses that you may pay when you buy and hold interests in a separate account that
invests in shares of the Portfolio as a result of your purchase of a variable annuity contract or variable life insurance policy. The
fees and expenses shown in the table and Example do not reflect fees and expenses separately charged by variable annuity
contracts or variable life insurance policies. If the fees and expenses separately charged by variable annuity contracts and variable
life insurance policies were included, the fees and expenses shown in the table and the Example would be higher.
Shareholder Fees Example
(fees paid directly from your investment) N/A This Example is intended to help you compare the cost of
investing in the Portfolio with the cost of investing in other
Annual Portfolio Operating Expenses
mutual funds. The Example assumes that you invest $10,000
(expenses that you pay each year as a percentage
in the Portfolio for the time periods indicated and then redeem
of the value of your investment)
all of your shares at the end of those periods. The Example
Management Fee 0.77% also assumes that your investment has a 5% return each year
and that the Portfolio’s operating expenses remain the same.
Distribution and Service (12b-1) Fees None
Although your actual costs may be higher or lower, based on
Other Expenses 0.02% these assumptions your costs would be:
Total Annual Portfolio Operating Expenses 0.79% 1 Year 3 Years 5 Years 10 Years
Fee Waiver* (0.02)% $79 $250 $436 $975
Total Annual Portfolio Operating Expenses After
Fee Waiver* 0.77%
* The Portfolio’s investment adviser has entered into a written
agreement to waive a portion of its management fee, such
thatthe management fee is 0.75% on the Portfolio’s first $100
million of assets, 0.70% on the next $200 million and 0.65%
on the next $200 million. This fee waiver agreement maybe
terminated by the adviser at any time after April 30, 2012.
Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A
higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in Annual Portfolio
Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s
portfolio turnover rate was 40.65% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
The Portfolio invests primarily in the equity securities of companies selected for their growth potential. The Portfolio may invest
in companies of any size, from larger, well established companies to smaller, emerging growth companies. In seeking to
implement its growth strategy, the adviser employs a “bottom up” approach in choosing investments for the Portfolio. That is, the
adviser looks at companies one at a time to determine if a company is an attractive investment opportunity and is consistent with
Northwestern Mutual Series Fund, Inc. NMSF–4
Focused Appreciation Portfolio
the Portfolio’s investment policies. In reviewing potential investment candidates, the adviser places extra emphasis on the
following key investment criteria: strong market share and pricing power, open-ended growth potential, strong cash flow and
clear strategy for investing, and significant appreciation potential relative to current price.
Although the Portfolio is diversified, the Portfolio may hold larger positions in a smaller number of companies than more
diversified funds and, in anticipation of such investments, may hold a correspondingly larger position in cash pending investment.
The Portfolio invests primarily in a core group of 20-40 common stocks.
The Portfolio also may invest in special situations. A special situation arises when, in the opinion of the adviser, the securities of
a particular issuer will be recognized and appreciate in value due to a specific development with respect to that issuer. Special
situations may include significant changes in a company’s allocation of its existing capital, a restructuring of assets, or a
redirection of free cash flow. Developments creating a special situation might include, among others, a new product or process, a
technological breakthrough, a management change or other extraordinary corporate event, or differences in market supply of and
demand for the security.
Within the parameters of its specific investment policies, the Portfolio may invest up to 20% of net assets in American Depositary
Receipts and securities of foreign issuers, which may include investments in emerging markets. The Portfolio may use derivatives
for different purposes, including hedging (to offset risks associated with an investment or market conditions), to earn income and
to seek to enhance returns.
Portfolio securities may be sold for a variety of reasons, including to secure gains, to limit losses, to make room in the Portfolio
for more promising opportunities or based on the Portfolio’s absolute and relative risk monitoring targets.
PRINCIPAL RISKS
Portfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be no
assurance that the Portfolio will achieve its objective. The main risks of investing in this Portfolio are identified below.
• Active Management Risk – The adviser’s investment strategies and techniques may not perform as expected which could
cause the Portfolio to underperform other mutual funds or lose money. Also, an actively managed Portfolio using a growth
style of investing, such as the Portfolio, may underperform when the market does not favor the particular style used by the
Portfolio. Different investment styles tend to shift in and out of favor, depending on market conditions and investor sentiment.
• Derivatives Risk – The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate or
index. The Portfolio’s use of derivatives involves risks different from, or possibly greater than, the risks associated with
investing directly in securities or other traditional investments. Investments in derivatives may not have the intended effects
and may result in losses for the Portfolio that may not otherwise have occurred or missed opportunities for the Portfolio.
Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amount invested.
Derivatives could involve management, credit, interest rate, liquidity and market risks, and the risks of mispricing or improper
valuation. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index. In
addition, the Portfolio could sustain a loss in the event the counterparty to a derivatives transaction fails to make the required
payments or otherwise comply with the terms of the contract.
• Equity Securities Risk – The value of equity securities, such as common and preferred stocks, could decline if the financial
condition of the companies the Portfolio is invested in declines or if overall market and economic conditions deteriorate.
Equity securities generally have greater price volatility than fixed income securities. Investments in rights and warrants may be
more volatile than the underlying investments in stocks.
• Focus Risk – The Portfolio’s performance could be more closely tied to the value of a single security or small number of
securities because, although diversified, the Portfolio may hold large positions in a single or small number of securities. As a
result, the Portfolio’s performance could be more volatile than the performance of funds that hold a greater number of
securities.
• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in value
or more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differing
reporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,
political and economic conditions, or diplomatic developments. Foreign securities may be adversely affected by decreases in
foreign currency values relative to the U.S. dollar and may be less liquid, more volatile, and harder to value than U.S.
securities. The Portfolio’s investments in emerging markets heighten these risks due to a lack of established legal, political,
business and social frameworks to support securities markets.
NMSF–5 Northwestern Mutual Series Fund, Inc.
Focused Appreciation Portfolio
• Large Cap Company Risk – Investing in large cap stocks could cause the Portfolio to underperform in markets favoring
faster growing companies. Large cap stocks tend to be more mature with fewer opportunities to grow and may not have the
same growth potential as stocks with smaller capitalizations.
• Market Risk – The risk that the market price of securities owned by the Portfolio may go up or down, sometimes rapidly or
unpredictably, due to factors affecting securities markets generally or particular industries.
• Mid and Small Cap Company Risk – Investing in mid and small cap stocks may cause greater risk of loss and price
fluctuation than investing in stocks of larger cap companies due to a more limited track record, narrower product markets, more
limited resources and less liquid trading markets. These stocks may be more volatile and more difficult to buy and sell than
stocks with larger capitalizations.
• Special Situation Risk – The risk that the change or event anticipated by the adviser when purchasing a company might not
occur or attract the expected attention, which could have a negative impact on the price of the company’s securities. Investing
in special situations may involve heightened volatility in the value of the securities purchased and may cause greater risk of
loss.
PERFORMANCE
The following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio has
varied from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain time
periods and compares the Portfolio’s returns with the returns of certain market indices and peer groups. Returns are based on past
results and are not an indication of future performance. Neither the bar chart nor the table reflects the fees and expenses
separately charged by the variable annuity contract or variable life insurance policy separate account that invests in the Portfolio
and returns would be lower if those fees and expenses were reflected.
50% 42.47%
40%
Average Annual Total Return
30% 26.84% (for periods ended December 31, 2010)
19.67% 17.00%
20% Since
9.33%
10% 4.88% Inception on
0% 1 Yr 5 Yrs 05/01/03
-10%
Focused Appreciation Portfolio
-20%
9.33% 4.45% 10.07%
-30%
-40% Russell 1000® Growth Index
-40.10%
-50% 16.71% 3.75% 6.68%
04
05
06
07
08
09
10
Lipper® Variable Insurance Products (VIP) Large Cap
20
20
20
20
20
20
20
Growth Funds Average
15.62% 2.85% —
Best Qtr: 2nd – ‘09 17.90% Worst Qtr: 4th – ‘08 -23.19%
PORTFOLIO MANAGEMENT
Investment Adviser: Mason Street Advisors, LLC
Sub-Adviser: Janus Capital Management LLC (Janus)
Portfolio Manager: Ron Sachs, Vice President of Janus, has been a Portfolio Manager of Janus since 2000, and has managed the
Portfolio since 2008.
TAX INFORMATION
Shares of the Portfolio are offered only for funding variable annuity contracts and variable life insurance policies offered by The
Northwestern Mutual Life Insurance Company through separate accounts. Insurance company separate accounts generally do not
pay tax on dividends or capital gain distributions. Investors in variable annuity contracts and variable life insurance policies
should refer to the prospectuses for the variable products for a discussion of the tax considerations that affect the insurance
company and its separate accounts and the tax consequences to investors of owning such products.
COMPENSATION TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
Neither the Portfolio nor any related companies pay compensation to broker-dealers or other financial intermediaries for the sale
of Portfolio shares or related services. Investors in variable annuity contracts and variable life insurance policies should refer to
the prospectuses for the variable products for important information about compensation paid to financial intermediaries for sales
of variable annuity contracts and variable life insurance policies.
Northwestern Mutual Series Fund, Inc. NMSF–6
SUMMARY PROSPECTUS
MAY 1, 2011 Large Cap Core Stock Portfolio
Before you invest, you may want to review the Portfolio’s prospectus, which contains more information about the Portfolio
and its risks. You can find the Portfolio’s prospectus and other information about the Portfolio online at
www.nmseriesfund.com. You can also get this information at no cost by calling 1-888-455-2232 or by sending an e-mail
request to sfprospectus@northwesternmutual.com. The current prospectus and statement of additional information, each
dated May 1, 2011, along with the Portfolio’s most recent annual report dated December 31, 2010, are incorporated by
reference into this Summary Prospectus. The Portfolio’s statement of additional information and annual report may be
obtained, free of charge, in the same manner as the prospectus.
INVESTMENT OBJECTIVE
The investment objective of the Portfolio is long-term growth of capital and income.
FEES AND EXPENSES OF THE PORTFOLIO
The table below describes the fees and expenses that you may pay when you buy and hold interests in a separate account that
invests in shares of the Portfolio as a result of your purchase of a variable annuity contract or variable life insurance policy. The
fees and expenses shown in the table and Example do not reflect fees and expenses separately charged by variable annuity
contracts or variable life insurance policies. If the fees and expenses separately charged by variable annuity contracts and variable
life insurance policies were included, the fees and expenses shown in the table and the Example would be higher.
Shareholder Fees Example
(fees paid directly from your investment) N/A This Example is intended to help you compare the cost of
investing in the Portfolio with the cost of investing in other
Annual Portfolio Operating Expenses
mutual funds. The Example assumes that you invest $10,000
(expenses that you pay each year as a percentage
in the Portfolio for the time periods indicated and then redeem
of the value of your investment)
all of your shares at the end of those periods. The Example
Management Fee 0.44% also assumes that your investment has a 5% return each year
and that the Portfolio’s operating expenses remain the same.
Distribution and Service (12b-1) Fees None
Although your actual costs may be higher or lower, based on
Other Expenses 0.02% these assumptions your costs would be:
Total Annual Portfolio Operating Expenses 0.46% 1 Year 3 Years 5 Years 10 Years
$47 $148 $258 $579
Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A
higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in Annual Portfolio
Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s
portfolio turnover rate was 43.16% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
Normally, the Portfolio invests at least 80% of net assets (plus any borrowings for investment purposes) in equity securities of
large capitalization companies that may include both “growth” and “value” stocks, and may represent companies across all
market sectors. For this purpose, large capitalization equity investments are those whose market capitalizations are above the
largest stock in the bottom quartile of the S&P 500® Index ($6.46 billion as of December 31, 2010.)
In selecting investments, the adviser looks for companies with strong financial characteristics such as strong management teams,
solid balance sheets, consistent earnings growth, sustainable cash flows and leading market shares in their industries. The
Portfolio may be broadly diversified, potentially reflecting all sectors of the S&P 500® Index. Economic outlook and/or absolute
valuation determines the relative attractiveness of market sectors and sector weights may differ from those in the S&P 500®
Index, reflecting the economic outlook. The adviser may utilize options, futures contracts and swap agreements, to seek to
generate income or as alternatives to direct investments when the adviser deems it to be more efficient or advantageous. The
Portfolio may invest up to 20% of net assets in American Depositary Receipts and other securities of foreign issuers denominated
in U.S. dollars.
NMSF–7 Northwestern Mutual Series Fund, Inc.
Large Cap Core Stock Portfolio
Under normal market conditions, the Portfolio attempts to achieve a gross income of at least 75% of the dividend yield of the
S&P 500® Index. However, this income level is merely a guideline, and there can be no certainty that this income level will be
achieved. The Portfolio may invest in both dividend paying and non-dividend paying stocks, including preferred stocks.
The Portfolio may sell securities for a variety of reasons, such as to secure gains, when the adviser perceives a significant change
in the outlook for a company or industry, or to make room in the Portfolio for more promising opportunities.
PRINCIPAL RISKS
Portfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be no
assurance that the Portfolio will achieve its objective. The main risks of investing in this Portfolio are identified below.
• Active Management Risk – The adviser’s investment strategies and techniques may not perform as expected which could
cause the Portfolio to underperform other mutual funds or lose money. Also, an actively managed Portfolio using a particular
style of investing, such as growth or value or a combination of both, may underperform when the market does not favor the
particular style used by the Portfolio. Different investment styles tend to shift in and out of favor, depending on market
conditions and investor sentiment.
• Derivatives Risk – The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate or
index. The Portfolio’s use of derivatives involves risks different from, or possibly greater than, the risks associated with
investing directly in securities or other traditional investments. Investments in derivatives may not have the intended effects
and may result in losses for the Portfolio that may not otherwise have occurred or missed opportunities for the Portfolio.
Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amount invested.
Derivatives could involve management, credit, interest rate, liquidity and market risks, and the risks of mispricing or improper
valuation. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index. In
addition, the Portfolio could sustain a loss in the event the counterparty to a derivatives transaction fails to make the required
payments or otherwise comply with the terms of the contract.
• Equity Securities Risk – The value of equity securities, such as common and preferred stocks, could decline if the financial
condition of the companies the Portfolio is invested in declines or if overall market and economic conditions deteriorate.
Equity securities generally have greater price volatility than fixed income securities. Investments in rights and warrants may be
more volatile than the underlying investments in stocks.
• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in value
or more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differing
reporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,
political and economic conditions, or diplomatic developments. Foreign securities may be adversely affected by decreases in
foreign currency values relative to the U.S. dollar and may be less liquid, more volatile, and harder to value than U.S.
securities. The Portfolio’s investments in emerging markets heighten these risks due to a lack of established legal, political,
business and social frameworks to support securities markets.
• Large Cap Company Risk – Investing in large cap stocks could cause the Portfolio to underperform in markets favoring
faster growing companies. Large cap stocks tend to be more mature with fewer opportunities to grow and may not have the
same growth potential as stocks with smaller capitalizations.
• Market Risk – The risk that the market price of securities owned by the Portfolio may go up or down, sometimes rapidly or
unpredictably, due to factors affecting securities markets generally or particular industries.
Northwestern Mutual Series Fund, Inc. NMSF–8
Large Cap Core Stock Portfolio
PERFORMANCE
The following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio has
varied from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain time
periods and compares the Portfolio’s returns with the returns of certain market indices and peer groups. Returns are based on past
results and are not an indication of future performance. Neither the bar chart nor the table reflects the fees and expenses
separately charged by the variable annuity contract or variable life insurance policy separate account that invests in the Portfolio
and returns would be lower if those fees and expenses were reflected.
40%
29.33% Average Annual Total Return
30% 24.05%
(for periods ended December 31, 2010)
20%
11.49% 9.12% 12.91%
10% 8.16% 8.46% 1 Yr 5 Yrs 10 Yrs
0% Large Cap Core Stock Portfolio
-10% -7.77% 12.91% 1.71% 0.48%
-20% S&P 500® Index
-30% -28.20% 15.06% 2.29% 1.41%
-40% -38.74% Lipper®Variable Insurance Products (VIP) Large Cap Core
-50%
Funds Average
01
02
03
04
05
06
07
08
09
10
13.45% 1.75% 1.41%
20
20
20
20
20
20
20
20
20
20
Best Qtr: 2nd – ‘09 16.96% Worst Qtr: 4th – ‘08 -22.18%
PORTFOLIO MANAGEMENT
Investment Adviser: Mason Street Advisors, LLC (MSA)
Portfolio Manager: Mary R. Linehan is a Managing Director of MSA and joined The Northwestern Mutual Life Insurance
Company in 2007. She has managed the Portfolio since 2007.
TAX INFORMATION
Shares of the Portfolio are offered only for funding variable annuity contracts and variable life insurance policies offered by The
Northwestern Mutual Life Insurance Company through separate accounts. Insurance company separate accounts generally do not
pay tax on dividends or capital gain distributions. Investors in variable annuity contracts and variable life insurance policies
should refer to the prospectuses for the variable products for a discussion of the tax considerations that affect the insurance
company and its separate accounts and the tax consequences to investors of owning such products.
COMPENSATION TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
Neither the Portfolio nor any related companies pay compensation to broker-dealers or other financial intermediaries for the sale
of Portfolio shares or related services. Investors in variable annuity contracts and variable life insurance policies should refer to
the prospectuses for the variable products for important information about compensation paid to financial intermediaries for sales
of variable annuity contracts and variable life insurance policies.
NMSF–9 Northwestern Mutual Series Fund, Inc.
SUMMARY PROSPECTUS
MAY 1, 2011 Large Cap Blend Portfolio
Before you invest, you may want to review the Portfolio’s prospectus, which contains more information about the Portfolio
and its risks. You can find the Portfolio’s prospectus and other information about the Portfolio online at
www.nmseriesfund.com. You can also get this information at no cost by calling 1-888-455-2232 or by sending an e-mail
request to sfprospectus@northwesternmutual.com. The current prospectus and statement of additional information, each
dated May 1, 2011, along with the Portfolio’s most recent annual report dated December 31, 2010, are incorporated by
reference into this Summary Prospectus. The Portfolio’s statement of additional information and annual report may be
obtained, free of charge, in the same manner as the prospectus.
INVESTMENT OBJECTIVE
The Portfolio’s investment objective is to seek long-term growth of capital and income.
FEES AND EXPENSES OF THE PORTFOLIO
The table below describes the fees and expenses that you may pay when you buy and hold interests in a separate account that
invests in shares of the Portfolio as a result of your purchase of a variable annuity contract or variable life insurance policy. The
fees and expenses shown in the table and Example do not reflect fees and expenses separately charged by variable annuity
contracts or variable life insurance policies. If the fees and expenses separately charged by variable annuity contracts and variable
life insurance policies were included, the fees and expenses shown in the table and the Example would be higher.
Shareholder Fees Example
(fees paid directly from your investment) N/A This Example is intended to help you compare the cost of
investing in the Portfolio with the cost of investing in other
Annual Portfolio Operating Expenses
mutual funds. The Example assumes that you invest $10,000
(expenses that you pay each year as a percentage
in the Portfolio for the time periods indicated and then redeem
of the value of your investment)
all of your shares at the end of those periods. The Example
Management Fee 0.77% also assumes that your investment has a 5% return each year
and that the Portfolio’s operating expenses remain the same.
Distribution and Service (12b-1) Fees None
Although your actual costs may be higher or lower, based on
Other Expenses 0.07% these assumptions your costs would be:
Total Annual Portfolio Operating Expenses 0.84% 1 Year 3 Years 5 Years 10 Years
$86 $268 $466 $1,037
Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A
higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in Annual Portfolio
Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s
portfolio turnover rate was 34.89% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
Normally, the Portfolio invests at least 80% of its net assets (plus any borrowings for investment purposes), in equity and equity
related securities of U.S. large capitalization companies. The Portfolio defines large capitalization companies as those with a
market capitalization range, at the time of investment, equal to that of the Portfolio’s benchmark, the S&P 500® Index. As of
December 31, 2010, the market capitalization range of the S&P 500® Index was $1.58 billion to $364.06 billion. In selecting
investments, greater consideration is given to potential appreciation and future dividends than to current income. From time to
time, the Portfolio also may invest in companies outside this market capitalization range.
The adviser uses a system of multiple portfolio managers in managing the Portfolio’s assets. Under this approach the Portfolio is
divided into segments managed by individual managers who decide how their respective segments will be invested. Portfolio
managers look across industry sectors in selecting stocks for the Portfolio, seeking quality companies at attractive prices. In
keeping with the adviser’s bottom-up philosophy, the weighting for any given sector reflects the portfolio managers’ assessments
and outlooks for individual companies within that sector. Weightings are arrived at through individual stock selection rather than
through top-down judgments.
Northwestern Mutual Series Fund, Inc. NMSF–10
Large Cap Blend Portfolio
The Portfolio may hold American Depositary Receipts and other securities of foreign issuers which are denominated in U.S.
dollars (up to 20% of net assets), as well as preferred stocks, securities convertible into common or preferred stocks, warrants and
rights.
The Portfolio may sell securities for a variety of reasons such as to secure gains, limit losses, or redeploy assets into more
promising opportunities.
PRINCIPAL RISKS
Portfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be no
assurance that the Portfolio will achieve its objective. The main risks of investing in this Portfolio are identified below.
• Active Management Risk – The adviser’s investment strategies and techniques may not perform as expected which could
cause the Portfolio to underperform other mutual funds or lose money. Also, an actively managed Portfolio using a particular
style of investing, such as growth or value or a combination of both, may underperform when the market does not favor the
particular style used by the Portfolio. Different investment styles tend to shift in and out of favor, depending on market
conditions and investor sentiment.
• Equity Securities Risk – The value of equity securities, such as common and preferred stocks, could decline if the financial
condition of the companies the Portfolio is invested in declines or if overall market and economic conditions deteriorate.
Equity securities generally have greater price volatility than fixed income securities. Investments in rights and warrants may be
more volatile than the underlying investments in stocks.
• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in value
or more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differing
reporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,
political and economic conditions, or diplomatic developments. Foreign securities may be adversely affected by decreases in
foreign currency values relative to the U.S. dollar and may be less liquid, more volatile, and harder to value than U.S.
securities. The Portfolio’s investments in emerging markets heighten these risks due to a lack of established legal, political,
business and social frameworks to support securities markets.
• Large Cap Company Risk – Investing in large cap stocks could cause the Portfolio to underperform in markets favoring
faster growing companies. Large cap stocks tend to be more mature with fewer opportunities to grow and may not have the
same growth potential as stocks with smaller capitalizations.
• Market Risk – The risk that the market price of securities owned by the Portfolio may go up or down, sometimes rapidly or
unpredictably, due to factors affecting securities markets generally or particular industries.
• Mid Cap Company Risk – Investing in mid cap stocks may cause greater risk of loss and price fluctuation than investing in
stocks of larger cap companies due to a more limited track record, narrower product markets, more limited resources and less
liquid trading markets. These stocks may be more volatile and more difficult to buy and sell than stocks with larger
capitalizations.
NMSF–11 Northwestern Mutual Series Fund, Inc.
Large Cap Blend Portfolio
PERFORMANCE
The following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio has
varied from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain time
periods and compares the Portfolio’s returns with the returns of certain market indices and peer groups. Returns are based on past
results and are not an indication of future performance. Neither the bar chart nor the table reflects the fees and expenses
separately charged by the variable annuity contract or variable life insurance policy separate account that invests in the Portfolio
and returns would be lower if those fees and expenses were reflected.
40%
27.40%
Average Annual Total Return
30%
(for periods ended December 31, 2010)
20% 14.29%
10% Since
0% Inception on
-10%
1 Yr 04/30/07
-20% Large Cap Blend Portfolio
-30% 14.29% -5.47%
-40%
-40.25%
S&P 500® Index
-50% 15.06% -2.24%
08
09
10
Lipper® Variable Insurance Products (VIP) Large Cap
20
20
20
Core Funds Average
13.45% —
Best Qtr: 2nd – ‘09 15.09% Worst Qtr: 4th – ‘08 -22.37%
PORTFOLIO MANAGEMENT
Investment Adviser: Mason Street Advisors, LLC
Sub-Adviser: Capital Guardian Trust Company (CGTC)
Portfolio Managers: Terry Berkemeier, Director and Senior Vice President of CGTC, has been employed by CGTC or an
affiliate since 1992 and began managing the Portfolio in 2007.
Theodore R. Samuels, Director and President of CGTC, has been employed by CGTC or an affiliate since 1981 and began
managing the Portfolio in 2007.
Eric H. Stern, Director and Senior Vice President of CGTC, and has been employed by CGTC or an affiliate since 1991 and
began managing the Portfolio in 2008.
Alan J. Wilson, Director and Senior Vice President of CGTC, has been employed by CGTC or an affiliate since 1991 and began
managing the Portfolio in 2007.
TAX INFORMATION
Shares of the Portfolio are offered only for funding variable annuity contracts and variable life insurance policies offered by The
Northwestern Mutual Life Insurance Company through separate accounts. Insurance company separate accounts generally do not
pay tax on dividends or capital gain distributions. Investors in variable annuity contracts and variable life insurance policies
should refer to the prospectuses for the variable products for a discussion of the tax considerations that affect the insurance
company and its separate accounts and the tax consequences to investors of owning such products.
COMPENSATION TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
Neither the Portfolio nor any related companies pay compensation to broker-dealers or other financial intermediaries for the sale
of Portfolio shares or related services. Investors in variable annuity contracts and variable life insurance policies should refer to
the prospectuses for the variable products for important information about compensation paid to financial intermediaries for sales
of variable annuity contracts and variable life insurance policies.
Northwestern Mutual Series Fund, Inc. NMSF–12
SUMMARY PROSPECTUS
MAY 1, 2011 Index 500 Stock Portfolio
Before you invest, you may want to review the Portfolio’s prospectus, which contains more information about the Portfolio
and its risks. You can find the Portfolio’s prospectus and other information about the Portfolio online at
www.nmseriesfund.com. You can also get this information at no cost by calling 1-888-455-2232 or by sending an e-mail
request to sfprospectus@northwesternmutual.com. The current prospectus and statement of additional information, each
dated May 1, 2011, along with the Portfolio’s most recent annual report dated December 31, 2010, are incorporated by
reference into this Summary Prospectus. The Portfolio’s statement of additional information and annual report may be
obtained, free of charge, in the same manner as the prospectus.
INVESTMENT OBJECTIVE
The investment objective of the Portfolio is to achieve investment results that approximate the performance of the Standard &
Poor’s 500 Composite Stock Price Index (“S&P 500® Index”).
FEES AND EXPENSES OF THE PORTFOLIO
The table below describes the fees and expenses that you may pay when you buy and hold interests in a separate account that
invests in shares of the Portfolio as a result of your purchase of a variable annuity contract or variable life insurance policy. The
fees and expenses shown in the table and Example do not reflect fees and expenses separately charged by variable annuity
contracts or variable life insurance policies. If the fees and expenses separately charged by variable annuity contracts and variable
life insurance policies were included, the fees and expenses shown in the table and the Example would be higher.
Shareholder Fees Example
(fees paid directly from your investment) N/A This Example is intended to help you compare the cost of
investing in the Portfolio with the cost of investing in other
Annual Portfolio Operating Expenses
mutual funds. The Example assumes that you invest $10,000
(expenses that you pay each year as a percentage
in the Portfolio for the time periods indicated and then redeem
of the value of your investment)
all of your shares at the end of those periods. The Example
Management Fee 0.20% also assumes that your investment has a 5% return each year
and that the Portfolio’s operating expenses remain the same.
Distribution and Service (12b-1) Fees None
Although your actual costs may be higher or lower, based on
Other Expenses 0.01% these assumptions your costs would be:
Total Annual Portfolio Operating Expenses 0.21% 1 Year 3 Years 5 Years 10 Years
$22 $68 $118 $268
Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A
higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in Annual Portfolio
Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s
portfolio turnover rate was 4.14% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
The Portfolio employs a “passive management,” or indexing, investment approach designed to track the performance of the S&P
500® Index. The S&P 500® Index is composed of the stocks of primarily large capitalization companies that represent a broad
spectrum of the U.S. economy and a substantial part of the U.S. stock market’s total capitalization. As of December 31, 2010, the
market capitalization range of the S&P 500® Index was $1.58 billion to $364.06 billion. The Portfolio attempts to achieve its
objective by investing all, or substantially all, of its assets in the stocks that make up the S&P 500® Index, holding each stock in
approximately the same proportion as its weighting in the Index. This is known as a full replication strategy. The Portfolio may
also invest in S&P 500® Index stock futures and swap agreements to help achieve full replication.
Standard & Poor’s constructs the Index by first identifying major industry categories and then allocating a representative sample
of the larger and more liquid stocks in those industries to the index. S&P weights each stock according to its float-adjusted
market value. For example, the 50 largest companies in the index may account for over 50% of its value. For this reason, the
Index 500 Stock Portfolio is classified as “nondiversified.”
NMSF–13 Northwestern Mutual Series Fund, Inc.
Index 500 Stock Portfolio
The Index 500 Stock Portfolio’s ability to match the performance of the S&P 500® Index will be affected to some extent by the
size and timing of cash flows into and out of the Index 500 Stock Portfolio. The Portfolio will be managed with a view to
reducing such effects.
PRINCIPAL RISKS
Portfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be no
assurance that the Portfolio will achieve its objective. The main risks of investing in this Portfolio are identified below.
• Derivatives Risk – The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate or
index. The Portfolio’s use of derivatives involves risks different from, or possibly greater than, the risks associated with
investing directly in securities or other traditional investments. Investments in derivatives may not have the intended effects
and may result in losses for the Portfolio that may not otherwise have occurred or missed opportunities for the Portfolio.
Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amount invested.
Derivatives could involve management, credit, interest rate, liquidity and market risks, and the risks of mispricing or improper
valuation. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index. In
addition, the Portfolio could sustain a loss in the event the counterparty to a derivatives transaction fails to make the required
payments or otherwise comply with the terms of the contract.
• Equity Securities Risk – The value of equity securities, such as common and preferred stocks, could decline if the financial
condition of the companies the Portfolio is invested in declines or if overall market and economic conditions deteriorate.
Equity securities generally have greater price volatility than fixed income securities.
• Indexing Strategy Risk – A Portfolio may not perform as well as the index it attempts to match due to the Portfolio’s
expenses, changes in securities markets, changes in the composition of the underlying index and the timing of purchases and
redemptions of Portfolio shares. A Portfolio using an indexing strategy does not attempt to manage market volatility, use
defensive strategies or reduce the effects of any long-term periods of poor stock performance. In addition, changes in the value
of a derivative used to replicate an index may not correlate as intended with the underlying index.
• Large Cap Company Risk – Investing in large cap stocks could cause the Portfolio to underperform in markets favoring
faster growing companies. Large cap stocks tend to be more mature with fewer opportunities to grow and may not have the
same growth potential as stocks with smaller capitalizations.
• Market Risk – The risk that the market price of securities owned by the Portfolio may go up or down, sometimes rapidly or
unpredictably, due to factors affecting securities markets generally or particular industries.
• Nondiversification Risk – The Portfolio is classified as a nondiversified fund to enable it to hold securities in the same
weightings as its underlying Index. Depending on the composition of the Index from time to time, the Portfolio may invest a
relatively large percentage of its assets in a single issuer or small number of issuers, and its performance may be more closely
tied to the value of that one issuer or issuers and may be more volatile than the performance of a more diversified fund.
Northwestern Mutual Series Fund, Inc. NMSF–14
Index 500 Stock Portfolio
PERFORMANCE
The following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio has
varied from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain time
periods and compares the Portfolio’s returns with the returns of certain market indices and peer groups. Returns are based on past
results and are not an indication of future performance. Neither the bar chart nor the table reflects the fees and expenses
separately charged by the variable annuity contract or variable life insurance policy separate account that invests in the Portfolio
and returns would be lower if those fees and expenses were reflected.
40%
28.43% Average Annual Total Return
30% 26.40%
(for periods ended December 31, 2010)
20% 15.62% 14.89%
10.70%
10% 4.72% 5.43% 1 Yr 5 Yrs 10 Yrs
0% Index 500 Stock Portfolio
-10% 14.89% 2.22% 1.33%
-11.88%
-20% S&P 500® Index
-22.07%
-30% 15.06% 2.29% 1.41%
-40% -36.94%
Lipper® Variable Insurance Products (VIP) S&P 500
-50%
Index Objective Funds Average
01
02
03
04
05
06
07
08
09
10
14.64% 1.96% 1.08%
20
20
20
20
20
20
20
20
20
20
Best Qtr: 2nd – ‘09 15.93% Worst Qtr: 4th – ‘08 -21.88%
PORTFOLIO MANAGEMENT
Investment Adviser: Mason Street Advisors, LLC (MSA)
Portfolio Managers: R. David Ells, Managing Director of MSA, joined The Northwestern Mutual Life Insurance Company
(Northwestern Mutual) in 2004 and has been co-portfolio manager of the Portfolio since September 2010.
Steven A. Warren, Associate of MSA, joined Northwestern Mutual in 1998 and has been co-portfolio manager of the Portfolio
since September 2010.
TAX INFORMATION
Shares of the Portfolio are offered only for funding variable annuity contracts and variable life insurance policies offered by The
Northwestern Mutual Life Insurance Company through separate accounts. Insurance company separate accounts generally do not
pay tax on dividends or capital gain distributions. Investors in variable annuity contracts and variable life insurance policies
should refer to the prospectuses for the variable products for a discussion of the tax considerations that affect the insurance
company and its separate accounts and the tax consequences to investors of owning such products.
COMPENSATION TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
Neither the Portfolio nor any related companies pay compensation to broker-dealers or other financial intermediaries for the sale
of Portfolio shares or related services. Investors in variable annuity contracts and variable life insurance policies should refer to
the prospectuses for the variable products for important information about compensation paid to financial intermediaries for sales
of variable annuity contracts and variable life insurance policies.
NMSF–15 Northwestern Mutual Series Fund, Inc.
SUMMARY PROSPECTUS
MAY 1, 2011 Large Company Value Portfolio
Before you invest, you may want to review the Portfolio’s prospectus, which contains more information about the Portfolio
and its risks. You can find the Portfolio’s prospectus and other information about the Portfolio online at
www.nmseriesfund.com. You can also get this information at no cost by calling 1-888-455-2232 or by sending an e-mail
request to sfprospectus@northwesternmutual.com. The current prospectus and statement of additional information, each
dated May 1, 2011, along with the Portfolio’s most recent annual report dated December 31, 2010, are incorporated by
reference into this Summary Prospectus. The Portfolio’s statement of additional information and annual report may be
obtained, free of charge, in the same manner as the prospectus.
INVESTMENT OBJECTIVE
The Portfolio’s investment objective is to seek long-term capital growth. Income is a secondary objective.
FEES AND EXPENSES OF THE PORTFOLIO
The table below describes the fees and expenses that you may pay when you buy and hold interests in a separate account that
invests in shares of the Portfolio as a result of your purchase of a variable annuity contract or life insurance policy. The fees and
expenses shown in the table and Example do not reflect fees and expenses separately charged by variable annuity contracts or
variable life insurance policies. If the fees and expenses separately charged by variable annuity contracts and variable life
insurance policies were included, the fees and expenses shown in the table and the Example would be higher.
Shareholder Fees Example
(fees paid directly from your investment) N/A This Example is intended to help you compare the cost of
investing in the Portfolio with the cost of investing in other
Annual Portfolio Operating Expenses
mutual funds. The Example assumes that you invest $10,000
(expenses that you pay each year as a percentage
in the Portfolio for the time periods indicated and then redeem
of the value of your investment)
all of your shares at the end of those periods. The Example
Management Fee 0.72% also assumes that your investment has a 5% return each year
and that the Portfolio’s operating expenses remain the same.
Distribution and Service (12b-1) Fees None
Although your actual costs may be higher or lower, based on
Other Expenses 0.08% these assumptions your costs would be:
Total Annual Portfolio Operating Expenses 0.80% 1 Year 3 Years 5 Years 10 Years
$82 $255 $444 $990
Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A
higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in Annual Portfolio
Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s
portfolio turnover rate was 29.84% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
The Portfolio invests primarily in larger companies. Accordingly, the Portfolio will normally have at least 80% of its net assets
(plus any borrowings for investment purposes) in equity securities of companies comprising the Russell 1000® Index. As of
December 31, 2010, the market capitalization range of the Russell 1000® Index was $251.2 million to $364.06 billion. From time
to time, the Portfolio also may invest in companies outside this market capitalization range.
The adviser looks for stocks of companies that it believes are undervalued at the time of purchase. The adviser uses a value
investment strategy that looks for companies that are temporarily out of favor in the market. The adviser attempts to purchase the
stocks of these undervalued companies and hold each stock until it has returned to favor in the market and the price has increased
to, or is higher than, a level the adviser believes more accurately reflects the fair value of the company.
Companies may be undervalued due to market declines, poor economic conditions, actual or anticipated bad news regarding the
issuer or its industry, or because they have been overlooked by the market. To identify these companies, the adviser looks for
companies with earnings, cash flows and/or assets that may not be reflected accurately in the companies’ stock prices. The
adviser also may consider whether the companies’ securities have a favorable income-paying history and whether income
payments are expected to continue or increase.
Northwestern Mutual Series Fund, Inc. NMSF–16
Large Company Value Portfolio
While most assets will be invested in U.S. common stocks, other securities may also be purchased, including preferred stocks,
warrants and securities convertible into common or preferred stocks, in keeping with the Portfolio’s objectives. When the adviser
believes it is prudent, the Portfolio may invest a portion of its assets in foreign securities and American Depositary Receipts (up
to 20% of net assets), debt securities of companies, debt obligations of governments and their agencies, and other similar
securities and utilize forwards, options and futures for cash management purposes or to hedge foreign currency exposure.
The adviser may sell stocks from the Portfolio if it believes a stock no longer meets established valuation criteria.
PRINCIPAL RISKS
Portfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be no
assurance that the Portfolio will achieve its objective. The main risks of investing in this Portfolio are identified below.
• Active Management Risk – The adviser’s investment strategies and techniques may not perform as expected which could
cause the Portfolio to underperform other mutual funds or lose money. Also, an actively managed Portfolio using a value style
of investing, such as the Portfolio, may underperform when the market does not favor the particular style used by the Portfolio.
Different investment styles tend to shift in and out of favor, depending on market conditions and investor sentiment.
• Credit Risk – The Portfolio could lose money if the issuer or guarantor of a fixed income security is unwilling or unable to
meet its financial obligations.
• Debt Obligations of Foreign Governments Risk – The issuer of the foreign debt or the governmental authorities that control
the repayment of such debt may be unable or unwilling to repay principal or interest when due, and the Portfolio may have
limited recourse in the event of a default. The market prices of debt obligations of governments and their agencies, and the
Portfolio’s net asset value, may be more volatile than prices of U.S. debt obligations.
• Derivatives Risk – The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate or
index. The Portfolio’s use of derivatives involves risks different from, or possibly greater than, the risks associated with
investing directly in securities or other traditional investments. Investments in derivatives may not have the intended effects
and may result in losses for the Portfolio that may not otherwise have occurred or missed opportunities for the Portfolio.
Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amount invested.
Derivatives could involve management, credit, interest rate, liquidity and market risks, and the risks of mispricing or improper
valuation. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index. In
addition, the Portfolio could sustain a loss in the event the counterparty to a derivatives transaction fails to make the required
payments or otherwise comply with the terms of the contract.
• Equity Securities Risk – The value of equity securities, such as common and preferred stocks, could decline if the financial
condition of the companies the Portfolio is invested in declines or if overall market and economic conditions deteriorate.
Equity securities generally have greater price volatility than fixed income securities. Investments in rights and warrants may be
more volatile than the underlying investments in stocks.
• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in value
or more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differing
reporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,
political and economic conditions, or diplomatic developments. Foreign securities may be adversely affected by decreases in
foreign currency values relative to the U.S. dollar and may be less liquid, more volatile, and harder to value than U.S.
securities. The Portfolio’s investments in emerging markets heighten these risks due to a lack of established legal, political,
business and social frameworks to support securities markets.
• Interest Rate Risk – Prices of fixed income instruments generally rise and fall in response to changes in market interest rates.
In a rising interest rate environment, the value of the Portfolio’s fixed income investments is likely to decline.
• Large Cap Company Risk – Investing in large cap stocks could cause the Portfolio to underperform in markets favoring
faster growing companies. Large cap stocks tend to be more mature with fewer opportunities to grow and may not have the
same growth potential as stocks with smaller capitalizations.
• Market Risk – The risk that the market price of securities owned by the Portfolio may go up or down, sometimes rapidly or
unpredictably, due to factors affecting securities markets generally or particular industries.
• Mid Cap Company Risk – Investing in mid cap stocks may cause greater risk of loss and price fluctuation than investing in
stocks of larger cap companies due to a more limited track record, narrower product markets, more limited resources and less
liquid trading markets. These stocks may be more volatile and more difficult to buy and sell than stocks with larger
capitalizations.
NMSF–17 Northwestern Mutual Series Fund, Inc.
Large Company Value Portfolio
PERFORMANCE
The following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio has
varied from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain time
periods and compares the Portfolio’s returns with the returns of certain market indices and peer groups. Returns are based on past
results and are not an indication of future performance. Neither the bar chart nor the table reflects the fees and expenses
separately charged by the variable annuity contract or variable life insurance policy separate account that invests in the Portfolio
and returns would be lower if those fees and expenses were reflected.
30%
20.70% Average Annual Total Return
20%
10.95% (for periods ended December 31, 2010)
10%
Since
0%
Inception on
-10% 1 Yr 04/30/07
-20% Large Company Value Portfolio
-30% 10.95% -6.21%
-40% -37.23% Russell 1000® Value Index
-50% 15.51% -4.94%
08
09
10
Lipper®Variable Insurance Products (VIP) Large Cap Value
20
20
20
Funds Average
13.47% —
Best Qtr: 3rd – ‘09 16.05% Worst Qtr: 4th – ‘08 -21.19%
PORTFOLIO MANAGEMENT
Investment Adviser: Mason Street Advisors, LLC
Sub-Adviser: American Century Investment Management, Inc. (American Century)
Portfolio Managers: Brendan Healy, Vice President and Portfolio Manager, joined American Century in 2004 and has served as
the Portfolio’s manager since 2007.
Matt Titus, Portfolio Manager, joined American Century in 2004 and has served as the Portfolio’s manager since 2010.
TAX INFORMATION
Shares of the Portfolio are offered only for funding variable annuity contracts and variable life insurance policies offered by The
Northwestern Mutual Life Insurance Company through separate accounts. Insurance company separate accounts generally do not
pay tax on dividends or capital gain distributions. Investors in variable annuity contracts and variable life insurance policies
should refer to the prospectuses for the variable products for a discussion of the tax considerations that affect the insurance
company and its separate accounts and the tax consequences to investors of owning such products.
COMPENSATION TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
Neither the Portfolio nor any related companies pay compensation to broker-dealers or other financial intermediaries for the sale
of Portfolio shares or related services. Investors in variable annuity contracts and variable life insurance policies should refer to
the prospectuses for the variable products for important information about compensation paid to financial intermediaries for sales
of variable annuity contracts and variable life insurance policies.
Northwestern Mutual Series Fund, Inc. NMSF–18
SUMMARY PROSPECTUS
MAY 1, 2011 Domestic Equity Portfolio
Before you invest, you may want to review the Portfolio’s prospectus, which contains more information about the Portfolio
and its risks. You can find the Portfolio’s prospectus and other information about the Portfolio online at
www.nmseriesfund.com. You can also get this information at no cost by calling 1-888-455-2232 or by sending an e-mail
request to sfprospectus@northwesternmutual.com. The current prospectus and statement of additional information, each
dated May 1, 2011, along with the Portfolio’s most recent annual report dated December 31, 2010, are incorporated by
reference into this Summary Prospectus. The Portfolio’s statement of additional information and annual report may be
obtained, free of charge, in the same manner as the prospectus.
INVESTMENT OBJECTIVE
The investment objective of the Portfolio is long-term growth of capital and income.
FEES AND EXPENSES OF THE PORTFOLIO
The table below describes the fees and expenses that you may pay when you buy and hold interests in a separate account that
invests in shares of the Portfolio as a result of your purchase of a variable annuity contract or variable life insurance policy. The
fees and expenses shown in the table and Example do not reflect fees and expenses separately charged by variable annuity
contracts or variable life insurance policies. If the fees and expenses separately charged by variable annuity contracts and variable
life insurance policies were included, the fees and expenses shown in the table and the Example would be higher.
Shareholder Fees Example
(fees paid directly from your investment) N/A This Example is intended to help you compare the cost of
investing in the Portfolio with the cost of investing in other
Annual Portfolio Operating Expenses
mutual funds. The Example assumes that you invest $10,000
(expenses that you pay each year as a percentage
in the Portfolio for the time periods indicated and then redeem
of the value of your investment)
all of your shares at the end of those periods. The Example
Management Fee 0.56% also assumes that your investment has a 5% return each year
and that the Portfolio’s operating expenses remain the same.
Distribution and Service (12b-1) Fees None
Although your actual costs may be higher or lower, based on
Other Expenses 0.02% these assumptions your costs would be:
Total Annual Portfolio Operating Expenses 0.58% 1 Year 3 Years 5 Years 10 Years
$59 $186 $324 $726
Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A
higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in Annual Portfolio
Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s
portfolio turnover rate was 48.18% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
Normally, the Portfolio invests at least 80% of net assets (plus any borrowings for investment purposes) in equity securities of
U.S. issuers and securities whose principal markets are in the U.S., including American Depositary Receipts and other securities
of foreign issuers denominated in U.S. dollars. Generally, the companies in which the Portfolio invests will have a market value
of $1 billion or more.
Reflecting a value approach to investing, the adviser generally attempts to keep Portfolio assets invested in securities that exhibit
one or more value characteristics relative to the market norms reflected in the S&P 500® Index. These value characteristics
include below market price to earnings ratios, below market price to book ratios, and dividend yields that are equal to or above
the market norms. While most assets will be invested in U.S. common stocks, other securities may also be purchased, including
preferred stocks, rights, warrants, and securities convertible into common or preferred stocks. Up to 20% of the Portfolio’s net
assets may be invested in foreign securities.
The adviser uses a system of multiple portfolio managers in managing the Portfolio’s assets. Under this approach, the Portfolio is
divided into segments managed by individual managers who decide how their respective segments will be invested. Based on the
NMSF–19 Northwestern Mutual Series Fund, Inc.
Domestic Equity Portfolio
research carried out by the adviser’s analysts, management looks across industry sectors in selecting stocks for the Portfolio. With
a long-term perspective, management looks for quality companies at attractive prices that will outperform their peers and the
benchmark over time. In keeping with its bottom-up philosophy, the weighting for any given sector reflects the adviser’s
assessments and outlooks for individual companies within that sector. Weightings are arrived at through individual stock
selection rather than through top-down judgments.
The Portfolio may sell securities for a variety of reasons such as to secure gains, limit losses, or redeploy assets into more
promising opportunities.
PRINCIPAL RISKS
Portfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be no
assurance that the Portfolio will achieve its objective. The main risks of investing in this Portfolio are identified below.
• Active Management Risk – The adviser’s investment strategies and techniques may not perform as expected which could
cause the Portfolio to underperform other mutual funds or lose money. Also, an actively managed Portfolio using a value style
of investing, such as the Portfolio, may underperform when the market does not favor the particular style used by the Portfolio.
Different investment styles tend to shift in and out of favor, depending on market conditions and investor sentiment.
• Equity Securities Risk – The value of equity securities, such as common and preferred stocks, could decline if the financial
condition of the companies the Portfolio is invested in declines or if overall market and economic conditions deteriorate.
Equity securities generally have greater price volatility than fixed income securities. Investments in rights and warrants may be
more volatile than the underlying investments in stocks.
• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in value
or more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differing
reporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,
political and economic conditions, or diplomatic developments. Foreign securities may be adversely affected by decreases in
foreign currency values relative to the U.S. dollar and may be less liquid, more volatile, and harder to value than U.S.
securities. The Portfolio’s investments in emerging markets heighten these risks due to a lack of established legal, political,
business and social frameworks to support securities markets.
• Large Cap Company Risk – Investing in large cap stocks could cause the Portfolio to underperform in markets favoring
faster growing companies. Large cap stocks tend to be more mature with fewer opportunities to grow and may not have the
same growth potential as stocks with smaller capitalizations.
• Market Risk – The risk that the market price of securities owned by the Portfolio may go up or down, sometimes rapidly or
unpredictably, due to factors affecting securities markets generally or particular industries.
• Mid Cap Company Risk – Investing in mid cap stocks may cause greater risk of loss and price fluctuation than investing in
stocks of larger cap companies due to a more limited track record, narrower product markets, more limited resources and less
liquid trading markets. These stocks may be more volatile and more difficult to buy and sell than stocks with larger
capitalizations.
Northwestern Mutual Series Fund, Inc. NMSF–20
Domestic Equity Portfolio
PERFORMANCE
The following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio has
varied from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain time
periods and compares the Portfolio’s returns with the returns of certain market indices and peer groups. Returns are based on past
results and are not an indication of future performance. Neither the bar chart nor the table reflects the fees and expenses
separately charged by the variable annuity contract or variable life insurance policy separate account that invests in the Portfolio
and returns would be lower if those fees and expenses were reflected.
40% 34.41%
29.52% Average Annual Total Return
30%
16.85% 16.56%
(for periods ended December 31, 2010)
20% 14.62%
10% 8.04% Since
0% Inception on
-10% -6.33%
1 Yr 5 Yrs 07/31/01
-20% Domestic Equity Portfolio
-21.24%
-30% 14.62% 0.06% 2.85%
-40% -38.49% Russell 1000® Value Index
-50% 15.51% 1.28% 3.62%
02
03
04
05
06
07
08
09
10
Lipper®Variable Insurance Products (VIP) Large Cap Value
20
20
20
20
20
20
20
20
20
Funds Average
13.47% 1.13% —
Best Qtr: 2nd – ‘03 21.17% Worst Qtr: 3rd – ‘02 -21.31%
PORTFOLIO MANAGEMENT
Investment Adviser: Mason Street Advisors, LLC
Sub-Adviser: Capital Guardian Trust Company (CGTC)
Portfolio Managers: Todd S. James, Director and Senior Vice President of CGTC, has been employed by CGTC or an affiliate
since 1985 and began managing the Portfolio in 2008.
Darcy Kopcho, Director and Senior Vice President of CGTC, has been employed by CGTC or an affiliate since 1986 and began
managing the Portfolio in 2009.
Theodore R. Samuels, Director and President of CGTC, has been employed by CGTC or an affiliate since 1981 and began
managing the Portfolio in 2001.
TAX INFORMATION
Shares of the Portfolio are offered only for funding variable annuity contracts and variable life insurance policies offered by The
Northwestern Mutual Life Insurance Company through separate accounts. Insurance company separate accounts generally do not
pay tax on dividends or capital gain distributions. Investors in variable annuity contracts and variable life insurance policies
should refer to the prospectuses for the variable products for a discussion of the tax considerations that affect the insurance
company and its separate accounts and the tax consequences to investors of owning such products.
COMPENSATION TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
Neither the Portfolio nor any related companies pay compensation to broker-dealers or other financial intermediaries for the sale
of Portfolio shares or related services. Investors in variable annuity contracts and variable life insurance policies should refer to
the prospectuses for the variable products for important information about compensation paid to financial intermediaries for sales
of variable annuity contracts and variable life insurance policies.
NMSF–21 Northwestern Mutual Series Fund, Inc.
SUMMARY PROSPECTUS
MAY 1, 2011 Equity Income Portfolio
Before you invest, you may want to review the Portfolio’s prospectus, which contains more information about the Portfolio
and its risks. You can find the Portfolio’s prospectus and other information about the Portfolio online at
www.nmseriesfund.com. You can also get this information at no cost by calling 1-888-455-2232 or by sending an e-mail
request to sfprospectus@northwesternmutual.com. The current prospectus and statement of additional information, each
dated May 1, 2011, along with the Portfolio’s most recent annual report dated December 31, 2010, are incorporated by
reference into this Summary Prospectus. The Portfolio’s statement of additional information and annual report may be
obtained, free of charge, in the same manner as the prospectus.
INVESTMENT OBJECTIVE
The investment objective of the Portfolio is long-term growth of capital and income.
FEES AND EXPENSES OF THE PORTFOLIO
The table below describes the fees and expenses that you may pay when you buy and hold interests in a separate account that
invests in shares of the Portfolio as a result of your purchase of a variable annuity contract or variable life insurance policy. The
fees and expenses shown in the table and Example do not reflect fees and expenses separately charged by variable annuity
contracts or variable life insurance policies. If the fees and expenses separately charged by variable annuity contracts and variable
life insurance policies were included, the fees and expenses shown in the table and the Example would be higher.
Shareholder Fees Example
(fees paid directly from your investment) N/A This Example is intended to help you compare the cost of
investing in the Portfolio with the cost of investing in other
Annual Portfolio Operating Expenses
mutual funds. The Example assumes that you invest $10,000
(expenses that you pay each year as a percentage
in the Portfolio for the time periods indicated and then redeem
of the value of your investment)
all of your shares at the end of those periods. The Example
Management Fee 0.65% also assumes that your investment has a 5% return each year
and that the Portfolio’s operating expenses remain the same.
Distribution and Service (12b-1) Fees None
Although your actual costs may be higher or lower, based on
Other Expenses 0.02% these assumptions your costs would be:
Total Annual Portfolio Operating Expenses 0.67% 1 Year 3 Years 5 Years 10 Years
$68 $214 $373 $835
Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A
higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in Annual Portfolio
Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s
portfolio turnover rate was 11.14% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
Normally, the Portfolio invests at least 80% of net assets (plus any borrowings for investment purposes) in common stocks, with
65% in the stocks of well established companies paying dividends. Under normal market conditions, the Portfolio will seek to
have a dividend yield exceeding, on average, the dividend yield of the S&P 500® Index. This level is merely a guideline and there
can be no certainty this level will be achieved.
The Portfolio will typically employ a value approach in selecting investments. The adviser’s in-house research team seeks to
identify companies that appear to be undervalued by various measures and may be temporarily out of favor, but have good
prospects for capital appreciation and dividend growth.
The adviser has the discretion to deviate from the Portfolio’s normal investment criteria, as described above, and purchase
securities the adviser believes could provide an opportunity for substantial appreciation. These special situations might arise when
the adviser believes a security could increase in value for a variety of reasons, including a change in management, an
extraordinary corporate event, a new product introduction or a favorable competitive development.
Northwestern Mutual Series Fund, Inc. NMSF–22
Equity Income Portfolio
While most assets will be invested in U.S. common stocks, other securities may also be purchased, including preferred stocks,
foreign securities and American Depositary Receipts (up to 20% of net assets), and debt securities, including high yield debt
securities (so called “junk bonds”) in keeping with the Portfolio’s objectives. Up to 10% of the Portfolio’s net assets may be
invested in high yield debt securities and loans.
The Portfolio may sell securities for a variety of reasons such as to secure gains, limit losses, or redeploy assets into more
promising opportunities.
PRINCIPAL RISKS
Portfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be no
assurance that the Portfolio will achieve its objective. The main risks of investing in this Portfolio are identified below.
• Active Management Risk – The adviser’s investment strategies and techniques may not perform as expected which could
cause the Portfolio to underperform other mutual funds or lose money. Also, an actively managed Portfolio using a value style
of investing, such as the Portfolio, may underperform when the market does not favor the particular style used by the Portfolio.
Different investment styles tend to shift in and out of favor, depending on market conditions and investor sentiment.
• Credit Risk – The Portfolio could lose money if the issuer or guarantor of a fixed income security is unwilling or unable to
meet its financial obligations.
• Equity Securities Risk – The value of equity securities, such as common and preferred stocks, could decline if the financial
condition of the companies the Portfolio is invested in declines or if overall market and economic conditions deteriorate.
Equity securities generally have greater price volatility than fixed income securities. Investments in rights and warrants may be
more volatile than the underlying investments in stocks.
• High Yield Debt Risk – High yield debt securities in which the Portfolio invests have greater interest rate and credit risk, may
be more difficult to sell or sell at a reasonable price, and have greater risk of loss than higher rated securities.
• Interest Rate Risk – Prices of fixed income instruments generally rise and fall in response to changes in market interest rates.
In a rising interest rate environment, the value of the Portfolio’s fixed income investments is likely to decline.
• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in value
or more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differing
reporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,
political and economic conditions, or diplomatic developments. Foreign securities may be adversely affected by decreases in
foreign currency values relative to the U.S. dollar and may be less liquid, more volatile, and harder to value than U.S.
securities. The Portfolio’s investments in emerging markets heighten these risks due to a lack of established legal, political,
business and social frameworks to support securities markets.
• Large Cap Company Risk – Investing in large cap stocks could cause the Portfolio to underperform in markets favoring
faster growing companies. Large cap stocks tend to be more mature with fewer opportunities to grow and may not have the
same growth potential as stocks with smaller capitalizations.
• Market Risk – The risk that the market price of securities owned by the Portfolio may go up or down, sometimes rapidly or
unpredictably, due to factors affecting securities markets generally or particular industries.
• Special Situation Risk – The risk that the change or event anticipated by the adviser when purchasing a company might not
occur or attract the expected attention, which could have a negative impact on the price of the issuer's securities. Investing in
special situations may involve heightened volatility in the value of the securities purchased and may cause greater risk of loss.
NMSF–23 Northwestern Mutual Series Fund, Inc.
Equity Income Portfolio
PERFORMANCE
The following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio has
varied from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain time
periods and compares the Portfolio’s returns with the returns of certain market indices and peer groups. Returns are based on past
results and are not an indication of future performance. Neither the bar chart nor the table reflects the fees and expenses
separately charged by the variable annuity contract or variable life insurance policy separate account that invests in the Portfolio
and returns would be lower if those fees and expenses were reflected.
30%
24.58% Average Annual Total Return
20% 15.16% 19.15%
15.33% (for periods ended December 31, 2010)
10%
4.19% 3.26% Since
0% Inception on
1 Yr 5 Yrs 05/01/03
-10%
Equity Income Portfolio
-20%
15.33% 2.56% 7.03%
-30% Russell 1000® Value Index
-40% -35.81% 15.51% 1.28% 6.92%
04
05
06
07
08
09
10
Lipper®Variable Insurance Products (VIP) Equity Income
20
20
20
20
20
20
20
Funds Average
14.97% 1.80% —
Best Qtr: 2nd – ‘09 19.48% Worst Qtr: 4th – ‘08 -22.22%
PORTFOLIO MANAGEMENT
Investment Adviser: Mason Street Advisors, LLC
Sub-Adviser: T. Rowe Price Associates, Inc. (T. Rowe Price)
Portfolio Manager: Brian C. Rogers, Chairman of the Board and Chief Investment Officer of T. Rowe Price, has been managing
investments since 1983 and began managing the Portfolio in 2003.
TAX INFORMATION
Shares of the Portfolio are offered only for funding variable annuity contracts and variable life insurance policies offered by The
Northwestern Mutual Life Insurance Company through separate accounts. Insurance company separate accounts generally do not
pay tax on dividends or capital gain distributions. Investors in variable annuity contracts and variable life insurance policies
should refer to the prospectuses for the variable products for a discussion of the tax considerations that affect the insurance
company and its separate accounts and the tax consequences to investors of owning such products.
COMPENSATION TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
Neither the Portfolio nor any related companies pay compensation to broker-dealers or other financial intermediaries for the sale
of Portfolio shares or related services. Investors in variable annuity contracts and variable life insurance policies should refer to
the prospectuses for the variable products for important information about compensation paid to financial intermediaries for sales
of variable annuity contracts and variable life insurance policies.
Northwestern Mutual Series Fund, Inc. NMSF–24
SUMMARY PROSPECTUS
MAY 1, 2011 Mid Cap Growth Stock Portfolio
Before you invest, you may want to review the Portfolio’s prospectus, which contains more information about the Portfolio
and its risks. You can find the Portfolio’s prospectus and other information about the Portfolio online at
www.nmseriesfund.com. You can also get this information at no cost by calling 1-888-455-2232 or by sending an e-mail
request to sfprospectus@northwesternmutual.com. The current prospectus and statement of additional information, each
dated May 1, 2011, along with the Portfolio’s most recent annual report dated December 31, 2010, are incorporated by
reference into this Summary Prospectus. The Portfolio’s statement of additional information and annual report may be
obtained, free of charge, in the same manner as the prospectus.
INVESTMENT OBJECTIVE
The investment objective of the Portfolio is long-term growth of capital.
FEES AND EXPENSES OF THE PORTFOLIO
The table below describes the fees and expenses that you may pay when you buy and hold interests in a separate account that
invests in shares of the Portfolio as a result of your purchase of a variable annuity contract or variable life insurance policy. The
fees and expenses shown in the table and Example do not reflect fees and expenses separately charged by variable annuity
contracts or variable life insurance policies. If the fees and expenses separately charged by variable annuity contracts and variable
life insurance policies were included, the fees and expenses shown in the table and the Example would be higher.
Shareholder Fees Example
(fees paid directly from your investment) N/A This Example is intended to help you compare the cost of
investing in the Portfolio with the cost of investing in other
Annual Portfolio Operating Expenses
mutual funds. The Example assumes that you invest $10,000
(expenses that you pay each year as a percentage
in the Portfolio for the time periods indicated and then redeem
of the value of your investment)
all of your shares at the end of those periods. The Example
Management Fee 0.53% also assumes that your investment has a 5% return each year
and that the Portfolio’s operating expenses remain the same.
Distribution and Service (12b-1) Fees None
Although your actual costs may be higher or lower, based on
Other Expenses 0.01% these assumptions your costs would be:
Total Annual Portfolio Operating Expenses 0.54% 1 Year 3 Years 5 Years 10 Years
$55 $173 $302 $677
Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A
higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in Annual Portfolio
Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s
portfolio turnover rate was 41.04% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
Normally, the Portfolio invests at least 80% of net assets (plus any borrowings for investment purposes) in stocks of mid-sized
companies. In keeping with its growth strategy, the Portfolio selects companies for their above average growth potential, giving
consideration to factors such as company management, growth rate of revenues and earnings, opportunities for margin expansion,
strong financial characteristics and attractive valuations.
For purposes of the Portfolio’s investment strategy, mid-sized companies are those with market capitalizations that fall within the
range of the Russell Midcap® Growth Index at the time of purchase (as of December 31, 2010, from approximately $752.4
million to $21.53 billion). The Portfolio invests primarily in common stocks. The Portfolio may invest up to 20% of net assets in
American Depositary Receipts and other securities of foreign issuers, and may use futures, options, swap agreements and
exchange-traded funds as a cash management strategy.
The Portfolio may sell a stock when it has reached the adviser’s valuation target, when the adviser does not anticipate further
appreciation, when a company’s growth prospects change materially or to redeploy assets into more promising opportunities.
NMSF–25 Northwestern Mutual Series Fund, Inc.
Mid Cap Growth Stock Portfolio
PRINCIPAL RISKS
Portfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be no
assurance that the Portfolio will achieve its objective. The main risks of investing in this Portfolio are identified below.
• Active Management Risk – The adviser’s investment strategies and techniques may not perform as expected which could
cause the Portfolio to underperform other mutual funds or lose money. Also, an actively managed Portfolio using a growth
style of investing, such as the Portfolio, may underperform when the market does not favor the particular style used by the
Portfolio. Different investment styles tend to shift in and out of favor, depending on market conditions and investor sentiment.
• Derivatives Risk – The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate or
index. The Portfolio’s use of derivatives involves risks different from, or possibly greater than, the risks associated with
investing directly in securities or other traditional investments. Investments in derivatives may not have the intended effects
and may result in losses for the Portfolio that may not otherwise have occurred or missed opportunities for the Portfolio.
Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amount invested.
Derivatives could involve management, credit, interest rate, liquidity and market risks, and the risks of mispricing or improper
valuation. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index. In
addition, the Portfolio could sustain a loss in the event the counterparty to a derivatives transaction fails to make the required
payments or otherwise comply with the terms of the contract.
• Equity Securities Risk – The value of equity securities, such as common and preferred stocks, could decline if the financial
condition of the companies the Portfolio is invested in declines or if overall market and economic conditions deteriorate.
Equity securities generally have greater price volatility than fixed income securities. Investments in rights and warrants may be
more volatile than the underlying investments in stocks.
• Exchange Traded Funds Risk – Investing in exchange traded funds (ETFs) may expose the Portfolio to greater risk of loss
and price fluctuation than investing directly in a comparable portfolio of stocks comprising the index due to lack of liquidity,
the additional expenses incurred as a shareholder in another investment company, and tracking error.
• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in value
or more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differing
reporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,
political and economic conditions, or diplomatic developments. Foreign securities may be adversely affected by decreases in
foreign currency values relative to the U.S. dollar and may be less liquid, more volatile, and harder to value than U.S.
securities. The Portfolio’s investments in emerging markets heighten these risks due to a lack of established legal, political,
business and social frameworks to support securities markets.
• Market Risk – The risk that the market price of securities owned by the Portfolio may go up or down, sometimes rapidly or
unpredictably, due to factors affecting securities markets generally or particular industries.
• Mid and Small Cap Company Risk – Investing in mid and small cap stocks may cause greater risk of loss and price
fluctuation than investing in stocks of larger cap companies due to a more limited track record, narrower product markets, more
limited resources and less liquid trading markets. These stocks may be more volatile and more difficult to buy and sell than
stocks with larger capitalizations.
Northwestern Mutual Series Fund, Inc. NMSF–26
Mid Cap Growth Stock Portfolio
PERFORMANCE
The following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio has
varied from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain time
periods and compares the Portfolio’s returns with the returns of certain market indices and peer groups. Returns are based on past
results and are not an indication of future performance. Neither the bar chart nor the table reflects the fees and expenses
separately charged by the variable annuity contract or variable life insurance policy separate account that invests in the Portfolio
and returns would be lower if those fees and expenses were reflected.
50%
40%
Average Annual Total Return
32.09%
30% 24.69%
(for periods ended December 31, 2010)
20.70% 23.86%
20% 14.22% 1 Yr 5 Yrs 10 Yrs
10% 6.14% 4.40%
0%
Mid Cap Growth Stock Portfolio
-10%
23.86% 4.32% 1.67%
-20%
-19.87% -21.15%
Russell MidCap® Growth Index
-30% 26.38% 4.88% 3.12%
-40%
-40.08% Lipper®Variable Insurance Products (VIP) Mid Cap
-50%
Growth Funds Average
01
02
03
04
05
06
07
08
09
10
26.86% 5.23% 2.88%
20
20
20
20
20
20
20
20
20
20
Best Qtr: 3rd – ‘09 18.76% Worst Qtr: 4th – ‘08 -24.55%
PORTFOLIO MANAGEMENT
Investment Adviser: Mason Street Advisors, LLC (MSA)
Portfolio Managers: Jill M. Grueninger is a Managing Director of MSA, joined The Northwestern Mutual Life Insurance
Company (Northwestern Mutual) in 1990 and began managing the Portfolio in 2007.
Curtis J. Ludwick is a Director of MSA, joined Northwestern Mutual in 1996 and began managing the Portfolio in 2007.
TAX INFORMATION
Shares of the Portfolio are offered only for funding variable annuity contracts and variable life insurance policies offered by The
Northwestern Mutual Life Insurance Company through separate accounts. Insurance company separate accounts generally do not
pay tax on dividends or capital gain distributions. Investors in variable annuity contracts and variable life insurance policies
should refer to the prospectuses for the variable products for a discussion of the tax considerations that affect the insurance
company and its separate accounts and the tax consequences to investors of owning such products.
COMPENSATION TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
Neither the Portfolio nor any related companies pay compensation to broker-dealers or other financial intermediaries for the sale
of Portfolio shares or related services. Investors in variable annuity contracts and variable life insurance policies should refer to
the prospectuses for the variable products for important information about compensation paid to financial intermediaries for sales
of variable annuity contracts and variable life insurance policies.
NMSF–27 Northwestern Mutual Series Fund, Inc.
SUMMARY PROSPECTUS
MAY 1, 2011 Index 400 Stock Portfolio
Before you invest, you may want to review the Portfolio’s prospectus, which contains more information about the Portfolio
and its risks. You can find the Portfolio’s prospectus and other information about the Portfolio online at
www.nmseriesfund.com. You can also get this information at no cost by calling 1-888-455-2232 or by sending an e-mail
request to sfprospectus@northwesternmutual.com. The current prospectus and statement of additional information, each
dated May 1, 2011, along with the Portfolio’s most recent annual report dated December 31, 2010, are incorporated by
reference into this Summary Prospectus. The Portfolio’s statement of additional information and annual report may be
obtained, free of charge, in the same manner as the prospectus.
INVESTMENT OBJECTIVE
The investment objective of the Portfolio is to achieve investment results that approximate the performance of the S&P MidCap
400® Stock Price Index (“S&P MidCap 400® Index”).
FEES AND EXPENSES OF THE PORTFOLIO
The table below describes the fees and expenses that you may pay when you buy and hold interests in a separate account that
invests in shares of the Portfolio as a result of your purchase of a variable annuity contract or variable life insurance policy. The
fees and expenses shown in the table and Example do not reflect fees and expenses separately charged by variable annuity
contracts or variable life insurance policies. If the fees and expenses separately charged by variable annuity contracts and variable
life insurance policies were included, the fees and expenses shown in the table and the Example would be higher.
Shareholder Fees Example
(fees paid directly from your investment) N/A This Example is intended to help you compare the cost of
investing in the Portfolio with the cost of investing in other
Annual Portfolio Operating Expenses
mutual funds. The Example assumes that you invest $10,000
(expenses that you pay each year as a percentage
in the Portfolio for the time periods indicated and then redeem
of the value of your investment)
all of your shares at the end of those periods. The Example
Management Fee 0.25% also assumes that your investment has a 5% return each year
and that the Portfolio’s operating expenses remain the same.
Distribution and Service (12b-1) Fees None
Although your actual costs may be higher or lower, based on
Other Expenses 0.02% these assumptions your costs would be:
Acquired Fund Fees and Expenses 0.02% 1 Year 3 Years 5 Years 10 Years
Total Annual Portfolio Operating Expenses* 0.29% $30 $93 $163 $368
* The operating expenses of the Portfolio reflected in the
Portfolio’s most recent annual report and Financial Highlights
do not include fees and expenses incurred indirectly by the
Portfolio as a result of investments in shares of one or more
investment companies (referred to as “Acquired Fund Fees
and Expenses”).
Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A
higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in Annual Portfolio
Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s
portfolio turnover rate was 9.93% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
The Portfolio employs a “passive management,” or indexing, investment approach designed to track the performance of the S&P
MidCap 400® Index. The S&P MidCap 400® Index is composed of the stocks of companies whose capitalizations generally are
smaller than those of companies that comprise the S&P 500® Index. The S&P MidCap 400® Index does not include the very
large issues that account for most of the weighting in the S&P 500® Index. As of December 31, 2010, the market capitalization
range of the S&P MidCap 400® Index was $461.3 million to $9.22 billion. The Portfolio attempts to achieve its objective by
Northwestern Mutual Series Fund, Inc. NMSF–28
Index 400 Stock Portfolio
investing all, or substantially all, of its assets in the stocks that make up the S&P MidCap 400® Index, holding each stock in
approximately the same proportion as its weighting in the Index. This is known as a full replication strategy. The Portfolio may
also invest in S&P MidCap 400® Index stock futures and swap agreements to help achieve full replication.
Standard & Poor’s constructs the index by first identifying major industry categories and then allocating a representative sample
of the larger and more liquid stocks in those industries to the index. S&P weights each stock according to its float-adjusted
market value. For example, the 50 largest companies in the index may account for over 50% of its value. For this reason, the
Index 400 Stock Portfolio is classified as “nondiversified.”
The Index 400 Stock Portfolio’s ability to match the performance of the S&P MidCap 400® Index will be affected to some extent
by the size and timing of cash flows into and out of the Index 400 Stock Portfolio. The Portfolio will be managed with a view to
reducing such effects.
PRINCIPAL RISKS
Portfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be no
assurance that the Portfolio will achieve its objective. The main risks of investing in this Portfolio are identified below.
• Derivatives Risk – The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate or
index. The Portfolio’s use of derivatives involves risks different from, or possibly greater than, the risks associated with
investing directly in securities or other traditional investments. Investments in derivatives may not have the intended effects
and may result in losses for the Portfolio that may not otherwise have occurred or missed opportunities for the Portfolio.
Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amount invested.
Derivatives could involve management, credit, interest rate, liquidity and market risks, and the risks of mispricing or improper
valuation. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index. In
addition, the Portfolio could sustain a loss in the event the counterparty to a derivatives transaction fails to make the required
payments or otherwise comply with the terms of the contract.
• Equity Securities Risk – The value of equity securities, such as common and preferred stocks, could decline if the financial
condition of the companies the Portfolio is invested in declines or if overall market and economic conditions deteriorate.
Equity securities generally have greater price volatility than fixed income securities.
• Indexing Strategy Risk – A Portfolio may not perform as well as the index it attempts to match due to the Portfolio’s
expenses, changes in securities markets, changes in the composition of the underlying index and the timing of purchases and
redemptions of Portfolio shares. A Portfolio using an indexing strategy does not attempt to manage market volatility, use
defensive strategies or reduce the effects of any long-term periods of poor stock performance. In addition, changes in the value
of a derivative used to replicate an index may not correlate as intended with the underlying index.
• Market Risk – The risk that the market price of securities owned by the Portfolio may go up or down, sometimes rapidly or
unpredictably, due to factors affecting securities markets generally or particular industries.
• Nondiversification Risk – The Portfolio is classified as a nondiversified fund to enable it to hold securities in the same
weightings as its underlying Index. Depending on the composition of the Index from time to time, the Portfolio may invest a
relatively large percentage of its assets in a single issuer or small number of issuers, and its performance may be more closely
tied to the value of that one issuer or issuers and may be more volatile than the performance of a more diversified fund.
• Mid and Small Cap Company Risk – Investing in mid and small cap stocks may cause greater risk of loss and price
fluctuation than investing in stocks of larger cap companies due to a more limited track record, narrower product markets, more
limited resources and less liquid trading markets. These stocks may be more volatile and more difficult to buy and sell than
stocks with larger capitalizations.
NMSF–29 Northwestern Mutual Series Fund, Inc.
Index 400 Stock Portfolio
PERFORMANCE
The following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio has
varied from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain time
periods and compares the Portfolio’s returns with the returns of certain market indices and peer groups. Returns are based on past
results and are not an indication of future performance. Neither the bar chart nor the table reflects the fees and expenses
separately charged by the variable annuity contract or variable life insurance policy separate account that invests in the Portfolio
and returns would be lower if those fees and expenses were reflected.
50%
40% 37.00% Average Annual Total Return
35.01%
30% 26.29% (for periods ended December 31, 2010)
20% 16.26% 1 Yr 5 Yrs 10 Yrs
12.37% 10.04%
10% 7.93%
0%
Index 400 Stock Portfolio
-10%
-0.65% 26.29% 5.54% 6.97%
-20% -14.54% S&P MidCap 400® Index
-30% 26.64% 5.74% 7.16%
-40% -36.28%
Lipper® Variable Insurance Products (VIP) Mid Cap
-50%
Core Funds Average
01
02
03
04
05
06
07
08
09
10
24.78% 4.28% 5.96%
20
20
20
20
20
20
20
20
20
20
Best Qtr: 3rd – ‘09 19.84% Worst Qtr: 4th – ‘08 -25.60%
PORTFOLIO MANAGEMENT
Investment Adviser: Mason Street Advisors, LLC (MSA)
Portfolio Managers: R. David Ells, Managing Director of MSA, joined The Northwestern Mutual Life Insurance Company
(Northwestern Mutual) in 2004 and has been co-portfolio manager of the Portfolio since September 2010.
Steven A. Warren, Associate of MSA, joined Northwestern Mutual in 1998 and has been co-portfolio manager of the Portfolio
since September 2010.
TAX INFORMATION
Shares of the Portfolio are offered only for funding variable annuity contracts and variable life insurance policies offered by The
Northwestern Mutual Life Insurance Company through separate accounts. Insurance company separate accounts generally do not
pay tax on dividends or capital gain distributions. Investors in variable annuity contracts and variable life insurance policies
should refer to the prospectuses for the variable products for a discussion of the tax considerations that affect the insurance
company and its separate accounts and the tax consequences to investors of owning such products.
COMPENSATION TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
Neither the Portfolio nor any related companies pay compensation to broker-dealers or other financial intermediaries for the sale
of Portfolio shares or related services. Investors in variable annuity contracts and variable life insurance policies should refer to
the prospectuses for the variable products for important information about compensation paid to financial intermediaries for sales
of variable annuity contracts and variable life insurance policies.
Northwestern Mutual Series Fund, Inc. NMSF–30
SUMMARY PROSPECTUS
MAY 1, 2011 Mid Cap Value Portfolio
Before you invest, you may want to review the Portfolio’s prospectus, which contains more information about the Portfolio
and its risks. You can find the Portfolio’s prospectus and other information about the Portfolio online at
www.nmseriesfund.com. You can also get this information at no cost by calling 1-888-455-2232 or by sending an e-mail
request to sfprospectus@northwesternmutual.com. The current prospectus and statement of additional information, each
dated May 1, 2011, along with the Portfolio’s most recent annual report dated December 31, 2010, are incorporated by
reference into this Summary Prospectus. The Portfolio’s statement of additional information and annual report may be
obtained, free of charge, in the same manner as the prospectus.
INVESTMENT OBJECTIVE
The investment objective of the Portfolio is long-term capital growth. Current income is a secondary objective.
FEES AND EXPENSES OF THE PORTFOLIO
The table below describes the fees and expenses that you may pay when you buy and hold interests in a separate account that
invests in shares of the Portfolio as a result of your purchase of a variable annuity contract or variable life insurance policy. The
fees and expenses shown in the table and Example do not reflect fees and expenses separately charged by variable annuity
contracts or variable life insurance policies. If the fees and expenses separately charged by variable annuity contracts and variable
life insurance policies were included, the fees and expenses shown in the table and the Example would be higher.
Shareholder Fees Example
(fees paid directly from your investment) N/A This Example is intended to help you compare the cost of
investing in the Portfolio with the cost of investing in other
Annual Portfolio Operating Expenses
mutual funds. The Example assumes that you invest $10,000
(expenses that you pay each year as a percentage
in the Portfolio for the time periods indicated and then redeem
of the value of your investment)
all of your shares at the end of those periods. The Example
Management Fee 0.85% also assumes that your investment has a 5% return each year
and that the Portfolio’s operating expenses remain the same.
Distribution and Service (12b-1) Fees None
Although your actual costs may be higher or lower, based on
Other Expenses 0.07% these assumptions your costs would be:
Total Annual Portfolio Operating Expenses 0.92% 1 Year 3 Years 5 Years 10 Years
$94 $293 $509 $1,131
Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A
higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in Annual Portfolio
Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s
portfolio turnover rate was 121.65% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
Normally, the Portfolio invests at least 80% of net assets (plus any borrowings for investment purposes) in equity securities of
mid-sized companies. The Portfolio invests primarily in a diversified portfolio of equity securities of mid-sized companies that
are determined by Portfolio’s adviser to be undervalued. At the time of investment, companies purchased typically will fall within
the capitalization range of the Russell 3000® Index, excluding the largest 100 such companies ($7.2 million to $29.14 billion as
of December 31, 2010). The adviser intends to manage the Portfolio so that its weighted capitalization falls within the
capitalization range of the members of the Russell MidCap® Index ($251.2 million to $38.54 billion as of December 31, 2010).
In managing the Portfolio, the adviser uses its own fundamental value approach. In selecting securities for the Portfolio, the
adviser attempts to identify companies whose long-term earnings, cash flows and/or assets are not reflected in the current market
price of their securities and hold each security until it has returned to favor in the market and the price has increased to, or is
higher than a level the adviser believes more accurately reflects the fair value of the company. The adviser may also consider
whether the companies’ securities have a favorable income-paying history and whether income payments are expected to
continue or increase.
NMSF–31 Northwestern Mutual Series Fund, Inc.
Mid Cap Value Portfolio
While most assets will be invested in U.S. common stocks, other securities may also be purchased, including preferred stocks,
warrants and securities convertible into common or preferred stocks, in keeping with the Portfolio’s objectives. The Portfolio may
invest in American Depositary Receipts and foreign securities (up to 20% of net assets) and may enter into forward commitments
to seek to hedge the Portfolio’s foreign currency exposure and utilize other derivatives transactions, such as options, futures, and
swap agreements as a cash management strategy.
The adviser may sell a stock from the Portfolio if it believes the stock no longer meets established valuation criteria, the stock’s
risk parameters outweigh its return opportunity, specific events alter a stock’s prospects or more attractive opportunities are
identified. In seeking to achieve its investment objective, the adviser may sell shares from the Portfolio without regard to the
length of time a security has been held.
PRINCIPAL RISKS
Portfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be no
assurance that the Portfolio will achieve its objective. The main risks of investing in this Portfolio are identified below.
• Active Management Risk – The adviser’s investment strategies and techniques may not perform as expected which could
cause the Portfolio to underperform other mutual funds or lose money. Also, an actively managed Portfolio using a value style
of investing, such as the Portfolio, may underperform when the market does not favor the particular style used by the Portfolio.
Different investment styles tend to shift in and out of favor, depending on market conditions and investor sentiment.
• Derivatives Risk – The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate or
index. The Portfolio’s use of derivatives involves risks different from, or possibly greater than, the risks associated with
investing directly in securities or other traditional investments. Investments in derivatives may not have the intended effects
and may result in losses for the Portfolio that may not otherwise have occurred or missed opportunities for the Portfolio.
Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amount invested.
Derivatives could involve management, credit, interest rate, liquidity and market risks, and the risks of mispricing or improper
valuation. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index. In
addition, the Portfolio could sustain a loss in the event the counterparty to a derivatives transaction fails to make the required
payments or otherwise comply with the terms of the contract.
• Equity Securities Risk – The value of equity securities, such as common and preferred stocks, could decline if the financial
condition of the companies the Portfolio is invested in declines or if overall market and economic conditions deteriorate.
Equity securities generally have greater price volatility than fixed income securities. Investments in rights and warrants may be
more volatile than the underlying investments in stocks.
• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in value
or more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differing
reporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,
political and economic conditions, or diplomatic developments. Foreign securities may be adversely affected by decreases in
foreign currency values relative to the U.S. dollar and may be less liquid, more volatile, and harder to value than U.S.
securities. The Portfolio’s investments in emerging markets heighten these risks due to a lack of established legal, political,
business and social frameworks to support securities markets.
• High Portfolio Turnover Risk – Active and frequent trading may cause higher brokerage expenses and other transaction
costs, which may adversely affect the Portfolio’s performance.
• Market Risk – The risk that the market price of securities owned by the Portfolio may go up or down, sometimes rapidly or
unpredictably, due to factors affecting securities markets generally or particular industries.
• Mid and Small Cap Company Risk – Investing in mid and small cap stocks may cause greater risk of loss and price
fluctuation than investing in stocks of larger cap companies due to a more limited track record, narrower product markets, more
limited resources and less liquid trading markets. These stocks may be more volatile and more difficult to buy and sell than
stocks with larger capitalizations.
Northwestern Mutual Series Fund, Inc. NMSF–32
Mid Cap Value Portfolio
PERFORMANCE
The following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio has
varied from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain time
periods and compares the Portfolio’s returns with the returns of certain market indices and peer groups. Returns are based on past
results and are not an indication of future performance. Neither the bar chart nor the table reflects the fees and expenses
separately charged by the variable annuity contract or variable life insurance policy separate account that invests in the Portfolio
and returns would be lower if those fees and expenses were reflected.
30%
23.24%
19.93%
Average Annual Total Return
20% 18.67% (for periods ended December 31, 2010)
14.49%
10% 5.46% Since
0% Inception on
-0.16%
1 Yr 5 Yrs 05/01/03
-10%
Mid Cap Value Portfolio
-20%
19.93% 1.87% 8.18%
-30% Russell MidCap® Value Index
-35.07% 24.75% 4.08% 11.35%
-40%
04
05
06
07
08
09
10
Lipper®Variable Insurance Products (VIP) Mid Cap Value
20
20
20
20
20
20
20
Funds Average
22.94% 3.89% —
Best Qtr: 3rd – ‘09 17.60% Worst Qtr: 4th – ‘08 -27.36%
PORTFOLIO MANAGEMENT
Investment Adviser: Mason Street Advisors, LLC
Sub-Adviser: American Century Investment Management, Inc. (American Century)
Portfolio Managers: Phillip N. Davidson, Chief Investment Officer Value Equity, Senior Vice President and Senior Portfolio
Manager joined American Century in 1993 as a Portfolio Manager, and began managing the Portfolio in 2009.
Michael Liss, Vice President and Portfolio Manager, has served American Century as a Portfolio Manager since 2004 and began
managing the Portfolio in 2009.
Kevin Toney, Vice President and Portfolio Manager, has served American Century as a Portfolio Manager since 2006 and began
managing the Portfolio in 2009.
TAX INFORMATION
Shares of the Portfolio are offered only for funding variable annuity contracts and variable life insurance policies offered by The
Northwestern Mutual Life Insurance Company through separate accounts. Insurance company separate accounts generally do not
pay tax on dividends or capital gain distributions. Investors in variable annuity contracts and variable life insurance policies
should refer to the prospectuses for the variable products for a discussion of the tax considerations that affect the insurance
company and its separate accounts and the tax consequences to investors of owning such products.
COMPENSATION TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
Neither the Portfolio nor any related companies pay compensation to broker-dealers or other financial intermediaries for the sale
of Portfolio shares or related services. Investors in variable annuity contracts and variable life insurance policies should refer to
the prospectuses for the variable products for important information about compensation paid to financial intermediaries for sales
of variable annuity contracts and variable life insurance policies.
NMSF–33 Northwestern Mutual Series Fund, Inc.
SUMMARY PROSPECTUS
MAY 1, 2011 Small Cap Growth Stock Portfolio
Before you invest, you may want to review the Portfolio’s prospectus, which contains more information about the Portfolio
and its risks. You can find the Portfolio’s prospectus and other information about the Portfolio online at
www.nmseriesfund.com. You can also get this information at no cost by calling 1-888-455-2232 or by sending an e-mail
request to sfprospectus@northwesternmutual.com. The current prospectus and statement of additional information, each
dated May 1, 2011, along with the Portfolio’s most recent annual report dated December 31, 2010, are incorporated by
reference into this Summary Prospectus. The Portfolio’s statement of additional information and annual report may be
obtained, free of charge, in the same manner as the prospectus.
INVESTMENT OBJECTIVE
The investment objective of the Portfolio is long-term growth of capital.
FEES AND EXPENSES OF THE PORTFOLIO
The table below describes the fees and expenses that you may pay when you buy and hold interests in a separate account that
invests in shares of the Portfolio as a result of your purchase of a variable annuity contract or variable life insurance policy. The
fees and expenses shown in the table and Example do not reflect fees and expenses separately charged by variable annuity
contracts or variable life insurance policies. If the fees and expenses separately charged by variable annuity contracts and variable
life insurance policies were included, the fees and expenses shown in the table and the Example would be higher.
Shareholder Fees Example
(fees paid directly from your investment) N/A This Example is intended to help you compare the cost of
investing in the Portfolio with the cost of investing in other
Annual Portfolio Operating Expenses
mutual funds. The Example assumes that you invest $10,000
(expenses that you pay each year as a percentage
in the Portfolio for the time periods indicated and then redeem
of the value of your investment)
all of your shares at the end of those periods. The Example
Management Fee 0.56% also assumes that your investment has a 5% return each year
and that the Portfolio’s operating expenses remain the same.
Distribution and Service (12b-1) Fees None
Although your actual costs may be higher or lower, based on
Other Expenses 0.04% these assumptions your costs would be:
Total Annual Portfolio Operating Expenses* 0.60% 1 Year 3 Years 5 Years 10 Years
*
$61 $192 $335 $750
The operating expenses of the Portfolio reflected in the
Portfolio’s most recent annual report and Financial Highlights
do not include fees and expenses incurred indirectly by the
Portfolio as a result of investments in shares of one or more
investment companies (referred to as “Acquired Fund Fees
and Expenses”).
Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A
higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in Annual Portfolio
Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s
portfolio turnover rate was 74.54% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
Normally, the Portfolio invests at least 80% of net assets (plus any borrowings for investment purposes) in common stocks of
U.S. companies with market capitalizations that do not exceed the maximum market capitalizations of any security in the Russell
2000® Growth Index at the time of purchase (as of December 31, 2010, from approximately $7.2 million to $5.3 billion). The
Portfolio may also invest in the equity securities of micro cap companies (defined as companies with stock market capitalizations
less than $500 million at the time of investment). The Portfolio may also invest up to 20% of net assets in American Depositary
Receipts and other securities of foreign issuers which are denominated in U.S. dollars.
The adviser employs a growth strategy, selecting securities for their above average growth potential giving consideration to
factors such as, for example, company management, growth rate of revenues and earnings, opportunities for margin expansion
and strong financial characteristics.
Northwestern Mutual Series Fund, Inc. NMSF–34
Small Cap Growth Stock Portfolio
While most assets will be invested in U.S. common stocks, other securities may also be purchased, including preferred stocks,
warrants and securities convertible into common or preferred stocks, in keeping with the Portfolio’s objectives. The Portfolio may
also utilize derivative securities, including options, futures or swap agreements to protect against downside risk, to seek to
enhance returns, as a cash management strategy or to gain exposure to certain sectors as alternatives to direct investments, when
the adviser deems it to be more efficient or advantageous.
A security will generally be sold when it meets the adviser’s price target. The Portfolio may sell securities for a variety of other
reasons including to limit losses or to redeploy assets into more promising opportunities.
PRINCIPAL RISKS
Portfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be no
assurance that the Portfolio will achieve its objective. The main risks of investing in this Portfolio are identified below.
• Active Management Risk – The adviser’s investment strategies and techniques may not perform as expected which could
cause the Portfolio to underperform other mutual funds or lose money. Also, an actively managed Portfolio using a growth
style of investing, such as the Portfolio, may underperform when the market does not favor the particular style used by the
Portfolio. Different investment styles tend to shift in and out of favor, depending on market conditions and investor sentiment.
• Derivatives Risk – The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate or
index. The Portfolio’s use of derivatives involves risks different from, or possibly greater than, the risks associated with
investing directly in securities or other traditional investments. Investments in derivatives may not have the intended effects
and may result in losses for the Portfolio that may not otherwise have occurred or missed opportunities for the Portfolio.
Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amount invested.
Derivatives could involve management, credit, interest rate, liquidity and market risks, and the risks of mispricing or improper
valuation. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index. In
addition, the Portfolio could sustain a loss in the event the counterparty to a derivatives transaction fails to make the required
payments or otherwise comply with the terms of the contract.
• Equity Securities Risk – The value of equity securities, such as common and preferred stocks, could decline if the financial
condition of the companies the Portfolio is invested in declines or if overall market and economic conditions deteriorate.
Equity securities generally have greater price volatility than fixed income securities. Investments in rights and warrants may be
more volatile than the underlying investments in stocks.
• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in value
or more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differing
reporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,
political and economic conditions, or diplomatic developments. Foreign securities may be adversely affected by decreases in
foreign currency values relative to the U.S. dollar and may be less liquid, more volatile, and harder to value than U.S.
securities. The Portfolio’s investments in emerging markets heighten these risks due to a lack of established legal, political,
business and social frameworks to support securities markets.
• Liquidity Risk – Particular investments, such as restricted securities, small and micro cap stocks, foreign securities and
derivatives, may be difficult to purchase or sell at an advantageous time or price, if at all. These risks may be magnified during
periods of economic turmoil or in an extended economic downturn.
• Market Risk – The risk that the market price of securities owned by the Portfolio may go up or down, sometimes rapidly or
unpredictably, due to factors affecting securities markets generally or particular industries.
• Micro Cap Company Risk – Investing in micro cap stocks may cause the Portfolio to experience more rapid and extreme
changes in value than a fund that invests solely in small, mid and large cap stocks due to a more limited track record, narrower
product markets, more limited resources, higher risk of failure, and less liquid trading markets.
• Small and Mid Cap Company Risk – Investing in small and mid cap stocks may cause greater risk of loss and price
fluctuation than investing in stocks of larger cap companies due to a more limited track record, narrower product markets, more
limited resources and less liquid trading markets. These stocks may be more volatile and more difficult to buy and sell than
stocks with larger capitalizations.
NMSF–35 Northwestern Mutual Series Fund, Inc.
Small Cap Growth Stock Portfolio
PERFORMANCE
The following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio has
varied from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain time
periods and compares the Portfolio’s returns with the returns of certain market indices and peer groups. Returns are based on past
results and are not an indication of future performance. Neither the bar chart nor the table reflects the fees and expenses
separately charged by the variable annuity contract or variable life insurance policy separate account that invests in the Portfolio
and returns would be lower if those fees and expenses were reflected.
40%
33.06% Average Annual Total Return
31.17%
30% 25.85% (for periods ended December 31, 2010)
20% 18.80%
11.18% 1 Yr 5 Yrs 10 Yrs
10% 6.68% 9.54%
0%
Small Cap Growth Stock Portfolio
-3.76% 25.85% 1.60% 4.10%
-10%
-20% Russell 2000® Growth Index
-18.42%
-30% 29.09% 5.30% 3.78%
-40% Lipper®Variable Insurance Products (VIP) Small Cap
-50% -43.87% Growth Funds Average
01
02
03
04
05
06
07
08
09
10
27.81% 4.50% 2.52%
20
20
20
20
20
20
20
20
20
20
Best Qtr: 4th – ‘01 22.08% Worst Qtr: 4th – ‘08 -26.31%
PORTFOLIO MANAGEMENT
Investment Adviser: Mason Street Advisors, LLC (MSA)
Portfolio Managers: William R. Walker is a Managing Director of MSA, joined The Northwestern Mutual Life Insurance
Company in 1984 and has been managing the Portfolio since its inception in 1999.
Paul A. Rokosz is a Managing Director of MSA and has been co-managing the Portfolio since he joined MSA in 2008.
TAX INFORMATION
Shares of the Portfolio are offered only for funding variable annuity contracts and variable life insurance policies offered by The
Northwestern Mutual Life Insurance Company through separate accounts. Insurance company separate accounts generally do not
pay tax on dividends or capital gain distributions. Investors in variable annuity contracts and variable life insurance policies
should refer to the prospectuses for the variable products for a discussion of the tax considerations that affect the insurance
company and its separate accounts and the tax consequences to investors of owning such products.
COMPENSATION TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
Neither the Portfolio nor any related companies pay compensation to broker-dealers or other financial intermediaries for the sale
of Portfolio shares or related services. Investors in variable annuity contracts and variable life insurance policies should refer to
the prospectuses for the variable products for important information about compensation paid to financial intermediaries for sales
of variable annuity contracts and variable life insurance policies.
Northwestern Mutual Series Fund, Inc. NMSF–36
SUMMARY PROSPECTUS
MAY 1, 2011 Index 600 Stock Portfolio
Before you invest, you may want to review the Portfolio’s prospectus, which contains more information about the Portfolio
and its risks. You can find the Portfolio’s prospectus and other information about the Portfolio online at
www.nmseriesfund.com. You can also get this information at no cost by calling 1-888-455-2232 or by sending an e-mail
request to sfprospectus@northwesternmutual.com. The current prospectus and statement of additional information, each
dated May 1, 2011, along with the Portfolio’s most recent annual report dated December 31, 2010, are incorporated by
reference into this Summary Prospectus. The Portfolio’s statement of additional information and annual report may be
obtained, free of charge, in the same manner as the prospectus.
INVESTMENT OBJECTIVE
The Portfolio’s investment objective is to achieve investment results that approximate the performance of the Standard & Poor’s
SmallCap 600® Index (“S&P SmallCap 600® Index”).
FEES AND EXPENSES OF THE PORTFOLIO
The table below describes the fees and expenses that you may pay when you buy and hold interests in a separate account that
invests in shares of the Portfolio as a result of your purchase of a variable annuity contract or variable life insurance policy. The
fees and expenses shown in the table and Example do not reflect fees and expenses separately charged by variable annuity
contracts or variable life insurance policies. If the fees and expenses separately charged by variable annuity contracts and variable
life insurance policies were included, the fees and expenses shown in the table and the Example would be higher.
Shareholder Fees Example
(fees paid directly from your investment) N/A This Example is intended to help you compare the cost of
investing in the Portfolio with the cost of investing in other
Annual Portfolio Operating Expenses
mutual funds. The Example assumes that you invest $10,000
(expenses that you pay each year as a percentage
in the Portfolio for the time periods indicated and then redeem
of the value of your investment)
all of your shares at the end of those periods. The Example
Management Fee 0.25% also assumes that your investment has a 5% return each year
and that the Portfolio’s operating expenses remain the same.
Distribution and Service (12b-1) Fees None
Although your actual costs may be higher or lower, based on
Other Expenses 0.18% these assumptions your costs would be:
Total Annual Portfolio Operating Expenses* 0.43% 1 Year 3 Years 5 Years 10 Years
Expense Reimbursement (0.07)% $37 $129 $231 $533
Total Annual Portfolio Operating Expenses After
Expense Reimbursement*,** 0.36%
* The operating expenses of the Portfolio reflected in the
Portfolio’s most recent annual report and Financial Highlights
do not include fees and expenses incurred indirectly by the
Portfolio as a result of investments in shares of one or more
investment companies (referred to as “Acquired Fund Fees
and Expenses”).
** The Portfolio’s investment adviser has entered into a written
expense limitation agreement under which it has agreed to
limit the total expenses of the Portfolio (excluding taxes,
brokerage, other investment-related costs, interest and
dividend expenses and charges and extraordinary expenses) to
an annual rate of 0.35% of the Portfolio’s average net assets.
This expense limitation agreement may be terminated by the
adviser at any time after April 30, 2012.
NMSF–37 Northwestern Mutual Series Fund, Inc.
Index 600 Stock Portfolio
Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A
higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in Annual Portfolio
Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s
portfolio turnover rate was 46.88% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
The Portfolio employs a “passive management,” or indexing, investment approach designed to track the performance of the
S&P® 600 Index. The S&P® 600 Index is composed of 600 domestic stocks with market capitalizations ranging between
approximately $69.3 million and $3.24 billion as of December 31, 2010. The Portfolio attempts to achieve its objective by
investing all, or substantially all, of its assets in stock that make up the S&P® 600 Index, holding each stock in approximately the
same proportion as its weighting in the Index. This is known as a full replication strategy. The Portfolio may also invest in
exchange traded funds, futures contracts and swap agreements for cash management purposes and to help achieve full replication.
Standard & Poor’s constructs the index by first identifying major industry categories and then allocating a representative sample
of the larger and more liquid stocks in those industries to the index. S&P weights each stock according to its float-adjusted
market value. For example, the 50 largest companies in the index may account for over 50% of its value. For this reason, the
Index 600 Stock Portfolio is classified as “nondiversified.”
The Index 600 Stock Portfolio’s ability to match the performance of the S&P® 600 Index will be affected to some extent by the
size and timing of cash flows into and out of the Index 600 Stock Portfolio. The Portfolio will be managed with a view to
reducing such effects.
PRINCIPAL RISKS
Portfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be no
assurance that the Portfolio will achieve its objective. The main risks of investing in this Portfolio are identified below.
• Derivatives Risk – The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate or
index. The Portfolio’s use of derivatives involves risks different from, or possibly greater than, the risks associated with
investing directly in securities or other traditional investments. Investments in derivatives may not have the intended effects
and may result in losses for the Portfolio that may not otherwise have occurred or missed opportunities for the Portfolio.
Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amount invested.
Derivatives could involve management, credit, interest rate, liquidity and market risks, and the risks of mispricing or improper
valuation. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index. In
addition, the Portfolio could sustain a loss in the event the counterparty to a derivatives transaction fails to make the required
payments or otherwise comply with the terms of the contract.
• Equity Securities Risk – The value of equity securities, such as common and preferred stocks, could decline if the financial
condition of the companies the Portfolio is invested in declines or if overall market and economic conditions deteriorate.
Equity securities generally have greater price volatility than fixed income securities.
• Exchange Traded Funds Risk – Investing in exchange traded funds (ETFs) may expose the Portfolio to greater risk of loss
and price fluctuation than investing directly in a comparable portfolio of stocks comprising the index due to lack of liquidity,
the additional expenses incurred as a shareholder in another investment company, and tracking error.
• Indexing Strategy Risk – A Portfolio may not perform as well as the index it attempts to match due to the Portfolio’s
expenses, changes in securities markets, changes in the composition of the underlying index and the timing of purchases and
redemptions of Portfolio shares. A Portfolio using an indexing strategy does not attempt to manage market volatility, use
defensive strategies or reduce the effects of any long-term periods of poor stock performance. In addition, changes in the value
of a derivative used to replicate an index may not correlate as intended with the underlying index.
• Market Risk – The risk that the market price of securities owned by the Portfolio may go up or down, sometimes rapidly or
unpredictably, due to factors affecting securities markets generally or particular industries.
• Nondiversification Risk – The Portfolio is classified as a nondiversified fund to enable it to hold securities in the same
weightings as its underlying Index. Depending on the composition of the Index from time to time, the Portfolio may invest a
relatively large percentage of its assets in a single issuer or small number of issuers, and its performance may be more closely
tied to the value of that one issuer or issuers and may be more volatile than the performance of a more diversified fund.
Northwestern Mutual Series Fund, Inc. NMSF–38
Index 600 Stock Portfolio
• Small and Mid Cap Company Risk – Investing in small and mid cap stocks may cause greater risk of loss and price
fluctuation than investing in stocks of larger cap companies due to a more limited track record, narrower product markets, more
limited resources and less liquid trading markets. These stocks may be more volatile and more difficult to buy and sell than
stocks with larger capitalizations.
PERFORMANCE
The following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio has
varied from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain time
periods and compares the Portfolio’s returns with the returns of certain market indices and peer groups. Returns are based on past
results and are not an indication of future performance. Neither the bar chart nor the table reflects the fees and expenses
separately charged by the variable annuity contract or variable life insurance policy separate account that invests in the Portfolio
and returns would be lower if those fees and expenses were reflected.
30% 25.17% 25.90% Average Annual Total Return
20% (for periods ended December 31, 2010)
10% Since
Inception on
0% 1 Yr 04/30/07
-10% Index 600 Stock Portfolio
-20% 25.90% 0.51%
-30% S&P SmallCap 600® Index
-31.30% 26.31% 0.89%
-40%
08
09
10
Lipper® Variable Insurance Products (VIP) Small Cap
20
20
20
Core Funds Average
26.26% —
Best Qtr: 2nd – ‘09 21.02% Worst Qtr: 4th – ‘08 -25.21%
PORTFOLIO MANAGEMENT
Investment Adviser: Mason Street Advisors, LLC (MSA)
Portfolio Managers: R. David Ells, Managing Director of MSA, joined The Northwestern Mutual Life Insurance Company
(Northwestern Mutual) in 2004 and has been co-portfolio manager of the Portfolio since September 2010.
Steven A. Warren, Associate of MSA, joined Northwestern Mutual in 1998 and has been co-portfolio manager of the Portfolio
since September 2010.
TAX INFORMATION
Shares of the Portfolio are offered only for funding variable annuity contracts and variable life insurance policies offered by The
Northwestern Mutual Life Insurance Company through separate accounts. Insurance company separate accounts generally do not
pay tax on dividends or capital gain distributions. Investors in variable annuity contracts and variable life insurance policies
should refer to the prospectuses for the variable products for a discussion of the tax considerations that affect the insurance
company and its separate accounts and the tax consequences to investors of owning such products.
COMPENSATION TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
Neither the Portfolio nor any related companies pay compensation to broker-dealers or other financial intermediaries for the sale
of Portfolio shares or related services. Investors in variable annuity contracts and variable life insurance policies should refer to
the prospectuses for the variable products for important information about compensation paid to financial intermediaries for sales
of variable annuity contracts and variable life insurance policies.
NMSF–39 Northwestern Mutual Series Fund, Inc.
SUMMARY PROSPECTUS
MAY 1, 2011 Small Cap Value Portfolio
Before you invest, you may want to review the Portfolio’s prospectus, which contains more information about the Portfolio
and its risks. You can find the Portfolio’s prospectus and other information about the Portfolio online at
www.nmseriesfund.com. You can also get this information at no cost by calling 1-888-455-2232 or by sending an e-mail
request to sfprospectus@northwesternmutual.com. The current prospectus and statement of additional information, each
dated May 1, 2011, along with the Portfolio’s most recent annual report dated December 31, 2010, are incorporated by
reference into this Summary Prospectus. The Portfolio’s statement of additional information and annual report may be
obtained, free of charge, in the same manner as the prospectus.
INVESTMENT OBJECTIVE
The investment objective of the Portfolio is long-term growth of capital.
FEES AND EXPENSES OF THE PORTFOLIO
The table below describes the fees and expenses that you may pay when you buy and hold interests in a separate account that
invests in shares of the Portfolio as a result of your purchase of a variable annuity contract or variable life insurance policy. The
fees and expenses shown in the table and Example do not reflect fees and expenses separately charged by variable annuity
contracts or variable life insurance policies. If the fees and expenses separately charged by variable annuity contracts and variable
life insurance policies were included, the fees and expenses shown in the table and the Example would be higher.
Shareholder Fees Example
(fees paid directly from your investment) N/A This Example is intended to help you compare the cost of
investing in the Portfolio with the cost of investing in other
Annual Portfolio Operating Expenses
mutual funds. The Example assumes that you invest $10,000
(expenses that you pay each year as a percentage
in the Portfolio for the time periods indicated and then redeem
of the value of your investment)
all of your shares at the end of those periods. The Example
Management Fee 0.85% also assumes that your investment has a 5% return each year
and that the Portfolio’s operating expenses remain the same.
Distribution and Service (12b-1) Fees None
Although your actual costs may be higher or lower, based on
Other Expenses 0.02% these assumptions your costs would be:
Acquired Fund Fees and Expenses 0.21% 1 Year 3 Years 5 Years 10 Years
Total Annual Portfolio Operating Expenses* 1.08% $110 $343 $595 $1,317
* The operating expenses of the Portfolio reflected in the
Portfolio’s most recent annual report and Financial Highlights
do not include fees and expenses incurred indirectly by the
Portfolio as a result of investments in shares of one or more
investment companies (referred to as “Acquired Fund Fees
and Expenses”).
Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A
higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in Annual Portfolio
Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s
portfolio turnover rate was 11.51% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
Normally, the Portfolio invests at least 80% of net assets in common stocks of companies with market capitalizations that do not
exceed the maximum market capitalization of any security in the S&P® Small Cap 600 Index at the time of purchase (as of
December 31, 2010, from approximately $69.3 million to $3.24 billion). The market capitalization of companies in the Portfolio
and the Index changes over time and the Portfolio will not sell a stock just because the company has grown to a market
capitalization outside of the range. The Portfolio may also invest in the equity securities of micro cap companies (defined as
companies with stock market capitalizations less than $500 million at the time of investment).
Northwestern Mutual Series Fund, Inc. NMSF–40
Small Cap Value Portfolio
Reflecting a value approach to investing, the Portfolio will seek the stocks of companies whose current stock prices do not appear
to adequately reflect their underlying value as measured by assets, earnings, cash flow or business franchises. The in-house
research team at the adviser seeks to identify companies that appear to be undervalued by various measures, and may be
temporarily out of favor, but have good prospects for capital appreciation. Consideration is also given to industry weightings in
an attempt to keep the Portfolio broadly diversified among economic sectors.
In pursuing its investment objective, the adviser has the discretion to deviate from its normal investment criteria, as described
above, and purchase securities the adviser believes could provide an opportunity for substantial appreciation. These special
situations might arise when the adviser believes a security could increase in value for a variety of reasons, including a change in
management, an extraordinary corporate event, a new product introduction or innovation, or a favorable competitive
environment.
While most assets will be invested in U.S. common stocks, other securities may also be purchased, including American
Depositary Receipts and foreign securities (up to 20% of net assets), and securities of other other investment companies,
including open-end funds, closed-end funds, exchange-traded funds and business development companies, in keeping with the
Portfolio’s objectives.
The Portfolio may sell securities for a variety of reasons, such as to secure gains, limit losses or redeploy assets into more
promising opportunities.
PRINCIPAL RISKS
Portfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be no
assurance that the Portfolio will achieve its objective. The main risks of investing in this Portfolio are identified below.
• Active Management Risk – The adviser’s investment strategies and techniques may not perform as expected which could
cause the Portfolio to underperform other mutual funds or lose money. Also, an actively managed Portfolio using a value style
of investing, such as the Portfolio, may underperform when the market does not favor the particular style used by the Portfolio.
Different investment styles tend to shift in and out of favor, depending on market conditions and investor sentiment.
• Equity Securities Risk – The value of equity securities, such as common and preferred stocks, could decline if the financial
condition of the companies the Portfolio is invested in declines or if overall market and economic conditions deteriorate.
Equity securities generally have greater price volatility than fixed income securities. Investments in rights and warrants may be
more volatile than the underlying investments in stocks.
• Exchange Traded Funds Risk – Investing in exchange traded funds (ETFs) may expose the Portfolio to greater risk of loss
and price fluctuation than investing directly in a comparable portfolio of stocks comprising the index due to lack of liquidity,
the additional expenses incurred as a shareholder in another investment company, and tracking error.
• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in value
or more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differing
reporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,
political and economic conditions, or diplomatic developments. Foreign securities may be adversely affected by decreases in
foreign currency values relative to the U.S. dollar and may be less liquid, more volatile, and harder to value than U.S.
securities. The Portfolio’s investments in emerging markets heighten these risks due to a lack of established legal, political,
business and social frameworks to support securities markets.
• Market Risk – The risk that the market price of securities owned by the Portfolio may go up or down, sometimes rapidly or
unpredictably, due to factors affecting securities markets generally or particular industries.
• Micro Cap Company Risk – Investing in micro cap stocks may cause the Portfolio to experience more rapid and extreme
changes in value than a fund that invests solely in small, mid and large cap stocks due to a more limited track record, narrower
product markets, more limited resources, higher risk of failure, and less liquid trading markets.
• Small and Mid Cap Company Risk – Investing in small and mid cap stocks may cause greater risk of loss and price
fluctuation than investing in stocks of larger cap companies due to a more limited track record, narrower product markets, more
limited resources and less liquid trading markets. These stocks may be more volatile and more difficult to buy and sell than
stocks with larger capitalizations.
• Special Situation Risk – The risk that the change or event anticipated by the adviser when purchasing a company might not
occur or attract the expected attention, which could have a negative impact on the price of the company's securities. Investing
in special situations may involve heightened volatility in the value of the securities purchased and may cause greater risk of
loss.
NMSF–41 Northwestern Mutual Series Fund, Inc.
Small Cap Value Portfolio
PERFORMANCE
The following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio has
varied from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain time
periods and compares the Portfolio’s returns with the returns of certain market indices and peer groups. Returns are based on past
results and are not an indication of future performance. Neither the bar chart nor the table reflects the fees and expenses
separately charged by the variable annuity contract or variable life insurance policy separate account that invests in the Portfolio
and returns would be lower if those fees and expenses were reflected.
40% 35.15%
Average Annual Total Return
30% 28.18%
24.57% 21.95% (for periods ended December 31, 2010)
20% 16.55%
Since
10% 7.21%
Inception on
0% 1 Yr 5 Yrs 07/31/01
-0.83%
-10% -5.58% Small Cap Value Portfolio
-20% 21.95% 5.36% 9.00%
-30% -28.13% Russell 2000® Value Index
-40% 24.50% 3.52% 7.84%
02
03
04
05
06
07
08
09
10
Lipper®Variable Insurance Products (VIP) Small Cap Value
20
20
20
20
20
20
20
20
20
Funds Average
24.53% 4.20% —
Best Qtr: 2nd – ‘09 20.83% Worst Qtr: 4th – ‘08 -25.12%
PORTFOLIO MANAGEMENT
Investment Adviser: Mason Street Advisors, LLC
Sub-Adviser: T. Rowe Price Associates, Inc. (T. Rowe Price)
Portfolio Manager: Preston G. Athey, Vice President of T. Rowe Price, has been managing investments since 1982 and has
managed the Portfolio since 2001.
TAX INFORMATION
Shares of the Portfolio are offered only for funding variable annuity contracts and variable life insurance policies offered by The
Northwestern Mutual Life Insurance Company through separate accounts. Insurance company separate accounts generally do not
pay tax on dividends or capital gain distributions. Investors in variable annuity contracts and variable life insurance policies
should refer to the prospectuses for the variable products for a discussion of the tax considerations that affect the insurance
company and its separate accounts and the tax consequences to investors of owning such products.
COMPENSATION TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
Neither the Portfolio nor any related companies pay compensation to broker-dealers or other financial intermediaries for the sale
of Portfolio shares or related services. Investors in variable annuity contracts and variable life insurance policies should refer to
the prospectuses for the variable products for important information about compensation paid to financial intermediaries for sales
of variable annuity contracts and variable life insurance policies.
Northwestern Mutual Series Fund, Inc. NMSF–42
SUMMARY PROSPECTUS
MAY 1, 2011 International Growth Portfolio
Before you invest, you may want to review the Portfolio’s prospectus, which contains more information about the Portfolio
and its risks. You can find the Portfolio’s prospectus and other information about the Portfolio online at
www.nmseriesfund.com. You can also get this information at no cost by calling 1-888-455-2232 or by sending an e-mail
request to sfprospectus@northwesternmutual.com. The current prospectus and statement of additional information, each
dated May 1, 2011, along with the Portfolio’s most recent annual report dated December 31, 2010, are incorporated by
reference into this Summary Prospectus. The Portfolio’s statement of additional information and annual report may be
obtained, free of charge, in the same manner as the prospectus.
INVESTMENT OBJECTIVE
The investment objective of the Portfolio is long-term growth of capital.
FEES AND EXPENSES OF THE PORTFOLIO
The table below describes the fees and expenses that you may pay when you buy and hold interests in a separate account that
invests in shares of the Portfolio as a result of your purchase of a variable annuity contract or variable life insurance policy. The
fees and expenses shown in the table and Example do not reflect fees and expenses separately charged by variable annuity
contracts or variable life insurance policies. If the fees and expenses separately charged by variable annuity contracts and variable
life insurance policies were included, the fees and expenses shown in the table and the Example would be higher.
Shareholder Fees Example
(fees paid directly from your investment) N/A This Example is intended to help you compare the cost of
investing in the Portfolio with the cost of investing in other
Annual Portfolio Operating Expenses
mutual funds. The Example assumes that you invest $10,000
(expenses that you pay each year as a percentage
in the Portfolio for the time periods indicated and then redeem
of the value of your investment)
all of your shares at the end of those periods. The Example
Management Fee 0.68% also assumes that your investment has a 5% return each year
and that the Portfolio’s operating expenses remain the same.
Distribution and Service (12b-1) Fees None
Although your actual costs may be higher or lower, based on
Other Expenses 0.13% these assumptions your costs would be:
Total Annual Portfolio Operating Expenses 0.81% 1 Year 3 Years 5 Years 10 Years
$83 $259 $450 $1,002
Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A
higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in Annual Portfolio
Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s
portfolio turnover rate was 150.91% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
Normally, the Portfolio will invest at least 80% of net assets (plus any borrowings for investment purposes) in the securities of
issuers from countries outside the United States. The Portfolio normally invests in a core group of equity securities of 60-100 issuers.
The Portfolio may invest in emerging markets but will normally limit such investments to 20% of its net assets, measured at the time
of purchase. The Portfolio may invest a relatively large percentage of its assets in a single country, a small number of countries, or a
particular geographic region. Although the Portfolio intends to invest substantially all of its assets in issuers located outside the U.S.,
it may at times invest in U.S. issuers. The Portfolio’s investments in equity securities may include small, medium, and large
capitalization issues. Although the Portfolio invests primarily in foreign common stocks and American Depositary Receipts, within
the parameters of its specific investment policies, the Portfolio may invest in domestic equity and debt securities.
The adviser applies a “bottom up” approach in choosing investments. In other words, the adviser looks at companies one at a time
to determine if a company is an attractive investment opportunity and if it is consistent with the Portfolio’s investment policies.
The Portfolio invests in companies after assessing their growth potential. If the adviser is unable to find such investments, the
Portfolio’s uninvested assets may be held in cash or similar investments, subject to the Portfolio’s specific investment policies.
The adviser normally seeks to limit any sector exposure and country exposure to plus or minus 10% of the respective weighting
of the Morgan Stanley Capital International EAFE® Index.
NMSF–43 Northwestern Mutual Series Fund, Inc.
International Growth Portfolio
The Portfolio may reduce its position in a particular holding in order to secure gains, if there is a deterioration in the holding’s
fundamentals or to make room in the Portfolio for more promising opportunities.
PRINCIPAL RISKS
Portfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be no
assurance that the Portfolio will achieve its objective. The main risks of investing in this Portfolio are identified below.
• Active Management Risk – The adviser’s investment strategies and techniques may not perform as expected which could
cause the Portfolio to underperform other mutual funds or lose money. Also, an actively managed Portfolio using a growth
style of investing, such as the Portfolio, may underperform when the market does not favor the particular style used by the
Portfolio. Different investment styles tend to shift in and out of favor, depending on market conditions and investor sentiment.
• Credit Risk – The Portfolio could lose money if the issuer or guarantor of a fixed income security is unwilling or unable to
meet its financial obligations.
• Emerging Markets Risk – Investing in emerging market securities increases foreign investing risk, and may subject the
Portfolio to more rapid and extreme changes in value or more losses than a fund that invests exclusively in U.S. securities or in
foreign, developed countries. This risk is due to smaller markets, illiquidity, significant price and market volatility, currency,
interest rate and commodity price fluctuations, restrictions on foreign investment, changes in tax policy, differing securities
market structures, higher transaction costs, and various administrative difficulties, such as delays in executing, clearing and
settling portfolio transactions or in receiving payment of dividends.
• Equity Securities Risk – The value of equity securities, such as common and preferred stocks, could decline if the financial
condition of the companies the Portfolio is invested in declines or if overall market and economic conditions deteriorate.
Equity securities generally have greater price volatility than fixed income securities. Investments in rights and warrants may be
more volatile than the underlying investments in stocks.
• Focus Risk – The Portfolio’s performance could be more closely tied to the value of a single security or small number of
securities because, although diversified, the Portfolio may hold large positions in a single or small number of securities. As a
result, the Portfolio’s performance could be more volatile than the performance of funds that hold a greater number of
securities.
• Foreign Currency Risk – The risk that foreign (non-U.S. dollar) currency denominated securities, or derivatives that provide
exposure to foreign currencies, may be adversely affected by decreases in foreign currency values relative to the U.S. dollar.
Investments in securities subject to foreign currency risk may have more rapid and extreme changes in value or more losses
than investments in U.S. dollar denominated securities.
• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in value
or more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differing
reporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,
political and economic conditions, or diplomatic developments. Foreign securities may be less liquid, more volatile, and harder
to value than U.S. securities.
• Geographic Concentration Risk – The Portfolio’s performance could be more volatile than that of a more geographically
diversified fund as a result of the Portfolio investing a relatively large percentage of its assets in issuers located in a single
country, a small number of countries, or a particular geographic region. Also, the Portfolio’s performance may be more closely
tied to the market, currency, economic, political, or regulatory conditions in those countries or that region.
• Interest Rate Risk – Prices of fixed income instruments generally rise and fall in response to changes in market interest rates.
In a rising interest rate environment, the value of the Portfolio’s fixed income investments is likely to decline.
• Large Cap Company Risk – Investing in large cap stocks could cause the Portfolio to underperform in markets favoring
faster growing companies. Large cap stocks tend to be more mature with fewer opportunities to grow and may not have the
same growth potential as stocks with smaller capitalizations.
• Liquidity Risk – Particular investments, such as restricted securities, small and micro cap stocks, foreign securities and
derivatives, may be difficult to purchase or sell at an advantageous time or price, if at all. These risks may be magnified during
periods of economic turmoil or in an extended economic downturn.
• Market Risk – The risk that the market price of securities owned by the Portfolio may go up or down, sometimes rapidly or
unpredictably, due to factors affecting securities markets generally or particular industries.
Northwestern Mutual Series Fund, Inc. NMSF–44
International Growth Portfolio
• Small and Mid Cap Company Risk – Investing in small and mid cap stocks may cause greater risk of loss and price
fluctuation than investing in stocks of larger cap companies due to a more limited track record, narrower product markets, more
limited resources and less liquid trading markets. These stocks may be more volatile and more difficult to buy and sell than
stocks with larger capitalizations.
PERFORMANCE
The following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio has
varied from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain time
periods and compares the Portfolio’s returns with the returns of certain market indices and peer groups. Returns are based on past
results and are not an indication of future performance. Neither the bar chart nor the table reflects the fees and expenses
separately charged by the variable annuity contract or variable life insurance policy separate account that invests in the Portfolio
and returns would be lower if those fees and expenses were reflected.
60%
Average Annual Total Return
38.99%
40% (for periods ended December 31, 2010)
21.59% 18.00%21.48% 23.16%
20% 12.62% 16.43% Since
Inception on
0% 1 Yr 5 Yrs 07/31/01
-12.34% International Growth Portfolio
-20%
16.43% 1.09% 5.61%
-40%
-46.19% MSCI® All Country World (ex-US) Growth Index
-60% 14.79% 5.59% 7.56%
02
03
04
05
06
07
08
09
10
MSCI EAFE® (Europe-Australasia-Far East) Index
20
20
20
20
20
20
20
20
20
8.21% 2.94% 6.12%
Best Qtr: 2nd – ‘03 18.77% Worst Qtr: 3rd – ‘08 -22.62% Lipper®Variable Insurance Products (VIP) International
Growth Funds Average
14.17% 4.17% —
PORTFOLIO MANAGEMENT
Investment Adviser: Mason Street Advisors, LLC
Sub-Adviser: Janus Capital Management LLC (Janus)
Portfolio Managers: Julian McManus, Co-Portfolio Manager of Janus, joined Janus in 2004 and has been co-portfolio manager
of the Portfolio since September 2010.
Guy Scott, Co-Portfolio Manager of Janus, joined Janus in 2007 and has been co-portfolio manager of the Portfolio since
September 2010.
Carmel Wellso, Co-Portfolio Manager of Janus, joined Janus in 2008 and has been co-portfolio manager of the Portfolio since
September 2010.
TAX INFORMATION
Shares of the Portfolio are offered only for funding variable annuity contracts and variable life insurance policies offered by The
Northwestern Mutual Life Insurance Company through separate accounts. Insurance company separate accounts generally do not
pay tax on dividends or capital gain distributions. Investors in variable annuity contracts and variable life insurance policies
should refer to the prospectuses for the variable products for a discussion of the tax considerations that affect the insurance
company and its separate accounts and the tax consequences to investors of owning such products.
COMPENSATION TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
Neither the Portfolio nor any related companies pay compensation to broker-dealers or other financial intermediaries for the sale
of Portfolio shares or related services. Investors in variable annuity contracts and variable life insurance policies should refer to
the prospectuses for the variable products for important information about compensation paid to financial intermediaries for sales
of variable annuity contracts and variable life insurance policies.
NMSF–45 Northwestern Mutual Series Fund, Inc.
SUMMARY PROSPECTUS
MAY 1, 2011 Research International Core Portfolio
Before you invest, you may want to review the Portfolio’s prospectus, which contains more information about the Portfolio
and its risks. You can find the Portfolio’s prospectus and other information about the Portfolio online at
www.nmseriesfund.com. You can also get this information at no cost by calling 1-888-455-2232 or by sending an e-mail
request to sfprospectus@northwesternmutual.com. The current prospectus and statement of additional information, each
dated May 1, 2011, along with the Portfolio’s most recent annual report dated December 31, 2010, are incorporated by
reference into this Summary Prospectus. The Portfolio’s statement of additional information and annual report may be
obtained, free of charge, in the same manner as the prospectus.
INVESTMENT OBJECTIVE
The investment objective of the Portfolio is to seek capital appreciation.
FEES AND EXPENSES OF THE PORTFOLIO
The table below describes the fees and expenses that you may pay when you buy and hold interests in a separate account that
invests in shares of the Portfolio as a result of your purchase of a variable annuity contract or variable life insurance policy. The
fees and expenses shown in the table and Example do not reflect fees and expenses separately charged by variable annuity
contracts or variable life insurance policies. If the fees and expenses separately charged by variable annuity contracts and variable
life insurance policies were included, the fees and expenses shown in the table and the Example would be higher.
Shareholder Fees Example
(fees paid directly from your investment) N/A This Example is intended to help you compare the cost of
investing in the Portfolio with the cost of investing in other
Annual Portfolio Operating Expenses
mutual funds. The Example assumes that you invest $10,000
(expenses that you pay each year as a percentage
in the Portfolio for the time periods indicated and then redeem
of the value of your investment)
all of your shares at the end of those periods. The Example
Management Fee 0.88% also assumes that your investment has a 5% return each year
and that the Portfolio’s operating expenses remain the same.
Distribution and Service (12b-1) Fees None
Although your actual costs may be higher or lower, based on
Other Expenses 0.50% these assumptions your costs would be:
Total Annual Portfolio Operating Expenses 1.38% 1 Year 3 Years 5 Years 10 Years
Expense Reimbursement (0.23)% $117 $406 $726 $1,630
Total Annual Portfolio Operating Expenses After
Expense Reimbursement* 1.15%
* The Portfolio’s investment adviser has entered into a written
expense limitation agreement under which it has agreed to
limit the total expenses of the Portfolio (excluding taxes,
brokerage, other investment-related costs, interest and
dividend expenses and charges, and extraordinary expenses) to
an annual rate of 1.15% of the Portfolio’s average net assets.
This expense limitation agreement may be terminated by the
adviser at any time after April 30, 2012.
Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A
higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in Annual Portfolio
Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s
portfolio turnover rate was 47.90% of the average value of its portfolio.
Northwestern Mutual Series Fund, Inc. NMSF–46
Research International Core Portfolio
PRINCIPAL INVESTMENT STRATEGIES
The Portfolio normally invests primarily in foreign equity securities, including emerging market equity securities. The Portfolio
may invest a relatively large percentage of its assets in issuers in a single country, a small number of countries, or a particular
geographic region.
A team of investment research analysts selects investments for the Portfolio. The adviser allocates the Portfolio’s assets to
analysts by broad market sectors, which generally approximate the sector weightings in the MSCI EAFE® Index. The Portfolio is
not constrained to any particular investment style. The adviser may invest the Portfolio’s assets in the stocks of companies it
believes to have above average earnings growth potential compared to other companies (growth companies), and in the stocks of
companies it believes are undervalued compared to their perceived worth (value companies), or in a combination of growth and
value companies. The Portfolio’s investments in equity securities may include small, medium and large capitalization companies,
and could include common stocks, preferred stocks, securities convertible into stock and depositary receipts for those securities.
The adviser uses a bottom-up investment approach to buying and selling investments for the Portfolio. Investments are selected
primarily based on fundamental analysis of individual issuers and their potential in light of their current financial condition, and
market, economic, political and regulatory conditions. Factors considered may include analysis of an issuer’s earnings, cash
flows, competitive position and management ability. Quantitative models that systematically evaluate an issuer’s valuation, price
and earning momentum, earnings quality and other factors may also be considered.
While the adviser may use derivatives, including futures, forward contracts, options and swaps, for any investment purpose, the
adviser expects to use derivatives primarily to increase or decrease exposure to a particular market, segment of the market or
security. In seeking to achieve its investment objective, the Portfolio may engage in active and frequent trading.
The Portfolio may sell securities for a variety of reasons such as to seek to secure gains, limit losses, or redeploy assets into
opportunities believed to be more promising, among others.
PRINCIPAL RISKS
Portfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be no
assurance that the Portfolio will achieve its objective. The main risks of investing in this Portfolio are identified below.
• Active Management Risk – The adviser’s investment strategies and techniques may not perform as expected which could
cause the Portfolio to underperform other mutual funds or lose money. Also, an actively managed Portfolio using a particular
style of investing, such as growth or value or a combination of both, may underperform when the market does not favor the
particular style used by the Portfolio. Different investment styles tend to shift in and out of favor, depending on market
conditions and investor sentiment.
• Derivatives Risk – The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate or
index. The Portfolio’s use of derivatives involves risks different from, or possibly greater than, the risks associated with
investing directly in securities or other traditional investments. Investments in derivatives may not have the intended effects
and may result in losses for the Portfolio that may not otherwise have occurred or missed opportunities for the Portfolio.
Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amount invested.
Derivatives could involve management, credit, interest rate, liquidity and market risks, and the risks of mispricing or improper
valuation. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index. In
addition, the Portfolio could sustain a loss in the event the counterparty to a derivatives transaction fails to make the required
payments or otherwise comply with the terms of the contract.
• Emerging Markets Risk – Investing in emerging market securities increases foreign investing risk, and may subject the
Portfolio to more rapid and extreme changes in value or more losses than a fund that invests exclusively in U.S. securities or in
foreign, developed countries. This risk is due to smaller markets, illiquidity, significant price and market volatility, currency,
interest rate and commodity price fluctuations, restrictions on foreign investment, changes in tax policy, differing securities
market structures, higher transaction costs, and various administrative difficulties, such as delays in executing, clearing and
settling portfolio transactions or in receiving payment of dividends.
• Equity Securities Risk – The value of equity securities, such as common and preferred stocks, could decline if the financial
condition of the companies the Portfolio is invested in declines or if overall market and economic conditions deteriorate.
Equity securities generally have greater price volatility than fixed income securities. Investments in rights and warrants may be
more volatile than the underlying investments in stocks.
NMSF–47 Northwestern Mutual Series Fund, Inc.
Research International Core Portfolio
• Foreign Currency Risk – The risk that foreign (non-U.S. dollar) currency denominated securities, or derivatives that provide
exposure to foreign currencies, may be adversely affected by decreases in foreign currency values relative to the U.S. dollar.
Investments in securities subject to foreign currency risk may have more rapid and extreme changes in value or more losses
than investments in U.S. dollar denominated securities.
• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in value
or more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differing
reporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,
political and economic conditions, or diplomatic developments. Foreign securities may be less liquid, more volatile, and harder
to value than U.S. securities.
• Geographic Concentration Risk – The Portfolio’s performance could be more volatile than that of a more geographically
diversified fund as a result of the Portfolio investing a relatively large percentage of its assets in issuers located in a single
country, a small number of countries, or a particular geographic region. Also, the Portfolio’s performance may be more closely
tied to the market, currency, economic, political, or regulatory conditions in those countries or that region.
• High Portfolio Turnover Risk – Active and frequent trading may cause higher brokerage expenses and other transaction
costs, which may adversely affect the Portfolio’s performance.
• Large Cap Company Risk – Investing in large cap stocks could cause the Portfolio to underperform in markets favoring
faster growing companies. Large cap stocks tend to be more mature with fewer opportunities to grow and may not have the
same growth potential as stocks with smaller capitalizations.
• Liquidity Risk – Particular investments, such as restricted securities, small and micro cap stocks, foreign securities and
derivatives, may be difficult to purchase or sell at an advantageous time or price, if at all. These risks may be magnified during
periods of economic turmoil or in an extended economic downturn.
• Market Risk – The risk that the market price of securities owned by the Portfolio may go up or down, sometimes rapidly or
unpredictably, due to factors affecting securities markets generally or particular industries.
• Small and Mid Cap Company Risk – Investing in small and mid cap stocks may cause greater risk of loss and price
fluctuation than investing in stocks of larger cap companies due to a more limited track record, narrower product markets, more
limited resources and less liquid trading markets. These stocks may be more volatile and more difficult to buy and sell than
stocks with larger capitalizations.
Northwestern Mutual Series Fund, Inc. NMSF–48
Research International Core Portfolio
PERFORMANCE
The following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio has
varied from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain time
periods and compares the Portfolio’s returns with the returns of certain market indices and peer groups. Returns are based on past
results and are not an indication of future performance. Neither the bar chart nor the table reflects the fees and expenses
separately charged by the variable annuity contract or variable life insurance policy separate account that invests in the Portfolio
and returns would be lower if those fees and expenses were reflected.
60%
Average Annual Total Return
40% 30.82% (for periods ended December 31, 2010)
20% 11.05% Since
Inception on
0% 1 Yr 04/30/07
-20% Research International Core Portfolio
11.05% -3.40%
-40%
-42.54% MSCI® All Country World (ex-US) Index (Gross)
-60% 11.60% -1.77%
08
09
10
MSCI EAFE® (Europe-Australasia-Far East) Index (Gross)
20
20
20
8.21% -4.71%
Best Qtr: 2nd – ‘09 24.05% Worst Qtr: 3rd – ‘08 -20.62% Lipper® Variable Insurance Products (VIP) International Core
Funds Average
9.21% —
PORTFOLIO MANAGEMENT
Investment Adviser: Mason Street Advisors, LLC
Sub-Adviser: Massachusetts Financial Services Company (MFS®)
Portfolio Managers: Jose Luis Garcia, Investment Officer of MFS, has managed the Portfolio since 2007.
Thomas Melendez, Investment Officer of MFS, has managed the Portfolio since 2007.
TAX INFORMATION
Shares of the Portfolio are offered only for funding variable annuity contracts and variable life insurance policies offered by The
Northwestern Mutual Life Insurance Company through separate accounts. Insurance company separate accounts generally do not
pay tax on dividends or capital gain distributions. Investors in variable annuity contracts and variable life insurance policies
should refer to the prospectuses for the variable products for a discussion of the tax considerations that affect the insurance
company and its separate accounts and the tax consequences to investors of owning such products.
COMPENSATION TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
Neither the Portfolio nor any related companies pay compensation to broker-dealers or other financial intermediaries for the sale
of Portfolio shares or related services. Investors in variable annuity contracts and variable life insurance policies should refer to
the prospectuses for the variable products for important information about compensation paid to financial intermediaries for sales
of variable annuity contracts and variable life insurance policies.
NMSF–49 Northwestern Mutual Series Fund, Inc.
SUMMARY PROSPECTUS
MAY 1, 2011 International Equity Portfolio
Before you invest, you may want to review the Portfolio’s prospectus, which contains more information about the Portfolio
and its risks. You can find the Portfolio’s prospectus and other information about the Portfolio online at
www.nmseriesfund.com. You can also get this information at no cost by calling 1-888-455-2232 or by sending an e-mail
request to sfprospectus@northwesternmutual.com. The current prospectus and statement of additional information, each
dated May 1, 2011, along with the Portfolio’s most recent annual report dated December 31, 2010, are incorporated by
reference into this Summary Prospectus. The Portfolio’s statement of additional information and annual report may be
obtained, free of charge, in the same manner as the prospectus.
INVESTMENT OBJECTIVE
The investment objective of the Portfolio is long-term growth of capital. Any income realized will be incidental.
FEES AND EXPENSES OF THE PORTFOLIO
The table below describes the fees and expenses that you may pay when you buy and hold interests in a separate account that
invests in shares of the Portfolio as a result of your purchase of a variable annuity contract or variable life insurance policy. The
fees and expenses shown in the table and Example do not reflect fees and expenses separately charged by variable annuity
contracts or variable life insurance policies. If the fees and expenses separately charged by variable annuity contracts and variable
life insurance policies were included, the fees and expenses shown in the table and the Example would be higher.
Shareholder Fees Example
(fees paid directly from your investment) N/A This Example is intended to help you compare the cost of
investing in the Portfolio with the cost of investing in other
Annual Portfolio Operating Expenses
mutual funds. The Example assumes that you invest $10,000
(expenses that you pay each year as a percentage
in the Portfolio for the time periods indicated and then redeem
of the value of your investment)
all of your shares at the end of those periods. The Example
Management Fee 0.66% also assumes that your investment has a 5% return each year
and that the Portfolio’s operating expenses remain the same.
Distribution and Service (12b-1) Fees None
Although your actual costs may be higher or lower, based on
Other Expenses 0.06% these assumptions your costs would be:
Total Annual Portfolio Operating Expenses 0.72% 1 Year 3 Years 5 Years 10 Years
Fee Waiver* (0.05)% $68 $223 $394 $888
Total Annual Portfolio Operating Expenses After
Fee Waiver* 0.67%
* The Portfolio’s investment adviser has entered into a written
agreement to waive a portion of its management fee, such that
the management fee is 0.80% on the Portfolio’s first $50
million of assets, 0.60% on assets from $50 million to $1
billion and 0.58% on assets from $1 billion to $1.5 billion.
This fee waiver agreement may be terminated by the adviser
at any time after April 30, 2012.
Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A
higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in Annual Portfolio
Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s
portfolio turnover rate was 28.57% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
Normally, the Portfolio invests at least 80% of net assets (plus any borrowings for investment purposes) in equity securities and at
least 65% of net assets in securities of issuers from a minimum of three countries outside the U.S. The Portfolio has an unlimited
right to purchase securities in any foreign country, developed or undeveloped. From time to time, based on economic conditions,
the Portfolio may have significant investments in one or more countries or in particular sectors.
Northwestern Mutual Series Fund, Inc. NMSF–50
International Equity Portfolio
The Portfolio’s investments in equity securities may include small, medium and large capitalization issues that the Portfolio’s
adviser believes are undervalued. The strategy for the Portfolio will reflect a bottom-up, value oriented and long-term investment
philosophy. In choosing equity investments, the adviser will focus on the market price of a company’s securities in relation to the
company’s long-term earnings (typically 5 years), asset value and cash flow potential. A company’s historical value measures,
including price/earnings ratio, profit margins and liquidation value, will also be considered. The Portfolio invests primarily in
foreign common stocks.
The adviser may consider selling an equity security when it believes the security has become overvalued due to either its price
appreciation or changes in the company’s fundamentals.
PRINCIPAL RISKS
Portfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be no
assurance that the Portfolio will achieve its objective. The main risks of investing in this Portfolio are identified below.
• Active Management Risk – The adviser’s investment strategies and techniques may not perform as expected which could
cause the Portfolio to underperform other mutual funds or lose money. Also, an actively managed Portfolio using a value style
of investing, such as the Portfolio, may underperform when the market does not favor the particular style used by the Portfolio.
Different investment styles tend to shift in and out of favor, depending on market conditions and investor sentiment.
• Emerging Markets Risk – Investing in emerging market securities increases foreign investing risk, and may subject the
Portfolio to more rapid and extreme changes in value or more losses than a fund that invests exclusively in U.S. securities or in
foreign, developed countries. This risk is due to smaller markets, illiquidity, significant price and market volatility, currency,
interest rate and commodity price fluctuations, restrictions on foreign investment, changes in tax policy, differing securities
market structures, higher transaction costs, and various administrative difficulties, such as delays in executing, clearing and
settling portfolio transactions or in receiving payment of dividends.
• Equity Securities Risk – The value of equity securities, such as common and preferred stocks, could decline if the financial
condition of the companies the Portfolio is invested in declines or if overall market and economic conditions deteriorate.
Equity securities generally have greater price volatility than fixed income securities. Investments in rights and warrants may be
more volatile than the underlying investments in stocks.
• Foreign Currency Risk – The risk that foreign (non-U.S. dollar) currency denominated securities may be adversely affected
by decreases in foreign currency values relative to the U.S. dollar. Investments in securities subject to foreign currency risk
may have more rapid and extreme changes in value or more losses than investments in U.S. dollar denominated securities.
• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in value
or more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differing
reporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,
political and economic conditions, or diplomatic developments. Foreign securities and may be less liquid, more volatile, and
harder to value than U.S. securities.
• Geographic Concentration Risk – The Portfolio’s performance could be more volatile than that of a more geographically
diversified fund as a result of the Portfolio investing a relatively large percentage of its assets in issuers located in a single
country, a small number of countries, or a particular geographic region. Also, the Portfolio’s performance may be more closely
tied to the market, currency, economic, political, or regulatory conditions in those countries or that region.
• Large Cap Company Risk – Investing in large cap stocks could cause the Portfolio to underperform in markets favoring
faster growing companies. Large cap stocks tend to be more mature with fewer opportunities to grow and may not have the
same growth potential as stocks with smaller capitalizations.
• Market Risk – The risk that the market price of securities owned by the Portfolio may go up or down, sometimes rapidly or
unpredictably, due to factors affecting securities markets generally or particular industries.
• Small and Mid Cap Company Risk – Investing in small and mid cap stocks may cause greater risk of loss and price
fluctuation than investing in stocks of larger cap companies due to a more limited track record, narrower product markets, more
limited resources and less liquid trading markets. These stocks may be more volatile and more difficult to buy and sell than
stocks with larger capitalizations.
NMSF–51 Northwestern Mutual Series Fund, Inc.
International Equity Portfolio
PERFORMANCE
The following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio has
varied from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain time
periods and compares the Portfolio’s returns with the returns of certain market indices and peer groups. Returns are based on past
results and are not an indication of future performance. Neither the bar chart nor the table reflects the fees and expenses
separately charged by the variable annuity contract or variable life insurance policy separate account that invests in the Portfolio
and returns would be lower if those fees and expenses were reflected.
50%
40%
40.46% Average Annual Total Return
30.90% 33.11%
30% (for periods ended December 31, 2010)
20%
19.33% 18.06%
11.52% 1 Yr 5 Yrs 10 Yrs
10% 7.67%
0%
International Equity Portfolio
-10%
7.67% 4.48% 5.16%
-20% -14.00%
-17.40% MSCI® All Country World (ex-US) Index (Gross)
-30% 11.60% 5.29% 5.97%
-40%
-43.78%
MSCI EAFE® (Europe-Australasia-Far East) Index (Gross)
-50%
8.21% 2.94% 3.94%
01
02
03
04
05
06
07
08
09
10
Lipper®
20
20
20
20
20
20
20
20
20
20
Variable Insurance Products (VIP) International Value
Funds Average
Best Qtr: 2nd – ‘09 26.04% Worst Qtr: 4th – ‘08 -21.31% 5.18% 1.03% 3.20%
PORTFOLIO MANAGEMENT
Investment Adviser: Mason Street Advisors, LLC
Sub-Adviser: Templeton Investment Counsel, LLC (Templeton)
Portfolio Managers: Gary P. Motyl, Chief Investment Officer of Templeton Institutional Global Equities and President of
Templeton, joined Templeton in 1981 and has managed the Portfolio since 2004.
Neil Devlin, Executive Vice President of Templeton, joined Templeton in 2007 and has been co-portfolio manager of the
Portfolio since September 2010.
TAX INFORMATION
Shares of the Portfolio are offered only for funding variable annuity contracts and variable life insurance policies offered by The
Northwestern Mutual Life Insurance Company through separate accounts. Insurance company separate accounts generally do not
pay tax on dividends or capital gain distributions. Investors in variable annuity contracts and variable life insurance policies
should refer to the prospectuses for the variable products for a discussion of the tax considerations that affect the insurance
company and its separate accounts and the tax consequences to investors of owning such products.
COMPENSATION TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
Neither the Portfolio nor any related companies pay compensation to broker-dealers or other financial intermediaries for the sale
of Portfolio shares or related services. Investors in variable annuity contracts and variable life insurance policies should refer to
the prospectuses for the variable products for important information about compensation paid to financial intermediaries for sales
of variable annuity contracts and variable life insurance policies.
Northwestern Mutual Series Fund, Inc. NMSF–52
SUMMARY PROSPECTUS
MAY 1, 2011 Emerging Markets Equity Portfolio
Before you invest, you may want to review the Portfolio’s prospectus, which contains more information about the Portfolio
and its risks. You can find the Portfolio’s prospectus and other information about the Portfolio online at
www.nmseriesfund.com. You can also get this information at no cost by calling 1-888-455-2232 or by sending an e-mail
request to sfprospectus@northwesternmutual.com. The current prospectus and statement of additional information, each
dated May 1, 2011, along with the Portfolio’s most recent annual report dated December 31, 2010, are incorporated by
reference into this Summary Prospectus. The Portfolio’s statement of additional information and annual report may be
obtained, free of charge, in the same manner as the prospectus.
INVESTMENT OBJECTIVE
The Portfolio’s investment objective is to seek capital appreciation.
FEES AND EXPENSES OF THE PORTFOLIO
The table below describes the fees and expenses that you may pay when you buy and hold interests in a separate account that
invests in shares of the Portfolio as a result of your purchase of a variable annuity contract or variable life insurance policy. The
fees and expenses shown in the table and Example do not reflect fees and expenses separately charged by variable annuity
contracts or variable life insurance policies. If the fees and expenses separately charged by variable annuity contracts and variable
life insurance policies were included, the fees and expenses shown in the table and the Example would be higher.
Shareholder Fees Example
(fees paid directly from your investment) N/A This Example is intended to help you compare the cost of
investing in the Portfolio with the cost of investing in other
Annual Portfolio Operating Expenses
mutual funds. The Example assumes that you invest $10,000
(expenses that you pay each year as a percentage
in the Portfolio for the time periods indicated and then redeem
of the value of your investment)
all of your shares at the end of those periods. The Example
Management Fee 1.14% also assumes that your investment has a 5% return each year
and that the Portfolio’s operating expenses remain the same.
Distribution and Service (12b-1) Fees None
Although your actual costs may be higher or lower, based on
Other Expenses 0.43% these assumptions your costs would be:
Total Annual Portfolio Operating Expenses 1.57% 1 Year 3 Years 5 Years 10 Years
Expense Reimbursement (0.07)% $153 $486 $846 $1,859
Total Annual Portfolio Operating Expenses After
Expense Reimbursement* 1.50%
* The Portfolio’s investment adviser has entered into a written
expense limitation agreement under which it has agreed to
limit the total expenses of the Portfolio (excluding taxes,
brokerage, other investment-related costs, interest and
dividend expenses and charges, and extraordinary expenses) to
an annual rate of 1.50% of the Portfolio’s average net assets.
This expense limitation agreement may be terminated by the
adviser at any time after April 30, 2012.
Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A
higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in Annual Portfolio
Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s
portfolio turnover rate was 51.60% of the average value of its portfolio.
NMSF–53 Northwestern Mutual Series Fund, Inc.
Emerging Markets Equity Portfolio
PRINCIPAL INVESTMENT STRATEGIES
The Portfolio normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of
issuers that are tied economically to emerging market countries. Such equity securities may include common stocks, preferred
stocks, securities convertible into stock and depositary receipts for those securities. Emerging market countries may include
countries determined by the Portfolio’s adviser to have emerging market economies, taking into account a number of factors,
including whether a particular country has a low to middle economy according to the International Bank for Reconstruction and
Development (the World Bank), the country’s foreign currency debt rating, its political and economic stability, and the
development of its financial and capital markets. Currently, such countries are located in Latin America, Asia, Africa, the Middle
East, and the developing countries of Europe, primarily Eastern Europe. In seeking to achieve its investment objective, the
Portfolio may engage in active and frequent trading.
The Portfolio may invest in companies of any size. Although the Portfolio is diversified, the Portfolio may invest a relatively
large percentage of its assets in a single issuer or a small number of issuers. The adviser may invest a relatively large percentage
of the Portfolio’s assets in issuers in a single country, a small number of countries, or a particular geographic region.
The adviser uses a bottom-up investment approach to buying and selling investments for the Portfolio. Investments are selected
primarily based on fundamental analysis of individual issuers and their potential in light of their current financial condition, and
market, economic, political, and regulatory conditions. Factors considered may include analysis of an issuer’s earnings, cash
flows, competitive position and management ability. Quantitative models that systematically evaluate an issuer’s valuation, price
and earnings momentum, earnings quality and other factors may also be considered.
The Portfolio may sell securities for a variety of reasons such as to seek to secure gains, limit losses, or redeploy assets into
opportunities believed to be more promising, among others.
PRINCIPAL RISKS
Portfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be no
assurance that the Portfolio will achieve its objective. The main risks of investing in this Portfolio are identified below.
• Active Management Risk – The adviser’s investment strategies and techniques may not perform as expected which could
cause the Portfolio to underperform other mutual funds or lose money. Also, an actively managed Portfolio using a particular
style of investing, such as growth or value or a combination of both, may underperform when the market does not favor the
particular style used by the Portfolio. Different investment styles tend to shift in and out of favor, depending on market
conditions and investor sentiment.
• Emerging Markets Risk – Investing in emerging market securities increases foreign investing risk, and may subject the
Portfolio to more rapid and extreme changes in value or more losses than a fund that invests exclusively in U.S. securities or in
foreign, developed countries. This risk is due to smaller markets, illiquidity, significant price and market volatility, currency,
interest rate and commodity price fluctuations, restrictions on foreign investment, changes in tax policy, differing securities
market structures, higher transaction costs, and various administrative difficulties, such as delays in executing, clearing and
settling portfolio transactions or in receiving payment of dividends.
• Equity Securities Risk – The value of equity securities, such as common and preferred stocks, could decline if the financial
condition of the companies the Portfolio is invested in declines or if overall market and economic conditions deteriorate.
Equity securities generally have greater price volatility than fixed income securities. Investments in rights and warrants may be
more volatile than the underlying investments in stocks.
• Focus Risk – The Portfolio’s performance could be more closely tied to the value of a single security or small number of
securities because, although diversified, the Portfolio may hold large positions in a single or small number of securities. As a
result, the Portfolio’s performance could be more volatile than the performance of funds that hold a greater number of
securities.
• Foreign Currency Risk – The risk that foreign (non-U.S. dollar) currency denominated securities, or derivatives that provide
exposure to foreign currencies, may be adversely affected by decreases in foreign currency values relative to the U.S. dollar.
Investments in securities subject to foreign currency risk may have more rapid and extreme changes in value or more losses
than investments in U.S. dollar denominated securities.
• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in value
or more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differing
reporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,
Northwestern Mutual Series Fund, Inc. NMSF–54
Emerging Markets Equity Portfolio
political and economic conditions or diplomatic developments. Foreign securities may be less liquid, more volatile, and harder
to value than U.S. securities.
• Geographic Concentration Risk – The Portfolio’s performance could be more volatile than that of a more geographically
diversified fund as a result of the Portfolio investing a relatively large percentage of its assets in issuers located in a single
country, a small number of countries, or a particular geographic region. Also, the Portfolio’s performance may be more closely
tied to the market, currency, economic, political, or regulatory conditions in those countries or that region.
• High Portfolio Turnover Risk – Active and frequent trading may cause higher brokerage expenses and other transaction
costs, which may adversely affect the Portfolio’s performance.
• Large Cap Company Risk – Investing in large cap stocks could cause the Portfolio to underperform in markets favoring
faster growing companies. Large cap stocks tend to be more mature with fewer opportunities to grow and may not have the
same growth potential as stocks with smaller capitalizations.
• Liquidity Risk – Particular investments, such as restricted securities, small and micro cap stocks, foreign securities and
derivatives, may be difficult to purchase or sell at an advantageous time or price, if at all. These risks may be magnified during
periods of economic turmoil or in an extended economic downturn.
• Market Risk – The risk that the market price of securities owned by the Portfolio may go up or down, sometimes rapidly or
unpredictably, due to factors affecting securities markets generally or particular industries.
• Micro Cap Company Risk – Investing in micro cap stocks may cause the Portfolio to experience more rapid and extreme
changes in value than a fund that invests solely in small, mid and large cap stocks due to a more limited track record, narrower
product markets, more limited resources higher risk of failure, and less liquid trading markets.
• Small and Mid Cap Company Risk – Investing in small and mid cap stocks may cause greater risk of loss and price
fluctuation than investing in stocks of larger cap companies due to a more limited track record, narrower product markets, more
limited resources and less liquid trading markets. These stocks may be more volatile and more difficult to buy and sell than
stocks with larger capitalizations.
NMSF–55 Northwestern Mutual Series Fund, Inc.
Emerging Markets Equity Portfolio
PERFORMANCE
The following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio has
varied from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain time
periods and compares the Portfolio’s returns with the returns of certain market indices and peer groups. Returns are based on past
results and are not an indication of future performance. Neither the bar chart nor the table reflects the fees and expenses
separately charged by the variable annuity contract or variable life insurance policy separate account that invests in the Portfolio
and returns would be lower if those fees and expenses were reflected.
90%
69.73% Average Annual Total Return
60% (for periods ended December 31, 2010)
30% 24.08% Since
Inception on
0% 1 Yr 04/30/07
-30% Emerging Markets Equity Portfolio
24.08% 4.52%
-60% -55.22%
MSCI® Emerging Markets Index
-90% 19.20% 7.49%
08
09
10
Lipper®Variable Insurance Products (VIP) Emerging Markets
20
20
20
Funds Average
18.61% —
Best Qtr: 2nd – ‘09 30.57% Worst Qtr: 3rd – ‘08 -30.50%
PORTFOLIO MANAGEMENT
Investment Adviser: Mason Street Advisors, LLC
Sub-Adviser: Massachusetts Financial Services Company (MFS®)
Portfolio Managers: Jose Luis Garcia, Investment Officer of MFS, has managed the Portfolio since 2008.
Robert Lau, Investment Officer of MFS, has managed the Portfolio since 2009.
TAX INFORMATION
Shares of the Portfolio are offered only for funding variable annuity contracts and variable life insurance policies offered by The
Northwestern Mutual Life Insurance Company through separate accounts. Insurance company separate accounts generally do not
pay tax on dividends or capital gain distributions. Investors in variable annuity contracts and variable life insurance policies
should refer to the prospectuses for the variable products for a discussion of the tax considerations that affect the insurance
company and its separate accounts and the tax consequences to investors of owning such products.
COMPENSATION TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
Neither the Portfolio nor any related companies pay compensation to broker-dealers or other financial intermediaries for the sale
of Portfolio shares or related services. Investors in variable annuity contracts and variable life insurance policies should refer to
the prospectuses for the variable products for important information about compensation paid to financial intermediaries for sales
of variable annuity contracts and variable life insurance policies.
Northwestern Mutual Series Fund, Inc. NMSF–56
SUMMARY PROSPECTUS
MAY 1, 2011 Money Market Portfolio
Before you invest, you may want to review the Portfolio’s prospectus, which contains more information about the Portfolio
and its risks. You can find the Portfolio’s prospectus and other information about the Portfolio online at
www.nmseriesfund.com. You can also get this information at no cost by calling 1-888-455-2232 or by sending an e-mail
request to sfprospectus@northwesternmutual.com. The current prospectus and statement of additional information, each
dated May 1, 2011, along with the Portfolio’s most recent annual report dated December 31, 2010, are incorporated by
reference into this Summary Prospectus. The Portfolio’s statement of additional information and annual report may be
obtained, free of charge, in the same manner as the prospectus.
INVESTMENT OBJECTIVE
The investment objective of the Portfolio is to realize maximum current income to the extent consistent with liquidity and
stability of capital.
FEES AND EXPENSES OF THE PORTFOLIO
The table below describes the fees and expenses that you may pay when you buy and hold interests in a separate account that
invests in shares of the Portfolio as a result of your purchase of a variable annuity contract or variable life insurance policy. The
fees and expenses shown in the table and Example do not reflect fees and expenses separately charged by variable annuity
contracts or variable life insurance policies. If the fees and expenses separately charged by variable annuity contracts and variable
life insurance policies were included, the fees and expenses shown in the table and the Example would be higher.
Shareholder Fees Example
(fees paid directly from your investment) N/A This Example is intended to help you compare the cost of
investing in the Portfolio with the cost of investing in other
Annual Portfolio Operating Expenses
mutual funds. The Example assumes that you invest $10,000
(expenses that you pay each year as a percentage
in the Portfolio for the time periods indicated and then redeem
of the value of your investment)
all of your shares at the end of those periods. The Example
Management Fee 0.30% also assumes that your investment has a 5% return each year
and that the Portfolio’s operating expenses remain the same.
Distribution and Service (12b-1) Fees None
Although your actual costs may be higher or lower, based on
Other Expenses 0.00% these assumptions your costs would be:
Total Annual Portfolio Operating Expenses 0.30% 1 Year 3 Years 5 Years 10 Years
$31 $97 $169 $381
PRINCIPAL INVESTMENT STRATEGIES
The Portfolio invests only in high quality, short term money market instruments that present minimal credit risks, as determined
by management. While the Portfolio seeks to achieve its investment objective by investing primarily in a diversified portfolio of
money market securities that are in the highest rating category for short-term obligations, it also may invest up to 3% of total
assets in money market securities that are in the second-highest rating category for short-term obligations. The Portfolio may
invest only in U.S. dollar denominated securities that mature in 397 days or fewer from the date of purchase.
The Portfolio primarily invests in the following types of securities: obligations of the U.S. Government (including its agencies
and instrumentalities); short-term corporate debt securities of domestic and foreign corporations; obligations of domestic and
foreign commercial banks, savings banks, and savings and loan associations; commercial paper; and repurchase agreements. The
Portfolio may invest more than 25% of its total assets in securities or obligations issued by U.S. banks. The Portfolio’s
investments will comply with applicable rules governing the quality, maturity, liquidity and diversification of securities held by
money market funds.
The Portfolio attempts to maximize its return by trading to take advantage of changing money market conditions and trends. The
Portfolio will also trade to take advantage of what are believed to be disparities in yield relationships between different money
market instruments. This procedure may increase or decrease the Portfolio’s yield depending upon management’s ability to
correctly time and execute such transactions.
Because the Portfolio intends to purchase only securities that mature in 397 days or fewer from the date of purchase, the level of
purchases will be relatively high. However, as transaction costs on Portfolio investments are generally not substantial, the high
level of purchases is not expected to adversely affect the Portfolio’s net asset value or net income.
NMSF–57 Northwestern Mutual Series Fund, Inc.
Money Market Portfolio
An investment in the Money Market Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency. Although the Money Market Portfolio seeks to preserve the value of your investment at $1.00 per
share, it is possible to lose money by investing in the Portfolio.
PRINCIPAL RISKS
The main risks of investing in the Portfolio are identified below.
• Concentration Risk – Because the Portfolio will invest a significant portion of its assets in securities of companies in the
banking industry, developments affecting the banking industry will have a disproportionate impact on the Portfolio. These risks
generally include interest rate risk, credit risk and risks associated with regulatory changes in the banking industry. The
profitability of banks depends largely on the availability and cost of funds, which can change depending on economic
conditions.
• Credit Risk – The Portfolio could lose money if the issuer or guarantor of a fixed income security or the counterparty to a
repurchase agreement is unwilling or unable to meet its financial obligations.
• Interest Rate Risk – Prices of fixed income instruments generally rise and fall in response to changes in market interest rates.
In a rising interest rate environment, the value of the Portfolio’s fixed income investments is likely to decline. A low interest
rate environment poses additional risks to the Portfolio. Low yields on the Portfolio’s holdings may have an adverse impact on
the Portfolio’s ability to provide a positive yield to its shareholders, pay expenses out of Portfolio assets or, at times, maintain a
stable $1.00 share price.
• Liquidity Risk – Particular investments may be difficult to purchase or sell at an advantageous time or price, if at all. These
risks may be magnified during periods of economic turmoil or in an extended economic downturn.
• Market Risk – The risk that the market price of securities owned by the Portfolio may go up or down, sometimes rapidly or
unpredictably, due to factors affecting securities markets generally or particular industries.
PERFORMANCE
The following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio has
varied from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain time
periods and compares the Portfolio’s returns with the returns of certain market indices and peer groups. Returns are based on past
results and are not an indication of future performance. Neither the bar chart nor the table reflects the fees and expenses
separately charged by the variable annuity contract or variable life insurance policy separate account that invests in the Portfolio
and returns would be lower if those fees and expenses were reflected.
6%
5.28% Average Annual Total Return
5% 4.86% (for periods ended December 31, 2010)
4% 3.91% 1 Yr 5 Yrs 10 Yrs
3%
2.98%
2.76%
Money Market Portfolio
0.29% 2.77% 2.50%
2% 1.65% Lipper® Variable Insurance Products (VIP) Money Market
1.23% 1.43%
1% 0.76% Instrument Funds Average
0.29% 0.01% 2.34% 2.11%
0%
For the seven-day period ended March 31, 2011, the Money
01
02
03
04
05
06
07
08
09
10
20
20
20
20
20
20
20
20
20
20
Market Portfolio’s yield was 0.26% and was equivalent to a
compound effective yield of 0.27%.
Best Qtr: 4th – ‘07 1.37% Worst Qtr: 1st – ‘10 0.06%
PORTFOLIO MANAGEMENT
Investment Adviser: Mason Street Advisors, LLC
Northwestern Mutual Series Fund, Inc. NMSF–58
Money Market Portfolio
TAX INFORMATION
Shares of the Portfolio are offered only for funding variable annuity contracts and variable life insurance policies offered by The
Northwestern Mutual Life Insurance Company through separate accounts. Insurance company separate accounts generally do not
pay tax on dividends or capital gain distributions. Investors in variable annuity contracts and variable life insurance policies
should refer to the prospectuses for the variable products for a discussion of the tax considerations that affect the insurance
company and its separate accounts and the tax consequences to investors of owning such products.
COMPENSATION TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
Neither the Portfolio nor any related companies pay compensation to broker-dealers or other financial intermediaries for the sale
of Portfolio shares or related services. Investors in variable annuity contracts and variable life insurance policies should refer to
the prospectuses for the variable products for important information about compensation paid to financial intermediaries for sales
of variable annuity contracts and variable life insurance policies.
NMSF–59 Northwestern Mutual Series Fund, Inc.
SUMMARY PROSPECTUS
MAY 1, 2011 Short-Term Bond Portfolio
Before you invest, you may want to review the Portfolio’s prospectus, which contains more information about the Portfolio
and its risks. You can find the Portfolio’s prospectus and other information about the Portfolio online at
www.nmseriesfund.com. You can also get this information at no cost by calling 1-888-455-2232 or by sending an e-mail
request to sfprospectus@northwesternmutual.com. The current prospectus and statement of additional information, each
dated May 1, 2011, along with the Portfolio’s most recent annual report dated December 31, 2010, are incorporated by
reference into this Summary Prospectus. The Portfolio’s statement of additional information and annual report may be
obtained, free of charge, in the same manner as the prospectus.
INVESTMENT OBJECTIVE
The primary investment objective of the Portfolio is to provide as high a level of current income as is consistent with prudent
investment risk.
FEES AND EXPENSES OF THE PORTFOLIO
The table below describes the fees and expenses that you may pay when you buy and hold interests in a separate account that
invests in shares of the Portfolio as a result of your purchase of a variable annuity contract or variable life insurance policy. The
fees and expenses shown in the table and Example do not reflect fees and expenses separately charged by variable annuity
contracts or variable life insurance policies. If the fees and expenses separately charged by variable annuity contracts and variable
life insurance policies were included, the fees and expenses shown in the table and the Example would be higher.
Shareholder Fees Example
(fees paid directly from your investment) N/A This Example is intended to help you compare the cost of
investing in the Portfolio with the cost of investing in other
Annual Portfolio Operating Expenses
mutual funds. The Example assumes that you invest $10,000
(expenses that you pay each year as a percentage
in the Portfolio for the time periods indicated and then redeem
of the value of your investment)
all of your shares at the end of those periods. The Example
Management Fee 0.35% also assumes that your investment has a 5% return each year
and that the Portfolio’s operating expenses remain the same.
Distribution and Service (12b-1) Fees None
Although your actual costs may be higher or lower, based on
Other Expenses 0.04% these assumptions your costs would be:
Total Annual Portfolio Operating Expenses 0.39% 1 Year 3 Years 5 Years 10 Years
$40 $125 $219 $493
Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A
higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in Annual Portfolio
Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s
portfolio turnover rate was 115.08% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
Normally, the Portfolio invests at least 80% of net assets (plus any borrowings for investment purposes) in a diversified portfolio
of investment grade debt securities. Investment grade securities are securities rated “investment grade” by at least one Nationally
Recognized Statistical Rating Organization (e.g., BBB- or higher by Standard & Poor’s or Baa3 or higher by Moody’s), or, if
unrated, determined by the Portfolio’s adviser to be of comparable quality. The Portfolio may invest up to 20% of net assets in
non-investment grade, high yield/high risk bonds (so called “junk bonds”). Also, the Portfolio may invest up to 30% of net assets
in foreign securities, consistent with its investment objective, including (i) government issued foreign debt denominated in a
foreign currency and not publicly traded in the U.S. and (ii) U.S. currency denominated foreign debt. Debt securities may be of
any duration, but under normal market conditions, the Portfolio attempts to maintain an effective duration (the percentage price
change of the Portfolio, stated in years, for a given change in interest rates, and adjusted for prepayments and yield curve shifts
for mortgage based securities) of between zero and three years, and a dollar weighted average maturity of not more than three
years. The Portfolio may invest in mortgage- and asset-backed securities, and may utilize futures and forward contracts to adjust
the Portfolio’s duration and yield curve exposure, to hedge foreign currency exposure or for any other permissible purpose in
keeping with its investment objective.
Northwestern Mutual Series Fund, Inc. NMSF–60
Short-Term Bond Portfolio
In selecting securities for the Portfolio, the adviser develops an outlook for interest rates and the economy, analyzes credit and
call risks, and uses other security selection techniques. The adviser uses both a top-down and bottom-up investment approach to
construct the portfolio of investments. The top-down investment approach involves an evaluation by the adviser of the overall
economic environment and its potential impact on the level and direction of interest rates. The adviser then identifies sectors it
believes have the best potential for performance based on economic and business cycles. The bottom-up investment approach
focuses on fundamental research of issuers to identify issuers that appear to have strong relative credit quality, solid balance
sheets, improving company specific fundamentals and free cash flows. The proportion of the Portfolio’s assets committed to
investments in securities with particular characteristics (such as quality, sector, interest rate or maturity) varies based on the
adviser’s outlook for the economy, the financial markets and other factors.
The adviser may sell a portfolio security for a variety of reasons, including to secure gains, limit losses, or to redeploy assets into
more promising opportunities.
PRINCIPAL RISKS
Portfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be no
assurance that the Portfolio will achieve its objective. The main risks of investing in this Portfolio are identified below.
• Active Management Risk – The adviser’s investment strategies and techniques may not perform as expected which could
cause the Portfolio to underperform other mutual funds or lose money.
• Credit Risk – The Portfolio could lose money if the issuer or guarantor of a fixed income security is unwilling or unable to
meet its financial obligations.
• Debt Obligations of Foreign Governments Risk – The issuer of the foreign debt or the governmental authorities that control
the repayment of such debt may be unable or unwilling to repay principal or interest when due, and the Portfolio may have
limited recourse in the event of a default. The market prices of debt obligations of governments and their agencies, and the
Portfolio’s net asset value, may be more volatile than prices of U.S. debt obligations.
• Derivatives Risk – The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate or
index. The Portfolio’s use of derivatives involves risks different from, or possibly greater than, the risks associated with
investing directly in securities or other traditional investments. Investments in derivatives may not have the intended effects
and may result in losses for the Portfolio that may not otherwise have occurred or missed opportunities for the Portfolio.
Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amount invested.
Derivatives could involve management, credit, interest rate, liquidity and market risks, and the risks of mispricing or improper
valuation. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index. In
addition, the Portfolio could sustain a loss in the event the counterparty to a derivatives transaction fails to make the required
payments or otherwise comply with the terms of the contract.
• Foreign Currency Risk – The risk that foreign (non-U.S. dollar) currency denominated securities, or derivatives that provide
exposure to foreign currencies, may be adversely affected by decreases in foreign currency values relative to the U.S. dollar, or,
in the case of hedged positions, that the U.S. dollar will decline in value relative to the currency being hedged. Investments in
securities subject to foreign currency risk may have more rapid and extreme changes in value or more losses than investments
in U.S. dollar denominated securities.
• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in value
or more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differing
reporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,
political and economic conditions, or diplomatic developments. Foreign securities may be less liquid, more volatile, and harder
to value than U.S. securities. The Portfolio’s investments in emerging markets heighten these risks due to a lack of established
legal, political, business and social frameworks to support securities markets.
• High Yield Debt Risk – High yield debt securities in which the Portfolio invests have greater interest rate and credit risk,
maybe more difficult to sell or sell at a reasonable price, and have greater risk of loss than higher rated securities.
• Interest Rate Risk – Prices of fixed income instruments generally rise and fall in response to changes in market interest rates.
In a rising interest rate environment, the value of the Portfolio’s fixed income investments is likely to decline.
• Liquidity Risk – Particular fixed income or derivative investments may be difficult to purchase or sell at an advantageous time
or price, if at all. These risks may be magnified during periods of economic turmoil or in an extended economic downturn.
NMSF–61 Northwestern Mutual Series Fund, Inc.
Short-Term Bond Portfolio
• Mortgage- and Asset-Backed Securities Risk – The risks of investing in mortgage-related and other asset-backed securities,
including interest rate risk, credit risk, liquidity risk, extension risk and prepayment risk.
PERFORMANCE
The following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio has
varied from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain time
periods and compares the Portfolio’s returns with the returns of certain market indices and peer groups. Returns are based on past
results and are not an indication of future performance. Neither the bar chart nor the table reflects the fees and expenses
separately charged by the variable annuity contract or variable life insurance policy separate account that invests in the Portfolio
and returns would be lower if those fees and expenses were reflected.
10%
Average Annual Total Return
7.22%
(for periods ended December 31, 2010)
Since
Inception on
5% 1 Yr 04/30/07
3.63%
2.71% Short-Term Bond Portfolio
3.63% 4.53%
Barclays Capital® U.S. Aggregate 1-3 Years Index
0% 2.62% 4.64%
08
09
10
Lipper® Variable Insurance Products (VIP) Short-Intermediate
20
20
20
Investment Grade Debt Funds Average
3.34% —
Best Qtr: 1st – ‘09 2.53% Worst Qtr: 3rd – ‘08 -1.06%
PORTFOLIO MANAGEMENT
Investment Adviser: Mason Street Advisors, LLC (MSA)
Portfolio Managers: R. David Ells, Managing Director of MSA, joined The Northwestern Mutual Life Insurance Company
(Northwestern Mutual) in 2004 and has been managing the Portfolio since its inception in 2007.
Brian K. Yeazel, Managing Director of MSA, joined Northwestern Mutual in 1994 and has been co-portfolio manager of the
Portfolio since September 2010.
TAX INFORMATION
Shares of the Portfolio are offered only for funding variable annuity contracts and variable life insurance policies offered by The
Northwestern Mutual Life Insurance Company through separate accounts. Insurance company separate accounts generally do not
pay tax on dividends or capital gain distributions. Investors in variable annuity contracts and variable life insurance policies
should refer to the prospectuses for the variable products for a discussion of the tax considerations that affect the insurance
company and its separate accounts and the tax consequences to investors of owning such products.
COMPENSATION TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
Neither the Portfolio nor any related companies pay compensation to broker-dealers or other financial intermediaries for the sale
of Portfolio shares or related services. Investors in variable annuity contracts and variable life insurance policies should refer to
the prospectuses for the variable products for important information about compensation paid to financial intermediaries for sales
of variable annuity contracts and variable life insurance policies.
Northwestern Mutual Series Fund, Inc. NMSF–62
SUMMARY PROSPECTUS
MAY 1, 2011 Select Bond Portfolio
Before you invest, you may want to review the Portfolio’s prospectus, which contains more information about the Portfolio
and its risks. You can find the Portfolio’s prospectus and other information about the Portfolio online at
www.nmseriesfund.com. You can also get this information at no cost by calling 1-888-455-2232 or by sending an e-mail
request to sfprospectus@northwesternmutual.com. The current prospectus and statement of additional information, each
dated May 1, 2011, along with the Portfolio’s most recent annual report dated December 31, 2010, are incorporated by
reference into this Summary Prospectus. The Portfolio’s statement of additional information and annual report may be
obtained, free of charge, in the same manner as the prospectus.
INVESTMENT OBJECTIVE
The primary investment objective of the Portfolio is to provide as high a level of total return as is consistent with prudent
investment risk. A secondary objective is to seek preservation of shareholders’ capital.
FEES AND EXPENSES OF THE PORTFOLIO
The table below describes the fees and expenses that you may pay when you buy and hold interests in a separate account that
invests in shares of the Portfolio as a result of your purchase of a variable annuity contract or variable life insurance policy. The
fees and expenses shown in the table and Example do not reflect fees and expenses separately charged by variable annuity
contracts or variable life insurance policies. If the fees and expenses separately charged by variable annuity contracts and variable
life insurance policies were included, the fees and expenses shown in the table and the Example would be higher.
Shareholder Fees Example
(fees paid directly from your investment) N/A This Example is intended to help you compare the cost of
investing in the Portfolio with the cost of investing in other
Annual Portfolio Operating Expenses
mutual funds. The Example assumes that you invest $10,000
(expenses that you pay each year as a percentage
in the Portfolio for the time periods indicated and then redeem
of the value of your investment)
all of your shares at the end of those periods. The Example
Management Fee 0.30% also assumes that your investment has a 5% return each year
and that the Portfolio’s operating expenses remain the same.
Distribution and Service (12b-1) Fees None
Although your actual costs may be higher or lower, based on
Other Expenses 0.00% these assumptions your costs would be:
Total Annual Portfolio Operating Expenses 0.30% 1 Year 3 Years 5 Years 10 Years
$31 $97 $169 $381
Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A
higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in Annual Portfolio
Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s
portfolio turnover rate was 112.85% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
Normally, the Portfolio invests at least 80% of net assets (plus any borrowings for investment purposes) in a diversified portfolio
of investment grade debt securities with maturities exceeding one year. Investment grade securities are securities rated investment
grade by at least one Nationally Recognized Statistical Rating Organization (e.g., BBB- or higher by Standard & Poor’s or Baa3
or higher by Moody’s), or, if unrated, determined by the Portfolio’s adviser to be of comparable quality. The Portfolio may invest
up to 20% of net assets in non-investment grade, high yield/high risk bonds (so called “junk bonds”). Also, the Portfolio may
invest up to 30% of net assets in foreign securities, consistent with its investment objective, including (i) government issued
foreign debt denominated in a foreign currency and not publicly traded in the U.S. and (ii) U. S. currency denominated foreign
debt. Debt securities may be of any duration, but under normal market conditions, the Portfolio attempts to maintain an effective
duration (the percentage price change of the Portfolio, stated in years, for a given interest rate, and adjusted for prepayments and
yield curve shifts for mortgage based securities) of between three and eight years and a dollar weighted average maturity of
between five and ten years. The Portfolio may invest in mortgage- and asset-backed securities, and may utilize futures and
forward contracts and swap agreements to adjust the Portfolio’s duration and yield curve exposure, to hedge foreign currency
exposure or for any other permissible purpose in keeping with its investment objective. From time to time, the Portfolio may lend
its portfolio securities to brokers, dealers or other financial institutions to seek to achieve income.
NMSF–63 Northwestern Mutual Series Fund, Inc.
Select Bond Portfolio
In selecting securities for the Portfolio, the adviser develops an outlook for interest rates and the economy; analyzes credit and
call risks, and uses other security selection techniques. The adviser uses both a top-down and bottom-up investment approach to
construct the portfolio of investments. The top-down investment approach involves an evaluation by the adviser of the overall
economic environment and its potential impact on the level and direction of interest rates. The adviser then identifies sectors it
believes have the best potential for performance based on economic and business cycles. The bottom-up investment approach
focuses on fundamental research of issuers to identify issuers that appear to have strong relative credit quality, solid balance
sheets, improving company specific fundamentals and free cash flows. The proportion of the Portfolio’s assets committed to
investments in securities with particular characteristics (such as quality, sector, interest rate or maturity) varies based on the
adviser’s outlook for the economy, the financial markets and other factors. The “total return” sought by the Portfolio consists of
current income, including interest and discount accruals, and capital appreciation.
The adviser may sell a portfolio security for a variety of reasons, including to secure gains, limit losses, or to redeploy assets into
more promising opportunities.
PRINCIPAL RISKS
Portfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be no
assurance that the Portfolio will achieve its objective. The main risks of investing in this Portfolio are identified below.
• Active Management Risk – The adviser’s investment strategies and techniques may not perform as expected which could
cause the Portfolio to underperform other mutual funds or lose money.
• Credit Risk – The Portfolio could lose money if the issuer or guarantor of a fixed income security is unwilling or unable to
meet its financial obligations.
• Debt Obligations of Foreign Governments Risk – The issuer of the foreign debt or the governmental authorities that control
the repayment of such debt may be unable or unwilling to repay principal or interest when due, and the Portfolio may have
limited recourse in the event of a default. The market prices of debt obligations of governments and their agencies, and the
Portfolio’s net asset value, may be more volatile than prices of U.S. debt obligations.
• Derivatives Risk – The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate or
index. The Portfolio’s use of derivatives involves risks different from, or possibly greater than, the risks associated with
investing directly in securities or other traditional investments. Investments in derivatives may not have the intended effects
and may result in losses for the Portfolio that may not otherwise have occurred or missed opportunities for the Portfolio.
Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amount invested.
Derivatives could involve management, credit, interest rate, liquidity and market risks, and the risks of mispricing or improper
valuation. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index. In
addition, the Portfolio could sustain a loss in the event the counterparty to a derivatives transaction fails to make the required
payments or otherwise comply with the terms of the contract.
• Foreign Currency Risk – The risk that foreign (non-U.S. dollar) currency denominated securities, or derivatives that provide
exposure to foreign currencies, may be adversely affected by decreases in foreign currency values relative to the U.S. dollar, or,
in the case of hedged positions, that the U.S. dollar will decline in value relative to the currency being hedged. Investments in
securities subject to foreign currency risk may have more rapid and extreme changes in value or more losses than investments
in U.S. dollar denominated securities.
• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in value
or more losses than a fund that invests exclusively in U.S. securities. The risk is due to potentially smaller markets, differing
reporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,
political and economic conditions, or diplomatic developments. Foreign securities may be less liquid, more volatile, and harder
to value than U.S. securities. The Portfolio’s investments in emerging markets heighten these risks due to a lack of established
legal, political, business and social frameworks to support securities markets.
• High Yield Debt Risk – High yield debt securities in which the Portfolio invests have greater interest rate and credit risk,
maybe more difficult to sell or sell at a reasonable price, and have greater risk of loss than higher rated securities.
• Interest Rate Risk – Prices of fixed income instruments generally rise and fall in response to changes in market interest rates.
In a rising interest rate environment, the value of the Portfolio’s fixed income investments is likely to decline.
• Liquidity Risk – Particular fixed income or derivative investments may be difficult to purchase or sell at an advantageous time
or price, if at all. These risks may be magnified during periods of economic turmoil or in an extended economic downturn.
Northwestern Mutual Series Fund, Inc. NMSF–64
Select Bond Portfolio
• Market Risk – The risk that the market price of securities owned by the Portfolio may go up or down, sometimes rapidly or
unpredictably, due to factors affecting securities markets generally or particular industries.
• Mortgage- and Asset-Backed Securities Risk – The risks of investing in mortgage-related and other asset-backed securities,
including interest rate risk, credit risk, liquidity risk, extension risk and prepayment risk.
• Securities Lending Risk – Lending portfolio securities to brokers, dealers and financial institutions risks possible loss of
rights in the collateral should the borrower fail which may cause the Portfolio to lose money.
PERFORMANCE
The following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio has
varied from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain time
periods and compares the Portfolio’s returns with the returns of certain market indices and peer groups. Returns are based on past
results and are not an indication of future performance. Neither the bar chart nor the table reflects the fees and expenses
separately charged by the variable annuity contract or variable life insurance policy separate account that invests in the Portfolio
and returns would be lower if those fees and expenses were reflected.
15%
Average Annual Total Return
12.09%
(for periods ended December 31, 2010)
10.37%
10% 9.37% 1 Yr 5 Yrs 10 Yrs
Select Bond Portfolio
6.39% 6.59%
5.49% 6.59% 5.85% 6.38%
5% 4.75%
3.74% 3.26% Barclays Capital® U.S. Aggregate Index
2.22% 6.54% 5.80% 5.84%
Lipper® Variable Insurance Products (VIP) Corporate Debt
0%
Funds A-Rated Average
01
02
03
04
05
06
07
08
09
10
8.18% 4.80% 5.26%
20
20
20
20
20
20
20
20
20
20
Best Qtr: 3rd – ‘02 6.76% Worst Qtr: 2nd – ‘04 -3.16%
PORTFOLIO MANAGEMENT
Investment Adviser: Mason Street Advisors, LLC (MSA)
Portfolio Managers: R. David Ells, Managing Director of MSA, joined The Northwestern Mutual Life Insurance Company
(Northwestern Mutual) in 2004 and has managed the Portfolio since 2005.
Steven J. Lyons, Director of MSA, joined Northwestern Mutual in 1996 and has been co-portfolio manager of the Portfolio since
September 2010.
TAX INFORMATION
Shares of the Portfolio are offered only for funding variable annuity contracts and variable life insurance policies offered by The
Northwestern Mutual Life Insurance Company through separate accounts. Insurance company separate accounts generally do not
pay tax on dividends or capital gain distributions. Investors in variable annuity contracts and variable life insurance policies
should refer to the prospectuses for the variable products for a discussion of the tax considerations that affect the insurance
company and its separate accounts and the tax consequences to investors of owning such products.
COMPENSATION TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
Neither the Portfolio nor any related companies pay compensation to broker-dealers or other financial intermediaries for the sale
of Portfolio shares or related services. Investors in variable annuity contracts and variable life insurance policies should refer to
the prospectuses for the variable products for important information about compensation paid to financial intermediaries for sales
of variable annuity contracts and variable life insurance policies.
NMSF–65 Northwestern Mutual Series Fund, Inc.
SUMMARY PROSPECTUS
MAY 1, 2011 Long-Term U.S. Government Bond Portfolio
Before you invest, you may want to review the Portfolio’s prospectus, which contains more information about the Portfolio
and its risks. You can find the Portfolio’s prospectus and other information about the Portfolio online at
www.nmseriesfund.com. You can also get this information at no cost by calling 1-888-455-2232 or by sending an e-mail
request to sfprospectus@northwesternmutual.com. The current prospectus and statement of additional information, each
dated May 1, 2011, along with the Portfolio’s most recent annual report dated December 31, 2010, are incorporated by
reference into this Summary Prospectus. The Portfolio’s statement of additional information and annual report may be
obtained, free of charge, in the same manner as the prospectus.
INVESTMENT OBJECTIVE
The Portfolio’s investment objective is to seek maximum total return, consistent with preservation of capital and prudent
investment management.
FEES AND EXPENSES OF THE PORTFOLIO
The table below describes the fees and expenses that you may pay when you buy and hold interests in a separate account that
invests in shares of the Portfolio as a result of your purchase of a variable annuity contract or variable life insurance policy. The
fees and expenses shown in the table and Example do not reflect fees and expenses separately charged by variable annuity
contracts or variable life insurance policies. If the fees and expenses separately charged by variable annuity contracts and variable
life insurance policies were included, the fees and expenses shown in the table and the Example would be higher.
Shareholder Fees Example
(fees paid directly from your investment) N/A This Example is intended to help you compare the cost of
investing in the Portfolio with the cost of investing in other
Annual Portfolio Operating Expenses
mutual funds. The Example assumes that you invest $10,000
(expenses that you pay each year as a percentage
in the Portfolio for the time periods indicated and then redeem
of the value of your investment)
all of your shares at the end of those periods. The Example
Management Fee 0.56% also assumes that your investment has a 5% return each year
and that the Portfolio’s operating expenses remain the same.
Distribution and Service (12b-1) Fees None
Although your actual costs may be higher or lower, based on
Other Expenses* 0.06% these assumptions your costs would be:
Total Annual Portfolio Operating Expenses*, ** 0.62% 1 Year 3 Years 5 Years 10 Years
*
$63 $199 $346 $774
Restated to include estimated interest expenses of 0.01%.
** The operating expenses of the Portfolio reflected in the
Portfolio’s most recent annual report and Financial Highlights do
not include fees and expenses incurred indirectly by the Portfolio
as a result of investments in shares of one or more investment
companies (referred to as “Acquired Fund Fees and Expenses”).
Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A
higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in Annual Portfolio
Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s
portfolio turnover rate was 525.61% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
The Portfolio seeks to achieve its investment objective by investing under normal circumstances at least 80% of its net assets
(plus any borrowings for investment purposes) in a diversified portfolio of fixed income securities that are issued or guaranteed
by the U.S. Government, its agencies or government sponsored enterprises (“U.S. Government Securities”). Assets not invested
in U.S. Government Securities may be invested in other types of non-government related investment grade fixed income
instruments, such as corporate debt securities of U.S. issuers and mortgage- and asset-backed securities, subject to the quality
restrictions described below. The Portfolio may also invest up to 10% of its net assets in preferred stocks.
Northwestern Mutual Series Fund, Inc. NMSF–66
Long-Term U.S. Government Bond Portfolio
The Portfolio may also obtain exposure to U.S. Government Securities through the use of futures contracts (including related
options) with respect to such securities, and options on such securities, when the adviser deems it appropriate to do so. The
Portfolio will normally have a minimum average portfolio duration of eight years and, for point of reference, the dollar weighted
average maturity of the Portfolio is expected to be more than ten years.
The Portfolio may invest all of its assets in derivative instruments, such as options, futures contracts or swap agreements, in
municipal bonds or in mortgage- or asset-backed securities, subject to the Portfolio’s objective and the Fund’s policies. The
adviser may invest in derivatives at any time it deems appropriate. It will generally do so when it believes that U.S. Government
Securities are overvalued relative to derivative instruments or to adjust the overall duration of the Portfolio. The potential
leverage created by use of derivatives may cause the Portfolio to be more sensitive to interest rate movements and thus more
volatile than other long-term U.S. government bond funds that do not use derivatives. The Portfolio may purchase or sell
securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The Portfolio may,
without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of
purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). The “total return” sought
by the Portfolio consists of income earned on the Portfolio’s investments, plus capital appreciation, if any, which generally arises
from decreases in interest rates or improving credit fundamentals for a particular sector or security. The Portfolio may engage in
frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile
market movements.
The Portfolio’s investments in fixed income securities are limited to investment grade U.S. dollar denominated securities of U.S.
issuers that are rated at least A by Moody’s or equivalently rated by S&P or Fitch, or, if unrated, determined by the adviser to be
of comparable quality. If a downgrade in the rating of a security in which the Portfolio is invested causes it to fall outside these
parameters, the adviser will sell the impacted security as soon as reasonably practicable. In addition, the Portfolio may only invest
up to 10% of its total assets in securities rated A by Moody’s or equivalently rated by S&P or Fitch, and may only invest up to
25% of its total assets in securities rated Aa by Moody’s or equivalently rated by S&P or Fitch.
The Portfolio may sell a position when, in the adviser’s opinion, it no longer represents a good value, when a superior risk/return
opportunity exists in a substitute position, or when it no longer fits within the Portfolio’s macroeconomic or structural strategy.
PRINCIPAL RISKS
Portfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be no
assurance that the Portfolio will achieve its objective. The main risks of investing in this Portfolio are identified below.
• Active Management Risk – The adviser’s investment strategies and techniques may not perform as expected which could
cause the Portfolio to underperform other mutual funds or lose money.
• Counterparty Risk – The Portfolio may sustain a loss in the event the other party(s) in an agreement or a participant to a
transaction, such as a broker or swap counterparty, defaults on a contract or fails to perform by failing to pay amounts due,
failing to fulfill delivery conditions, or failing to otherwise comply with the terms of the contract. Counterparty risk is inherent
in many transactions, including derivatives transactions.
• Credit Risk – The Portfolio could lose money if the issuer or guarantor of a fixed income security or the counterparty to a
derivatives contract is unwilling or unable to meet its financial obligations.
• Derivatives Risk – The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate or
index. The Portfolio’s use of derivatives involves risks different from, or possibly greater than, the risks associated with
investing directly in securities or other traditional investments. Investments in derivatives may not have the intended effects
and may result in losses for the Portfolio that may not otherwise have occurred or missed opportunities for the Portfolio.
Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amount invested.
Derivatives could involve management, credit, interest rate, liquidity and market risks, and the risks of mispricing or improper
valuation. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index.
• Equity Securities Risk – The value of equity securities, such as common and preferred stocks, could decline if the financial
condition of the companies the Portfolio is invested in declines or if overall market and economic conditions deteriorate.
Equity securities generally have greater price volatility than fixed income securities. Investments in rights and warrants may be
more volatile than the underlying investments in stocks.
• High Portfolio Turnover Risk – Active and frequent trading may cause higher brokerage expenses and other transaction
costs, which may adversely affect the Portfolio’s performance.
NMSF–67 Northwestern Mutual Series Fund, Inc.
Long-Term U.S. Government Bond Portfolio
• Inflation Risk – Your investment in the Portfolio may not provide enough income to keep pace with inflation.
• Interest Rate Risk – Prices of fixed income instruments generally rise and fall in response to changes in market interest rates.
In a rising interest rate environment, the value of the Portfolio’s fixed income investments is likely to decline. A Portfolio with
a longer average portfolio duration will be more sensitive to changes in interest rates than a portfolio with a shorter average
portfolio duration.
• Leverage Risk – Certain transactions, such as reverse repurchase agreements, loans of portfolios securities, when issued,
delayed delivery or forward commitments transactions, or the use of derivative transactions, may give rise to leverage, causing
more volatility than if the Portfolio had not been leveraged.
• Liquidity Risk – Particular fixed income or derivative investments may be difficult to purchase or sell at an advantageous time
or price, if at all. These risks may be magnified during periods of economic turmoil or in an extended economic downturn
• Market Risk – The risk that the market price of securities owned by the Portfolio may go up or down, sometimes rapidly or
unpredictably, due to factors affecting securities markets generally or particular industries.
• Mortgage- and Asset-Backed Securities Risk – The risks of investing in mortgage-related and other asset-backed securities,
including interest rate risk, credit risk, liquidity risk, extension risk and prepayment risk.
• Municipal Securities Risk – The value of municipal securities in which the Portfolio invests may be more sensitive to certain
adverse conditions than other fixed income securities and the yields of municipal securities may move differently and
adversely compared to the yields of the overall debt securities markets. Certain municipal securities may be or become highly
illiquid. Illiquidity may be exacerbated from time to time by market or economic events. Municipal securities may lose their
tax-exempt status if certain legal requirements are not met, or if federal or state tax laws change. The Portfolio's investments in
certain municipal securities with principal and interest payments that are made from the revenues of a specific project or
facility, and not general tax revenues, may have increased risks.
• Short Sale Risk – The risk of entering into short sales, including the potential loss of more money than the actual cost of the
investment, and the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Portfolio.
• When Issued, Delayed Delivery and Forward Commitment Risk – When issued, delayed delivery purchases and forward
commitment transactions involve a risk of loss if the value of the securities declines prior to the settlement date. This risk is in
addition to the risk that the Portfolio’s other assets will decline in value. Therefore, these transactions may result in a form of
leverage and increase the Portfolio’s overall investment exposure.
Northwestern Mutual Series Fund, Inc. NMSF–68
Long-Term U.S. Government Bond Portfolio
PERFORMANCE
The following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio has
varied from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain time
periods and compares the Portfolio’s returns with the returns of certain market indices and peer groups. Returns are based on past
results and are not an indication of future performance. Neither the bar chart nor the table reflects the fees and expenses
separately charged by the variable annuity contract or variable life insurance policy separate account that invests in the Portfolio
and returns would be lower if those fees and expenses were reflected.
30%
Average Annual Total Return
20.76% (for periods ended December 31, 2010)
20%
Since
10.62% Inception on
10% 1 Yr 04/30/07
Long-Term U.S. Government Bond Portfolio
0% 10.62% 8.22%
Barclays Capital® Long-Term U.S. Treasury Index
-6.98% 9.38% 6.81%
-10%
08
09
10
Lipper® Variable Insurance Products (VIP) General U.S.
20
20
20
Government Funds Average
Best Qtr: 4th – ‘08 16.87% Worst Qtr: 4th – ‘10 -8.31% 5.89% —
PORTFOLIO MANAGEMENT
Investment Adviser: Mason Street Advisors, LLC
Sub-Adviser: Pacific Investment Management Company LLC (PIMCO)
Portfolio Manager: Stephen Rodosky, Executive Vice President of PIMCO since 2001, has managed the Portfolio since 2007.
TAX INFORMATION
Shares of the Portfolio are offered only for funding variable annuity contracts and variable life insurance policies offered by The
Northwestern Mutual Life Insurance Company through separate accounts. Insurance company separate accounts generally do not
pay tax on dividends or capital gain distributions. Investors in variable annuity contracts and variable life insurance policies
should refer to the prospectuses for the variable products for a discussion of the tax considerations that affect the insurance
company and its separate accounts and the tax consequences to investors of owning such products.
COMPENSATION TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
Neither the Portfolio nor any related companies pay compensation to broker-dealers or other financial intermediaries for the sale
of Portfolio shares or related services. Investors in variable annuity contracts and variable life insurance policies should refer to
the prospectuses for the variable products for important information about compensation paid to financial intermediaries for sales
of variable annuity contracts and variable life insurance policies.
NMSF–69 Northwestern Mutual Series Fund, Inc.
SUMMARY PROSPECTUS
MAY 1, 2011 Inflation Protection Portfolio
Before you invest, you may want to review the Portfolio’s prospectus, which contains more information about the Portfolio
and its risks. You can find the Portfolio’s prospectus and other information about the Portfolio online at
www.nmseriesfund.com. You can also get this information at no cost by calling 1-888-455-2232 or by sending an e-mail
request to sfprospectus@northwesternmutual.com. The current prospectus and statement of additional information, each
dated May 1, 2011, along with the Portfolio’s most recent annual report dated December 31, 2010, are incorporated by
reference into this Summary Prospectus. The Portfolio’s statement of additional information and annual report may be
obtained, free of charge, in the same manner as the prospectus.
INVESTMENT OBJECTIVE
The Portfolio’s investment objective is to pursue total return using a strategy that seeks to protect against U.S. inflation.
FEES AND EXPENSES OF THE PORTFOLIO
The table below describes the fees and expenses that you may pay when you buy and hold interests in a separate account that
invests in shares of the Portfolio as a result of your purchase of a variable annuity contract or variable life insurance policy. The
fees and expenses shown in the table and Example do not reflect fees and expenses separately charged by variable annuity
contracts or variable life insurance policies. If the fees and expenses separately charged by variable annuity contracts and variable
life insurance policies were included, the fees and expenses shown in the table and the Example would be higher.
Shareholder Fees Example
(fees paid directly from your investment) N/A This Example is intended to help you compare the cost of
investing in the Portfolio with the cost of investing in other
Annual Portfolio Operating Expenses
mutual funds. The Example assumes that you invest $10,000
(expenses that you pay each year as a percentage
in the Portfolio for the time periods indicated and then redeem
of the value of your investment)
all of your shares at the end of those periods. The Example
Management Fee 0.57% also assumes that your investment has a 5% return each year
and that the Portfolio’s operating expenses remain the same.
Distribution and Service (12b-1) Fees None
Although your actual costs may be higher or lower, based on
Other Expenses 0.04% these assumptions your costs would be:
Total Annual Portfolio Operating Expenses 0.61% 1 Year 3 Years 5 Years 10 Years
$62 $195 $340 $762
Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A
higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in Annual Portfolio
Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s
portfolio turnover rate was 68.09% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
The Portfolio invests substantially all of its assets in investment grade debt securities. To help protect against U.S. inflation, under
normal conditions, the Portfolio will invest over 50% of its net assets (plus any borrowings for investment purposes) in inflation-
linked debt securities. These securities include inflation-linked U.S. Treasury Securities, inflation-linked securities issued by U.S.
government agencies and instrumentalities other than the U.S. Treasury, and inflation-linked securities issued by other entities
such as domestic and foreign corporations and governments. Inflation-linked securities are designed to protect the future
purchasing power of the money invested in them. The Portfolio also may invest in fixed income securities that are not linked to
inflation, including mortgage- and asset-backed securities. The Portfolio invests primarily in investment grade securities, but may
invest up to 10% of its total assets in high yield securities (so called “junk bonds”).
Due to Internal Revenue Code provisions governing insurance product funds, no more than 55% of the Portfolio’s assets may be
invested in securities issued by the same entity. Because the number of inflation-linked debt securities issued by other entities is
limited, at times the Portfolio may have a substantial position in non-inflation-linked securities. To seek to reduce the impact of
this limitation, the adviser may invest in derivative instruments such as options, futures contracts, options on futures contracts,
and swap agreements, provided that such instruments are in keeping with the Portfolio’s investment objective. In addition, the
adviser may use credit default swaps to increase or decrease overall credit exposure. The Portfolio may purchase securities in a
number of different ways to seek higher rates of return.
Northwestern Mutual Series Fund, Inc. NMSF–70
Inflation Protection Portfolio
The adviser is not limited to a specific weighted average maturity range. However, the adviser monitors the Portfolio’s weighted
average maturity and seeks to adjust it as appropriate, taking into account market conditions, the current inflation rate and other
relevant factors.
The Portfolio may invest up to 20% of its total assets in securities denominated in foreign currencies and may invest beyond this
limit in U.S. dollar denominated securities of foreign issuers. The Portfolio may hedge some or all of its foreign currency to seek
to reduce the risk of loss due to fluctuations in the currency exchange rates, when the adviser deems it to be advantageous.
The Portfolio may sell a security for a variety of reasons, including its assessment of the security’s relative attractiveness in light
of its evaluation of current economic conditions or the risk of inflation, or to manage the Portfolio’s maturity and credit quality
standards.
PRINCIPAL RISKS
Portfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be no
assurance that the Portfolio will achieve its objective. The main risks of investing in this Portfolio are identified below.
• Active Management Risk – The adviser’s investment strategies and techniques may not perform as expected which could
cause the Portfolio to underperform other mutual funds or lose money.
• Counterparty Risk – The Portfolio may sustain a loss in the event the other party(s) in an agreement or a participant to a
transaction, such as a broker or swap counterparty, defaults on a contract or fails to perform by failing to pay amounts due,
failing to fulfill delivery conditions, or failing to otherwise comply with the terms of the contract. Counterparty risk is inherent
in many transactions, including derivatives transactions.
• Credit Risk – The Portfolio could lose money if the issuer or guarantor of a fixed income security is unwilling or unable to
meet its financial obligations.
• Debt Obligations of Foreign Governments Risk – The issuer of the foreign debt or the governmental authorities that control
the repayment of such debt may be unable or unwilling to repay principal or interest when due, and the Portfolio may have
limited recourse in the event of a default. The market prices of debt obligations of governments and their agencies, and the
Portfolio’s net asset value, may be more volatile than prices of U.S. debt obligations. In addition, unlike debt instruments
issued by the U.S. Treasury, inflation-linked bonds issued by corporations or foreign governments do not generally provide
principal protection, and in a deflationary environment, such bonds may result in the loss of principal.
• Derivatives Risk – The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate or
index. The Portfolio’s use of derivatives involves risks different from, or possibly greater than, the risks associated with
investing directly in securities or other traditional investments. Investments in derivatives may not have the intended effects
and may result in losses for the Portfolio that may not otherwise have occurred or missed opportunities for the Portfolio.
Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amount invested.
Derivatives could involve management, credit, interest rate, liquidity and market risks, and the risks of mispricing or improper
valuation. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index.
• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in value
or more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differing
reporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,
political and economic conditions, or diplomatic developments. Foreign securities may be adversely affected by decreases in
foreign currency values relative to the U.S. dollar, or in the case of hedged positions, that the U.S. dollar will decline in value
relative to the currency being hedged, and may be less liquid, more volatile, and harder to value than U.S. securities. The
Portfolio’s investments in emerging markets heighten these risks due to a lack of established legal, political, business and
social frameworks to support securities markets.
• High Yield Debt Risk – High yield debt securities in which the Portfolio invests have greater interest rate and credit risk,
maybe more difficult to sell or sell at a reasonable price, and have greater risk of loss than higher rated securities.
• Inflation Risk – Your investment in the Portfolio may not provide enough income to keep pace with inflation. To the extent
that the Portfolio holds investments in non-inflation-linked debt securities, as noted above, that portion of the Portfolio will not
be automatically protected from inflation.
• Interest Rate Risk – Prices of fixed income instruments generally rise and fall in response to changes in market interest rates.
In a rising interest rate environment, the value of the Portfolio’s fixed income investments is likely to decline.
NMSF–71 Northwestern Mutual Series Fund, Inc.
Inflation Protection Portfolio
• Liquidity Risk – Particular fixed income or derivative investments may be difficult to purchase or sell at an advantageous time
or price, if at all. These risks may be magnified during periods of economic turmoil or in an extended economic downturn.
• Market Risk – The risk that the market price of securities owned by the Portfolio may go up or down, sometimes rapidly or
unpredictably, due to factors affecting securities markets generally or particular industries.
• Mortgage- and Asset-Backed Securities Risk – The risks of investing in mortgage-related and other asset-backed securities,
including interest rate risk, credit risk, liquidity risk, extension risk and prepayment risk.
PERFORMANCE
The following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio has
varied from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain time
periods and compares the Portfolio’s returns with the returns of certain market indices and peer groups. Returns are based on past
results and are not an indication of future performance. Neither the bar chart nor the table reflects the fees and expenses
separately charged by the variable annuity contract or variable life insurance policy separate account that invests in the Portfolio
and returns would be lower if those fees and expenses were reflected.
15%
Average Annual Total Return
9.98%
(for periods ended December 31, 2010)
10%
Since
5.60% Inception on
5% 1 Yr 04/30/07
Inflation Protection Portfolio
0% 5.60% 5.65%
-1.38% Barclays Capital® U.S. Treasury Inflation Protected
-5% Securities (TIPS) Index
6.31% 6.28%
08
09
10
20
20
20
Lipper® Variable Insurance Products (VIP) General
Best Qtr: 4th – ‘07 4.33% Worst Qtr: 3rd – ‘08 -2.72% U.S. Government Funds Average
5.89% —
PORTFOLIO MANAGEMENT
Investment Adviser: Mason Street Advisors, LLC
Sub-Adviser: American Century Investment Management, Inc. (American Century)
Portfolio Manager: Brian Howell, Vice President and Senior Portfolio Manager, has served American Century as a portfolio
manager since 1996 and has managed the Portfolio since 2008.
James E. Platz, Vice President and Senior Portfolio Manager, has served American Century as a portfolio manager since 2003
and has managed the Portfolio since 2008.
Robert V. Gahagan, Senior Vice President and Senior Portfolio Manager, has served American Century as a portfolio manager
since 1991 and has managed the Portfolio since 2007.
TAX INFORMATION
Shares of the Portfolio are offered only for funding variable annuity contracts and variable life insurance policies offered by The
Northwestern Mutual Life Insurance Company through separate accounts. Insurance company separate accounts generally do not
pay tax on dividends or capital gain distributions. Investors in variable annuity contracts and variable life insurance policies
should refer to the prospectuses for the variable products for a discussion of the tax considerations that affect the insurance
company and its separate accounts and the tax consequences to investors of owning such products.
COMPENSATION TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
Neither the Portfolio nor any related companies pay compensation to broker-dealers or other financial intermediaries for the sale
of Portfolio shares or related services. Investors in variable annuity contracts and variable life insurance policies should refer to
the prospectuses for the variable products for important information about compensation paid to financial intermediaries for sales
of variable annuity contracts and variable life insurance policies.
Northwestern Mutual Series Fund, Inc. NMSF–72
SUMMARY PROSPECTUS
MAY 1, 2011 High Yield Bond Portfolio
Before you invest, you may want to review the Portfolio’s prospectus, which contains more information about the Portfolio
and its risks. You can find the Portfolio’s prospectus and other information about the Portfolio online at
www.nmseriesfund.com. You can also get this information at no cost by calling 1-888-455-2232 or by sending an e-mail
request to sfprospectus@northwesternmutual.com. The current prospectus and statement of additional information, each
dated May 1, 2011, along with the Portfolio’s most recent annual report dated December 31, 2010, are incorporated by
reference into this Summary Prospectus. The Portfolio’s statement of additional information and annual report may be
obtained, free of charge, in the same manner as the prospectus.
INVESTMENT OBJECTIVE
The investment objective of the Portfolio is to achieve high current income and capital appreciation.
FEES AND EXPENSES OF THE PORTFOLIO
The table below describes the fees and expenses that you may pay when you buy and hold interests in a separate account that
invests in shares of the Portfolio as a result of your purchase of a variable annuity contract or variable life insurance policy. The
fees and expenses shown in the table and Example do not reflect fees and expenses separately charged by variable annuity
contracts or variable life insurance policies. If the fees and expenses separately charged by variable annuity contracts and variable
life insurance policies were included, the fees and expenses shown in the table and the Example would be higher.
Shareholder Fees Example
(fees paid directly from your investment) N/A This Example is intended to help you compare the cost of
investing in the Portfolio with the cost of investing in other
Annual Portfolio Operating Expenses
mutual funds. The Example assumes that you invest $10,000
(expenses that you pay each year as a percentage
in the Portfolio for the time periods indicated and then redeem
of the value of your investment)
all of your shares at the end of those periods. The Example
Management Fee 0.45% also assumes that your investment has a 5% return each year
and that the Portfolio’s operating expenses remain the same.
Distribution and Service (12b-1) Fees None
Although your actual costs may be higher or lower, based on
Other Expenses 0.02% these assumptions your costs would be:
Total Annual Portfolio Operating Expenses 0.47% 1 Year 3 Years 5 Years 10 Years
$48 $151 $263 $591
Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A
higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in Annual Portfolio
Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s
portfolio turnover rate was 71.62% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
Normally, the Portfolio invests at least 80% of net assets (plus any borrowings for investment purposes) in non-investment grade
debt securities. Non-investment grade securities are securities rated below investment grade by at least one Nationally
Recognized Statistical Rating Organization (e.g., BB+ or lower by Standard & Poor’s or Ba1 or lower by Moody’s), or, if
unrated, determined by the Portfolio’s adviser to be of comparable quality.
The Portfolio may invest up to 30% of net assets in foreign securities, consistent with its investment objective, including
(i) foreign securities denominated in a foreign currency and not publicly traded in the U.S. and (ii) U. S. currency denominated
foreign securities, including depositary receipts and depositary shares issued by U.S. banks (American Depositary Receipts) and
U.S. broker-dealers (American Depositary Shares).
The securities in which the Portfolio primarily invests are considered speculative and are sometimes known as “junk bonds.”
These securities tend to offer higher yields than higher rated securities of comparable maturities because the historical financial
condition of the issuers of these securities is usually not as strong as that of other issuers. Some of the fixed income securities in
which the Portfolio invests may be convertible securities.
NMSF–73 Northwestern Mutual Series Fund, Inc.
High Yield Bond Portfolio
The primary investment strategy of the Portfolio is identify, based on industry and credit analysis, and to invest in, industries or
individual companies that are attractively priced or which have stable or improving fundamental financial characteristics relative
to the overall high yield market. The success of this strategy depends on the manager’s analytical and portfolio management
skills. These skills are more important in the selection of high yield/high risk securities than would be the case with a portfolio of
high quality bonds. In selecting securities for the Portfolio, the adviser will consider the ratings assigned by the major rating
agencies, but primary reliance will be placed on the adviser’s evaluation of credit and market risk in relationship to the expected
rate of return.
The adviser may sell a portfolio security for a variety of reasons, such as a change in the adviser’s fundamental view regarding
the prospects of the issuer, a change in industry or sector outlook, or to redeploy assets into more promising opportunities.
PRINCIPAL RISKS
Portfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be no
assurance that the Portfolio will achieve its objective. The main risks of investing in this Portfolio are identified below.
• Active Management Risk – The adviser’s investment strategies and techniques may not perform as expected which could
cause the Portfolio to underperform other mutual funds or lose money.
• Convertible Securities Risk – Convertible securities can include bonds, notes, debentures, preferred stock or other securities
which are convertible into common stock. Convertible securities are subject to both the credit and interest rate risks associated
with fixed income securities and to the stock market risk associated with equity securities. Stock markets are volatile, and the
price of equity securities can fluctuate based on a company’s financial condition and overall market and economic conditions.
• Credit Risk – The Portfolio could lose money if the issuer or guarantor of a fixed income security is unwilling or unable to
meet its financial obligations.
• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in value
or more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differing
reporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,
political and economic conditions, or diplomatic developments. Foreign securities may be adversely affected by decreases in
foreign currency values relative to the U.S. dollar, or in the case of hedged positions, that the U.S. dollar will decline in value
relative to the currency being hedged, and may be less liquid, more volatile, and harder to value than U.S. securities. The
Portfolio’s investments in emerging markets heighten these risks due to a lack of established legal, political, business and
social frameworks to support securities markets.
• High Yield Debt Risk – High yield debt securities in which the Portfolio invests have greater interest rate and credit risk,
maybe more difficult to sell or sell at a reasonable price, and have greater risk of loss than higher rated securities.
• Inflation Risk – Your investment in the Portfolio may not provide enough income to keep pace with inflation.
• Interest Rate Risk – Prices of fixed income instruments generally rise and fall in response to changes in market interest rates.
In a rising interest rate environment, the value of the Portfolio’s fixed income investments is likely to decline.
• Liquidity Risk – Particular investments may be difficult to purchase or sell at an advantageous time or price, if at all. These
risks may be magnified during periods of economic turmoil or in an extended economic downturn.
• Market Risk – The risk that the market price of securities owned by the Portfolio may go up or down, sometimes rapidly or
unpredictably, due to factors affecting securities markets generally or particular industries.
Northwestern Mutual Series Fund, Inc. NMSF–74
High Yield Bond Portfolio
PERFORMANCE
The following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio has
varied from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain time
periods and compares the Portfolio’s returns with the returns of certain market indices and peer groups. In addition, the broader
market exposure which results from the Index’s 2% issuer cap more closely aligns with the Portfolio’s investment objective and
strategy. Returns are based on past results and are not an indication of future performance. Neither the bar chart nor the table
reflects the fees and expenses separately charged by the variable annuity contract or variable life insurance policy separate
account that invests in the Portfolio and returns would be lower if those fees and expenses were reflected.
50% 45.39%
Average Annual Total Return
40%
(for periods ended December 31, 2010)
30% 29.06%
20% 14.56% 1 Yr 5 Yrs 10 Yrs
12.76%
9.77%
10% 5.03% High Yield Bond Portfolio
1.39% 2.38%
0% 14.56% 8.04% 8.28%
-2.89%
-10% Barclays Capital® U.S. Corporate High Yield 2% Issuer
-20% Capped Index
-21.35% 14.94% 8.90% 9.01%
-30%
Lipper® Variable Insurance Products (VIP) High Current
01
02
03
04
05
06
07
08
09
10
20
20
20
20
20
20
20
20
20
20
Yield Funds Average
13.61% 6.24% 6.81%
Best Qtr: 2nd – ‘09 18.75% Worst Qtr: 4th – ‘08 -14.12%
PORTFOLIO MANAGEMENT
Investment Adviser: Mason Street Advisors, LLC (MSA)
Portfolio Manager: Andrew T. Wassweiler, Director of MSA, joined The Northwestern Mutual Life Insurance Company in 1997
and began managing the Portfolio in 2005.
TAX INFORMATION
Shares of the Portfolio are offered only for funding variable annuity contracts and variable life insurance policies offered by The
Northwestern Mutual Life Insurance Company through separate accounts. Insurance company separate accounts generally do not
pay tax on dividends or capital gain distributions. Investors in variable annuity contracts and variable life insurance policies
should refer to the prospectuses for the variable products for a discussion of the tax considerations that affect the insurance
company and its separate accounts and the tax consequences to investors of owning such products.
COMPENSATION TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
Neither the Portfolio nor any related companies pay compensation to broker-dealers or other financial intermediaries for the sale
of Portfolio shares or related services. Investors in variable annuity contracts and variable life insurance policies should refer to
the prospectuses for the variable products for important information about compensation paid to financial intermediaries for sales
of variable annuity contracts and variable life insurance policies.
NMSF–75 Northwestern Mutual Series Fund, Inc.
SUMMARY PROSPECTUS
MAY 1, 2011 Multi-Sector Bond Portfolio
Before you invest, you may want to review the Portfolio’s prospectus, which contains more information about the Portfolio
and its risks. You can find the Portfolio’s prospectus and other information about the Portfolio online at
www.nmseriesfund.com. You can also get this information at no cost by calling 1-888-455-2232 or by sending an e-mail
request to sfprospectus@northwesternmutual.com. The current prospectus and statement of additional information, each
dated May 1, 2011, along with the Portfolio’s most recent annual report dated December 31, 2010, are incorporated by
reference into this Summary Prospectus. The Portfolio’s statement of additional information and annual report may be
obtained, free of charge, in the same manner as the prospectus.
INVESTMENT OBJECTIVE
The Portfolio’s investment objective is to seek maximum total return, consistent with prudent investment management.
FEES AND EXPENSES OF THE PORTFOLIO
The table below describes the fees and expenses that you may pay when you buy and hold interests in a separate account that
invests in shares of the Portfolio as a result of your purchase of a variable annuity contract or variable life insurance policy. The
fees and expenses shown in the table and Example do not reflect fees and expenses separately charged by variable annuity
contracts or variable life insurance policies. If the fees and expenses separately charged by variable annuity contracts and variable
life insurance policies were included, the fees and expenses shown in the table and the Example would be higher.
Shareholder Fees Example
(fees paid directly from your investment) N/A This Example is intended to help you compare the cost of
investing in the Portfolio with the cost of investing in other
Annual Portfolio Operating Expenses
mutual funds. The Example assumes that you invest $10,000
(expenses that you pay each year as a percentage
in the Portfolio for the time periods indicated and then redeem
of the value of your investment)
all of your shares at the end of those periods. The Example
Management Fee 0.79% also assumes that your investment has a 5% return each year
and that the Portfolio’s operating expenses remain the same.
Distribution and Service (12b-1) Fees None
Although your actual costs may be higher or lower, based on
Other Expenses* 0.12% these assumptions your costs would be:
Total Annual Portfolio Operating Expenses* 0.91% 1 Year 3 Years 5 Years 10 Years
*
$93 $290 $504 $1,120
Restated to include estimated interest expenses of 0.07%.
Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A
higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in Annual Portfolio
Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s
portfolio turnover rate was 102.10% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
Normally, the Portfolio seeks to achieve its investment objective by investing at least 80% of its net assets (plus any borrowings
for investment purposes) in a diversified portfolio of fixed income instruments of varying maturities, which may be represented
by forwards or derivatives such as options, futures contracts or swap agreements. The average portfolio duration of the Portfolio
normally varies within a three- to eight-year time frame based on the Adviser’s forecast for interest rates.
The Portfolio may invest all of its assets in high yield securities subject to a maximum of 10% of its total assets in securities rated
below B by Moody’s or equivalently rated by S&P or Fitch or, if unrated, determined by the Portfolio’s adviser to be of
comparable quality (so called “junk bonds”). The Portfolio may invest, without limitation, in securities denominated in foreign
currencies and U.S. dollar denominated securities of foreign issuers. In addition, the Portfolio may invest without limit in fixed
income securities of issuers that are economically tied to emerging securities markets. The Portfolio may invest in illiquid
securities. The Portfolio may also invest up to 10% of its net assets in preferred stocks.
The Portfolio may invest all of its assets in derivative instruments, such as options, futures contracts or swap agreements, in
municipal bonds, or in mortgage- or asset-backed securities, subject to the Portfolio’s objective and policies. The Portfolio may
purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The
Northwestern Mutual Series Fund, Inc. NMSF–76
Multi-Sector Bond Portfolio
Portfolio may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a
series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). The “total
return” sought by the Portfolio consists of income earned on the Portfolio’s investments, plus capital appreciation, if any, which
generally arises from decrease in interest rates or improving credit fundamentals for a particular sector or security. The Portfolio
may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of
volatile market movements.
In selecting securities for a Portfolio, the adviser develops an outlook for interest rates, foreign currency exchange rates and the
economy; analyzes credit and call risks, and uses other security selection techniques. The proportion of a Portfolio’s assets
committed to investment in securities with particular characteristics (such as quality, sector, interest rate or maturity) varies based
on the adviser’s outlook for the U.S. and foreign economies, the financial markets and other factors.
The adviser attempts to identify areas of the bond market that are undervalued relative to the rest of the market. The adviser
identifies these areas by grouping bonds into the following sectors: money markets, governments, corporates, mortgages, asset-
backed and international. Sophisticated proprietary software then assists in evaluating sectors and pricing specific securities.
Once investment opportunities are identified, the adviser will shift assets among sectors depending upon changes in relative
valuations and credit spreads.
The Portfolio may sell a position when, in the adviser’s opinion, it no longer represents a good value, when a superior risk/return
opportunity exists in a substitute position, or when it no longer fits within the Portfolio’s macroeconomic or structural strategy.
PRINCIPAL RISKS
Portfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be no
assurance that the Portfolio will achieve its objective. The main risks of investing in this Portfolio are identified below.
• Active Management Risk – The adviser’s investment strategies and techniques may not perform as expected which could
cause the Portfolio to underperform other mutual funds or lose money.
• Counterparty Risk – The Portfolio may sustain a loss in the event the other party(s) in an agreement or a participant to a
transaction, such as a broker or swap counterparty, defaults on a contract or fails to perform by failing to pay amounts due,
failing to fulfill delivery conditions, or failing to otherwise comply with the terms of the contract. Counterparty risk is inherent
in many transactions, including derivatives transactions.
• Credit Risk – The Portfolio could lose money if the issuer or guarantor of a fixed income security is unwilling or unable to
meet its financial obligations.
• Derivatives Risk – The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate or
index. The Portfolio’s use of derivatives involves risks different from, or possibly greater than, the risks associated with
investing directly in securities or other traditional investments. Investments in derivatives may not have the intended effects
and may result in losses for the Portfolio that may not otherwise have occurred or missed opportunities for the Portfolio.
Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amount invested.
Derivatives could involve management, credit, interest rate, liquidity and market risks, and the risks of mispricing or improper
valuation. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index.
• Equity Securities Risk – The value of equity securities, such as common and preferred stocks, could decline if the financial
condition of the companies the Portfolio is invested in declines or if overall market and economic conditions deteriorate.
Equity securities generally have greater price volatility than fixed income securities. Investments in rights and warrants may be
more volatile than the underlying investments in stocks.
• Foreign Currency Risk – The risk that foreign (non-U.S. dollar) currency denominated securities, or derivatives that provide
exposure to foreign currencies, may be adversely affected by decreases in foreign currency values relative to the U.S. dollar, or,
in the case of hedged positions, that the U.S. dollar will decline in value relative to the currency being hedged. Investments in
securities subject to foreign currency risk may have more rapid and extreme changes in value or more losses than investments
in U.S. dollar denominated securities.
• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in value
or more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differing
reporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,
political and economic conditions, or diplomatic developments. Investments in emerging markets impose risks different from,
and greater than, investments in developed markets. Foreign securities may be less liquid, more volatile, and harder to value
than U.S. securities. The Portfolio’s investments in emerging markets heighten these risks due to a lack of established legal,
political, business and social frameworks to support securities markets.
NMSF–77 Northwestern Mutual Series Fund, Inc.
Multi-Sector Bond Portfolio
• High Portfolio Turnover Risk – Active and frequent trading may cause higher brokerage expenses and other transaction
costs, which may adversely affect the Portfolio’s performance.
• High Yield Debt Risk – High yield debt securities in which the Portfolio invests have greater interest rate and credit risk,
maybe more difficult to sell or sell at a reasonable price, and have greater risk of loss than higher rated securities.
• Inflation Risk – Your investment in the Portfolio may not provide enough income to keep pace with inflation.
• Interest Rate Risk – Prices of fixed income instruments generally rise and fall in response to changes in market interest rates.
In a rising interest rate environment, the value of the Portfolio’s fixed income investments is likely to decline.
• Leverage Risk – Certain transactions, such as reverse repurchase agreements, loans of portfolios securities, inverse floaters,
structured notes and the use of derivative transactions, may give rise to leverage, causing more volatility than if the Portfolio
had not been leveraged.
• Liquidity Risk – Particular fixed income or derivative investments may be difficult to purchase or sell at an advantageous time
or price, if at all. These risks may be magnified during periods of economic turmoil or in an extended economic downturn.
• Market Risk – The risk that the market price of securities owned by the Portfolio may go up or down, sometimes rapidly or
unpredictably, due to factors affecting securities markets generally or particular industries.
• Mortgage- and Asset-Backed Securities Risk – The risks of investing in mortgage-related and other asset-backed securities,
including interest rate risk, credit risk, liquidity risk, extension risk and prepayment risk.
• Municipal Securities Risk – The value of municipal securities in which the Portfolio invests may be more sensitive to certain
adverse conditions than other fixed income securities and the yields of municipal securities may move differently and
adversely compared to the yields of the overall debt securities markets. Certain municipal securities may be or become highly
illiquid. Illiquidity may be exacerbated from time to time by market or economic events. Municipal securities may lose their
tax-exempt status if certain legal requirements are not met, or if federal or state tax laws change. The Portfolio's investments in
certain municipal securities with principal and interest payments that are made from the revenues of a specific project or
facility, and not general tax revenues, may have increased risks.
• Short Sale Risk – The risk of entering into short sales, including the potential loss of more money than the actual cost of the
investment, and the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Portfolio.
• When Issued, Delayed Delivery and Forward Commitment Risk – When issued, delayed delivery purchases and forward
commitment transactions involve a risk of loss if the value of the securities declines prior to the settlement date. This risk is in
addition to the risk that the Portfolio’s other assets will decline in value. Therefore, these transactions may result in a form of
leverage and increase the Portfolio’s overall investment expense.
Northwestern Mutual Series Fund, Inc. NMSF–78
Multi-Sector Bond Portfolio
PERFORMANCE
The following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio has
varied from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain time
periods and compares the Portfolio’s returns with the returns of certain market indices and peer groups. Returns are based on past
results and are not an indication of future performance. Neither the bar chart nor the table reflects the fees and expenses
separately charged by the variable annuity contract or variable life insurance policy separate account that invests in the Portfolio
and returns would be lower if those fees and expenses were reflected.
30%
Average Annual Total Return
22.08% (for periods ended December 31, 2010)
20%
13.19% Since
10% Inception on
1 Yr 04/30/07
0%
Multi-Sector Bond Portfolio
13.19% 7.43%
-6.86% Barclays Capital® Global Credit Hedged USD Index
-10%
8.00% 5.60%
08
09
10
33 1⁄ 3% each of the following three indices: Barclays
20
20
20
Capital® Global Aggregate—Credit Component,
Best Qtr: 3rd – ‘09 9.27% Worst Qtr: 3rd – ‘08 -4.77% Hedged USD; Merrill Lynch® Global High-Yield
BB-B Rated Constrained Index; and JPMorgan®
EMBI Global
11.04% 6.90%
Lipper® Variable Insurance Products (VIP) General
Bond Funds Average
9.54% —
PORTFOLIO MANAGEMENT
Investment Adviser: Mason Street Advisors, LLC
Sub-Adviser: Pacific Investment Management Company LLC (PIMCO)
Portfolio Manager: Curtis A. Mewbourne, Managing Director of PIMCO and Head of Portfolio Management for PIMCO’s
New York office, joined PIMCO in 1999 and has been managing the Portfolio since its inception in 2007.
Eve Tournier, Executive Vice President of PIMCO since 2008, has managed the Portfolio since 2010.
TAX INFORMATION
Shares of the Portfolio are offered only for funding variable annuity contracts and variable life insurance policies offered by The
Northwestern Mutual Life Insurance Company through separate accounts. Insurance company separate accounts generally do not
pay tax on dividends or capital gain distributions. Investors in variable annuity contracts and variable life insurance policies
should refer to the prospectuses for the variable products for a discussion of the tax considerations that affect the insurance
company and its separate accounts and the tax consequences to investors of owning such products.
COMPENSATION TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
Neither the Portfolio nor any related companies pay compensation to broker-dealers or other financial intermediaries for the sale
of Portfolio shares or related services. Investors in variable annuity contracts and variable life insurance policies should refer to
the prospectuses for the variable products for important information about compensation paid to financial intermediaries for sales
of variable annuity contracts and variable life insurance policies.
NMSF–79 Northwestern Mutual Series Fund, Inc.
SUMMARY PROSPECTUS
MAY 1, 2011 Commodities Return Strategy Portfolio
Before you invest, you may want to review the Portfolio’s prospectus, which contains more information about the Portfolio
and its risks. You can find the Portfolio’s prospectus and other information about the Portfolio online at
www.nmseriesfund.com. You can also get this information at no cost by calling 1-888-455-2232 or by sending an e-mail
request to sfprospectus@northwesternmutual.com. The current prospectus and statement of additional information, each
dated May 1, 2011, are incorporated by reference into this Summary Prospectus. The Portfolio’s statement of additional
information and annual report, when it becomes available, may be obtained, free of charge, in the same manner as the
prospectus.
INVESTMENT OBJECTIVE
The Portfolio’s investment objective is total return.
FEES AND EXPENSES OF THE PORTFOLIO
The table below describes the fees and expenses that you may pay when you buy and hold interests in a separate account that
invests in shares of the Portfolio as a result of your purchase of a variable annuity contract or variable life insurance policy. The
fees and expenses shown in the table and Example do not reflect fees and expenses separately charged by variable annuity
contracts or variable life insurance policies. If the fees and expenses separately charged by variable annuity contracts and variable
life insurance policies were included, the fees and expenses shown in the table and the Example would be higher.
Shareholder Fees Example
(fees paid directly from your investment) N/A This Example is intended to help you compare the cost of
investing in the Portfolio with the cost of investing in other
Annual Portfolio Operating Expenses
mutual funds. The Example assumes that you invest $10,000
(expenses that you pay each year as a percentage
in the Portfolio for the time periods indicated and then redeem
of the value of your investment)
all of your shares at the end of those periods. The Example
Management Fee 0.80% also assumes that your investment has a 5% return each year
and that the Portfolio’s operating expenses remain the same.
Distribution and Service (12b-1) Fees None
Although your actual costs may be higher or lower, based on
Other Expenses* 0.16% these assumptions your costs would be:
Acquired Fund Fees and Expenses*,** 0.22% 1 Year 3 Years
Total Annual Portfolio Operating Expenses* 1.18% $100 $312
Fee Waiver*** (0.20)%
Total Annual Portfolio Operating Expenses After
Fee Waiver*, *** 0.98%
* Other Expenses and Acquired Fund Fees are estimated for
the current fiscal year.
** Acquired Fund Fees and Expenses are the expenses
indirectly incurred by the Portfolio as a result of its
investments in investment companies and other pooled
investment vehicles as well as the expenses of investing in the
Portfolio’s wholly owned Cayman Islands subsidiary fund.
*** The Portfolio’s investment adviser has entered into a
written agreement to waive its management fee in an amount
equal to the management fee paid to it by the Portfolio’s
wholly owned Cayman Islands subsidiary fund. This waiver
will remain in effect for the life of the Portfolio, as long as the
Portfolio remains invested in the subsidiary fund.
Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A
higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in Annual Portfolio
Northwestern Mutual Series Fund, Inc. NMSF–80
Commodities Return Strategy Portfolio
Operating Expenses or in the Example, affect the Portfolio’s performance. Because the Portfolio is new and has no shares
outstanding, it does not have a portfolio turnover rate at this time.
PRINCIPAL INVESTMENT STRATEGIES
The Portfolio is designed to achieve positive total return relative to the performance of the Dow Jones-UBS Commodity Index
Total Return (“DJ-UBS Index”). The DJ-UBS Index is a broadly diversified futures index composed of futures contracts on 19
physical commodities. The DJ- UBS Index is rebalanced as of the beginning of each calendar year so that as of that time no single
commodity constitutes more than 15% or less than 2% of the Index, and each related group of commodities represented in the
Index is limited to 33%. However, following this rebalancing and for the remainder of the calendar year these percentages may
change so that a single commodity may constitute a lesser or greater percentage of the Index and different sectors may represent
different proportions of the Index.
The Portfolio, which is actively managed, intends to invest primarily, either directly or indirectly through a wholly-owned
subsidiary, in commodity index-linked and commodity-linked derivative instruments linked to the DJ-UBS Index, other
derivatives, cash and fixed income securities. While the Portfolio seeks to achieve positive total return relative to the DJ-UBS
Index, it is not an index fund and there can be no guarantee that this performance will be achieved. The Portfolio does not intend
to invest in physical commodities.
The Portfolio intends to gain its principal exposure to the commodities markets by investing up to 25% of its total assets in the
NMSF Cayman Commodity Fund, Ltd., a wholly owned subsidiary of the Portfolio organized under the laws of the Cayman
Islands (“Subsidiary”). To a lesser extent, the Portfolio may gain exposure to commodities markets by investing directly in
commodity-linked derivatives and other derivative instruments, including swap agreements. The Portfolio will limit its direct
investments in commodity-linked swap agreements or certain other commodity-linked derivatives such that the income derived
from those instruments is limited to a maximum of 10% of the Portfolio’s annual gross income.
Investing in the Subsidiary allows the Portfolio to achieve greater exposure to the commodities markets than would otherwise be
possible because of U.S. tax law requirements. The Subsidiary has the same investment objective as the Portfolio and its assets
are managed by the same investment adviser and sub-adviser. However, unlike the Portfolio, the Subsidiary may invest without
limitation in commodity index-linked and commodity-linked derivative instruments and other derivatives such as swaps and
futures that provide exposure to the performance of the commodities markets. The use of these instruments may give rise to
leverage, particularly at the Subsidiary level. The Subsidiary also may invest in fixed income instruments. Although the
Subsidiary is otherwise subject to the same fundamental, non-fundamental and certain other investment restrictions as the
Portfolio, the investment programs of the Portfolio and the Subsidiary are not identical. Certain derivative instruments in which
the Portfolio and the Subsidiary invest may be illiquid.
For the portion of the Portfolio’s assets not invested in commodity-linked derivatives, the Portfolio will invest in fixed income
securities. The Portfolio emphasizes investment-grade fixed income securities and its fixed income portfolio will normally have
an average duration of one year or less. The Portfolio may invest without limit in U.S. dollar-denominated foreign securities and
may invest up to 30% of its assets in non-U.S. dollar-denominated securities.
The Portfolio is classified as a “non-diversified fund” under the Investment Company Act of 1940, as amended (“1940 Act”)
which means that a relatively high percentage of the Portfolio’s assets may be invested in a limited number of issuers.
PRINCIPAL RISKS
Portfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be no
assurance that the Portfolio will achieve its objective. The main risks of investing in this Portfolio are identified below.
The Portfolio is not intended to serve as a core holding in an investor’s investment program but instead should only form a small
part of a diversified portfolio. At any time, the risk of loss associated with a particular investment held by the Portfolio may be
significantly higher than 50% of the value of the investment. Investors considering an investment in the Portfolio should be
willing to accept significant volatility in the Portfolio’s performance, particularly over shorter time periods.
• Active Management Risk – The adviser’s investment strategies and techniques may not perform as expected which could
cause the Portfolio to underperform other mutual funds or lose money. While the primary driver of the Portfolio’s returns is
expected to be the change in value of the DJ-UBS Index, the Portfolio is not an index fund.
• Commodity Risk – The Portfolio’s investment in commodity-linked derivative instruments may subject the Portfolio to
greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of the
DJ-UBS Index, and therefore the value of any derivative instruments linked to that Index, may be affected by changes in
NMSF–81 Northwestern Mutual Series Fund, Inc.
Commodities Return Strategy Portfolio
overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or
commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and
regulatory developments.
• Correlation Risk – Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or
index. For example, changes in the value of a hedging instrument may not match those of the investment being hedged. Related
to other types of assets, the prices of commodity-linked instruments may move in different directions than investments in
traditional equity and debt securities. However, there can be no guarantee that the Portfolio’s commodity-linked investments
would not be correlated with traditional financial assets under any particular market conditions. In addition, the performance of
the Portfolio’s commodity-linked instruments may diverge from the performance of the DJ-UBS Index, perhaps materially.
• Credit Risk – The Portfolio could lose money if the issuer or guarantor of a fixed income security is unwilling or unable to
meet its financial obligations.
• Counterparty Risk – The Portfolio may sustain a loss in the event the other party(s) in an agreement or a participant to a
transaction, such as a broker or swap counterparty, defaults on a contract or fails to perform by failing to pay amounts due,
failing to fulfill delivery conditions, or failing to otherwise comply with the terms of the contract. Counterparty risk is inherent
in many transactions, including derivatives transactions.
• Derivatives Risk – The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate or
index. The Portfolio typically uses derivatives as a substitute for taking a position in the underlying asset and/or as part of a
strategy designed to reduce exposure to other risks, such as interest rate or currency risk. The Portfolio may also use
derivatives for leverage, which could result in greater volatility for the Portfolio, particularly during periods of market decline,
and could magnify losses. Investments in derivatives may not have the intended effects and may result in losses for the
Portfolio that may not have otherwise occurred or missed opportunities for the Portfolio. The Portfolio’s use of derivative
instruments, particularly commodity-linked derivatives, involves risks different from, or possibly greater than, the risks
associated with investing directly in securities and other traditional investments. Derivatives also involve commodity,
counterparty, correlation, management, credit, interest rate, liquidity and market risks, and the risks of mispricing or improper
valuation. Investing in derivatives could cause the Portfolio to lose more than the principal amount invested.
• Exposure Risk – The risk associated with investments (such as derivatives) or practices that increase the amount of money the
portfolio could gain or lose on an investment. Related to hedging, exposure risk could multiply losses generated by a derivative
or practice used for hedging purposes. Such losses should be substantially offset by gains on the hedged investment. However,
while hedging can reduce or eliminate losses, it can also reduce or eliminate gains. For speculative positions, to the extent that
a derivative or practice is not used as a hedge, the Portfolio is directly exposed to its risks. Gains or losses from speculative
positions in a derivative may be much greater than the derivative’s original cost.
• Focus Risk – The Portfolio will be exposed to the performance of commodities in the DJ-UBS Index, which may from time to
time have a small number of commodity sectors (e.g., energy, metals or agricultural) representing a large portion of the Index.
As a result, the Portfolio may be subject to greater volatility than if the Index were more broadly diversified among commodity
sectors.
• Foreign Currency Risk – The risk that foreign (non-U.S. dollar) currency denominated securities, or derivatives that provide
exposure to foreign currencies, may be adversely affected by decreases in foreign currency values relative to the U.S. dollar, or,
in the case of hedged positions, that the U.S. dollar will decline in value relative to the currency being hedged. Investments in
securities subject to foreign currency risk may have more rapid and extreme changes in value or more losses than investments
in U.S. dollar denominated securities. Although the Portfolio may seek to reduce currency risk by hedging part or all of its
exposure to various foreign currencies, it is not required to do so.
• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in value
or more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differing
reporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,
political and economic conditions, or diplomatic developments. Investments in emerging markets impose risks different from,
and greater than, investments in developed markets. Foreign securities may be less liquid, more volatile, and harder to value
than U.S. securities.
• Interest Rate Risk – The value of the Portfolio’s fixed income or derivative investments may decline because of a change in
market interest rates.
Northwestern Mutual Series Fund, Inc. NMSF–82
Commodities Return Strategy Portfolio
• Leverage Risk – Certain transactions utilized by the Portfolio and the Subsidiary, such as the use of derivative instruments,
may give rise to leverage, causing more volatility than if the Portfolio had not been leveraged. The use of leverage may cause
the Portfolio or the Subsidiary to liquidate positions when it may not be advantageous to do so to satisfy obligations. The use of
leveraged commodity-linked derivatives creates an opportunity for increased return but, at the same time, creates the
possibility for greater loss (including the likelihood of greater volatility of the Portfolio’s net asset value), and there can be no
assurance that the Portfolio’s use of leverage will be successful.
• Liquidity Risk – Particular derivative investments such as commodity-linked swaps may be difficult to purchase or sell at an
advantageous time or price, if at all. These risks may be magnified during periods of economic turmoil or in an extended
economic downturn.
• Market Risk – The risk that the market price of securities owned by the Portfolio may go up or down, sometimes rapidly or
unpredictably, due to factors affecting securities markets generally or particular industries.
• Non-Diversification Risk – The Portfolio is classified as a non-diversified fund and is permitted to invest a greater proportion
of its assets in the securities of a smaller number of issuers. As a result, the Portfolio’s performance may be more volatile than
the performance of a more diversified fund.
• Subsidiary Risk – By investing in the Subsidiary, the Portfolio is indirectly exposed to the risks associated with the
Subsidiary’s investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are
permitted to be held by the Portfolio and are subject to the same risks that apply to similar investments if held directly by the
Portfolio. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not
registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. However, the Portfolio wholly
owns and controls the Subsidiary, and the Portfolio and the Subsidiary are both managed by the same investment adviser and
sub-adviser, making it unlikely that the Subsidiary will take action contrary to the interests of the Portfolio and its shareholders.
Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Portfolio and/or the
Subsidiary to operate as it does currently and could adversely affect the Portfolio.
PERFORMANCE
Performance information is not provided because the Portfolio is newly offered and did not complete one full calendar year of
operations as of the date of this Prospectus.
PORTFOLIO MANAGEMENT
Investment Adviser: Mason Street Advisors, LLC
Sub-Adviser: Credit Suisse Asset Management, LLC (Credit Suisse)
Portfolio Managers: Christopher Burton, Director of Credit Suisse, co-lead portfolio manager of the Portfolio since the
Portfolio’s inception.
Nelson Louie, Managing Director of Credit Suisse, co-lead portfolio manager of the Portfolio since the Portfolio’s inception.
TAX INFORMATION
Shares of the Portfolio are offered only for funding variable annuity contracts and variable life insurance policies offered by The
Northwestern Mutual Life Insurance Company through separate accounts. Insurance company separate accounts generally do not
pay tax on dividends or capital gain distributions. Investors in variable annuity contracts and variable life insurance policies
should refer to the prospectuses for the variable products for a discussion of the tax considerations that affect the insurance
company and its separate accounts and the tax consequences to investors of owning such products.
COMPENSATION TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
Neither the Portfolio nor any related companies pay compensation to broker-dealers or other financial intermediaries for the sale
of Portfolio shares or related services. Investors in variable annuity contracts and variable life insurance policies should refer to
the prospectuses for the variable products for important information about compensation paid to financial intermediaries for sales
of variable annuity contracts and variable life insurance policies.
NMSF–83 Northwestern Mutual Series Fund, Inc.
SUMMARY PROSPECTUS
MAY 1, 2011 Balanced Portfolio
Before you invest, you may want to review the Portfolio’s prospectus, which contains more information about the Portfolio
and its risks. You can find the Portfolio’s prospectus and other information about the Portfolio online at
www.nmseriesfund.com. You can also get this information at no cost by calling 1-888-455-2232 or by sending an e-mail
request to sfprospectus@northwesternmutual.com. The current prospectus and statement of additional information, each
dated May 1, 2011, along with the Portfolio’s most recent annual report dated December 31, 2010, are incorporated by
reference into this Summary Prospectus. The Portfolio’s statement of additional information and annual report may be
obtained, free of charge, in the same manner as the prospectus.
INVESTMENT OBJECTIVE
The investment objective of the Portfolio is to realize as high a level of total return as is consistent with prudent investment risk,
through income and capital appreciation.
FEES AND EXPENSES OF THE PORTFOLIO
The table below describes the fees and expenses that you may pay when you buy and hold interests in a separate account that
invests in shares of the Portfolio as a result of your purchase of a variable annuity contract or variable life insurance policy. The
fees and expenses shown in the table and Example do not reflect fees and expenses separately charged by variable annuity
contracts or variable life insurance policies. If the fees and expenses separately charged by variable annuity contracts and variable
life insurance policies were included, the fees and expenses shown in the table and the Example would be higher.
Shareholder Fees Example
(fees paid directly from your investment) N/A This Example is intended to help you compare the cost of
investing in the Portfolio with the cost of investing in other
Annual Portfolio Operating Expenses
mutual funds. The Example assumes that you invest $10,000
(expenses that you pay each year as a percentage of
in the Portfolio for the time periods indicated and then redeem
the value of your investment)
all of your shares at the end of those periods. The Example
Management Fee 0.30% also assumes that your investment has a 5% return each year
and that the Portfolio’s operating expenses remain the same.
Distribution and Service (12b-1) Fees None
Although your actual costs may be higher or lower, based on
Other Expenses 0.00% these assumptions your costs would be:
Acquired Fund Fees and Expenses 0.03% 1 Year 3 Years 5 Years 10 Years
Total Annual Portfolio Operating Expenses* 0.33% $34 $106 $185 $418
* The operating expenses of the Portfolio reflected in the
Portfolio’s most recent annual report and Financial Highlights
do not include fees and expenses incurred indirectly by the
Portfolio as a result of investments in shares of one or more
investment companies (referred to as “Acquired Fund Fees
and Expenses”).
Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A
higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in Annual Portfolio
Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s
portfolio turnover rate was 81.33% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
Investing in the stock, bond and money market sectors, the Portfolio attempts to capitalize on the variation in return potential
produced by the interaction of changing financial markets and economic conditions while maintaining a balance over time
between investment opportunities and their associated potential risks by following a flexible policy of allocating assets across the
three market sectors.
Northwestern Mutual Series Fund, Inc. NMSF–84
Balanced Portfolio
The Portfolio is tactically and strategically managed to capitalize on changing financial markets and economic conditions
following a flexible policy for allocating assets according to the following benchmarks:
Equity Securities Fixed Income or Debt Securities Cash Equivalents
35 – 55% 40 – 60% 0 – 20%
These benchmarks are not minimum and maximum limits and the adviser, in pursuit of total return, may invest a greater or lesser
percentage in any component.
Equity investments will be actively managed and may consist of small, mid and large capitalization companies and foreign stocks
based on the adviser’s economic and market outlook, and its perceived opportunities in each class. The Portfolio will employ both
“growth” and “value” styles in managing the equity sector. Debt securities will generally consist primarily of investment grade
debt securities with maturities exceeding one year, though the Portfolio may invest up to 20% of the Portfolio’s total net assets in
non-investment grade debt securities (often called “junk bonds”). The cash equivalent portion of the Portfolio may include, but is
not limited to, debt securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, commercial paper,
banker’s acceptances, certificates of deposit and time deposits.
Up to 50% of the Portfolio’s net assets may be invested in foreign securities, up to a maximum of 25% in foreign stocks and 25%
in foreign bonds. The adviser may overweight or underweight the sector, industry or country exposure of the international equity
portion of the Portfolio (versus applicable benchmarks) based on the adviser’s assessment of the relative attractiveness of such
sectors, industries and countries. When the adviser deems it to be more efficient or advantageous, the adviser may utilize options,
futures, forwards, swap agreements and exchange-traded funds to gain exposure to certain markets, sectors or regions as
alternatives to direct investments, to adjust the Portfolio for the adviser’s view on style or term structure and duration, to provide
increased flexibility in asset allocation or to hedge foreign currency exposure. The Portfolio may also invest in mortgage- and
asset-backed securities. From time to time, the Portfolio may lend its portfolio securities to brokers, dealers or other financial
institutions to seek to achieve income.
The Portfolio is designed primarily for investors who want their investment allocated across major asset classes while pursuing
the growth potential of stocks, but who also want the income potential of bonds. The investor should be willing to accept
fluctuation in share prices that are typical for a portfolio that holds stock investments.
PRINCIPAL RISKS
Portfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be no
assurance that the Portfolio will achieve its objective. The main risks of investing in this Portfolio are identified below.
• Active Management Risk – The adviser’s investment strategies and techniques may not perform as expected which could
cause the Portfolio to underperform other mutual funds or lose money. Also, an actively managed Portfolio using a particular
style of investing, such as growth or value or a combination of both, may underperform when the market does not favor the
particular style used by the Portfolio. Different investment styles tend to shift in and out of favor, depending on market
conditions and investor sentiment.
• Asset Allocation Risk – This Portfolio allocates its investments between equity and fixed income securities, and among
various segments of markets, based upon judgments made by the adviser. The Portfolio could miss attractive investment
opportunities by underweighting markets or sectors where there are significant returns, and could lose value by overweighting
markets where there are significant declines, or may not correctly predict the times to shift assets from one type of investment
to another.
• Credit Risk – The Portfolio could lose money if the issuer or guarantor of a fixed income security is unwilling or unable to
meet its financial obligations.
• Derivatives Risk – The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate or
index. The Portfolio’s use of derivatives involves risks different from, or possibly greater than, the risks associated with
investing directly in securities or other traditional investments. Investments in derivatives may not have the intended effects
and may result in losses for the Portfolio that may not otherwise have occurred or missed opportunities for the Portfolio.
Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amount invested.
Derivatives could involve management, credit, interest rate, liquidity and market risks, and the risks of mispricing or improper
valuation. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index. In
addition, the Portfolio could sustain a loss in the event the counterparty to a derivatives transaction fails to make the required
payments or otherwise comply with the terms of the contract.
NMSF–85 Northwestern Mutual Series Fund, Inc.
Balanced Portfolio
• Equity Securities Risk – The value of equity securities, such as common and preferred stocks, could decline if the financial
condition of the companies the Portfolio is invested in declines or if overall market and economic conditions deteriorate.
Equity securities generally have greater price volatility than fixed income securities. Investments in rights and warrants may be
more volatile than the underlying investments in stocks.
• Exchange Traded Funds Risk – Investing in exchange traded funds (ETFs) may expose the Portfolio to greater risk of loss
and price fluctuation than investing directly in a comparable portfolio of stocks comprising the index due to lack of liquidity,
the additional expenses incurred as a shareholder in another investment company, and tracking error.
• Foreign Currency Risk – The risk that foreign (non-U.S. dollar) currency denominated securities, or derivatives that provide
exposure to foreign currencies, may be adversely affected by decreases in foreign currency values relative to the U.S. dollar.
Investments in securities subject to foreign currency risk may have more rapid and extreme changes in value or more losses
than investments in U.S. dollar denominated securities.
• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in value
or more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differing
reporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,
political and economic conditions, or diplomatic developments. Foreign securities may be less liquid, more volatile, and harder
to value than U.S. securities. The Portfolio’s investments in emerging markets heighten these risks due to a lack of established
legal, political, business and social frameworks to support securities markets.
• High Yield Debt Risk – High yield debt securities in which the Portfolio invests have greater interest rate and credit risk,
maybe more difficult to sell or sell at a reasonable price, and have greater risk of loss than higher rated securities.
• Interest Rate Risk – Prices of fixed income instruments generally rise and fall in response to changes in market interest rates.
In a rising interest rate environment, the value of the Portfolio’s fixed income investments is likely to decline.
• Large Cap Company Risk – Investing in large cap stocks could cause the Portfolio to underperform in markets favoring
faster growing companies. Large cap stocks tend to be more mature with fewer opportunities to grow and may not have the
same growth potential as stocks with smaller capitalizations.
• Market Risk – The risk that the market price of securities owned by the Portfolio may go up or down, sometimes rapidly or
unpredictably, due to factors affecting securities markets generally or particular industries.
• Mortgage- and Asset-Backed Securities Risk – The risks of investing in mortgage-related and other asset-backed securities,
including interest rate risk, credit risk, liquidity risk, extension risk and prepayment risk.
• Securities Lending Risk – Lending portfolio securities to brokers, dealers and financial institutions risks possible loss of
rights in the collateral should the borrower fail which may cause the Portfolio to lose money.
• Small and Mid Cap Company Risk – Investing in small and mid cap stocks may cause greater risk of loss and price
fluctuation than investing in stocks of larger cap companies due to a more limited track record, narrower product markets, more
limited resources and less liquid trading markets. These stocks may be more volatile and more difficult to buy and sell than
stocks with larger capitalizations.
Northwestern Mutual Series Fund, Inc. NMSF–86
Balanced Portfolio
PERFORMANCE
The following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio has
varied from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain time
periods and compares the Portfolio’s returns with the returns of certain market indices and peer groups. Returns are based on past
results and are not an indication of future performance. Neither the bar chart nor the table reflects the fees and expenses
separately charged by the variable annuity contract or variable life insurance policy separate account that invests in the Portfolio
and returns would be lower if those fees and expenses were reflected.
30%
21.43%
Average Annual Total Return
20% 17.99% (for periods ended December 31, 2010)
10.42% 11.96%
10% 7.89% 6.15% 1 Yr 5 Yrs 10 Yrs
3.59%
0%
Balanced Portfolio
-3.15% 11.96% 4.25% 3.82%
-10% -7.54%
S&P 500® Index
-20% 15.06% 2.29% 1.41%
-22.72% Barclays Capital® U.S. Aggregate Index
-30%
6.54% 5.80% 5.84%
01
02
03
04
05
06
07
08
09
10
20
20
20
20
20
20
20
20
20
20
Balanced Portfolio Blended Composite
12.14% 5.17% 4.96%
Best Qtr: 3rd – ‘09 11.15% Worst Qtr: 4th – ‘08 -12.20% Lipper® Variable Insurance Products (VIP) Mixed-Asset
Target Allocation Moderate Funds Average
11.28% 3.85% 3.73%
PORTFOLIO MANAGEMENT
Investment Adviser: Mason Street Advisors, LLC (MSA)
Portfolio Managers: David R. Keuler, co-lead manager of the Portfolio since 2007, manages the large cap portion of the
Portfolio, is a Managing Director of MSA and joined The Northwestern Mutual Life Insurance Company (Northwestern Mutual)
in 1991.
R. David Ells, co-lead manager of the Portfolio since 2007, co-manages the investment grade bond and international equity
portions of the Portfolio, is a Managing Director of MSA and joined Northwestern Mutual in 2004.
Jill M. Grueninger manages the mid cap portion of the Portfolio, is a Managing Director of MSA and joined Northwestern
Mutual in 1990.
William R. Walker manages the small cap portion of the Portfolio, is a Managing Director of MSA and joined Northwestern
Mutual in 1984.
Steven J. Lyons co-manages the investment grade bond portion of the Portfolio, is a Director of MSA and joined Northwestern
Mutual in 2006.
Andrew T. Wassweiler manages the high yield bond portion of the Portfolio, is a Director of MSA and joined Northwestern
Mutual in 1997.
Michael Holloway co-manages the international equity portion of the Portfolio, is a Director of MSA and joined Northwestern
Mutual in 1997.
TAX INFORMATION
Shares of the Portfolio are offered only for funding variable annuity contracts and variable life insurance policies offered by The
Northwestern Mutual Life Insurance Company through separate accounts. Insurance company separate accounts generally do not
pay tax on dividends or capital gain distributions. Investors in variable annuity contracts and variable life insurance policies
should refer to the prospectuses for the variable products for a discussion of the tax considerations that affect the insurance
company and its separate accounts and the tax consequences to investors of owning such products.
COMPENSATION TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
Neither the Portfolio nor any related companies pay compensation to broker-dealers or other financial intermediaries for the sale
of Portfolio shares or related services. Investors in variable annuity contracts and variable life insurance policies should refer to
the prospectuses for the variable products for important information about compensation paid to financial intermediaries for sales
of variable annuity contracts and variable life insurance policies.
NMSF–87 Northwestern Mutual Series Fund, Inc.
SUMMARY PROSPECTUS
MAY 1, 2011 Asset Allocation Portfolio
Before you invest, you may want to review the Portfolio’s prospectus, which contains more information about the Portfolio
and its risks. You can find the Portfolio’s prospectus and other information about the Portfolio online at
www.nmseriesfund.com. You can also get this information at no cost by calling 1-888-455-2232 or by sending an e-mail
request to sfprospectus@northwesternmutual.com. The current prospectus and statement of additional information, each
dated May 1, 2011, along with the Portfolio’s most recent annual report dated December 31, 2010, are incorporated by
reference into this Summary Prospectus. The Portfolio’s statement of additional information and annual report may be
obtained, free of charge, in the same manner as the prospectus.
INVESTMENT OBJECTIVE
The investment objective of the Portfolio is to realize as high a level of total return as is consistent with reasonable investment risk.
FEES AND EXPENSES OF THE PORTFOLIO
The table below describes the fees and expenses that you may pay when you buy and hold interests in a separate account that
invests in shares of the Portfolio as a result of your purchase of a variable annuity contract or variable life insurance policy. The
fees and expenses shown in the table and Example do not reflect fees and expenses separately charged by variable annuity
contracts or variable life insurance policies. If the fees and expenses separately charged by variable annuity contracts and variable
life insurance policies were included, the fees and expenses shown in the table and the Example would be higher.
Shareholder Fees Example
(fees paid directly from your investment) N/A This Example is intended to help you compare the cost of
investing in the Portfolio with the cost of investing in other
Annual Portfolio Operating Expenses
mutual funds. The Example assumes that you invest $10,000
(expenses that you pay each year as a percentage
in the Portfolio for the time periods indicated and then redeem
of the value of your investment)
all of your shares at the end of those periods. The Example
Management Fee 0.54% also assumes that your investment has a 5% return each year
and that the Portfolio’s operating expenses remain the same.
Distribution and Service (12b-1) Fees None
Although your actual costs may be higher or lower, based on
Other Expenses 0.04% these assumptions your costs would be:
Acquired Fund Fees and Expenses 0.03% 1 Year 3 Years 5 Years 10 Years
Total Annual Portfolio Operating Expenses* 0.61% $57 $189 $334 $756
Fee Waiver** (0.05)%
Total Annual Portfolio Operating Expenses After
Fee Waiver*, ** 0.56%
* The operating expenses of the Portfolio reflected in the
Portfolio’s most recent annual report and Financial Highlights
do not include fees and expenses incurred indirectly by the
Portfolio as a result of investments in shares in one or more
investment companies (referred to as “Acquired Fund Fees
and Expenses”).
** The Portfolio’s investment adviser has entered into a written
agreement to waive a portion of its management fee such that
its management fee is 0.55% on the Portfolio’s first $100
million of assets and 0.45% on assets from $100 million to
$250 million. This fee waiver agreement may be terminated
by the adviser at any time after April 30, 2012.
Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A
higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in Annual Portfolio
Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s
portfolio turnover rate was 73.04% of the average value of its portfolio.
Northwestern Mutual Series Fund, Inc. NMSF–88
Asset Allocation Portfolio
PRINCIPAL INVESTMENT STRATEGIES
Investing in the stock, bond and money market sectors, the Portfolio attempts to capitalize on the variation in return potential
produced by the interaction of changing financial markets and economic conditions while maintaining a balance over time
between investment opportunities and their associated potential risks by following a flexible policy of allocating assets across the
three market sectors.
The Portfolio is tactically and strategically managed to capitalize on changing financial markets and economic conditions
following a flexible policy for allocating assets according to the following benchmarks:
Equity Securities Fixed Income or Debt Securities Cash Equivalents
55 – 75% 25 – 45% 0 – 15%
These benchmarks are not minimum and maximum limits and the adviser, in pursuit of total return, may invest a greater or lesser
percentage in any component.
Equity investments will be actively managed and may consist of small, mid and large capitalization companies and foreign stocks
based on the adviser’s economic and market outlook, and its perceived opportunities in each class. The Portfolio will employ
either “growth” or “value”, or both, styles in managing the equity sector. Debt securities will generally consist primarily of
investment grade debt securities with maturities exceeding one year, though the Portfolio may invest up to 20% of the Portfolio’s
total net assets in non-investment grade debt securities (often called “junk bonds”) . The cash equivalent portion of the Portfolio
may include, but is not limited to, debt securities issued or guaranteed by the U.S. government or its agencies or instrumentalities,
commercial paper, banker’s acceptances, certificates of deposit and time deposits.
The Portfolio may invest up to 50% of net assets foreign securities. The adviser may overweight or underweight the sector,
industry or country exposure of the international equity portion of the Portfolio (versus applicable benchmarks) based on the
adviser’s assessment of the relative attractiveness of such sectors, industries and countries. When the adviser deems it to be more
efficient or advantageous, the adviser may utilize options, futures, forwards, swap agreements and exchange-traded funds to gain
exposure to certain markets, sectors or regions as alternatives to direct investments, to adjust the Portfolio for the adviser’s view
on style or term structure and duration, to provide increased flexibility in asset allocation or to hedge foreign currency exposure.
The Portfolio may also invest in mortgage- and asset-backed securities.
The Portfolio is designed primarily for investors who want their investment allocated across major asset classes while pursuing
the growth potential of stocks with a smaller allocation to bonds. The investor should be willing to accept fluctuation in share
prices that are typical for a portfolio that holds stock investments.
PRINCIPAL RISKS
Portfolio shares will rise and fall in value and there is a risk you could lose money by investing in the Portfolio. There can be no
assurance that the Portfolio will achieve its objective. The main risks of investing in this Portfolio are identified below.
• Active Management Risk – The adviser’s investment strategies and techniques may not perform as expected which could
cause the Portfolio to underperform or lose money. Also, an actively managed Portfolio using a particular style of investing,
such as growth or value or a combination of both, may underperform when the market does not favor the particular style used
by the Portfolio. Different investment styles tend to shift in and out of favor, depending on market conditions and investor
sentiment.
• Asset Allocation Risk – This Portfolio allocates its investments between equity and fixed income securities, and among
various segments of markets, based upon judgments made by the adviser. The Portfolio could miss attractive investment
opportunities by underweighting markets or sectors where there are significant returns, and could lose value by overweighting
markets where there are significant declines, or may not correctly predict the times to shift assets from one type of investment
to another.
• Credit Risk – The Portfolio could lose money if the issuer or guarantor of a fixed income security is unwilling or unable to
meet its financial obligations.
• Derivatives Risk – The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate or
index. The Portfolio’s use of derivatives involves risks different from, or possibly greater than, the risks associated with
investing directly in securities or other traditional investments. Investments in derivatives may not have the intended effects
and may result in losses for the Portfolio that may not otherwise have occurred or missed opportunities for the Portfolio.
Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amount invested.
NMSF–89 Northwestern Mutual Series Fund, Inc.
Asset Allocation Portfolio
Derivatives could involve management, credit, interest rate, liquidity and market risks, and the risks of mispricing or improper
valuation. Changes in the value of the derivative may not correlate as intended with the underlying asset, rate or index. In
addition, the Portfolio could sustain a loss in the event the counterparty to a derivatives transaction fails to make the required
payments or otherwise comply with the terms of the contract.
• Equity Securities Risk – The value of equity securities, such as common and preferred stocks, could decline if the financial
condition of the companies the Portfolio is invested in declines or if overall market and economic conditions deteriorate.
Equity securities generally have greater price volatility than fixed income securities. Investments in rights and warrants may be
more volatile than the underlying investments in stocks.
• Exchange Traded Funds Risk – Investing in exchange traded funds (ETFs) may expose the Portfolio to greater risk of loss
and price fluctuation than investing directly in a comparable portfolio of stocks comprising the index due to lack of liquidity,
the additional expenses incurred as a shareholder in another investment company, and tracking error.
• Foreign Currency Risk – The risk that foreign (non-U.S. dollar) currency denominated securities, or derivatives that provide
exposure to foreign currencies, may be adversely affected by decreases in foreign currency values relative to the U.S. dollar.
Investments in securities subject to foreign currency risk may have more rapid and extreme changes in value or more losses
than investments in U.S. dollar denominated securities.
• Foreign Investing Risk – Investing in foreign securities may subject the Portfolio to more rapid and extreme changes in value
or more losses than a fund that invests exclusively in U.S. securities. This risk is due to potentially smaller markets, differing
reporting, accounting and auditing standards, and nationalization, expropriation or confiscatory taxation, currency blockage,
political and economic conditions, or diplomatic developments. Foreign securities may be less liquid, more volatile, and harder
to value than U.S. securities. The Portfolio’s investments in emerging markets heighten these risks due to a lack of established
legal, political, business and social frameworks to support securities markets.
• High Yield Debt Risk – High yield debt securities in which the Portfolio invests have greater interest rate and credit risk,
maybe more difficult to sell or sell at a reasonable price, and have greater risk of loss than higher rated securities.
• Interest Rate Risk – Prices of fixed income instruments generally rise and fall in response to changes in market interest rates.
In a rising interest rate environment, the value of the Portfolio’s fixed income investments is likely to decline.
• Large Cap Company Risk – Investing in large cap stocks could cause the Portfolio to underperform in markets favoring
faster growing companies. Large cap stocks tend to be more mature with fewer opportunities to grow and may not have the
same growth potential as stocks with smaller capitalizations.
• Market Risk – The risk that the market price of securities owned by the Portfolio may go up or down, sometimes rapidly or
unpredictably, due to factors affecting securities markets generally or particular industries.
• Mortgage- and Asset-Backed Securities Risk – The risks of investing in mortgage-related and other asset-backed securities,
including interest rate risk, credit risk, liquidity risk, extension risk and prepayment risk.
• Small and Mid Cap Company Risk – Investing in small and mid cap stocks may cause greater risk of loss and price
fluctuation than investing in stocks of larger cap companies due to a more limited track record, narrower product markets, more
limited resources and less liquid trading markets. These stocks may be more volatile and more difficult to buy and sell than
stocks with larger capitalizations.
Northwestern Mutual Series Fund, Inc. NMSF–90
Asset Allocation Portfolio
PERFORMANCE
The following bar chart illustrates the risks of investing in the Portfolio by showing how the performance of the Portfolio has
varied from year to year. The table to the right of the bar chart shows the Portfolio’s average annual total return over certain time
periods and compares the Portfolio’s returns with the returns of certain market indices and peer groups. Returns are based on past
results and are not an indication of future performance. Neither the bar chart nor the table reflects the fees and expenses
separately charged by the variable annuity contract or variable life insurance policy separate account that invests in the Portfolio
and returns would be lower if those fees and expenses were reflected.
30% 27.09%
20.63%
Average Annual Total Return
20% (for periods ended December 31, 2010)
13.01%
10.02% 9.91% 9.40%
10% 6.99%
Since
0% Inception on
1 Yr 5 Yrs 07/31/01
-10%
-10.26%
Asset Allocation Portfolio
-20%
13.01% 3.83% 4.44%
-30% S&P 500® Index
-30.13%
-40% 15.06% 2.29% 2.36%
02
03
04
05
06
07
08
09
10
Barclays Capital® U.S. Aggregate Index
20
20
20
20
20
20
20
20
20
6.54% 5.80% 5.56%
Best Qtr: 2nd – ‘09 13.51% Worst Qtr: 4th – ‘08 -16.40% Asset Allocation Blended Composite
13.79% 4.93% 5.46%
Lipper® Variable Insurance Products (VIP) Mixed-Asset
Target Allocation Growth Funds Average
13.14% 3.53% —
PORTFOLIO MANAGEMENT
Investment Adviser: Mason Street Advisors, LLC (MSA)
Portfolio Managers: David R. Keuler, co-lead manager of the Portfolio since 2007, manages the large cap portion of the
Portfolio, is a Managing Director of MSA and joined The Northwestern Mutual Life Insurance Company (Northwestern Mutual)
in 1991.
R. David Ells, co-lead manager of the Portfolio since 2007, co-manages the investment grade bond and international equity
portions of the Portfolio, is a Managing Director of MSA and joined Northwestern Mutual in 2004.
Jill M. Grueninger manages the mid cap portion of the Portfolio, is a Managing Director of MSA and joined Northwestern
Mutual in 1990.
William R. Walker manages the small cap portion of the Portfolio, is a Managing Director of MSA and joined Northwestern
Mutual in 1984.
Steven J. Lyons co-manages the investment grade bond portion of the Portfolio, is a Director of MSA and joined Northwestern
Mutual in 2006.
Andrew T. Wassweiler manages the high yield bond portion of the Portfolio, is a Director of MSA and joined Northwestern
Mutual in 1997.
Michael Holloway co-manages the international equity portion of the Portfolio, is a Director of MSA and joined Northwestern
Mutual in 1997.
TAX INFORMATION
Shares of the Portfolio are offered only for funding variable annuity contracts and variable life insurance policies offered by The
Northwestern Mutual Life Insurance Company through separate accounts. Insurance company separate accounts generally do not
pay tax on dividends or capital gain distributions. Investors in variable annuity contracts and variable life insurance policies
should refer to the prospectuses for the variable products for a discussion of the tax considerations that affect the insurance
company and its separate accounts and the tax consequences to investors of owning such products.
COMPENSATION TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
Neither the Portfolio nor any related companies pay compensation to broker-dealers or other financial intermediaries for the sale
of Portfolio shares or related services. Investors in variable annuity contracts and variable life insurance policies should refer to
the prospectuses for the variable products for important information about compensation paid to financial intermediaries for sales
of variable annuity contracts and variable life insurance policies.
NMSF–91 Northwestern Mutual Series Fund, Inc.
[THIS PAGE INTENTIONALLY LEFT BLANK]
FidelityR Variable Insurance Products
Initial Class, Service Class, and Service Class 2
Mid Cap Portfolio
Summary Prospectus
April 30, 2011
Before you invest, you may want to review the fund's prospectus, which
contains more information about the fund and its risks. You can find the
fund's prospectus and other information about the fund (including the
fund's SAI) online at advisor.fidelity.com/vipfunddocuments. You can
also get this information at no cost by calling 1 866 997 1254 or by
sending an e mail request to funddocuments@fmr.com. The fund's
prospectus and SAI dated April 30, 2011 are incorporated herein by
reference. 82 Devonshire Street, Boston, MA 02109
FI-1
Fund Summary
Fund/Class:
VIP Mid Cap Portfolio/Initial Class, Service Class, Service Class 2
Investment Objective owner, buy and hold interests in a separate account that invests in
shares of the fund. The table does not include any fees or other
The fund seeks long term growth of capital. expenses of any variable annuity or variable life insurance product;
if it did, overall fees and expenses would be higher.
Fee Table
The following table describes the fees and expenses that may be
incurred, directly or indirectly, when you, as a variable product
Fees
(fees paid directly from your investment) Not Applicable
Annual class operating expenses
(expenses that you pay each year as a % of the value of your investment)
Initial Service Service
Class Class Class 2
Management fee 0.56% 0.56% 0.56%
Distribution and/or Service (12b 1) fees None 0.10% 0.25%
Other expenses 0.10% 0.10% 0.10%
Total annual operating expenses 0.66% 0.76% 0.91%
This example helps compare the cost of investing in the fund with all of which may vary. This example does not include any fees or
the cost of investing in other mutual funds. other expenses of any variable annuity or variable life insurance
product; if it did, overall expenses would be higher. For every
Let's say, hypothetically, that the annual return for shares of the
$10,000 invested, here's how much you, as a variable product own
fund is 5% and that the fees and the annual operating expenses for
er, would pay in total expenses if all interests in a separate account
shares of the fund are exactly as described in the fee table. This
that invests in shares of the fund were redeemed at the end of each
example illustrates the effect of fees and expenses, but is not
time period indicated:
meant to suggest actual or expected fees and expenses or returns,
Initial Class Service Class Service Class 2
1 year $ 67 $ 78 $ 93
3 years $ 211 $ 243 $ 290
5 years $ 368 $ 422 $ 504
10 years $ 822 $ 942 $ 1,120
Portfolio Turnover to companies in the Russell MidcapR Index or the S&P MidCap
The fund pays transaction costs, such as commissions, when it buys 400R Index).
and sells securities (or turns over" its portfolio). A higher portfolio S Potentially investing in companies with smaller or larger market
turnover rate may indicate higher transaction costs. These costs, capitalizations.
which are not reflected in annual operating expenses or in the
example, affect the fund's performance. During the most recent S Investing in domestic and foreign issuers.
fiscal year, the fund's portfolio turnover rate was 25% of the average S Investing in either growth" stocks or value" stocks or both.
value of its portfolio.
S Using fundamental analysis of factors such as each issuer's finan
Principal Investment Strategies cial condition and industry position, as well as market and econom
ic conditions to select investments.
S Normally investing primarily in common stocks.
S Normally investing at least 80% of assets in securities of compa Principal Investment Risks
nies with medium market capitalizations (which, for purposes of S Stock Market Volatility. Stock markets are volatile and can
this fund, are those companies with market capitalizations similar decline significantly in response to adverse issuer, political,
Summary Prospectus 2
FI-2
regulatory, market, or economic developments. Different parts of You could lose money by investing in the fund.
the market can react differently to these developments.
S Foreign Exposure. Foreign markets can be more volatile than Performance
the U.S. market due to increased risks of adverse issuer, political, The following information is intended to help you understand the
regulatory, market, or economic developments and can perform risks of investing in the fund. The information illustrates the
differently from the U.S. market. changes in the performance of the fund's shares from year to year
S Issuer Specific Changes. The value of an individual security or and compares the performance of the fund's shares to the perfor
particular type of security can be more volatile than, and can per mance of a securities market index over various periods of time.
form differently from, the market as a whole. The value of securities The index description appears in the Additional Information about
of smaller issuers can be more volatile than that of larger issuers. the Index section of the prospectus. Returns for shares of the fund
do not include the effect of any sales charges or other expenses of
S Mid Cap Investing. The value of securities of medium size, less any variable annuity or variable life insurance product; if they did,
well known issuers can perform differently from the market as a returns for shares of the fund would be lower. Past performance is
whole and other types of stocks and can be more volatile than that not an indication of future performance.
of larger issuers.
Year by Year Returns
Calendar Years 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
-3.26% -9.82% 38.64% 24.92% 18.30% 12.70% 15.63% -39.44% 40.09% 28.83%
Percentage (%)
50
40
30
20
10
0
-10
-20
-30
-40
During the periods shown in the chart for Initial Class: Returns Quarter ended
Highest Quarter Return 19.29% June 30, 2009
Lowest Quarter Return -23.63% December 31, 2008
Average Annual Returns
For the periods ended Past 1 Past 5 Past 10
December 31, 2010 year years years
Initial Class 28.83% 7.33% 9.79%
Service Class 28.75% 7.23% 9.69%
Service Class 2 28.57% 7.07% 9.53%
S&P MidCap 400R Index
(reflects no deduction for fees, expenses, or taxes) 26.64% 5.73% 7.16%
Investment Advisers Purchase and Sale of Shares
Fidelity Management & Research Company (FMR) is the fund's Only Permitted Accounts, including separate accounts of insurance
manager. FMR Co., Inc. (FMRC) and other investment advisers companies and qualified funds of funds that have signed the ap
serve as sub advisers for the fund. propriate agreements with the fund, if applicable, can buy or sell
shares of the fund. Insurance companies offer variable annuity and
Portfolio Manager(s) variable life insurance products through separate accounts. A qual
ified fund of funds is an eligible insurance dedicated mutual fund
Tom Allen (portfolio manager) has managed the fund since June that invests in other mutual funds.
2001.
Permitted Accounts - not variable product owners - are the share
holders of the fund. Variable product owners hold interests in
separate accounts, including separate accounts that are
3 Summary Prospectus
FI-3
Fund Summary - continued
shareholders of qualified funds of funds. The terms of the offering
of interests in separate accounts are included in the variable annu
ity or variable life insurance product prospectus.
The price to buy one share of Initial Class, Service Class, or Service
Class 2 is its net asset value per share (NAV). Shares will be bought
at the NAV next calculated after an order is received in proper form.
The price to sell one share of Initial Class, Service Class, or Service
Class 2 is its NAV. Shares will be sold at the NAV next calculated
after an order is received in proper form.
The fund is open for business each day the New York Stock Ex
change (NYSE) is open.
The fund has no minimum investment requirement.
Tax Information
Variable product owners seeking to understand the tax conse
quences of their investment should consult with their tax advisers
or the insurance company that issued their variable product, or
refer to their variable annuity or variable life insurance product
prospectus. Insurance company separate accounts generally do not
pay tax on dividends or capital gain distributions from the fund.
Payments to Broker Dealers and
Other Financial Intermediaries
The fund, FMR, Fidelity Distributors Corporation (FDC), and/or
their affiliates may pay intermediaries, including insurance compa
nies and their affiliated broker dealers and service providers (who
may be affiliated with FMR or FDC), for the sale of fund shares and
related services. These payments may create a conflict of interest
by influencing your intermediary and your investment professional
to recommend the fund over another investment. Ask your invest
ment professional or visit your intermediary's web site for more
information.
Summary Prospectus 4
FI-4
FDC is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC
at 202 371 8300.
Fidelity and Fidelity Investments & Pyramid Design are registered service marks of FMR LLC.
The third party marks appearing above are the marks of their respective owners.
The term VIP" as used in this document refers to Fidelity Variable Insurance Products.
1.907844.102 VMC sum 0411
FI-5
FidelityR Variable Insurance Products
Initial Class, Service Class, and Service Class 2
ContrafundR Portfolio
Summary Prospectus
April 30, 2011
Before you invest, you may want to review the fund's prospectus, which
contains more information about the fund and its risks. You can find the
fund's prospectus and other information about the fund (including the
fund's SAI) online at advisor.fidelity.com/vipfunddocuments. You can
also get this information at no cost by calling 1 866 997 1254 or by
sending an e mail request to funddocuments@fmr.com. The fund's pro
spectus and SAI dated April 30, 2011 are incorporated herein by
reference. 82 Devonshire Street, Boston, MA 02109
FI-6
Fund Summary
Fund/Class:
VIP Contrafund Portfolio/Initial Class, Service Class, Service Class 2
Investment Objective owner, buy, hold, or redeem interests in a separate account that
invests in shares of the fund. The table does not include any fees or
The fund seeks long term capital appreciation. other expenses of any variable annuity or variable life insurance
product; if it did, overall fees and expenses would be higher.
Fee Table
The following table describes the fees and expenses that may be
incurred, directly or indirectly, when you, as a variable product
Fees
(fees paid directly from your investment) Not Applicable
Annual class operating expenses
(expenses that you pay each year as a % of the value of your investment)
Initial Class Service Class Service Class 2
Management fee 0.56% 0.56% 0.56%
Distribution and/or Service (12b 1) fees None 0.10% 0.25%
Other expenses 0.09% 0.09% 0.09%
Total annual operating expenses 0.65% 0.75% 0.90%
This example helps compare the cost of investing in the fund with may vary. This example does not include any fees or other expenses
the cost of investing in other mutual funds. of any variable annuity or variable life insurance product; if it did,
overall expenses would be higher. For every $10,000 invested, here's
Let's say, hypothetically, that the annual return for shares of the fund
how much you, as a variable product owner, would pay in total ex
is 5% and that the fees and the annual operating expenses for shares
penses if all interests in a separate account that invests in shares of
of the fund are exactly as described in the fee table. This example
the fund were redeemed at the end of each time period indicated:
illustrates the effect of fees and expenses, but is not meant to sug
gest actual or expected fees and expenses or returns, all of which
Initial Class Service Class Service Class 2
1 year $ 66 $ 77 $ 92
3 years $ 208 $ 240 $ 287
5 years $ 362 $ 417 $ 498
10 years $ 810 $ 930 $ 1,108
Portfolio Turnover S Allocating the fund's assets across different market sectors (at
The fund pays transaction costs, such as commissions, when it buys present, consumer discretionary, consumer staples, energy, finan
and sells securities (or turns over" its portfolio). A higher portfolio cials, health care, industrials, information technology, materials,
turnover rate may indicate higher transaction costs. These costs, telecom services, and utilities), using different Fidelity managers.
which are not reflected in annual operating expenses or in the ex S Investing in either growth" stocks or value" stocks or both.
ample, affect the fund's performance. During the most recent fiscal
year, the fund's portfolio turnover rate was 117% of the average value S Using fundamental analysis of factors such as each issuer's finan
cial condition and industry position, as well as market and economic
of its portfolio.
conditions to select investments.
Principal Investment Strategies Principal Investment Risks
S Normally investing primarily in common stocks.
S Stock Market Volatility. Stock markets are volatile and can
S Investing in securities of companies whose value Fidelity Manage decline significantly in response to adverse issuer, political, regula
ment & Research Company (FMR) believes is not fully recognized by tory, market, or economic developments. Different parts of the
the public. market can react differently to these developments.
S Investing in domestic and foreign issuers. S Foreign Exposure. Foreign markets can be more volatile than
the U.S. market due to increased risks of adverse issuer, political,
Summary Prospectus 2
FI-7
regulatory, market, or economic developments and can perform changes in the performance of the fund's shares from year to year
differently from the U.S. market. and compares the performance of the fund's shares to the perfor
mance of a securities market index over various periods of time.
S Issuer Specific Changes. The value of an individual security or
The index description appears in the Additional Information about
particular type of security can be more volatile than, and can per
the Index section of the prospectus. Returns for shares of the fund
form differently from, the market as a whole.
do not include the effect of any sales charges or other expenses of
You could lose money by investing in the fund. any variable annuity or variable life insurance product; if they did,
returns for shares of the fund would be lower. Past performance is
Performance not an indication of future performance.
The following information is intended to help you understand the
risks of investing in the fund. The information illustrates the
Year by Year Returns
Calendar Years 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
-12.28% -9.35% 28.46% 15.48% 16.94% 11.72% 17.59% -42.51% 35.71% 17.22%
Percentage (%)
40
30
20
10
0
-10
-20
-30
-40
-50
During the periods shown in the chart for Initial Class: Returns Quarter ended
Highest Quarter Return 18.85% June 30, 2009
Lowest Quarter Return -23.07% December 31, 2008
Average Annual Returns
For the periods ended Past 1 Past 5 Past 10
December 31, 2010 year years years
Initial Class 17.22% 3.74% 5.18%
Service Class 17.11% 3.64% 5.08%
Service Class 2 16.93% 3.48% 4.92%
S&P 500R Index
(reflects no deduction for fees, expenses, or taxes) 15.06% 2.29% 1.41%
Investment Advisers Purchase and Sale of Shares
FMR is the fund's manager. FMR Co., Inc. (FMRC) and other in Only Permitted Accounts, including separate accounts of insurance
vestment advisers serve as sub advisers for the fund. companies and qualified funds of funds that have signed the ap
propriate agreements with the fund, if applicable, can buy or sell
Portfolio Manager(s) shares of the fund. Insurance companies offer variable annuity and
variable life insurance products through separate accounts. A qual
The fund is managed by members of FMR's Stock Selector Large Cap ified fund of funds is an eligible insurance dedicated mutual fund
Group. Robert Stansky (co manager), John Avery (co manager), that invests in other mutual funds.
Matthew Friedman (co manager), Adam Hetnarski (co manager),
Steven Kaye (co manager), Robert Lee (co manager), Douglas Sim Permitted Accounts - not variable product owners - are the share
mons (co manager), and Pierre Sorel (co manager) have managed holders of the fund. Variable product owners hold interests in sepa
the fund since October 2007. Nathan Strik (co manager) has man rate accounts, including separate accounts that are shareholders of
aged the fund since January 2010. Peter Saperstone (co manager) qualified funds of funds. The terms of the offering of interests in
has managed the fund since March 2011. separate accounts are included in the variable annuity or variable
life insurance product prospectus.
3 Summary Prospectus
FI-8
Fund Summary - continued
The price to buy one share of Initial Class, Service Class, or Service
Class 2 is its net asset value per share (NAV). Shares will be bought
at the NAV next calculated after an order is received in proper form.
The price to sell one share of Initial Class, Service Class, or Service
Class 2 is its NAV. Shares will be sold at the NAV next calculated
after an order is received in proper form.
The fund is open for business each day the New York Stock Ex
change (NYSE) is open.
The fund has no minimum investment requirement.
Tax Information
Variable product owners seeking to understand the tax conse
quences of their investment should consult with their tax advisers
or the insurance company that issued their variable product, or
refer to their variable annuity or variable life insurance product
prospectus. Insurance company separate accounts generally do not
pay tax on dividends or capital gain distributions from the fund.
Payments to Broker Dealers and
Other Financial Intermediaries
The fund, FMR, Fidelity Distributors Corporation (FDC), and/or
their affiliates may pay intermediaries, including insurance compa
nies and their affiliated broker dealers and service providers (who
may be affiliated with FMR or FDC), for the sale of fund shares and
related services. These payments may create a conflict of interest
by influencing your intermediary and your investment professional
to recommend the fund over another investment. Ask your invest
ment professional or visit your intermediary's web site for more
information.
Summary Prospectus 4
FI-9
FDC is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC
at 202 371 8300.
Fidelity, Contrafund, and Fidelity Investments & Pyramid Design are registered service marks of FMR LLC.
The third party marks appearing above are the marks of their respective owners.
The term VIP" as used in this document refers to Fidelity Variable Insurance Products.
1.907822.103 VCON sum 0411
FI-10
May 1, 2011
SOCIALLY RESPONSIVE PORTFOLIO
SUMMARY PROSPECTUS
I Class Shares
Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus and
other information about the Fund (including the Fund’s SAI) online at https://www.nb.com/VariableAnnuityLiterature.aspx?id=1278. You can also get this information at
no cost by calling 800-877-9700 or by sending an e-mail request to fundinfo@nb.com. You can also get this information from your investment provider or any
investment provider authorized to sell the Fund’s shares. The Fund’s prospectus and SAI, each dated May 1, 2011 (as each may be amended or supplemented), are
incorporated herein by reference.
GOAL
The Fund seeks long-term growth of capital by invesing primarily in securities of companies that meet the Fund’s financial
criteria and social policy.
FEES AND EXPENSES
These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. These tables do not
reflect any expenses or charges that are, or may be, imposed under a variable annuity or variable life insurance separate
account or a qualified pension or retirement plan. For information on these expenses and charges, please refer to the
applicable variable contract prospectus summary or disclosure statement, or if you purchased shares through a qualified plan,
please consult the plan administrator.
The expense example can help you compare costs among mutual
Shareholder Fees (fees paid directly N/A funds. The example assumes that you invested $10,000 for the periods
from your investment) shown, that the Fund earned a hypothetical 5% total return each year,
Annual Fund Operating Expenses and that the Fund’s expenses were those in the table. Actual
(expenses that you pay each year as a % performance and expenses may be higher or lower.
of the value of your investment)1
Management fees 0.85 1 Year 3 Years 5 Years 10 Years
Distribution (12b-1) fees None Expenses $110 $343 $595 $1,317
Other expenses 0.23
Total annual operating expenses 1.08
1
Neuberger Berman Management LLC (“NBM”) has contractually undertaken to limit the Fund’s expenses through December 31, 2014 by waiving
fees and/or reimbursing certain expenses of the Fund so that its total operating expenses (including the compensation of NBM and excluding
taxes, interest, extraordinary expenses, brokerage commissions and transaction costs), in the aggregate, are limited to 1.30% per annum of the
Fund’s average daily net asset value. These fee waivers and/or expense reimbursement are subject to recoupment by NBM within three years.
PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A
higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held
in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the Fund’s
performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 41% of the average value of its
portfolio.
NB-1
S O C I A L LY R E S P O N S I V E P O RT F O L I O May 1, 2011
PRINCIPAL INVESTMENT STRATEGIES
To pursue its goal, the Fund invests mainly in common stocks of mid- to large-capitalization companies that meet the Fund’s
social policy. The Fund seeks to reduce risk by investing across many different industries.
The Portfolio Managers employ a research driven and valuation sensitive approach to stock selection with a long-term
perspective. They seek to identify stocks in well-positioned businesses that they believe are undervalued in the market. They
look for solid balance sheets, strong management teams with a track record of success, good cash flow and the prospect for
above average earnings growth. Among companies that meet these criteria, the Portfolio Managers look for those that show
leadership in environmental concerns, and progressive workplace practices including diversity and community relations.
The Portfolio Managers typically also look at a company’s record in public health and the nature of its products. The Portfolio
Managers judge firms on their corporate citizenship overall, considering their accomplishments as well as their goals. While
these judgments are inevitably subjective, the Fund endeavors to avoid companies that derive revenue from gambling or the
production of alcohol, tobacco, weapons or nuclear power. The Fund also does not invest in any company that derives its total
revenue primarily from non-consumer sales to the military.
The Portfolio Managers follow a disciplined selling strategy and may sell a stock when it reaches a target price, when the
company’s business fails to perform as expected, or when other opportunities appear more attractive.
Although the Fund invests primarily in domestic stocks, it may also invest in stocks of foreign companies.
The Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity
securities selected in accordance with its social policy. The Fund will not alter this policy without providing shareholders at
least 60 days’ notice. In practice, the Portfolio Managers’ current intention is to hold only equity securities selected in
accordance with the Fund’s social investing policies. This test is applied at the time the Fund invests; later percentage changes
caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.
PRINCIPAL INVESTMENT RISKS
Most of the Fund’s performance depends on what happens in the stock market. The market’s behavior is unpredictable,
particularly in the short term. A company’s stock can also be affected by the company’s financial condition. There can be no
guarantee that the Fund will achieve its goal.
The Fund is a mutual fund, not a bank deposit, and is not guaranteed or insured by the Federal Deposit Insurance
Corporation or any other government agency. The value of your investment may fall, sometimes sharply, and you could lose
money by investing in the Fund.
The following factors can significantly affect the Fund’s performance:
Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political,
regulatory, market or economic developments. To the extent that the Fund sells stocks before they reach their market peak, it
may miss out on opportunities for higher performance.
Socially Responsive Investing Risk. The Fund’s social policy could cause it to underperform similar funds without a social
policy since undervalued stocks that do not meet the social criteria could outperform those that do, economic or political
changes could make certain companies less attractive for investment and the social policy could cause the Fund to sell or avoid
stocks that subsequently perform well.
Market Capitalization Risk. Mid-cap stocks tend to be more volatile than large-cap stocks and are usually more sensitive to
economic, political, regulatory and market factors. At any given time, one or both groups of stocks may be out of favor with
investors.
Issuer-Specific Risk. The value of an individual security or particular type of security can be more volatile than the market as
a whole and can perform differently from the value of the market as a whole.
2
NB-2
S O C I A L LY R E S P O N S I V E P O RT F O L I O May 1, 2011
Value Investing Risk. With a valuation sensitive approach, there is the risk that stocks may remain undervalued during a given
period, because value stocks, as a category, lose favor with investors, or because of a failure to anticipate which stocks or
industries would benefit from changing market or economic conditions.
Foreign Risk. Foreign securities involve risks in addition to those associated with comparable U.S. securities. Additional risks
include exposure to less developed or less efficient trading markets; social, political or economic instability; fluctuations in
foreign currencies; nationalization or expropriation of assets; settlement, custodial or other operational risks; and less
stringent auditing and legal standards. As a result, foreign securities can fluctuate more widely in price and may also be less
liquid than comparable U.S. securities. World markets may all react in similar fashion to important economic or political
developments. In addition, foreign markets can perform differently than the U.S. market. Following the market turmoil of
2008-2009, some national economies continue to show instability, which may in turn affect their international trading
partners.
Currency Risk. Currency fluctuations could erase investment gains or add to investment losses.
Arbitrage Risk. Investing in foreign stocks or thinly-traded securities may involve a greater risk for excessive trading due to
potential arbitrage opportunities. For example, to the extent that the Fund’s net asset value does not immediately reflect
changes in market conditions or the true market value of these securities, an investor may seek to benefit from the pricing
differences caused by this delay.
Recent Market Conditions. Recent events in the U.S. and global economies have resulted, and may continue to result, in an
usually high degree of volatility in the financial markets, both domestic and foreign and in the net asset values of many mutual
funds, including to some extent the Fund. Because the situation is unprecedented and widespread, it may be unusually
difficult to identify both risks and opportunities using past models of the interplay of market forces, or to predict the duration
of these market events. The severity or duration of these conditions may also be affected by policy changes made by
governments or quasi-governmental organizations.
3
NB-3
S O C I A L LY R E S P O N S I V E P O RT F O L I O May 1, 2011
PERFORMANCE
The bar chart and table below provide an indication of the risks of investing in the Fund. The bar chart shows how the Fund’s
performance has varied from year to year. The table next to the bar chart shows what the returns would equal if you averaged
out actual performance over various lengths of time and compares the returns with the returns of a broad-based market
index, which appear immediately below the Fund’s returns. The performance information does not reflect insurance product
or qualified expenses. If such information were reflected, returns would be less than those shown.
Past performance is not a prediction of future results. Visit www.nb.com or call 800-877-9700 for updated performance
information.
YEAR-BY-YEAR % RETURNS AVERAGE ANNUAL TOTAL % RETURNS
AS OF 12/31 EACH YEAR AS OF 12/31/10
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1 Year 5 Years 10 Years
Socially Responsive Portfolio
(Class I) 22.85 3.65 4.81
34.39 31.43
S&P 500 Index
(reflects no deduction for fees,
22.85 expenses or taxes) 15.06 2.29 1.41
13.28 13.70
6.86 7.61
-3.58
-14.75
-39.44
Best quarter: Q2 ’09, 15.74%
Worst quarter: Q4 ’08, -27.01%
INVESTMENT MANAGERS
Neuberger Berman Management LLC (NBM) is the Fund’s investment manager. Neuberger Berman LLC (NB) is the Fund’s
sub-adviser.
PORTFOLIO MANAGERS
The Fund is managed by Arthur Moretti, CFA (Managing Director of NBM and NB), Ingrid S. Dyott (Managing Director of
NBM and NB), Sajjad S. Ladiwala, CFA (Managing Director of NBM and NB) and Mamundi Subhas, CFA (Senior Vice
President of NBM and NB). Mr. Moretti has managed the Fund’s assets since 2001, Ms. Dyott and Mr. Ladiwala have managed
the Fund’s assets since 2003, and Mr. Subhas has managed the Fund’s assets since 2008.
BUYING AND SELLING FUND SHARES
The Fund is designed for use with certain variable insurance contracts and qualified plans. Because shares of the Fund are held
by the insurance company or qualified plans involved, you will need to follow the instructions provided by your insurance
company or qualified plan for matters involving allocations to this Fund.
When you buy and sell shares of the Fund, the share price is the Fund’s net asset value per share. When you buy shares, you
will receive the next share price to be calculated after your order has been accepted. The Fund is open for business every day
the New York Stock Exchange is open.
4
NB-4
S O C I A L LY R E S P O N S I V E P O RT F O L I O May 1, 2011
TAX INFORMATION
Distributions made by the Fund to a variable annuity or variable life insurance separate account or a qualified pension or
retirement plan, and exchanges and redemptions of Fund shares made by a separate account or qualified plan ordinarily do
not cause the corresponding contract holder or plan participant to recognize income or gain for federal income tax purposes.
Please see your variable contract prospectus or the governing documents of your qualified plan for information regarding the
federal income tax treatment of the distributions to separate accounts or qualified plans and the holders of the contracts or
plan participants.
PAYMENTS TO FINANCIAL INTERMEDIARIES
The Fund and NBM and/or its affiliates may pay insurance companies or their affiliates, qualified plan administrators, broker-
dealers or other financial intermediaries, for services they provide respecting the Fund to current and prospective variable
contract owners and qualified plan participants who choose the Fund as an investment option. These payments may be made
to the intermediaries to render services to variable contract owners and qualified plan participants, and may also provide
incentive for the intermediaries to recommend the Fund’s shares or make them available to current or prospective variable
contract owners and qualified plan participants, and therefore promote distribution of the Fund’s shares.
5
NB-5
S O C I A L LY R E S P O N S I V E P O RT F O L I O May 1, 2011
SEC File Number: 811-4255
K0055 05/11
NB-6
SUMMARY PROSPECTUS
MULTI-STYLE EQUITY FUND
May 1, 2011
Before you invest, you may want to review the Fund’s Prospectus, which contains more information about the Fund and its risks. If
you invest through Northwestern Mutual, you can find the Fund’s Prospectus, Statement of Additional Information (SAI), Annual
Report and other information about the Fund online at http://hosted.rightprospectus.com/RIF/. Otherwise, you can find the Fund’s
Prospectus, Statement of Additional Information (SAI), Annual Report and other information about the Fund online at
http://hosted.rightprospectus.com/RIF/AllFunds.aspx. You can also get this information at no cost by calling 1-800-290-2604 or by
sending an e-mail to: RussellProspectuses@RRD.com. For other information please call 1-800-787-7354. The Fund’s Prospectus
and SAI, both dated May 1, 2011, as supplemented, and the Fund’s most recent shareholder report, dated December 31, 2010, are
all incorporated by reference into this Summary Prospectus.
Ticker: RIFAX
Investment Objective (Non-Fundamental)
The Fund seeks to provide long term capital growth.
Fees and Expenses of the Fund
The following tables describe the fees and expenses that you may pay if you buy and hold Shares of the Fund. The
fees and expenses shown in this section do not reflect any Insurance Company Separate Account or Policy charges. Those
charges, if included, would have increased overall fees and expenses. Please refer to your account or policy documents
for a description of those fees and expenses. Please see the Expense Notes section of the Fund’s Prospectus for further
information regarding expenses of the Fund.
Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your
investment)
Advisory Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.73%
Other Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.16%
Total Annual Fund Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.89%
Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other
mutual funds.
The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your
Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that
operating expenses remain the same. This example does not reflect any Insurance Company Separate Account or Policy
charges. If it did, the costs shown would have been higher. Although your actual costs may be higher or lower, under
these assumptions your costs would be:
1 Year 3 Years 5 Years 10 Years
$91 $284 $493 $1,097
1
RIF-1
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its
portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in
annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the
Fund’s portfolio turnover rate was 105% of the average value of its portfolio.
Investments, Risks and Performance
Principal Investment Strategies of the Fund
The Fund invests primarily in common stocks of medium and large capitalization U.S. companies. The Fund may
also invest in securities of non-U.S. issuers, and typically does so by purchasing American Depositary Receipts (“ADRs”)
or Global Depositary Receipts (“GDRs”). The Fund has a non-fundamental policy to invest, under normal circumstances,
at least 80% of the value of its net assets in equity securities. The Fund employs a multi-style (growth, value and
market-oriented) and multi-manager approach whereby portions of the Fund are allocated to different money managers
who employ distinct investment styles. Fund assets not allocated to money managers are managed by Russell Investment
Management Company (“RIMCo”). RIMCo may employ a “select holdings” strategy designed to increase the Fund’s
exposure to stocks that are viewed as attractive by multiple money managers. The Fund intends to be fully invested at all
times by exposing its cash reserves to the performance of appropriate markets by purchasing equity securities and/or
derivatives, which typically include index futures contracts. Please refer to the “Investment Objective and Investment
Strategies” section in the Fund’s Prospectus for further information.
Principal Risks of Investing in the Fund
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose
money. The principal risks of investing in the Fund are those associated with:
• Active Security Selection. The securities selected for the portfolio may decline in value. Additionally, securities
selected may cause a Fund to underperform relative to other funds with similar investment objectives and
strategies. The “select holdings” strategy amplifies security selection risk and potential underperformance.
• Multi-Manager Approach. The investment styles employed by the money managers may not be complementary. A
multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover.
• Equity Securities. The value of equity securities will rise and fall in response to the activities of the company that
issued them, general market conditions and/or economic conditions.
• Counterparty Risk. Counterparty risk is the risk that the other party(s) to an agreement or a participant to a
transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or
failing to fulfill the obligations of the contract or transaction.
• American Depositary Receipts (ADRs) or Global Depositary Receipts (GDRs). ADRs and GDRs have the same
currency and economic risks as the underlying non-U.S. shares they represent. They are affected by the risks
associated with non-U.S. securities, such as changes in political or economic conditions of other countries and
changes in the exchange rates of foreign currencies.
• Derivatives. Derivatives are subject to a number of risks such as liquidity risk, market risk, credit risk, default risk,
counterparty risk (the risk that the other party in an agreement will fail to perform its obligations) and management
risk. They also involve the risk of mispricing or improper valuation and the risk that changes in the value of the
derivative may not correlate exactly with the change in the value of the underlying asset, rate or index.
• Market Volatility. Volatile financial markets can result in greater market and liquidity risk and potential difficulty
in valuing portfolio instruments.
• Government Intervention in and Regulation of Financial Markets. Changes in government regulation may
adversely affect the value of a security.
• Large Redemptions. The Fund is used as an investment for certain funds of funds and in asset allocation programs
and may have a large percentage of its Shares owned by such funds or held in such programs. Large redemption
activity could result in the Fund incurring additional costs and being forced to sell portfolio securities at a loss to
meet redemptions.
2
RIF-2
Please refer to the “Risks” section in the Fund’s Prospectus for further information.
Performance
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund
varies from year to year. The highest and lowest returns for a full quarter during the periods shown in the bar chart are
set forth next to the bar chart. The performance results shown in this section do not reflect any Insurance Company
Separate Account or Policy charges. Those charges, if included, would have reduced the performance results shown in this
section.
The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the
Fund’s average annual returns for the periods shown compare with the index returns that measure broad market
performance. Index returns do not reflect deductions for fees, expenses or taxes. Index returns do not include fair
valuation adjustments which may be included in fund returns.
Past performance is no indication of future results.
Calendar Year Total Returns
60.00%
40.00% 28.86% 31.40% Highest Quarterly Return:
20.00% 12.75% 16.46% 16.95% (3Q/09)
9.81% 7.27% 10.36%
(14.20)% (23.19)% (40.56)%
0.00%
Lowest Quarterly Return:
-20.00% (25.23)% (4Q/08)
-40.00%
-60.00%
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Average annual total returns
for the periods ended December 31, 2010 1 Year 5 Years 10 Years
Multi-Style Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.46% 2.51% 1.25%
Russell 1000® Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.10% 2.59% 1.83%
Management
Investment Adviser
The Fund’s investment adviser is RIMCo. Unlike most investment companies that have a single organization that
acts as investment adviser, the Fund divides responsibility for investment advice between RIMCo and a number of
unaffiliated money managers. The money managers for the Fund are:
• BlackRock Capital Management, Inc. • Institutional Capital LLC
• Columbus Circle Investors • Jacobs Levy Equity Management, Inc.
• DePrince, Race & Zollo, Inc. • Montag & Caldwell, LLC
• First Eagle Investment Management, LLC • Suffolk Capital Management, LLC
Portfolio Manager
Stephen W. Skatrud has primary responsibility for the management of the Fund. Mr. Skatrud has been a Portfolio
Manager since December 2001.
Brian C. Mock has primary responsibility for the management of the portion of the Fund allocated to the select
holdings strategy. Mr. Mock has been a Portfolio Manager since April 2005.
3
RIF-3
Additional Information
Purchase of Fund Shares
Each insurance company (“Insurance Company”) places orders for its accounts (“Separate Account”) which hold the
interests of each variable insurance product (“Policy”) owner based on, among other things, the amount of premium
payments to be invested pursuant to such Policies. Individuals may not place orders directly with Russell Investment
Funds (“RIF”) or the Funds. See the prospectus of the Separate Account and Policies of the Insurance Company for more
information on the purchase of Fund Shares and with respect to the availability for investment in specific Funds. The
Funds do not issue share certificates. Any minimum or subsequent investment requirements are governed by the
applicable Policy through which you invest.
For more information about how to purchase Shares, please see Additional Information About Purchase of Fund
Shares in the Funds’ Prospectus.
Redemption of Fund Shares
Shares may be redeemed at any time by Insurance Companies on behalf of their Separate Accounts or their general
accounts. Individuals may not place redemption orders directly with RIF or the Funds. Redemption requests for Fund
shares are based on premiums and transaction requests represented to the Funds by each Insurance Company as having
been received prior to 4:00 p.m., Eastern Time or the close of the NYSE, whichever is earlier on any business day of the
Funds.
For more information about how to redeem Shares, please see Additional Information About Redemption of Fund
Shares in the Funds’ Prospectus.
Taxes
Provided that the Funds and Separate Accounts of Insurance Companies investing in the Funds satisfy applicable tax
requirements, the Funds will not be subject to federal tax. Special tax rules apply to Insurance Companies, variable
annuity contracts and variable life insurance contracts. For a discussion of the taxation of life insurance companies and
the separate accounts, as well as the tax treatment of the Policies and the holders thereof, see the discussion regarding
“Federal Tax Considerations” included in the prospectus for the Policies.
For more information about Taxes, please see Additional Information About Taxes in the Funds’ Prospectus.
Servicing Arrangements
Some Insurance Companies have entered into arrangements with Russell Fund Services Company (“RFSC”) and/or
Russell Financial Services, Inc. (the “Distributor”) pursuant to which they may receive compensation from RFSC and/or
the Distributor, from RFSC’s and/or the Distributor’s own resources, for administrative and/or other services provided by
those Insurance Companies. These payments may create a conflict of interest by influencing the Insurance Company and
your salesperson to recommend the Funds or a Fund over another investment or by influencing an Insurance Company’s
decision to include the Funds as an underlying investment option in its Policy. Ask your salesperson or visit your
Insurance Company’s web site for more information.
4 36-08-281 (0511)
RIF-4
SUMMARY PROSPECTUS
AGGRESSIVE EQUITY FUND
May 1, 2011
Before you invest, you may want to review the Fund’s Prospectus, which contains more information about the Fund and its risks. If
you invest through Northwestern Mutual, you can find the Fund’s Prospectus, Statement of Additional Information (SAI), Annual
Report and other information about the Fund online at http://hosted.rightprospectus.com/RIF/. Otherwise, you can find the Fund’s
Prospectus, Statement of Additional Information (SAI), Annual Report and other information about the Fund online at
http://hosted.rightprospectus.com/RIF/AllFunds.aspx. You can also get this information at no cost by calling 1-800-290-2604 or by
sending an e-mail to: RussellProspectuses@RRD.com. For other information please call 1-800-787-7354. The Fund’s Prospectus
and SAI, both dated May 1, 2011, as supplemented, and the Fund’s most recent shareholder report, dated December 31, 2010, are
all incorporated by reference into this Summary Prospectus.
Ticker: RIFBX
Investment Objective (Non-Fundamental)
The Fund seeks to provide long term capital growth.
Fees and Expenses of the Fund
The following tables describe the fees and expenses that you may pay if you buy and hold Shares of the Fund. The
fees and expenses shown in this section do not reflect any Insurance Company Separate Account or Policy charges. Those
charges, if included, would have increased overall fees and expenses. Please refer to your account or policy documents
for a description of those fees and expenses. Please see the Expense Notes section of the Fund’s Prospectus for further
information regarding expenses of the Fund.
Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your
investment)#
Advisory Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.90%
Other Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.21%
Total Annual Fund Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.11%
Less Fee Waivers and Expense Reimbursements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.06)%
Net Annual Fund Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.05%
# Until April 30, 2012, RIMCo has contractually agreed to waive 0.06% of its 0.90% advisory fee. This waiver may not be terminated during the
relevant period except with Board approval.
Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other
mutual funds.
The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your
Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that
operating expenses remain the same (taking into account fee waivers/reimbursements in year 1 only). This example does
not reflect any Insurance Company Separate Account or Policy charges. If it did, the costs shown would have been
higher. Although your actual costs may be higher or lower, under these assumptions your costs would be:
1 Year 3 Years 5 Years 10 Years
$107 $346 $605 $1,345
1
RIF-5
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its
portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in
annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the
Fund’s portfolio turnover rate was 107% of the average value of its portfolio.
Investments, Risks and Performance
Principal Investment Strategies of the Fund
The Fund invests primarily in common stocks of small and medium capitalization U.S. companies. The Fund may
also invest in securities of non-U.S. issuers, and typically does so by purchasing American Depositary Receipts (“ADRs”)
or Global Depositary Receipts (“GDRs”). The Fund has a non-fundamental policy to invest, under normal circumstances,
at least 80% of the value of its net assets in equity securities. The Fund may invest a portion of its assets in securities of
companies, known as real estate investment trusts (“REITs”), that own and/or manage properties. The Fund employs a
multi-style (growth, value and market-oriented) and multi-manager approach whereby portions of the Fund are allocated
to different money managers who employ distinct investment styles. Fund assets not allocated to money managers are
managed by Russell Investment Management Company (“RIMCo”). The Fund intends to be fully invested at all times by
exposing its cash reserves to the performance of appropriate markets by purchasing equity securities and/or derivatives,
which typically include index futures contracts. Please refer to the “Investment Objective and Investment Strategies”
section in the Fund’s Prospectus for further information.
Principal Risks of Investing in the Fund
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose
money. The principal risks of investing in the Fund are those associated with:
• Active Security Selection. The securities selected for the portfolio may decline in value. Additionally, securities
selected may cause a Fund to underperform relative to other funds with similar investment objectives and
strategies.
• Multi-Manager Approach. The investment styles employed by the money managers may not be complementary. A
multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover.
• Equity Securities. The value of equity securities will rise and fall in response to the activities of the company that
issued them, general market conditions and/or economic conditions. Investments in small capitalization companies
may involve greater risks because these companies generally have narrower markets, more limited managerial and
financial resources and a less diversified product offering than larger, more established companies.
• Counterparty Risk. Counterparty risk is the risk that the other party(s) to an agreement or a participant to a
transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or
failing to fulfill the obligations of the contract or transaction.
• REITs. REITs may be affected by changes in the value of the underlying properties owned by the REITs and by
the quality of tenants’ credit.
• American Depositary Receipts (ADRs) or Global Depositary Receipts (GDRs). ADRs and GDRs have the same
currency and economic risks as the underlying non-U.S. shares they represent. They are affected by the risks
associated with non-U.S. securities, such as changes in political or economic conditions of other countries and
changes in the exchange rates of foreign currencies.
• Liquidity Risk. The market for certain investments may become illiquid under adverse or volatile market or
economic conditions, making those investments difficult to sell. The market price of certain investments may fall
dramatically if there is no liquid trading market.
• Derivatives. Derivatives are subject to a number of risks such as liquidity risk, market risk, credit risk, default risk,
counterparty risk (the risk that the other party in an agreement will fail to perform its obligations) and management
risk. They also involve the risk of mispricing or improper valuation and the risk that changes in the value of the
derivative may not correlate exactly with the change in the value of the underlying asset, rate or index.
2
RIF-6
• Market Volatility. Volatile financial markets can result in greater market and liquidity risk and potential difficulty
in valuing portfolio instruments.
• Government Intervention in and Regulation of Financial Markets. Changes in government regulation may
adversely affect the value of a security.
• Large Redemptions. The Fund is used as an investment for certain funds of funds and in asset allocation programs
and may have a large percentage of its Shares owned by such funds or held in such programs. Large redemption
activity could result in the Fund incurring additional costs and being forced to sell portfolio securities at a loss to
meet redemptions.
Please refer to the “Risks” section in the Fund’s Prospectus for further information.
Performance
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund
varies from year to year. The highest and lowest returns for a full quarter during the periods shown in the bar chart are
set forth next to the bar chart. The performance results shown in this section do not reflect any Insurance Company
Separate Account or Policy charges. Those charges, if included, would have reduced the performance results shown in this
section.
The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the
Fund’s average annual returns for the periods shown compare with the index returns that measure broad market
performance. Index returns do not reflect deductions for fees, expenses or taxes. Index returns do not include fair
valuation adjustments which may be included in fund returns.
Past performance is no indication of future results.
Calendar Year Total Returns
60.00%
45.60%
40.00% 31.39%
24.88%
Highest Quarterly Return:
20.00% 14.73% 14.79% 22.17% (2Q/03)
6.36% 3.42%
(2.36)% (19.06)% (42.92)%
0.00% Lowest Quarterly Return:
-20.00% (28.07)% (4Q/08)
-40.00%
-60.00%
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Average annual total returns
for the periods ended December 31, 2010 1 Year 5 Years 10 Years
Aggressive Equity Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.88% 2.14% 4.56%
Russell 2500™ Index. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.71% 4.86% 6.98%
Management
Investment Adviser
The Fund’s investment adviser is RIMCo. Unlike most investment companies that have a single organization that
acts as investment adviser, the Fund divides responsibility for investment advice between RIMCo and a number of
unaffiliated money managers. The money managers for the Fund are:
• ClariVest Asset Management LLC • Ranger Investment Management, L.P.
• DePrince, Race & Zollo, Inc. • Signia Capital Management, LLC
• Jacobs Levy Equity Management, Inc. • Tygh Capital Management, Inc.
3
RIF-7
Portfolio Manager
Jon Eggins has primary responsibility for the management of the Fund. Mr. Eggins has been a Portfolio Manager
since March 2011.
Additional Information
Purchase of Fund Shares
Each insurance company (“Insurance Company”) places orders for its accounts (“Separate Account”) which hold the
interests of each variable insurance product (“Policy”) owner based on, among other things, the amount of premium
payments to be invested pursuant to such Policies. Individuals may not place orders directly with Russell Investment
Funds (“RIF”) or the Funds. See the prospectus of the Separate Account and Policies of the Insurance Company for more
information on the purchase of Fund Shares and with respect to the availability for investment in specific Funds. The
Funds do not issue share certificates. Any minimum or subsequent investment requirements are governed by the
applicable Policy through which you invest.
For more information about how to purchase Shares, please see Additional Information About Purchase of Fund
Shares in the Funds’ Prospectus.
Redemption of Fund Shares
Shares may be redeemed at any time by Insurance Companies on behalf of their Separate Accounts or their general
accounts. Individuals may not place redemption orders directly with RIF or the Funds. Redemption requests for Fund
shares are based on premiums and transaction requests represented to the Funds by each Insurance Company as having
been received prior to 4:00 p.m., Eastern Time or the close of the NYSE, whichever is earlier on any business day of the
Funds.
For more information about how to redeem Shares, please see Additional Information About Redemption of Fund
Shares in the Funds’ Prospectus.
Taxes
Provided that the Funds and Separate Accounts of Insurance Companies investing in the Funds satisfy applicable tax
requirements, the Funds will not be subject to federal tax. Special tax rules apply to Insurance Companies, variable
annuity contracts and variable life insurance contracts. For a discussion of the taxation of life insurance companies and
the separate accounts, as well as the tax treatment of the Policies and the holders thereof, see the discussion regarding
“Federal Tax Considerations” included in the prospectus for the Policies.
For more information about Taxes, please see Additional Information About Taxes in the Funds’ Prospectus.
Servicing Arrangements
Some Insurance Companies have entered into arrangements with Russell Fund Services Company (“RFSC”) and/or
Russell Financial Services, Inc. (the “Distributor”) pursuant to which they may receive compensation from RFSC and/or
the Distributor, from RFSC’s and/or the Distributor’s own resources, for administrative and/or other services provided by
those Insurance Companies. These payments may create a conflict of interest by influencing the Insurance Company and
your salesperson to recommend the Funds or a Fund over another investment or by influencing an Insurance Company’s
decision to include the Funds as an underlying investment option in its Policy. Ask your salesperson or visit your
Insurance Company’s web site for more information.
4 36-08-282 (0511)
RIF-8
SUMMARY PROSPECTUS
GLOBAL REAL ESTATE SECURITIES FUND
(formerly, Real Estate Securities Fund)
May 1, 2011
Before you invest, you may want to review the Fund’s Prospectus, which contains more information about the Fund and its risks. If
you invest through Northwestern Mutual, you can find the Fund’s Prospectus, Statement of Additional Information (SAI), Annual
Report and other information about the Fund online at http://hosted.rightprospectus.com/RIF/. Otherwise, you can find the Fund’s
Prospectus, Statement of Additional Information (SAI), Annual Report and other information about the Fund online at
http://hosted.rightprospectus.com/RIF/AllFunds.aspx. You can also get this information at no cost by calling 1-800-290-2604 or by
sending an e-mail to: RussellProspectuses@RRD.com. For other information please call 1-800-787-7354. The Fund’s Prospectus
and SAI, both dated May 1, 2011, as supplemented, and the Fund’s most recent shareholder report, dated December 31, 2010, are
all incorporated by reference into this Summary Prospectus.
Ticker: RIFSX
Investment Objective (Non-Fundamental)
The Fund seeks to provide current income and long term capital growth.
Fees and Expenses of the Fund
The following tables describe the fees and expenses that you may pay if you buy and hold Shares of the Fund. The
fees and expenses shown in this section do not reflect any Insurance Company Separate Account or Policy charges. Those
charges, if included, would have increased overall fees and expenses. Please refer to your account or policy documents
for a description of those fees and expenses. Please see the Expense Notes section of the Fund’s Prospectus for further
information regarding expenses of the Fund.
Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your
investment)
Advisory Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.80%
Other Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.19%
Total Annual Fund Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.99%
Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other
mutual funds.
The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your
Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that
operating expenses remain the same. This example does not reflect any Insurance Company Separate Account or Policy
charges. If it did, the costs shown would have been higher. Although your actual costs may be higher or lower, under
these assumptions your costs would be:
1 Year 3 Years 5 Years 10 Years
$101 $314 $545 $1,208
1
RIF-9
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its
portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in
annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the
Fund’s portfolio turnover rate was 150% of the average value of its portfolio.
Investments, Risks and Performance
Principal Investment Strategies
The Fund seeks to achieve its objective by concentrating its investments in equity securities of real estate companies
located in a number of countries around the world, including the U.S., in a globally diversified manner. A portion of the
Fund’s securities are denominated in foreign currencies and are typically held outside the U.S. The Fund may invest a
portion of its assets in equity securities of companies that are located in emerging markets. The Fund invests primarily in
securities of companies, known as real estate investment trusts (REITs) and other REIT-like entities that own interests in
real estate or real estate-related loans. The Fund may also invest in equity securities of other types of real estate-related
companies. The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its
net assets in real estate securities. The Fund may invest in large, medium or small capitalization companies. The Fund
may enter into spot or forward currency contracts to facilitate settlement of securities transactions. The Fund employs a
multi-manager approach whereby portions of the Fund are allocated to different money managers whose approaches are
intended to complement one another. Fund assets not allocated to money managers are managed by Russell Investment
Management Company (“RIMCo”). Please refer to the “Investment Objective and Investment Strategies” section in the
Fund’s Prospectus for further information.
Principal Risks of Investing in the Fund
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose
money. The principal risks of investing in the Fund are those associated with:
• Active Security Selection. The securities selected for the portfolio may decline in value. Additionally, securities
selected may cause a Fund to underperform relative to other funds with similar investment objectives and
strategies.
• Multi-Manager Approach. The investment styles employed by the money managers may not be complementary. A
multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover.
• Equity Securities. The value of equity securities will rise and fall in response to the activities of the company that
issued them, general market conditions and/or economic conditions. Investments in small capitalization companies
may involve greater risks because these companies generally have narrower markets, more limited managerial and
financial resources and a less diversified product offering than larger, more established companies.
• Non-U.S. and Emerging Markets Securities. Non-U.S. securities have risks relating to political, economic and
regulatory conditions in foreign countries. The risks associated with non-U.S. securities may be amplified for
emerging markets securities.
• Currency Risk. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the
risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that
the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S.
dollar-denominated securities and currencies may reduce the returns of the Fund.
• Forward Currency Contracts. If forward prices increase, a loss will occur to the extent that the agreed upon
purchase price of the currency exceeds the price of the currency that was agreed to be sold.
• Counterparty Risk. Counterparty risk is the risk that the other party(s) to an agreement or a participant to a
transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or
failing to fulfill the obligations of the contract or transaction.
• Real Estate Securities. Just as real estate values go up and down, the value of the securities of companies involved
in the industry also fluctuates. Real estate securities, including REITs, may be affected by changes in the value of
the underlying properties owned by the companies and by the quality of tenants’ credit.
2
RIF-10
• Liquidity Risk. The market for certain investments may become illiquid under adverse or volatile market or
economic conditions, making those investments difficult to sell. The market price of certain investments may fall
dramatically if there is no liquid trading market.
• Market Volatility. Volatile financial markets can result in greater market and liquidity risk and potential difficulty
in valuing portfolio instruments.
• Government Intervention in and Regulation of Financial Markets. Changes in government regulation may
adversely affect the value of a security.
• Large Redemptions. The Fund is used as an investment for certain funds of funds and in asset allocation programs
and may have a large percentage of its Shares owned by such funds or held in such programs. Large redemption
activity could result in the Fund incurring additional costs and being forced to sell portfolio securities at a loss to
meet redemptions.
• Industry Concentration Risk. By concentrating in a single industry, the Fund carries much greater risk of adverse
developments in that industry than a fund that invests in a wide variety of industries.
Please refer to the “Risks” section in the Fund’s Prospectus for further information.
Performance
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund
varies from year to year. The highest and lowest returns for a full quarter during the periods shown in the bar chart are
set forth next to the bar chart. The performance results shown in this section do not reflect any Insurance Company
Separate Account or Policy charges. Those charges, if included, would have reduced the performance results shown in this
section.
The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the
Fund’s average annual returns for the periods shown compare with the index returns that measure broad market
performance. Index returns do not reflect deductions for fees, expenses or taxes. Index returns do not include fair
valuation adjustments which may be included in fund returns.
Past performance is no indication of future results.
Calendar Year Total Returns
50.00%
37.21% 34.87% 35.84%
40.00%
28.94% Highest Quarterly Return:
30.00% 22.92%
20.00% 12.96%
30.01% (3Q/09)
7.84%
10.00% 3.80%
(15.86)% (36.68)%
0.00% Lowest Quarterly Return:
-10.00% (36.97)% (4Q/08)
-20.00%
-30.00%
-40.00%
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Average annual total returns
for the periods ended December 31, 2010 1 Year 5 Years 10 Years
Global Real Estate Securities Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.92% 2.78% 10.38%
FTSE EPRA/NAREIT Developed Real Estate Index (net)* . . . . . . . . . . . . . . . . . . . . . . 19.63% 2.23% N/A
FTSE NAREIT Equity REIT Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.95% 3.03% 10.76%
* In 2010, RIMCo changed the Fund’s investment strategy from a predominantly U.S. based investment strategy to a global investment strategy. As
a result, the Fund’s primary benchmark changed from the FSTE NAREIT Equity REIT Index to the FTSE EPRA/NAREIT Developed Real Estate
Index (net).
3
RIF-11
Management
Investment Adviser
The Fund’s investment adviser is RIMCo. Unlike most investment companies that have a single organization that
acts as investment adviser, the Fund divides responsibility for investment advice between RIMCo and a number of
unaffiliated money managers. The money managers for the Fund are:
• AEW Capital Management, L.P. • INVESCO Advisers, Inc.
• Cohen & Steers Capital Management, Inc.
Portfolio Manager
Bruce A. Eidelson has primary responsibility for the management of the Fund. Mr. Eidelson has been a Portfolio
Manager since January 2002.
Additional Information
Purchase of Fund Shares
Each insurance company (“Insurance Company”) places orders for its accounts (“Separate Account”) which hold the
interests of each variable insurance product (“Policy”) owner based on, among other things, the amount of premium
payments to be invested pursuant to such Policies. Individuals may not place orders directly with Russell Investment
Funds (“RIF”) or the Funds. See the prospectus of the Separate Account and Policies of the Insurance Company for more
information on the purchase of Fund Shares and with respect to the availability for investment in specific Funds. The
Funds do not issue share certificates. Any minimum or subsequent investment requirements are governed by the
applicable Policy through which you invest.
For more information about how to purchase Shares, please see Additional Information About Purchase of Fund
Shares in the Funds’ Prospectus.
Redemption of Fund Shares
Shares may be redeemed at any time by Insurance Companies on behalf of their Separate Accounts or their general
accounts. Individuals may not place redemption orders directly with RIF or the Funds. Redemption requests for Fund
shares are based on premiums and transaction requests represented to the Funds by each Insurance Company as having
been received prior to 4:00 p.m., Eastern Time or the close of the NYSE, whichever is earlier on any business day of the
Funds.
For more information about how to redeem Shares, please see Additional Information About Redemption of Fund
Shares in the Funds’ Prospectus.
Taxes
Provided that the Funds and Separate Accounts of Insurance Companies investing in the Funds satisfy applicable tax
requirements, the Funds will not be subject to federal tax. Special tax rules apply to Insurance Companies, variable
annuity contracts and variable life insurance contracts. For a discussion of the taxation of life insurance companies and
the separate accounts, as well as the tax treatment of the Policies and the holders thereof, see the discussion regarding
“Federal Tax Considerations” included in the prospectus for the Policies.
For more information about Taxes, please see Additional Information About Taxes in the Funds’ Prospectus.
Servicing Arrangements
Some Insurance Companies have entered into arrangements with Russell Fund Services Company (“RFSC”) and/or
Russell Financial Services, Inc. (the “Distributor”) pursuant to which they may receive compensation from RFSC and/or
the Distributor, from RFSC’s and/or the Distributor’s own resources, for administrative and/or other services provided by
those Insurance Companies. These payments may create a conflict of interest by influencing the Insurance Company and
4
RIF-12
your salesperson to recommend the Funds or a Fund over another investment or by influencing an Insurance Company’s
decision to include the Funds as an underlying investment option in its Policy. Ask your salesperson or visit your
Insurance Company’s web site for more information.
5
RIF-13
36-08-285 (0511)
RIF-14
SUMMARY PROSPECTUS
NON-U.S. FUND
May 1, 2011
Before you invest, you may want to review the Fund’s Prospectus, which contains more information about the Fund and its risks. If
you invest through Northwestern Mutual, you can find the Fund’s Prospectus, Statement of Additional Information (SAI), Annual
Report and other information about the Fund online at http://hosted.rightprospectus.com/RIF/. Otherwise, you can find the Fund’s
Prospectus, Statement of Additional Information (SAI), Annual Report and other information about the Fund online at
http://hosted.rightprospectus.com/RIF/AllFunds.aspx. You can also get this information at no cost by calling 1-800-290-2604 or by
sending an e-mail to: RussellProspectuses@RRD.com. For other information please call 1-800-787-7354. The Fund’s Prospectus
and SAI, both dated May 1, 2011, as supplemented, and the Fund’s most recent shareholder report, dated December 31, 2010, are
all incorporated by reference into this Summary Prospectus.
Ticker: RIFCX
Investment Objective (Non-Fundamental)
The Fund seeks to provide long term capital growth.
Fees and Expenses of the Fund
The following tables describe the fees and expenses that you may pay if you buy and hold Shares of the Fund. The
fees and expenses shown in this section do not reflect any Insurance Company Separate Account or Policy charges. Those
charges, if included, would have increased overall fees and expenses. Please refer to your account or policy documents
for a description of those fees and expenses. Please see the Expense Notes section of the Fund’s Prospectus for further
information regarding expenses of the Fund.
Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your
investment)#
Advisory Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.90%
Other Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.23%
Total Annual Fund Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.13%
Less Fee Waivers and Expense Reimbursements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.06)%
Net Annual Fund Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.07%
# “Other Expenses,” “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” for the Fund have been restated to
reflect the Fund’s proportionate share of the operating expenses of any other fund, including the Russell U.S. Cash Management Fund, in which
the Fund invests.
Until April 30, 2012, RIMCo has contractually agreed to waive 0.06% of its 0.90% advisory fee. This waiver may not be terminated during the
relevant period except with Board approval.
1
RIF-15
Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other
mutual funds.
The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your
Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that
operating expenses remain the same (taking into account fee waivers/reimbursements in year 1 only). This example does
not reflect any Insurance Company Separate Account or Policy charges. If it did, the costs shown would have been
higher. Although your actual costs may be higher or lower, under these assumptions your costs would be:
1 Year 3 Years 5 Years 10 Years
$109 $352 $614 $1,364
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its
portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in
annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the
Fund’s portfolio turnover rate was 49% of the average value of its portfolio.
Investments, Risks and Performance
Principal Investment Strategies of the Fund
The Fund invests primarily in equity securities, including common stocks and preferred stocks, issued by companies
incorporated in developed markets outside the U.S. and in depositary receipts. The Fund has a non-fundamental policy to
invest, under normal circumstances, at least 80% of the value of its assets in non-U.S. securities. The Fund’s securities are
denominated primarily in foreign currencies and are typically held outside the U.S. The Fund may also invest a portion of
its assets in equity securities of companies that are located in countries with emerging markets or that derive a majority of
their revenues from operating in such countries. The Fund invests primarily in large and medium capitalization
companies, but may also invest in small capitalization companies. The Fund may at times seek to protect its investments
against adverse currency exchange rate changes by purchasing forward currency contracts. The Fund employs a
multi-style (growth, value and market-oriented) and multi-manager approach whereby portions of the Fund are allocated
to different money managers who employ distinct investment styles. Fund assets not allocated to money managers are
managed by Russell Investment Management Company (“RIMCo”). The Fund intends to be fully invested at all times by
exposing its cash reserves to the performance of appropriate markets by purchasing equity securities and/or derivatives,
which typically include index futures contracts. Please refer to the “Investment Objective and Investment Strategies”
section in the Fund’s Prospectus for further information.
Principal Risks of Investing in the Fund
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose
money. The principal risks of investing in the Fund are those associated with:
• Active Security Selection. The securities selected for the portfolio may decline in value. Additionally, securities
selected may cause a Fund to underperform relative to other funds with similar investment objectives and
strategies.
• Multi-Manager Approach. The investment styles employed by the money managers may not be complementary. A
multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover.
• Equity Securities. The value of equity securities will rise and fall in response to the activities of the company that
issued them, general market conditions and/or economic conditions. Investments in small capitalization companies
may involve greater risks because these companies generally have narrower markets, more limited managerial and
financial resources and a less diversified product offering than larger, more established companies. Investments in
preferred stocks are subject to the risks of common stocks, as well as the risk that interest rates will rise and make
the fixed dividend feature, if any, less appealing to investors resulting in a decline in price.
2
RIF-16
• Non-U.S. and Emerging Markets Securities. Non-U.S. securities have risks relating to political, economic and
regulatory conditions in foreign countries. The risks associated with non-U.S. securities may be amplified for
emerging markets securities.
• Currency Risk. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the
risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that
the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S.
dollar-denominated securities and currencies may reduce the returns of the Fund.
• Forward Currency Contracts. If forward prices increase, a loss will occur to the extent that the agreed upon
purchase price of the currency exceeds the price of the currency that was agreed to be sold.
• Counterparty Risk. Counterparty risk is the risk that the other party(s) to an agreement or a participant to a
transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or
failing to fulfill the obligations of the contract or transaction.
• Depositary Receipts. Depositary receipts, which are securities traded on a local stock exchange that represent
securities issued by a foreign publicly-listed company, are subject to the risks associated with the underlying
international securities.
• Liquidity Risk. The market for certain investments may become illiquid under adverse or volatile market or
economic conditions, making those investments difficult to sell. The market price of certain investments may fall
dramatically if there is no liquid trading market.
• Derivatives. Derivatives are subject to a number of risks such as liquidity risk, market risk, credit risk, default risk,
counterparty risk (the risk that the other party in an agreement will fail to perform its obligations) and management
risk. They also involve the risk of mispricing or improper valuation and the risk that changes in the value of the
derivative may not correlate exactly with the change in the value of the underlying asset, rate or index.
• Market Volatility. Volatile financial markets can result in greater market and liquidity risk and potential difficulty
in valuing portfolio instruments.
• Government Intervention in and Regulation of Financial Markets. Changes in government regulation may
adversely affect the value of a security.
• Large Redemptions. The Fund is used as an investment for certain funds of funds and in asset allocation programs
and may have a large percentage of its Shares owned by such funds or held in such programs. Large redemption
activity could result in the Fund incurring additional costs and being forced to sell portfolio securities at a loss to
meet redemptions.
Please refer to the “Risks” section in the Fund’s Prospectus for further information.
Performance
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund
varies from year to year. The highest and lowest returns for a full quarter during the periods shown in the bar chart are
set forth next to the bar chart. The performance results shown in this section do not reflect any Insurance Company
Separate Account or Policy charges. Those charges, if included, would have reduced the performance results shown in this
section.
The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the
Fund’s average annual returns for the periods shown compare with the index returns that measure broad market
performance. Index returns do not reflect deductions for fees, expenses or taxes. Index returns do not include fair
valuation adjustments which may be included in fund returns.
Past performance is no indication of future results.
3
RIF-17
Calendar Year Total Returns
60.00%
38.79%
40.00% Highest Quarterly Return:
23.64% 26.49%
20.00%
18.30% 13.69% 11.42%
21.75% (2Q/09)
10.12%
(22.03)% (15.15)% (42.41)%
0.00%
Lowest Quarterly Return:
-20.00% (20.46)% (3Q/02)
-40.00%
-60.00%
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Average annual total returns
for the periods ended December 31, 2010 1 Year 5 Years 10 Years
Non-U.S. Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.42% 2.02% 3.16%
MSCI EAFE® Index (net of tax on dividends from foreign holdings) . . . . . . . . . . . . . . 7.75% 2.46% 3.50%
Russell Developed ex-U.S. Large Cap Index (net of tax on dividends from foreign
holdings)* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.64% 3.40% 4.12%
* Effective January 1, 2011, RIMCo changed the Fund’s primary benchmark from the MSCI EAFE Index (net of tax on dividends from foreign
holdings) to the Russell Developed ex-U.S. Large Cap Index (net of tax on dividends from foreign holdings). RIMCo believes that the Russell
Developed ex-U.S. Large Cap Index (net of tax on dividends from foreign holdings) is an appropriate benchmark which more broadly represents
the investable universe of stocks.
Management
Investment Adviser
The Fund’s investment adviser is RIMCo. Unlike most investment companies that have a single organization that
acts as investment adviser, the Fund divides responsibility for investment advice between RIMCo and a number of
unaffiliated money managers. The money managers for the Fund are:
• Barrow, Hanley, Mewhinny & Strauss, LLC • MFS Institutional Advisors, Inc.
• Marsico Capital Management, LLC • Pzena Investment Management, LLC
Portfolio Manager
James A. Jornlin has primary responsibility for the management of the Fund. Mr. Jornlin has been a Portfolio
Manager since July 1996.
Additional Information
Purchase of Fund Shares
Each insurance company (“Insurance Company”) places orders for its accounts (“Separate Account”) which hold the
interests of each variable insurance product (“Policy”) owner based on, among other things, the amount of premium
payments to be invested pursuant to such Policies. Individuals may not place orders directly with Russell Investment
Funds (“RIF”) or the Funds. See the prospectus of the Separate Account and Policies of the Insurance Company for more
information on the purchase of Fund Shares and with respect to the availability for investment in specific Funds. The
Funds do not issue share certificates. Any minimum or subsequent investment requirements are governed by the
applicable Policy through which you invest.
For more information about how to purchase Shares, please see Additional Information About Purchase of Fund
Shares in the Funds’ Prospectus.
4
RIF-18
Redemption of Fund Shares
Shares may be redeemed at any time by Insurance Companies on behalf of their Separate Accounts or their general
accounts. Individuals may not place redemption orders directly with RIF or the Funds. Redemption requests for Fund
shares are based on premiums and transaction requests represented to the Funds by each Insurance Company as having
been received prior to 4:00 p.m., Eastern Time or the close of the NYSE, whichever is earlier on any business day of the
Funds.
For more information about how to redeem Shares, please see Additional Information About Redemption of Fund
Shares in the Funds’ Prospectus.
Taxes
Provided that the Funds and Separate Accounts of Insurance Companies investing in the Funds satisfy applicable tax
requirements, the Funds will not be subject to federal tax. Special tax rules apply to Insurance Companies, variable
annuity contracts and variable life insurance contracts. For a discussion of the taxation of life insurance companies and
the separate accounts, as well as the tax treatment of the Policies and the holders thereof, see the discussion regarding
“Federal Tax Considerations” included in the prospectus for the Policies.
For more information about Taxes, please see Additional Information About Taxes in the Funds’ Prospectus.
Servicing Arrangements
Some Insurance Companies have entered into arrangements with Russell Fund Services Company (“RFSC”) and/or
Russell Financial Services, Inc. (the “Distributor”) pursuant to which they may receive compensation from RFSC and/or
the Distributor, from RFSC’s and/or the Distributor’s own resources, for administrative and/or other services provided by
those Insurance Companies. These payments may create a conflict of interest by influencing the Insurance Company and
your salesperson to recommend the Funds or a Fund over another investment or by influencing an Insurance Company’s
decision to include the Funds as an underlying investment option in its Policy. Ask your salesperson or visit your
Insurance Company’s web site for more information.
5
RIF-19
36-08-283 (0511)
RIF-20
SUMMARY PROSPECTUS
CORE BOND FUND
May 1, 2011
Before you invest, you may want to review the Fund’s Prospectus, which contains more information about the Fund and its risks. If
you invest through Northwestern Mutual, you can find the Fund’s Prospectus, Statement of Additional Information (SAI), Annual
Report and other information about the Fund online at http://hosted.rightprospectus.com/RIF/. Otherwise, you can find the Fund’s
Prospectus, Statement of Additional Information (SAI), Annual Report and other information about the Fund online at
http://hosted.rightprospectus.com/RIF/AllFunds.aspx. You can also get this information at no cost by calling 1-800-290-2604 or by
sending an e-mail to: RussellProspectuses@RRD.com. For other information please call 1-800-787-7354. The Fund’s Prospectus
and SAI, both dated May 1, 2011, as supplemented, and the Fund’s most recent shareholder report, dated December 31, 2010, are
all incorporated by reference into this Summary Prospectus.
Ticker: RIFDX
Investment Objective (Non-Fundamental)
The Fund seeks to provide current income, and as a secondary objective, capital appreciation.
Fees and Expenses of the Fund
The following tables describe the fees and expenses that you may pay if you buy and hold Shares of the Fund. The
fees and expenses shown in this section do not reflect any Insurance Company Separate Account or Policy charges. Those
charges, if included, would have increased overall fees and expenses. Please refer to your account or policy documents
for a description of those fees and expenses. Please see the Expense Notes section of the Fund’s Prospectus for further
information regarding expenses of the Fund.
Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your
investment)#
Advisory Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.55%
Other Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.21%
Total Annual Fund Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.76%
Less Fee Waivers and Expense Reimbursements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.07)%
Net Annual Fund Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.69%
# “Other Expenses,” “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” for the Fund have been restated to
reflect the Fund’s proportionate share of the operating expenses of any other fund, including the Russell U.S. Cash Management Fund, in which
the Fund invests.
Until April 30, 2012, RIMCo has contractually agreed to waive 0.07% of its 0.55% advisory fee. This waiver may not be terminated during the
relevant period except with Board approval.
1
RIF-21
Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other
mutual funds.
The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your
Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that
operating expenses remain the same (taking into account fee waivers/reimbursements in year 1 only). This example does
not reflect any Insurance Company Separate Account or Policy charges. If it did, the costs shown would have been
higher. Although your actual costs may be higher or lower, under these assumptions your costs would be:
1 Year 3 Years 5 Years 10 Years
$71 $236 $416 $938
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its
portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in
annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the
Fund’s portfolio turnover rate was 195% of the average value of its portfolio.
Investments, Risks and Performance
Principal Investment Strategies of the Fund
The Fund invests primarily in bonds. The Fund may invest up to 25% of its assets in debt securities that are rated
below investment grade (commonly referred to as high-yield or “junk bonds”). The Fund invests a significant portion of
its assets in mortgage related securities, including mortgage-backed securities. The Fund also invests in (1) U.S. and
non-U.S. corporate debt securities, (2) Yankee Bonds (dollar-denominated obligations issued in the U.S. by non-U.S.
banks and corporations), (3) fixed income securities issued or guaranteed by the U.S. government and, to a lesser extent
by non-U.S. governments, or by their respective agencies and instrumentalities and (4) asset-backed securities. The Fund
may invest in variable and floating rate securities. The Fund purchases loans and other direct indebtedness. A majority of
the Fund’s assets are U.S. dollar denominated but the Fund also invests in non-U.S. debt securities, including emerging
market debt securities. The Fund may also invest in derivatives as a substitute for holding securities directly, for hedging
purposes, to take certain short positions or to adjust the Fund’s interest rate sensitivity or duration. The Fund may invest
in futures, options, when-issued securities, forward foreign currency contracts, swaps, swaptions, credit derivatives and
STRIPS. A portion of the Fund’s net assets may be illiquid. The duration of the Fund’s portfolio typically ranges within
20% of the duration of the Barclays Capital U.S. Aggregate Bond Index, but may vary up to 35% from the Index’s
duration. The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its
net assets in bonds. The Fund employs multiple money managers, each with its own investment style. Fund assets not
allocated to money managers are managed by Russell Investment Management Company (“RIMCo”). The Fund intends to
be fully invested at all times by exposing its cash reserves to the performance of appropriate markets or to changes in
interest rates or market/sector returns by purchasing fixed income securities and/or derivatives, which typically include
exchange traded fixed income futures contracts. Please refer to the “Investment Objective and Investment Strategies”
section in the Fund’s Prospectus for further information.
Principal Risks of Investing in the Fund
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose
money. The principal risks of investing in the Fund are those associated with:
• Active Security Selection. The securities selected for the portfolio may decline in value. Additionally, securities
selected may cause a Fund to underperform relative to other funds with similar investment objectives and
strategies.
• Multi-Manager Approach. The investment styles employed by the money managers may not be complementary. A
multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover.
• Fixed Income Securities. Prices of fixed income securities generally rise and fall in response to, among other
things, interest rate changes.
2
RIF-22
• Non-Investment Grade Fixed Income Securities (High Yield or “Junk Bonds”). Non-investment grade fixed income
securities involve higher volatility and higher risk of default than investment grade bonds.
• Government Issued or Guaranteed Securities, U.S. Government Securities. Bonds issued or guaranteed by a
government are subject to inflation risk and price depreciation risk.
• Mortgage-Backed Securities. Mortgage-backed securities may be affected by, among other things, changes or
perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator
of the mortgage, or the quality of the underlying assets. The underlying assets may default or decline in quality or
value.
• Asset-Backed Securities. Payment of principal and interest on asset-backed securities may be largely dependent
upon the cash flows generated by the assets backing the securities and asset-backed securities may not have the
benefit of any security interest in the related assets.
• Loans and Other Direct Indebtedness. Loans and other direct indebtedness involve the risk that payment of
principal, interest and other amounts due in connection with these investments may not be received.
• Non-U.S. and Emerging Markets Securities. Non-U.S. securities have risks relating to political, economic and
regulatory conditions in foreign countries. The risks associated with non-U.S. securities may be amplified for
emerging markets securities.
• Currency Risk. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the
risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that
the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S.
dollar-denominated securities and currencies may reduce the returns of the Fund.
• Yankee Bonds and Yankee CDs. Issuers are not necessarily subject to the same regulatory requirements that apply
to U.S. corporations and banks.
• Derivatives. Derivatives are subject to a number of risks such as liquidity risk, market risk, credit risk, default risk,
counterparty risk (the risk that the other party in an agreement will fail to perform its obligations) and management
risk. They also involve the risk of mispricing or improper valuation and the risk that changes in the value of the
derivative may not correlate exactly with the change in the value of the underlying asset, rate or index. Credit
default swaps could result in losses if the creditworthiness of the company or companies on which the credit
default swap is based is evaluated incorrectly.
• Leveraging Risk. Leverage tends to exaggerate the effect of any increase or decrease in the value of a security.
• Liquidity Risk. The market for certain investments may become illiquid under adverse or volatile market or
economic conditions, making those investments difficult to sell. The market price of certain investments may fall
dramatically if there is no liquid trading market.
• Illiquid Securities. An illiquid security may be difficult to sell quickly and at a fair price, which could cause the
Fund to realize a loss on the security if it was sold at a lower price than that at which it had been valued.
• Counterparty Risk. Counterparty risk is the risk that the other party(s) to an agreement or a participant to a
transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or
failing to fulfill the obligations of the contract or transaction.
• Market Volatility. Volatile financial markets can result in greater market and liquidity risk and potential difficulty
in valuing portfolio instruments.
• Government Intervention in and Regulation of Financial Markets. Changes in government regulation may
adversely affect the value of a security.
• Large Redemptions and Subscriptions. The Fund is used as an investment for certain funds of funds and in asset
allocation programs and may have a large percentage of its Shares owned by such funds or held in such programs.
Large redemption activity could result in the Fund incurring additional costs and being forced to sell portfolio
securities at a loss to meet redemptions. Additionally, in a rising interest rate environment, large redemptions in
fixed income funds may result in a lower yield for those funds. Likewise, if interest rates are decreasing, large
subscription activity may result in a lower yield.
Please refer to the “Risks” section in the Fund’s Prospectus for further information.
3
RIF-23
Performance
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund
varies from year to year. The highest and lowest returns for a full quarter during the periods shown in the bar chart are
set forth next to the bar chart. The performance results shown in this section do not reflect any Insurance Company
Separate Account or Policy charges. Those charges, if included, would have reduced the performance results shown in this
section.
The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the
Fund’s average annual returns for the periods shown compare with the index returns that measure broad market
performance. Index returns do not reflect deductions for fees, expenses or taxes. Index returns do not include fair
valuation adjustments which may be included in fund returns.
Past performance is no indication of future results.
Calendar Year Total Returns
20.00%
15.81%
15.00% Highest Quarterly Return:
10.02% 7.05% (3Q/09)
10.00% 8.84%
7.41% 7.24%
6.15%
4.67% 3.72% Lowest Quarterly Return:
5.00% 2.01%
(3.57)%
(3.63)% (3Q/08)
0.00%
-5.00%
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Average annual total returns
for the periods ended December 31, 2010 1 Year 5 Years 10 Years
Core Bond Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.02% 6.45% 6.12%
Barclays Capital U.S. Aggregate Bond Index. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.54% 5.80% 5.84%
Management
Investment Adviser
The Fund’s investment adviser is RIMCo. Unlike most investment companies that have a single organization that
acts as investment adviser, the Fund divides responsibility for investment advice between RIMCo and a number of
unaffiliated money managers. The money managers for the Fund are:
• Goldman Sachs Asset Management, L.P. • Pacific Investment Management Company LLC
• Metropolitan West Asset Management, LLC
Portfolio Manager
Michael R. Ruff has primary responsibility for the management of the Fund. Mr. Ruff has been a Portfolio Manager
since November 2002.
Additional Information
Purchase of Fund Shares
Each insurance company (“Insurance Company”) places orders for its accounts (“Separate Account”) which hold the
interests of each variable insurance product (“Policy”) owner based on, among other things, the amount of premium
payments to be invested pursuant to such Policies. Individuals may not place orders directly with Russell Investment
Funds (“RIF”) or the Funds. See the prospectus of the Separate Account and Policies of the Insurance Company for more
4
RIF-24
information on the purchase of Fund Shares and with respect to the availability for investment in specific Funds. The
Funds do not issue share certificates. Any minimum or subsequent investment requirements are governed by the
applicable Policy through which you invest.
For more information about how to purchase Shares, please see Additional Information About Purchase of Fund
Shares in the Funds’ Prospectus.
Redemption of Fund Shares
Shares may be redeemed at any time by Insurance Companies on behalf of their Separate Accounts or their general
accounts. Individuals may not place redemption orders directly with RIF or the Funds. Redemption requests for Fund
shares are based on premiums and transaction requests represented to the Funds by each Insurance Company as having
been received prior to 4:00 p.m., Eastern Time or the close of the NYSE, whichever is earlier on any business day of the
Funds.
For more information about how to redeem Shares, please see Additional Information About Redemption of Fund
Shares in the Funds’ Prospectus.
Taxes
Provided that the Funds and Separate Accounts of Insurance Companies investing in the Funds satisfy applicable tax
requirements, the Funds will not be subject to federal tax. Special tax rules apply to Insurance Companies, variable
annuity contracts and variable life insurance contracts. For a discussion of the taxation of life insurance companies and
the separate accounts, as well as the tax treatment of the Policies and the holders thereof, see the discussion regarding
“Federal Tax Considerations” included in the prospectus for the Policies.
For more information about Taxes, please see Additional Information About Taxes in the Funds’ Prospectus.
Servicing Arrangements
Some Insurance Companies have entered into arrangements with Russell Fund Services Company (“RFSC”) and/or
Russell Financial Services, Inc. (the “Distributor”) pursuant to which they may receive compensation from RFSC and/or
the Distributor, from RFSC’s and/or the Distributor’s own resources, for administrative and/or other services provided by
those Insurance Companies. These payments may create a conflict of interest by influencing the Insurance Company and
your salesperson to recommend the Funds or a Fund over another investment or by influencing an Insurance Company’s
decision to include the Funds as an underlying investment option in its Policy. Ask your salesperson or visit your
Insurance Company’s web site for more information.
5
RIF-25
36-08-284 (0511)
RIF-26
SUMMARY PROSPECTUS
®
LifePoints Funds Variable Target Portfolio Series
MODERATE STRATEGY FUND
May 1, 2011
Before you invest, you may want to review the Fund’s Prospectus, which contains more information about the Fund and its risks. If
you invest through Northwestern Mutual, you can find the Fund’s Prospectus, Statement of Additional Information (SAI), Annual
Report and other information about the Fund online at http://hosted.rightprospectus.com/RIF/. Otherwise, you can find the Fund’s
Prospectus, Statement of Additional Information (SAI), Annual Report and other information about the Fund online at
http://hosted.rightprospectus.com/RIF/AllFunds.aspx. You can also get this information at no cost by calling 1-800-290-2604 or by
sending an e-mail to: RussellProspectuses@RRD.com. For other information please call 1-800-787-7354. The Fund’s Prospectus
and SAI, both dated May 1, 2011, as supplemented, and the Fund’s most recent shareholder report, dated December 31, 2010, are
all incorporated by reference into this Summary Prospectus.
Ticker: RIFGX
Investment Objective
The Fund seeks to provide high current income and moderate long term capital appreciation.
Fees and Expenses of the Fund
The following tables describe the fees and expenses that you may pay if you buy and hold Shares of the Fund. The
fees and expenses shown in this section do not reflect any Insurance Company Separate Account or Policy charges. Those
charges, if included, would have increased overall fees and expenses. Please refer to your account or policy documents
for a description of those fees and expenses. Please see the Expense Notes section of the Fund’s Prospectus for further
information regarding expenses of the Fund.
Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your
investment)#
Advisory Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.20%
Other Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.24%
Acquired (Underlying) Fund Fees and Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.78%
Total Annual Fund Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.22%
Less Fee Waivers and Expense Reimbursements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.34)%
Net Annual Fund Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.88%
# “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” have been restated to reflect the proportionate share of the
expenses of the Underlying Funds in which the Fund invests.
Until April 30, 2012, RIMCo has contractually agreed to waive up to the full amount of its 0.20% advisory fee and then to reimburse the Fund for
other direct Fund-level expenses to the extent that direct Fund-level expenses exceed 0.10% of the average daily net assets of the Fund on an
annual basis. Direct Fund-level expenses do not include extraordinary expenses or the expenses of other investment companies in which the Fund
invests, including the Underlying Funds, which are borne indirectly by the Fund. This waiver and reimbursement may not be terminated during
the relevant period except with Board approval.
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Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other
mutual funds.
The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your
Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that
operating expenses remain the same (taking into account fee waivers/reimbursements in year 1 only). This example does
not reflect any Insurance Company Separate Account or Policy charges. If it did, the costs shown would have been
higher. Although your actual costs may be higher or lower, under these assumptions your costs would be:
1 Year 3 Years 5 Years 10 Years
$90 $353 $637 $1,446
Portfolio Turnover
The Fund pays no transaction costs or commissions when it buys and sells Shares of the Underlying Funds. The
Underlying Funds pay transaction costs, such as commissions, when they buy and sell securities (or “turn over” their
portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs affect the Underlying Funds’
performance. Portfolio turnover rates for the Underlying Funds are available in the Prospectus for the Underlying Funds.
Investments, Risks and Performance
Principal Investment Strategies of the Fund
The Fund is a “fund of funds,” which seeks to achieve its objective by investing in a combination of several other
Russell Investment Funds (“RIF”) funds or Russell Investment Company (“RIC”) funds (the “Underlying Funds”). RIC is
a registered investment company that has the same investment adviser as RIF. The Fund intends its strategy of investing
in a combination of Underlying Funds to result in investment diversification that an investor could otherwise achieve only
by holding numerous individual investments. The Fund’s approximate target strategic allocation as of May 1, 2011 is
28%-38% to equity Underlying Funds, 53%-63% to fixed income Underlying Funds and 4%-14% to real asset Underlying
Funds. The Underlying Funds employ a multi-manager approach whereby most assets of the Underlying Funds are
allocated to different unaffiliated money managers.
Russell Investment Management Company (“RIMCo”), the Funds’ investment adviser, may modify the target
allocation for any Fund and/or the Underlying Funds in which a Fund invests from time to time based on capital markets
research or on factors such as RIMCo’s outlook for the economy, financial markets generally and/or relative market
valuation of the asset classes represented by each Underlying Fund. Modifications in the allocations to the Underlying
Funds are typically based on strategic, long-term allocation decisions. A Fund’s actual allocation may vary from the target
strategic asset allocation at any point in time (1) due to market movements, (2) by up to +/- 3% at the equities, fixed
income or real asset category level based on RIMCo’s assessment of relative market valuation of the asset classes
represented by each Underlying Fund, (3) due to the implementation over a period of time of a change to the target
strategic asset allocation including the addition of a new Underlying Fund. There may be no changes in the asset
allocation or to the Underlying Funds in a given year or such changes may be made one or more times in a year.
The Fund is a “nondiversified” investment company for purposes of the Investment Company Act of 1940 because it
invests in the securities of a limited number of issuers (i.e., the Underlying Funds). However, most of the Underlying
Funds in which the Fund invests are diversified investment companies, and therefore the Fund is less subject to the risks
of greater market fluctuation and price volatility normally associated with nondiversified investment companies.
Please refer to the “Investment Objective and Investment Strategies” section in the Fund’s Prospectus for further
information.
Principal Risks of Investing in the Fund
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose
money. The principal risks of investing in the Fund are those associated with:
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• Investing in Affiliated Underlying Funds. The assets of the Fund are invested primarily in Shares of the Underlying
Funds, and the investment performance of the Fund is directly related to the investment performance of the
Underlying Funds in which it invests. RIMCo is the investment adviser for both the Fund and the Underlying
Funds and may be deemed to have a conflict of interest in determining the allocation of the Fund to the
Underlying Funds.
• Asset Allocation. Neither the Fund nor RIMCo can offer any assurance that the asset allocation of the Fund will
either maximize returns or minimize risks. Nor can the Fund or RIMCo offer assurance that a recommended
allocation will be the appropriate allocation in all circumstances for every investor. The value of your investment
may decrease if RIMCo’s judgment about the attractiveness, value or market trends affecting a particular asset
class, investment style or Underlying Fund is incorrect. Asset allocation decisions might also result in the Fund
having more exposure, indirectly through its investments in the Underlying Funds, to asset classes, countries or
regions, or industries or groups of industries that underperform.
• Long-Term Viability Risk. There can be no assurance that the Fund will grow to an economically viable size, in
which case the Fund may cease operations. In such an event, investors may be required to liquidate or transfer
their investments at an inopportune time. You should consider your own investment goals and risk tolerance before
investing in any Fund.
The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets
among the Underlying Funds. The following are the principal risks associated with investing in the Underlying Funds
which are also principal risks of investing in the Fund as a result of its investment in the Underlying Funds:
• Active Security Selection. The securities selected for the portfolio may decline in value. Additionally, securities
selected may cause a Fund to underperform relative to other funds with similar investment objectives and
strategies.
• Multi-Manager Approach. The investment styles employed by the money managers may not be complementary. A
multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover.
• Equity Securities. The value of equity securities will rise and fall in response to the activities of the company that
issued them, general market conditions and/or economic conditions. Investments in small capitalization companies
may involve greater risks because these companies generally have narrower markets, more limited managerial and
financial resources and a less diversified product offering than larger, more established companies. Investments in
preferred stocks are subject to the risks of common stocks, as well as the risk that interest rates will rise and make
the fixed dividend feature, if any, less appealing to investors resulting in a decline in price.
• Fixed Income Securities. Prices of fixed income securities generally rise and fall in response to, among other
things, interest rate changes.
• Non-Investment Grade Fixed Income Securities (High Yield or “Junk Bonds”). Non-investment grade fixed income
securities involve higher volatility and higher risk of default than investment grade bonds.
• Government Issued or Guaranteed Securities, U.S. Government Securities. Bonds issued or guaranteed by a
government are subject to inflation risk and price depreciation risk.
• Mortgage-Backed Securities. Mortgage-backed securities may be affected by, among other things, changes or
perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator
of the mortgage, or the quality of the underlying assets. The underlying assets may default or decline in quality or
value.
• Asset-Backed Securities. Payment of principal and interest on asset-backed securities may be largely dependent
upon the cash flows generated by the assets backing the securities and asset-backed securities may not have the
benefit of any security interest in the related assets.
• Loans and Other Direct Indebtedness. Loans and other direct indebtedness involve the risk that payment of
principal, interest and other amounts due in connection with these investments may not be received.
• Non-U.S. and Emerging Markets Securities. Non-U.S. securities have risks relating to political, economic and
regulatory conditions in foreign countries. The risks associated with non-U.S. securities may be amplified for
emerging markets securities.
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• Currency Risk. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the
risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that
the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S.
dollar-denominated securities and currencies may reduce the returns of the Fund.
• Forward Currency Contracts. If forward prices increase, a loss will occur to the extent that the agreed upon
purchase price of the currency exceeds the price of the currency that was agreed to be sold.
• Derivatives. Derivatives are subject to a number of risks such as liquidity risk, market risk, credit risk, default risk,
counterparty risk (the risk that the other party in an agreement will fail to perform its obligations) and management
risk. They also involve the risk of mispricing or improper valuation and the risk that changes in the value of the
derivative may not correlate exactly with the change in the value of the underlying asset, rate or index. Credit
default swaps could result in losses if the creditworthiness of the company or companies on which the credit
default swap is based is evaluated incorrectly.
• Short Sales Risk. A short sale will result in a loss if the price of the security sold short increases between the date
of the short sale and the date on which the borrowed security must be returned. Short sales may give rise to a
form of leverage. Leverage tends to exaggerate the effect of any increase or decrease in the value of portfolio
securities.
• Real Estate Securities. Just as real estate values go up and down, the value of the securities of companies involved
in the industry also fluctuates. Real estate securities, including REITs, may be affected by changes in the value of
the underlying properties owned by the companies and by the quality of tenants’ credit.
• American Depositary Receipts (ADRs) or Global Depositary Receipts (GDRs). ADRs and GDRs have the same
currency and economic risks as the underlying non-U.S. shares they represent. They are affected by the risks
associated with non-U.S. securities, such as changes in political or economic conditions of other countries and
changes in the exchange rates of foreign currencies.
• Commodity Risk. Exposure to the commodities markets may subject the Fund to greater volatility than investments
in traditional securities, particularly if the investments involve leverage. The value of commodity-linked derivative
instruments may be affected by changes in overall market movements, commodity index volatility, changes in
interest rates or sectors affecting a particular industry or commodity and international economic, political and
regulatory developments. The use of leveraged commodity-linked derivatives creates an opportunity for increased
return, but also creates the possibility for a greater loss.
• Bank Obligations. The banking industry may be particularly susceptible to certain economic factors such as interest
rate changes, adverse developments in the real estate market, fiscal and monetary policy and general economic
cycles. The banking industry may also be impacted by legal and regulatory developments.
• Infrastructure Companies. Infrastructure companies are subject to the risk that: the potential for realized revenue
volumes is significantly lower than projected and/ or cost overruns; the nature of the concession fundamentally
changes during the life of the project (e.g., the state sponsor alters the terms); macroeconomic factors such as low
GDP growth or high nominal interest rates raise the average cost of funding; government regulation may affect
rates charged to customers; government budgetary constraints impact projects; special tariffs are imposed; and
changes in tax laws, regulatory policies or accounting standards could be unfavorable. Other risks include
environmental damage due to a company’s operations or an accident, changes in market sentiment towards
infrastructure and terrorist acts.
• Master Limited Partnerships (“MLPs”). Investing in MLPs involves certain risks related to investing in the
underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs that concentrate in a
particular industry or a particular geographic region are subject to risks associated with such industry or region.
The benefit derived from the Underlying Fund’s investment in MLPs is largely dependent on the MLPs being
treated as partnerships for federal income tax purposes.
• Liquidity Risk. The market for certain investments may become illiquid under adverse or volatile market or
economic conditions, making those investments difficult to sell. The market price of certain investments may fall
dramatically if there is no liquid trading market.
• Market Volatility. Volatile financial markets can result in greater market and liquidity risk and potential difficulty
in valuing portfolio instruments.
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• Government Intervention in and Regulation of Financial Markets. Changes in government regulation may
adversely affect the value of a security.
• Large Redemptions. The Underlying Funds are used as investments for certain funds of funds and may have a
large percentage of their Shares owned by such funds. Large redemption activity could result in the Underlying
Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions.
The officers and Trustees of the Fund currently serve as officers and Trustees of the Underlying Funds. RIMCo
presently serves as investment manager of the Fund and Underlying Funds. Therefore, conflicts may arise as those
persons and RIMCo fulfill their fiduciary responsibilities to the Fund and to the Underlying Funds.
Please refer to the “Risks” section in the Fund’s Prospectus for further information.
Performance
The following bar chart illustrates the risks of investing in the Fund by showing the performance of the Fund since
the beginning of the Fund’s operation. The highest and lowest returns for a full quarter during the periods shown in the
bar chart are set forth next to the bar chart. The performance results shown in this section do not reflect any Insurance
Company Separate Account or Policy charges. Those charges, if included, would have reduced the performance results
shown in this section.
The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the
Fund’s average annual returns for the periods shown compare with index returns that measure broad market performance.
The Fund is a Fund of Fund that invests in a variety of asset classes. Therefore, no single index provides an appropriate
basis for comparison. For reference purposes, the indexes presented in the chart below have characteristics that represent
the largest of these asset classes. Index returns do not reflect deductions for fees, expenses or taxes. Index returns do not
include fair valuation adjustments which may be included in fund returns.
Past performance is no indication of future results.
Calendar Year Total Returns
30.00%
22.45%
20.00% Highest Quarterly Return:
12.62%
10.00%
11.79% (2Q/09)
(19.97)%
0.00% Lowest Quarterly Return:
-10.00% (9.38)% (4Q/08)
-20.00%
-30.00%
2008
2009
2010
Average annual total returns Since
for the periods ended December 31, 2010 1 Year Inception*
Moderate Strategy Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.62% 3.70%
Barclays Capital U.S. Aggregate Bond Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.54% 6.15%
Russell 1000® Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.10% (1.87)%
* The Fund first issued Shares on May 1, 2007.
Management
Investment Adviser
RIMCo is the investment adviser of the Fund and the Underlying Funds.
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Portfolio Manager
John Greves has primary responsibility for the management of the Fund. Mr. Greves has been an Associate Portfolio
Manager since July 2010.
Additional Information
Purchase of Fund Shares
Each insurance company (“Insurance Company”) places orders for its accounts (“Separate Account”) which hold the
interests of each variable insurance product (“Policy”) owner based on, among other things, the amount of premium
payments to be invested pursuant to such Policies. Individuals may not place orders directly with Russell Investment
Funds (“RIF”) or the Funds. See the prospectus of the Separate Account and Policies of the Insurance Company for more
information on the purchase of Fund Shares and with respect to the availability for investment in specific Funds. The
Funds do not issue share certificates. Any minimum or subsequent investment requirements are governed by the
applicable Policy through which you invest.
For more information about how to purchase Shares, please see Additional Information About Purchase of Fund
Shares in the Funds’ Prospectus.
Redemption of Fund Shares
Shares may be redeemed at any time by Insurance Companies on behalf of their Separate Accounts or their general
accounts. Individuals may not place redemption orders directly with RIF or the Funds. Redemption requests for Fund
shares are based on premiums and transaction requests represented to the Funds by each Insurance Company as having
been received prior to 4:00 p.m., Eastern Time or the close of the NYSE, whichever is earlier on any business day of the
Funds.
For more information about how to redeem Shares, please see Additional Information About Redemption of Fund
Shares in the Funds’ Prospectus.
Taxes
Provided that the Funds and Separate Accounts of Insurance Companies investing in the Funds satisfy applicable tax
requirements, the Funds will not be subject to federal tax. Special tax rules apply to Insurance Companies, variable
annuity contracts and variable life insurance contracts. For a discussion of the taxation of life insurance companies and
the separate accounts, as well as the tax treatment of the Policies and the holders thereof, see the discussion regarding
“Federal Tax Considerations” included in the prospectus for the Policies.
For more information about Taxes, please see Additional Information About Taxes in the Funds’ Prospectus.
Servicing Arrangements
Some Insurance Companies have entered into arrangements with Russell Fund Services Company (“RFSC”) and/or
Russell Financial Services, Inc. (the “Distributor”) pursuant to which they may receive compensation from RFSC and/or
the Distributor, from RFSC’s and/or the Distributor’s own resources, for administrative and/or other services provided by
those Insurance Companies. These payments may create a conflict of interest by influencing the Insurance Company and
your salesperson to recommend the Funds or a Fund over another investment or by influencing an Insurance Company’s
decision to include the Funds as an underlying investment option in its Policy. Ask your salesperson or visit your
Insurance Company’s web site for more information.
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36-08-286 (0511)
RLP-7
SUMMARY PROSPECTUS
®
LifePoints Funds Variable Target Portfolio Series
BALANCED STRATEGY FUND
May 1, 2011
Before you invest, you may want to review the Fund’s Prospectus, which contains more information about the Fund and its risks. If
you invest through Northwestern Mutual, you can find the Fund’s Prospectus, Statement of Additional Information (SAI), Annual
Report and other information about the Fund online at http://hosted.rightprospectus.com/RIF/. Otherwise, you can find the Fund’s
Prospectus, Statement of Additional Information (SAI), Annual Report and other information about the Fund online at
http://hosted.rightprospectus.com/RIF/AllFunds.aspx. You can also get this information at no cost by calling 1-800-290-2604 or by
sending an e-mail to: RussellProspectuses@RRD.com. For other information please call 1-800-787-7354. The Fund’s Prospectus
and SAI, both dated May 1, 2011, as supplemented, and the Fund’s most recent shareholder report, dated December 31, 2010, are
all incorporated by reference into this Summary Prospectus.
Ticker: RIFHX
Investment Objective
The Fund seeks to provide above average capital appreciation and a moderate level of current income.
Fees and Expenses of the Fund
The following tables describe the fees and expenses that you may pay if you buy and hold Shares of the Fund. The
fees and expenses shown in this section do not reflect any Insurance Company Separate Account or Policy charges. Those
charges, if included, would have increased overall fees and expenses. Please refer to your account or policy documents
for a description of those fees and expenses. Please see the Expense Notes section of the Fund’s Prospectus for further
information regarding expenses of the Fund.
Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your
investment)#
Advisory Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.20%
Other Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.16%
Acquired (Underlying) Fund Fees and Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.91%
Total Annual Fund Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.27%
Less Fee Waivers and Expense Reimbursements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.26)%
Net Annual Fund Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.01%
# “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” have been restated to reflect the proportionate share of the
expenses of the Underlying Funds in which the Fund invests.
Until April 30, 2012, RIMCo has contractually agreed to waive up to the full amount of its 0.20% advisory fee and then to reimburse the Fund for
other direct Fund-level expenses to the extent that direct Fund-level expenses exceed 0.10% of the average daily net assets of the Fund on an
annual basis. Direct Fund-level expenses do not include extraordinary expenses or the expenses of other investment companies in which the Fund
invests, including the Underlying Funds, which are borne indirectly by the Fund. This waiver and reimbursement may not be terminated during
the relevant period except with Board approval.
1
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Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other
mutual funds.
The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your
Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that
operating expenses remain the same (taking into account fee waivers/reimbursements in year 1 only). This example does
not reflect any Insurance Company Separate Account or Policy charges. If it did, the costs shown would have been
higher. Although your actual costs may be higher or lower, under these assumptions your costs would be:
1 Year 3 Years 5 Years 10 Years
$103 $377 $672 $1,510
Portfolio Turnover
The Fund pays no transaction costs or commissions when it buys and sells Shares of the Underlying Funds. The
Underlying Funds pay transaction costs, such as commissions, when they buy and sell securities (or “turn over” their
portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs affect the Underlying Funds’
performance. Portfolio turnover rates for the Underlying Funds are available in the Prospectus for the Underlying Funds.
Investments, Risks and Performance
Principal Investment Strategies of the Fund
The Fund is a “fund of funds,” which seeks to achieve its objective by investing in a combination of several other
Russell Investment Funds (“RIF”) funds or Russell Investment Company (“RIC”) funds (the “Underlying Funds”). RIC is
a registered investment company that has the same investment adviser as RIF. The Fund intends its strategy of investing
in a combination of Underlying Funds to result in investment diversification that an investor could otherwise achieve only
by holding numerous individual investments. The Fund’s approximate target strategic allocation as of May 1, 2011 is
47%-57% to equity Underlying Funds, 33%-43% to fixed income Underlying Funds and 5%-15% to real asset Underlying
Funds. The Underlying Funds employ a multi-manager approach whereby most assets of the Underlying Funds are
allocated to different unaffiliated money managers.
Russell Investment Management Company (“RIMCo”), the Funds’ investment adviser, may modify the target
allocation for any Fund and/or the Underlying Funds in which a Fund invests from time to time based on capital markets
research or on factors such as RIMCo’s outlook for the economy, financial markets generally and/or relative market
valuation of the asset classes represented by each Underlying Fund. Modifications in the allocations to the Underlying
Funds are typically based on strategic, long-term allocation decisions. A Fund’s actual allocation may vary from the target
strategic asset allocation at any point in time (1) due to market movements, (2) by up to +/- 3% at the equities, fixed
income or real asset category level based on RIMCo’s assessment of relative market valuation of the asset classes
represented by each Underlying Fund, (3) due to the implementation over a period of time of a change to the target
strategic asset allocation including the addition of a new Underlying Fund. There may be no changes in the asset
allocation or to the Underlying Funds in a given year or such changes may be made one or more times in a year.
The Fund is a “nondiversified” investment company for purposes of the Investment Company Act of 1940 because it
invests in the securities of a limited number of issuers (i.e., the Underlying Funds). However, most of the Underlying
Funds in which the Fund invests are diversified investment companies, and therefore the Fund is less subject to the risks
of greater market fluctuation and price volatility normally associated with nondiversified investment companies.
Please refer to the “Investment Objective and Investment Strategies” section in the Fund’s Prospectus for further
information.
Principal Risks of Investing in the Fund
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose
money. The principal risks of investing in the Fund are those associated with:
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• Investing in Affiliated Underlying Funds. The assets of the Fund are invested primarily in Shares of the Underlying
Funds, and the investment performance of the Fund is directly related to the investment performance of the
Underlying Funds in which it invests. RIMCo is the investment adviser for both the Fund and the Underlying
Funds and may be deemed to have a conflict of interest in determining the allocation of the Fund to the
Underlying Funds.
• Asset Allocation. Neither the Fund nor RIMCo can offer any assurance that the asset allocation of the Fund will
either maximize returns or minimize risks. Nor can the Fund or RIMCo offer assurance that a recommended
allocation will be the appropriate allocation in all circumstances for every investor. The value of your investment
may decrease if RIMCo’s judgment about the attractiveness, value or market trends affecting a particular asset
class, investment style or Underlying Fund is incorrect. Asset allocation decisions might also result in the Fund
having more exposure, indirectly through its investments in the Underlying Funds, to asset classes, countries or
regions, or industries or groups of industries that underperform.
• Long-Term Viability Risk. There can be no assurance that the Fund will grow to an economically viable size, in
which case the Fund may cease operations. In such an event, investors may be required to liquidate or transfer
their investments at an inopportune time. You should consider your own investment goals and risk tolerance before
investing in any Fund.
The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets
among the Underlying Funds. The following are the principal risks associated with investing in the Underlying Funds
which are also principal risks of investing in the Fund as a result of its investment in the Underlying Funds:
• Active Security Selection. The securities selected for the portfolio may decline in value. Additionally, securities
selected may cause a Fund to underperform relative to other funds with similar investment objectives and
strategies.
• Multi-Manager Approach. The investment styles employed by the money managers may not be complementary. A
multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover.
• Equity Securities. The value of equity securities will rise and fall in response to the activities of the company that
issued them, general market conditions and/or economic conditions. Investments in small capitalization companies
may involve greater risks because these companies generally have narrower markets, more limited managerial and
financial resources and a less diversified product offering than larger, more established companies. Investments in
preferred stocks are subject to the risks of common stocks, as well as the risk that interest rates will rise and make
the fixed dividend feature, if any, less appealing to investors resulting in a decline in price.
• Fixed Income Securities. Prices of fixed income securities generally rise and fall in response to, among other
things, interest rate changes.
• Non-Investment Grade Fixed Income Securities (High Yield or “Junk Bonds”). Non-investment grade fixed income
securities involve higher volatility and higher risk of default than investment grade bonds.
• Government Issued or Guaranteed Securities, U.S. Government Securities. Bonds issued or guaranteed by a
government are subject to inflation risk and price depreciation risk.
• Mortgage-Backed Securities. Mortgage-backed securities may be affected by, among other things, changes or
perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator
of the mortgage, or the quality of the underlying assets. The underlying assets may default or decline in quality or
value.
• Asset-Backed Securities. Payment of principal and interest on asset-backed securities may be largely dependent
upon the cash flows generated by the assets backing the securities and asset-backed securities may not have the
benefit of any security interest in the related assets.
• Loans and Other Direct Indebtedness. Loans and other direct indebtedness involve the risk that payment of
principal, interest and other amounts due in connection with these investments may not be received.
• Non-U.S. and Emerging Markets Securities. Non-U.S. securities have risks relating to political, economic and
regulatory conditions in foreign countries. The risks associated with non-U.S. securities may be amplified for
emerging markets securities.
3
RLP-10
• Currency Risk. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the
risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that
the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S.
dollar-denominated securities and currencies may reduce the returns of the Fund.
• Forward Currency Contracts. If forward prices increase, a loss will occur to the extent that the agreed upon
purchase price of the currency exceeds the price of the currency that was agreed to be sold.
• Derivatives. Derivatives are subject to a number of risks such as liquidity risk, market risk, credit risk, default risk,
counterparty risk (the risk that the other party in an agreement will fail to perform its obligations) and management
risk. They also involve the risk of mispricing or improper valuation and the risk that changes in the value of the
derivative may not correlate exactly with the change in the value of the underlying asset, rate or index. Credit
default swaps could result in losses if the creditworthiness of the company or companies on which the credit
default swap is based is evaluated incorrectly.
• Short Sales Risk. A short sale will result in a loss if the price of the security sold short increases between the date
of the short sale and the date on which the borrowed security must be returned. Short sales may give rise to a
form of leverage. Leverage tends to exaggerate the effect of any increase or decrease in the value of portfolio
securities.
• Real Estate Securities. Just as real estate values go up and down, the value of the securities of companies involved
in the industry also fluctuates. Real estate securities, including REITs, may be affected by changes in the value of
the underlying properties owned by the companies and by the quality of tenants’ credit.
• American Depositary Receipts (ADRs) or Global Depositary Receipts (GDRs). ADRs and GDRs have the same
currency and economic risks as the underlying non-U.S. shares they represent. They are affected by the risks
associated with non-U.S. securities, such as changes in political or economic conditions of other countries and
changes in the exchange rates of foreign currencies.
• Commodity Risk. Exposure to the commodities markets may subject the Fund to greater volatility than investments
in traditional securities, particularly if the investments involve leverage. The value of commodity-linked derivative
instruments may be affected by changes in overall market movements, commodity index volatility, changes in
interest rates or sectors affecting a particular industry or commodity and international economic, political and
regulatory developments. The use of leveraged commodity-linked derivatives creates an opportunity for increased
return, but also creates the possibility for a greater loss.
• Bank Obligations. The banking industry may be particularly susceptible to certain economic factors such as interest
rate changes, adverse developments in the real estate market, fiscal and monetary policy and general economic
cycles. The banking industry may also be impacted by legal and regulatory developments.
• Infrastructure Companies. Infrastructure companies are subject to the risk that: the potential for realized revenue
volumes is significantly lower than projected and/ or cost overruns; the nature of the concession fundamentally
changes during the life of the project (e.g., the state sponsor alters the terms); macroeconomic factors such as low
GDP growth or high nominal interest rates raise the average cost of funding; government regulation may affect
rates charged to customers; government budgetary constraints impact projects; special tariffs are imposed; and
changes in tax laws, regulatory policies or accounting standards could be unfavorable. Other risks include
environmental damage due to a company’s operations or an accident, changes in market sentiment towards
infrastructure and terrorist acts.
• Master Limited Partnerships (“MLPs”). Investing in MLPs involves certain risks related to investing in the
underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs that concentrate in a
particular industry or a particular geographic region are subject to risks associated with such industry or region.
The benefit derived from the Underlying Fund’s investment in MLPs is largely dependent on the MLPs being
treated as partnerships for federal income tax purposes.
• Liquidity Risk. The market for certain investments may become illiquid under adverse or volatile market or
economic conditions, making those investments difficult to sell. The market price of certain investments may fall
dramatically if there is no liquid trading market.
• Market Volatility. Volatile financial markets can result in greater market and liquidity risk and potential difficulty
in valuing portfolio instruments.
4
RLP-11
• Government Intervention in and Regulation of Financial Markets. Changes in government regulation may
adversely affect the value of a security.
• Large Redemptions. The Underlying Funds are used as investments for certain funds of funds and may have a
large percentage of their Shares owned by such funds. Large redemption activity could result in the Underlying
Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions.
The officers and Trustees of the Fund currently serve as officers and Trustees of the Underlying Funds. RIMCo
presently serves as investment manager of the Fund and Underlying Funds. Therefore, conflicts may arise as those
persons and RIMCo fulfill their fiduciary responsibilities to the Fund and to the Underlying Funds.
Please refer to the “Risks” section in the Fund’s Prospectus for further information.
Performance
The following bar chart illustrates the risks of investing in the Fund by showing the performance of the Fund since
the beginning of the Fund’s operation. The highest and lowest returns for a full quarter during the periods shown in the
bar chart are set forth next to the bar chart. The performance results shown in this section do not reflect any Insurance
Company Separate Account or Policy charges. Those charges, if included, would have reduced the performance results
shown in this section.
The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the
Fund’s average annual returns for the periods shown compare with index returns that measure broad market performance.
The Fund is a Fund of Fund that invests in a variety of asset classes. Therefore, no single index provides an appropriate
basis for comparison. For reference purposes, the indexes presented in the chart below have characteristics that represent
the largest of these asset classes. Index returns do not reflect deductions for fees, expenses or taxes. Index returns do not
include fair valuation adjustments which may be included in fund returns.
Past performance is no indication of future results.
Calendar Year Total Returns
40.00%
30.00% 25.49% Highest Quarterly Return:
20.00% 14.06% 14.73% (2Q/09)
10.00%
(27.27)% Lowest Quarterly Return:
0.00%
(14.31)% (4Q/08)
-10.00%
-20.00%
-30.00%
2008
2009
2010
Average annual total returns Since
for the periods ended December 31, 2010 1 Year Inception*
Balanced Strategy Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.06% 1.84%
Barclays Capital U.S. Aggregate Bond Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.54% 6.15%
Russell 1000® Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.10% (1.87)%
Russell Developed ex-U.S. Large Cap Index (net of tax on dividends from foreign holdings)** . . 9.64% (4.00)%
* The Fund first issued Shares on May 1, 2007.
** Effective January 1, 2011, RIMCo changed the Fund’s secondary benchmark from the MSCI EAFE Index (net of tax on dividends from foreign
holdings) to the Russell Developed ex-U.S. Large Cap Index (net of tax on dividends from foreign holdings). RIMCo believes that the Russell
Developed ex-U.S. Large Cap Index (net of tax on dividends from foreign holdings) is an appropriate benchmark which more broadly represents
the investable universe of stocks.
5
RLP-12
Management
Investment Adviser
RIMCo is the investment adviser of the Fund and the Underlying Funds.
Portfolio Manager
John Greves has primary responsibility for the management of the Fund. Mr. Greves has been an Associate Portfolio
Manager since July 2010.
Additional Information
Purchase of Fund Shares
Each insurance company (“Insurance Company”) places orders for its accounts (“Separate Account”) which hold the
interests of each variable insurance product (“Policy”) owner based on, among other things, the amount of premium
payments to be invested pursuant to such Policies. Individuals may not place orders directly with Russell Investment
Funds (“RIF”) or the Funds. See the prospectus of the Separate Account and Policies of the Insurance Company for more
information on the purchase of Fund Shares and with respect to the availability for investment in specific Funds. The
Funds do not issue share certificates. Any minimum or subsequent investment requirements are governed by the
applicable Policy through which you invest.
For more information about how to purchase Shares, please see Additional Information About Purchase of Fund
Shares in the Funds’ Prospectus.
Redemption of Fund Shares
Shares may be redeemed at any time by Insurance Companies on behalf of their Separate Accounts or their general
accounts. Individuals may not place redemption orders directly with RIF or the Funds. Redemption requests for Fund
shares are based on premiums and transaction requests represented to the Funds by each Insurance Company as having
been received prior to 4:00 p.m., Eastern Time or the close of the NYSE, whichever is earlier on any business day of the
Funds.
For more information about how to redeem Shares, please see Additional Information About Redemption of Fund
Shares in the Funds’ Prospectus.
Taxes
Provided that the Funds and Separate Accounts of Insurance Companies investing in the Funds satisfy applicable tax
requirements, the Funds will not be subject to federal tax. Special tax rules apply to Insurance Companies, variable
annuity contracts and variable life insurance contracts. For a discussion of the taxation of life insurance companies and
the separate accounts, as well as the tax treatment of the Policies and the holders thereof, see the discussion regarding
“Federal Tax Considerations” included in the prospectus for the Policies.
For more information about Taxes, please see Additional Information About Taxes in the Funds’ Prospectus.
Servicing Arrangements
Some Insurance Companies have entered into arrangements with Russell Fund Services Company (“RFSC”) and/or
Russell Financial Services, Inc. (the “Distributor”) pursuant to which they may receive compensation from RFSC and/or
the Distributor, from RFSC’s and/or the Distributor’s own resources, for administrative and/or other services provided by
those Insurance Companies. These payments may create a conflict of interest by influencing the Insurance Company and
your salesperson to recommend the Funds or a Fund over another investment or by influencing an Insurance Company’s
decision to include the Funds as an underlying investment option in its Policy. Ask your salesperson or visit your
Insurance Company’s web site for more information.
6
RLP-13
36-08-287 (0511)
RLP-14
SUMMARY PROSPECTUS
®
LifePoints Funds Variable Target Portfolio Series
GROWTH STRATEGY FUND
May 1, 2011
Before you invest, you may want to review the Fund’s Prospectus, which contains more information about the Fund and its risks. If
you invest through Northwestern Mutual, you can find the Fund’s Prospectus, Statement of Additional Information (SAI), Annual
Report and other information about the Fund online at http://hosted.rightprospectus.com/RIF/. Otherwise, you can find the Fund’s
Prospectus, Statement of Additional Information (SAI), Annual Report and other information about the Fund online at
http://hosted.rightprospectus.com/RIF/AllFunds.aspx. You can also get this information at no cost by calling 1-800-290-2604 or by
sending an e-mail to: RussellProspectuses@RRD.com. For other information please call 1-800-787-7354. The Fund’s Prospectus
and SAI, both dated May 1, 2011, as supplemented, and the Fund’s most recent shareholder report, dated December 31, 2010, are
all incorporated by reference into this Summary Prospectus.
Ticker: RIFIX
Investment Objective
The Fund seeks to provide high long term capital appreciation with low current income.
Fees and Expenses of the Fund
The following tables describe the fees and expenses that you may pay if you buy and hold Shares of the Fund. The
fees and expenses shown in this section do not reflect any Insurance Company Separate Account or Policy charges. Those
charges, if included, would have increased overall fees and expenses. Please refer to your account or policy documents
for a description of those fees and expenses. Please see the Expense Notes section of the Fund’s Prospectus for further
information regarding expenses of the Fund.
Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your
investment)#
Advisory Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.20%
Other Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.19%
Acquired (Underlying) Fund Fees and Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.98%
Total Annual Fund Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.37%
Less Fee Waivers and Expense Reimbursements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.29)%
Net Annual Fund Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.08%
# “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” have been restated to reflect the proportionate share of the
expenses of the Underlying Funds in which the Fund invests
Until April 30, 2012, RIMCo has contractually agreed to waive up to the full amount of its 0.20% advisory fee and then to reimburse the Fund for
other direct Fund-level expenses to the extent that direct Fund-level expenses exceed 0.10% of the average daily net assets of the Fund on an
annual basis. Direct Fund-level expenses do not include extraordinary expenses or the expenses of other investment companies in which the Fund
invests, including the Underlying Funds, which are borne indirectly by the Fund. This waiver and reimbursement may not be terminated during
the relevant period except with Board approval.
1
RLP-15
Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other
mutual funds.
The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your
Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that
operating expenses remain the same (taking into account fee waivers/reimbursements in year 1 only). This example does
not reflect any Insurance Company Separate Account or Policy charges. If it did, the costs shown would have been
higher. Although your actual costs may be higher or lower, under these assumptions your costs would be:
1 Year 3 Years 5 Years 10 Years
$110 $406 $723 $1,624
Portfolio Turnover
The Fund pays no transaction costs or commissions when it buys and sells Shares of the Underlying Funds. The
Underlying Funds pay transaction costs, such as commissions, when they buy and sell securities (or “turn over” their
portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs affect the Underlying Funds’
performance. Portfolio turnover rates for the Underlying Funds are available in the Prospectus for the Underlying Funds.
Investments, Risks and Performance
Principal Investment Strategies of the Fund
The Fund is a “fund of funds,” which seeks to achieve its objective by investing in a combination of several other
Russell Investment Funds (“RIF”) funds or Russell Investment Company (“RIC”) funds (the “Underlying Funds”). RIC is
a registered investment company that has the same investment adviser as RIF. The Fund intends its strategy of investing
in a combination of Underlying Funds to result in investment diversification that an investor could otherwise achieve only
by holding numerous individual investments. The Fund’s approximate target strategic allocation as of May 1, 2011 is
62%-72% to equity Underlying Funds, 14%-24% to fixed income Underlying Funds and 9%-19% to real asset Underlying
Funds. The Underlying Funds employ a multi-manager approach whereby most assets of the Underlying Funds are
allocated to different unaffiliated money managers.
Russell Investment Management Company (“RIMCo”), the Funds’ investment adviser, may modify the target
allocation for any Fund and/or the Underlying Funds in which a Fund invests from time to time based on capital markets
research or on factors such as RIMCo’s outlook for the economy, financial markets generally and/or relative market
valuation of the asset classes represented by each Underlying Fund. Modifications in the allocations to the Underlying
Funds are typically based on strategic, long-term allocation decisions. A Fund’s actual allocation may vary from the target
strategic asset allocation at any point in time (1) due to market movements, (2) by up to +/- 3% at the equities, fixed
income or real asset category level based on RIMCo’s assessment of relative market valuation of the asset classes
represented by each Underlying Fund, (3) due to the implementation over a period of time of a change to the target
strategic asset allocation including the addition of a new Underlying Fund. There may be no changes in the asset
allocation or to the Underlying Funds in a given year or such changes may be made one or more times in a year.
The Fund is a “nondiversified” investment company for purposes of the Investment Company Act of 1940 because it
invests in the securities of a limited number of issuers (i.e., the Underlying Funds). However, most of the Underlying
Funds in which the Fund invests are diversified investment companies, and therefore the Fund is less subject to the risks
of greater market fluctuation and price volatility normally associated with nondiversified investment companies.
Please refer to the “Investment Objective and Investment Strategies” section in the Fund’s Prospectus for further
information.
Principal Risks of Investing in the Fund
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose
money. The principal risks of investing in the Fund are those associated with:
2
RLP-16
• Investing in Affiliated Underlying Funds. The assets of the Fund are invested primarily in Shares of the Underlying
Funds, and the investment performance of the Fund is directly related to the investment performance of the
Underlying Funds in which it invests. RIMCo is the investment adviser for both the Fund and the Underlying
Funds and may be deemed to have a conflict of interest in determining the allocation of the Fund to the
Underlying Funds.
• Asset Allocation. Neither the Fund nor RIMCo can offer any assurance that the asset allocation of the Fund will
either maximize returns or minimize risks. Nor can the Fund or RIMCo offer assurance that a recommended
allocation will be the appropriate allocation in all circumstances for every investor. The value of your investment
may decrease if RIMCo’s judgment about the attractiveness, value or market trends affecting a particular asset
class, investment style or Underlying Fund is incorrect. Asset allocation decisions might also result in the Fund
having more exposure, indirectly through its investments in the Underlying Funds, to asset classes, countries or
regions, or industries or groups of industries that underperform.
• Long-Term Viability Risk. There can be no assurance that the Fund will grow to an economically viable size, in
which case the Fund may cease operations. In such an event, investors may be required to liquidate or transfer
their investments at an inopportune time. You should consider your own investment goals and risk tolerance before
investing in any Fund.
The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets
among the Underlying Funds. The following are the principal risks associated with investing in the Underlying Funds
which are also principal risks of investing in the Fund as a result of its investment in the Underlying Funds:
• Active Security Selection. The securities selected for the portfolio may decline in value. Additionally, securities
selected may cause a Fund to underperform relative to other funds with similar investment objectives and
strategies.
• Multi-Manager Approach. The investment styles employed by the money managers may not be complementary. A
multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover.
• Equity Securities. The value of equity securities will rise and fall in response to the activities of the company that
issued them, general market conditions and/or economic conditions. Investments in small capitalization companies
may involve greater risks because these companies generally have narrower markets, more limited managerial and
financial resources and a less diversified product offering than larger, more established companies. Investments in
preferred stocks are subject to the risks of common stocks, as well as the risk that interest rates will rise and make
the fixed dividend feature, if any, less appealing to investors resulting in a decline in price.
• Fixed Income Securities. Prices of fixed income securities generally rise and fall in response to, among other
things, interest rate changes.
• Non-Investment Grade Fixed Income Securities (High Yield or “Junk Bonds”). Non-investment grade fixed income
securities involve higher volatility and higher risk of default than investment grade bonds.
• Government Issued or Guaranteed Securities, U.S. Government Securities. Bonds issued or guaranteed by a
government are subject to inflation risk and price depreciation risk.
• Loans and Other Direct Indebtedness. Loans and other direct indebtedness involve the risk that payment of
principal, interest and other amounts due in connection with these investments may not be received.
• Non-U.S. and Emerging Markets Securities. Non-U.S. securities have risks relating to political, economic and
regulatory conditions in foreign countries. The risks associated with non-U.S. securities may be amplified for
emerging markets securities.
• Currency Risk. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the
risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that
the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S.
dollar-denominated securities and currencies may reduce the returns of the Fund.
• Forward Currency Contracts. If forward prices increase, a loss will occur to the extent that the agreed upon
purchase price of the currency exceeds the price of the currency that was agreed to be sold.
• Derivatives. Derivatives are subject to a number of risks such as liquidity risk, market risk, credit risk, default risk,
counterparty risk (the risk that the other party in an agreement will fail to perform its obligations) and management
risk. They also involve the risk of mispricing or improper valuation and the risk that changes in the value of the
3
RLP-17
derivative may not correlate exactly with the change in the value of the underlying asset, rate or index. Credit
default swaps could result in losses if the creditworthiness of the company or companies on which the credit
default swap is based is evaluated incorrectly.
• Short Sales Risk. A short sale will result in a loss if the price of the security sold short increases between the date
of the short sale and the date on which the borrowed security must be returned. Short sales may give rise to a
form of leverage. Leverage tends to exaggerate the effect of any increase or decrease in the value of portfolio
securities.
• Real Estate Securities. Just as real estate values go up and down, the value of the securities of companies involved
in the industry also fluctuates. Real estate securities, including REITs, may be affected by changes in the value of
the underlying properties owned by the companies and by the quality of tenants’ credit.
• American Depositary Receipts (ADRs) or Global Depositary Receipts (GDRs). ADRs and GDRs have the same
currency and economic risks as the underlying non-U.S. shares they represent. They are affected by the risks
associated with non-U.S. securities, such as changes in political or economic conditions of other countries and
changes in the exchange rates of foreign currencies.
• Commodity Risk. Exposure to the commodities markets may subject the Fund to greater volatility than investments
in traditional securities, particularly if the investments involve leverage. The value of commodity-linked derivative
instruments may be affected by changes in overall market movements, commodity index volatility, changes in
interest rates or sectors affecting a particular industry or commodity and international economic, political and
regulatory developments. The use of leveraged commodity-linked derivatives creates an opportunity for increased
return, but also creates the possibility for a greater loss.
• Bank Obligations. The banking industry may be particularly susceptible to certain economic factors such as interest
rate changes, adverse developments in the real estate market, fiscal and monetary policy and general economic
cycles. The banking industry may also be impacted by legal and regulatory developments.
• Infrastructure Companies. Infrastructure companies are subject to the risk that: the potential for realized revenue
volumes is significantly lower than projected and/ or cost overruns; the nature of the concession fundamentally
changes during the life of the project (e.g., the state sponsor alters the terms); macroeconomic factors such as low
GDP growth or high nominal interest rates raise the average cost of funding; government regulation may affect
rates charged to customers; government budgetary constraints impact projects; special tariffs are imposed; and
changes in tax laws, regulatory policies or accounting standards could be unfavorable. Other risks include
environmental damage due to a company’s operations or an accident, changes in market sentiment towards
infrastructure and terrorist acts.
• Master Limited Partnerships (“MLPs”). Investing in MLPs involves certain risks related to investing in the
underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs that concentrate in a
particular industry or a particular geographic region are subject to risks associated with such industry or region.
The benefit derived from the Underlying Fund’s investment in MLPs is largely dependent on the MLPs being
treated as partnerships for federal income tax purposes.
• Liquidity Risk. The market for certain investments may become illiquid under adverse or volatile market or
economic conditions, making those investments difficult to sell. The market price of certain investments may fall
dramatically if there is no liquid trading market.
• Market Volatility. Volatile financial markets can result in greater market and liquidity risk and potential difficulty
in valuing portfolio instruments.
• Government Intervention in and Regulation of Financial Markets. Changes in government regulation may
adversely affect the value of a security.
• Large Redemptions. The Underlying Funds are used as investments for certain funds of funds and may have a
large percentage of their Shares owned by such funds. Large redemption activity could result in the Underlying
Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions.
The officers and Trustees of the Fund currently serve as officers and Trustees of the Underlying Funds. RIMCo
presently serves as investment manager of the Fund and Underlying Funds. Therefore, conflicts may arise as those
persons and RIMCo fulfill their fiduciary responsibilities to the Fund and to the Underlying Funds.
Please refer to the “Risks” section in the Fund’s Prospectus for further information.
4
RLP-18
Performance
The following bar chart illustrates the risks of investing in the Fund by showing the performance of the Fund since
the beginning of the Fund’s operation. The highest and lowest returns for a full quarter during the periods shown in the
bar chart are set forth next to the bar chart. The performance results shown in this section do not reflect any Insurance
Company Separate Account or Policy charges. Those charges, if included, would have reduced the performance results
shown in this section.
The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the
Fund’s average annual returns for the periods shown compare with index returns that measure broad market performance.
The Fund is a Fund of Fund that invests in a variety of asset classes. Therefore, no single index provides an appropriate
basis for comparison. For reference purposes, the indexes presented in the chart below have characteristics that represent
the largest of these asset classes. Index returns do not reflect deductions for fees, expenses or taxes. Index returns do not
include fair valuation adjustments which may be included in fund returns.
Past performance is no indication of future results.
Calendar Year Total Returns
40.00%
28.59%
30.00% Highest Quarterly Return:
20.00% 15.06%
17.69% (2Q/09)
10.00%
(34.30)%
0.00% Lowest Quarterly Return:
-10.00% (19.20)% (4Q/08)
-20.00%
-30.00%
-40.00%
2008
2009
2010
Average annual total returns Since
for the periods ended December 31, 2010 1 Year Inception*
Growth Strategy Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.06% (0.20)%
Russell 1000® Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.10% (1.87)%
Barclays Capital U.S. Aggregate Bond Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.54% 6.15%
Russell Developed ex-U.S. Large Cap Index (net of tax on dividends from foreign holdings)** . . 9.64% (4.00)%
* The Fund first issued Shares on May 1, 2007.
** Effective January 1, 2011, RIMCo changed the Fund’s secondary benchmark from the MSCI EAFE Index (net of tax on dividends from foreign
holdings) to the Russell Developed ex-U.S. Large Cap Index (net of tax on dividends from foreign holdings). RIMCo believes that the Russell
Developed ex-U.S. Large Cap Index (net of tax on dividends from foreign holdings) is an appropriate benchmark which more broadly represents
the investable universe of stocks.
Management
Investment Adviser
RIMCo is the investment adviser of the Fund and the Underlying Funds.
Portfolio Manager
John Greves has primary responsibility for the management of the Fund. Mr. Greves has been an Associate Portfolio
Manager since July 2010.
5
RLP-19
Additional Information
Purchase of Fund Shares
Each insurance company (“Insurance Company”) places orders for its accounts (“Separate Account”) which hold the
interests of each variable insurance product (“Policy”) owner based on, among other things, the amount of premium
payments to be invested pursuant to such Policies. Individuals may not place orders directly with Russell Investment
Funds (“RIF”) or the Funds. See the prospectus of the Separate Account and Policies of the Insurance Company for more
information on the purchase of Fund Shares and with respect to the availability for investment in specific Funds. The
Funds do not issue share certificates. Any minimum or subsequent investment requirements are governed by the
applicable Policy through which you invest.
For more information about how to purchase Shares, please see Additional Information About Purchase of Fund
Shares in the Funds’ Prospectus.
Redemption of Fund Shares
Shares may be redeemed at any time by Insurance Companies on behalf of their Separate Accounts or their general
accounts. Individuals may not place redemption orders directly with RIF or the Funds. Redemption requests for Fund
shares are based on premiums and transaction requests represented to the Funds by each Insurance Company as having
been received prior to 4:00 p.m., Eastern Time or the close of the NYSE, whichever is earlier on any business day of the
Funds.
For more information about how to redeem Shares, please see Additional Information About Redemption of Fund
Shares in the Funds’ Prospectus.
Taxes
Provided that the Funds and Separate Accounts of Insurance Companies investing in the Funds satisfy applicable tax
requirements, the Funds will not be subject to federal tax. Special tax rules apply to Insurance Companies, variable
annuity contracts and variable life insurance contracts. For a discussion of the taxation of life insurance companies and
the separate accounts, as well as the tax treatment of the Policies and the holders thereof, see the discussion regarding
“Federal Tax Considerations” included in the prospectus for the Policies.
For more information about Taxes, please see Additional Information About Taxes in the Funds’ Prospectus.
Servicing Arrangements
Some Insurance Companies have entered into arrangements with Russell Fund Services Company (“RFSC”) and/or
Russell Financial Services, Inc. (the “Distributor”) pursuant to which they may receive compensation from RFSC and/or
the Distributor, from RFSC’s and/or the Distributor’s own resources, for administrative and/or other services provided by
those Insurance Companies. These payments may create a conflict of interest by influencing the Insurance Company and
your salesperson to recommend the Funds or a Fund over another investment or by influencing an Insurance Company’s
decision to include the Funds as an underlying investment option in its Policy. Ask your salesperson or visit your
Insurance Company’s web site for more information.
6
RLP-20
36-08-288 (0511)
RLP-21
SUMMARY PROSPECTUS
®
LifePoints Funds Variable Target Portfolio Series
EQUITY GROWTH STRATEGY FUND
May 1, 2011
Before you invest, you may want to review the Fund’s Prospectus, which contains more information about the Fund and its risks. If
you invest through Northwestern Mutual, you can find the Fund’s Prospectus, Statement of Additional Information (SAI), Annual
Report and other information about the Fund online at http://hosted.rightprospectus.com/RIF/. Otherwise, you can find the Fund’s
Prospectus, Statement of Additional Information (SAI), Annual Report and other information about the Fund online at
http://hosted.rightprospectus.com/RIF/AllFunds.aspx. You can also get this information at no cost by calling 1-800-290-2604 or by
sending an e-mail to: RussellProspectuses@RRD.com. For other information please call 1-800-787-7354. The Fund’s Prospectus
and SAI, both dated May 1, 2011, as supplemented, and the Fund’s most recent shareholder report, dated December 31, 2010, are
all incorporated by reference into this Summary Prospectus.
Ticker: RIFJX
Investment Objective
The Fund seeks to provide high long term capital appreciation.
Fees and Expenses of the Fund
The following tables describe the fees and expenses that you may pay if you buy and hold Shares of the Fund. The
fees and expenses shown in this section do not reflect any Insurance Company Separate Account or Policy charges. Those
charges, if included, would have increased overall fees and expenses. Please refer to your account or policy documents
for a description of those fees and expenses. Please see the Expense Notes section of the Fund’s Prospectus for further
information regarding expenses of the Fund.
Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your
investment)#
Advisory Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.20%
Other Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.33%
Acquired (Underlying) Fund Fees and Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.03%
Total Annual Fund Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.56%
Less Fee Waivers and Expense Reimbursements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.43)%
Net Annual Fund Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.13%
# “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” have been restated to reflect the proportionate share of the
expenses of the Underlying Funds in which the Fund invests.
Until April 30, 2012, RIMCo has contractually agreed to waive up to the full amount of its 0.20% advisory fee and then to reimburse the Fund for
other direct Fund-level expenses to the extent that direct Fund-level expenses exceed 0.10% of the average daily net assets of the Fund on an
annual basis. Direct Fund-level expenses do not include extraordinary expenses or the expenses of other investment companies in which the Fund
invests, including the Underlying Funds, which are borne indirectly by the Fund. This waiver and reimbursement may not be terminated during
the relevant period except with Board approval.
1
RLP-22
Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other
mutual funds.
The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your
Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that
operating expenses remain the same (taking into account fee waivers/reimbursements in year 1 only). This example does
not reflect any Insurance Company Separate Account or Policy charges. If it did, the costs shown would have been
higher. Although your actual costs may be higher or lower, under these assumptions your costs would be:
1 Year 3 Years 5 Years 10 Years
$115 $450 $809 $1,819
Portfolio Turnover
The Fund pays no transaction costs or commissions when it buys and sells Shares of the Underlying Funds. The
Underlying Funds pay transaction costs, such as commissions, when they buy and sell securities (or “turn over” their
portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs affect the Underlying Funds’
performance. Portfolio turnover rates for the Underlying Funds are available in the Prospectus for the Underlying Funds.
Investments, Risks and Performance
Principal Investment Strategies of the Fund
The Fund is a “fund of funds,” which seeks to achieve its objective by investing in a combination of several other
Russell Investment Funds (“RIF”) funds or Russell Investment Company (“RIC”) funds (the “Underlying Funds”). RIC is
a registered investment company that has the same investment adviser as RIF. The Fund intends its strategy of investing
in a combination of Underlying Funds to result in investment diversification that an investor could otherwise achieve only
by holding numerous individual investments. The Fund’s approximate target strategic allocation as of May 1, 2011 is
75%-85% to equity Underlying Funds, 0%-10% to fixed income Underlying Funds and 10%-20% to real asset Underlying
Funds. The Underlying Funds employ a multi-manager approach whereby most assets of the Underlying Funds are
allocated to different unaffiliated money managers.
Russell Investment Management Company (“RIMCo”), the Funds’ investment adviser, may modify the target
allocation for any Fund and/or the Underlying Funds in which a Fund invests from time to time based on capital markets
research or on factors such as RIMCo’s outlook for the economy, financial markets generally and/or relative market
valuation of the asset classes represented by each Underlying Fund. Modifications in the allocations to the Underlying
Funds are typically based on strategic, long-term allocation decisions. A Fund’s actual allocation may vary from the target
strategic asset allocation at any point in time (1) due to market movements, (2) by up to +/- 3% at the equities, fixed
income or real asset category level based on RIMCo’s assessment of relative market valuation of the asset classes
represented by each Underlying Fund, (3) due to the implementation over a period of time of a change to the target
strategic asset allocation including the addition of a new Underlying Fund. There may be no changes in the asset
allocation or to the Underlying Funds in a given year or such changes may be made one or more times in a year. The
Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its assets in shares
of equity Underlying Funds.
The Fund is a “nondiversified” investment company for purposes of the Investment Company Act of 1940 because it
invests in the securities of a limited number of issuers (i.e., the Underlying Funds). However, most of the Underlying
Funds in which the Fund invests are diversified investment companies, and therefore the Fund is less subject to the risks
of greater market fluctuation and price volatility normally associated with nondiversified investment companies.
Please refer to the “Investment Objective and Investment Strategies” section in the Fund’s Prospectus for further
information.
Principal Risks of Investing in the Fund
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose
money. The principal risks of investing in the Fund are those associated with:
2
RLP-23
• Investing in Affiliated Underlying Funds. The assets of the Fund are invested primarily in Shares of the Underlying
Funds, and the investment performance of the Fund is directly related to the investment performance of the
Underlying Funds in which it invests. RIMCo is the investment adviser for both the Fund and the Underlying
Funds and may be deemed to have a conflict of interest in determining the allocation of the Fund to the
Underlying Funds.
• Asset Allocation. Neither the Fund nor RIMCo can offer any assurance that the asset allocation of the Fund will
either maximize returns or minimize risks. Nor can the Fund or RIMCo offer assurance that a recommended
allocation will be the appropriate allocation in all circumstances for every investor. The value of your investment
may decrease if RIMCo’s judgment about the attractiveness, value or market trends affecting a particular asset
class, investment style or Underlying Fund is incorrect. Asset allocation decisions might also result in the Fund
having more exposure, indirectly through its investments in the Underlying Funds, to asset classes, countries or
regions, or industries or groups of industries that underperform.
• Long-Term Viability Risk. There can be no assurance that the Fund will grow to an economically viable size, in
which case the Fund may cease operations. In such an event, investors may be required to liquidate or transfer
their investments at an inopportune time. You should consider your own investment goals and risk tolerance before
investing in any Fund.
The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets
among the Underlying Funds. The following are the principal risks associated with investing in the Underlying Funds
which are also principal risks of investing in the Fund as a result of its investment in the Underlying Funds:
• Active Security Selection. The securities selected for the portfolio may decline in value. Additionally, securities
selected may cause a Fund to underperform relative to other funds with similar investment objectives and
strategies.
• Multi-Manager Approach. The investment styles employed by the money managers may not be complementary. A
multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover.
• Equity Securities. The value of equity securities will rise and fall in response to the activities of the company that
issued them, general market conditions and/or economic conditions. Investments in small capitalization companies
may involve greater risks because these companies generally have narrower markets, more limited managerial and
financial resources and a less diversified product offering than larger, more established companies. Investments in
preferred stocks are subject to the risks of common stocks, as well as the risk that interest rates will rise and make
the fixed dividend feature, if any, less appealing to investors resulting in a decline in price.
• Non-U.S. and Emerging Markets Securities. Non-U.S. securities have risks relating to political, economic and
regulatory conditions in foreign countries. The risks associated with non-U.S. securities may be amplified for
emerging markets securities.
• Fixed Income Securities. Prices of fixed income securities generally rise and fall in response to, among other
things, interest rate changes.
• Non-Investment Grade Fixed Income Securities (High Yield or “Junk Bonds”). Non-investment grade fixed income
securities involve higher volatility and higher risk of default than investment grade bonds.
• Government Issued or Guaranteed Securities, U.S. Government Securities. Bonds issued or guaranteed by a
government are subject to inflation risk and price depreciation risk.
• Counterparty Risk. Counterparty risk is the risk that the other party(s) to an agreement or a participant to a
transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or
failing to fulfill the obligations of the contract or transaction.
• Short Sales Risk. A short sale will result in a loss if the price of the security sold short increases between the date
of the short sale and the date on which the borrowed security must be returned. Short sales may give rise to a
form of leverage. Leverage tends to exaggerate the effect of any increase or decrease in the value of portfolio
securities.
• Real Estate Securities. Just as real estate values go up and down, the value of the securities of companies involved
in the industry also fluctuates. Real estate securities, including REITs, may be affected by changes in the value of
the underlying properties owned by the companies and by the quality of tenants’ credit.
3
RLP-24
• American Depositary Receipts (ADRs) or Global Depositary Receipts (GDRs). ADRs and GDRs have the same
currency and economic risks as the underlying non-U.S. shares they represent. They are affected by the risks
associated with non-U.S. securities, such as changes in political or economic conditions of other countries and
changes in the exchange rates of foreign currencies.
• Commodity Risk. Exposure to the commodities markets may subject the Fund to greater volatility than investments
in traditional securities, particularly if the investments involve leverage. The value of commodity-linked derivative
instruments may be affected by changes in overall market movements, commodity index volatility, changes in
interest rates or sectors affecting a particular industry or commodity and international economic, political and
regulatory developments. The use of leveraged commodity-linked derivatives creates an opportunity for increased
return, but also creates the possibility for a greater loss.
• Bank Obligations. The banking industry may be particularly susceptible to certain economic factors such as interest
rate changes, adverse developments in the real estate market, fiscal and monetary policy and general economic
cycles. The banking industry may also be impacted by legal and regulatory developments.
• Infrastructure Companies. Infrastructure companies are subject to the risk that: the potential for realized revenue
volumes is significantly lower than projected and/ or cost overruns; the nature of the concession fundamentally
changes during the life of the project (e.g., the state sponsor alters the terms); macroeconomic factors such as low
GDP growth or high nominal interest rates raise the average cost of funding; government regulation may affect
rates charged to customers; government budgetary constraints impact projects; special tariffs are imposed; and
changes in tax laws, regulatory policies or accounting standards could be unfavorable. Other risks include
environmental damage due to a company’s operations or an accident, changes in market sentiment towards
infrastructure and terrorist acts.
• Master Limited Partnerships (“MLPs”). Investing in MLPs involves certain risks related to investing in the
underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs that concentrate in a
particular industry or a particular geographic region are subject to risks associated with such industry or region.
The benefit derived from the Underlying Fund’s investment in MLPs is largely dependent on the MLPs being
treated as partnerships for federal income tax purposes.
• Liquidity Risk. The market for certain investments may become illiquid under adverse or volatile market or
economic conditions, making those investments difficult to sell. The market price of certain investments may fall
dramatically if there is no liquid trading market.
• Market Volatility. Volatile financial markets can result in greater market and liquidity risk and potential difficulty
in valuing portfolio instruments.
• Government Intervention in and Regulation of Financial Markets. Changes in government regulation may
adversely affect the value of a security.
• Large Redemptions. The Underlying Funds are used as investments for certain funds of funds and may have a
large percentage of their Shares owned by such funds. Large redemption activity could result in the Underlying
Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions.
The officers and Trustees of the Fund currently serve as officers and Trustees of the Underlying Funds. RIMCo
presently serves as investment manager of the Fund and Underlying Funds. Therefore, conflicts may arise as those
persons and RIMCo fulfill their fiduciary responsibilities to the Fund and to the Underlying Funds.
Please refer to the “Risks” section in the Fund’s Prospectus for further information.
Performance
The following bar chart illustrates the risks of investing in the Fund by showing the performance of the Fund since
the beginning of the Fund’s operation. The highest and lowest returns for a full quarter during the periods shown in the
bar chart are set forth next to the bar chart. The performance results shown in this section do not reflect any Insurance
Company Separate Account or Policy charges. Those charges, if included, would have reduced the performance results
shown in this section.
The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the
Fund’s average annual returns for the periods shown compare with index returns that measure broad market performance.
The Fund is a Fund of Fund that invests in a variety of asset classes. Therefore, no single index provides an appropriate
4
RLP-25
basis for comparison. For reference purposes, the indexes presented in the chart below have characteristics that represent
the largest of these asset classes. Index returns do not reflect deductions for fees, expenses or taxes. Index returns do not
include fair valuation adjustments which may be included in fund returns.
Past performance is no indication of future results.
Calendar Year Total Returns
40.00%
30.83%
30.00%
Highest Quarterly Return:
20.00% 15.09%
10.00%
20.33% (2Q/09)
(40.75)%
0.00%
-10.00%
Lowest Quarterly Return:
-20.00% (23.82)% (4Q/08)
-30.00%
-40.00%
-50.00%
2008
2009
2010
Average annual total returns Since
for the periods ended December 31, 2010 1 Year Inception*
Equity Growth Strategy Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.09% (2.73)%
Russell 1000® Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.10% (1.87)%
Russell Developed ex-U.S. Large Cap Index (net of tax on dividends from foreign holdings)** . . 9.64% (4.00)%
* The Fund first issued Shares on May 1, 2007.
** Effective January 1, 2011, RIMCo changed the Fund’s secondary benchmark from the MSCI EAFE Index (net of tax on dividends from foreign
holdings) to the Russell Developed ex-U.S. Large Cap Index (net of tax on dividends from foreign holdings). RIMCo believes that the Russell
Developed ex-U.S. Large Cap Index (net of tax on dividends from foreign holdings) is an appropriate benchmark which more broadly represents
the investable universe of stocks.
Management
Investment Adviser
RIMCo is the investment adviser of the Fund and the Underlying Funds.
Portfolio Manager
John Greves has primary responsibility for the management of the Fund. Mr. Greves has been an Associate Portfolio
Manager since July 2010.
Additional Information
Purchase of Fund Shares
Each insurance company (“Insurance Company”) places orders for its accounts (“Separate Account”) which hold the
interests of each variable insurance product (“Policy”) owner based on, among other things, the amount of premium
payments to be invested pursuant to such Policies. Individuals may not place orders directly with Russell Investment
Funds (“RIF”) or the Funds. See the prospectus of the Separate Account and Policies of the Insurance Company for more
information on the purchase of Fund Shares and with respect to the availability for investment in specific Funds. The
Funds do not issue share certificates. Any minimum or subsequent investment requirements are governed by the
applicable Policy through which you invest.
For more information about how to purchase Shares, please see Additional Information About Purchase of Fund
Shares in the Funds’ Prospectus.
5
RLP-26
Redemption of Fund Shares
Shares may be redeemed at any time by Insurance Companies on behalf of their Separate Accounts or their general
accounts. Individuals may not place redemption orders directly with RIF or the Funds. Redemption requests for Fund
shares are based on premiums and transaction requests represented to the Funds by each Insurance Company as having
been received prior to 4:00 p.m., Eastern Time or the close of the NYSE, whichever is earlier on any business day of the
Funds.
For more information about how to redeem Shares, please see Additional Information About Redemption of Fund
Shares in the Funds’ Prospectus.
Taxes
Provided that the Funds and Separate Accounts of Insurance Companies investing in the Funds satisfy applicable tax
requirements, the Funds will not be subject to federal tax. Special tax rules apply to Insurance Companies, variable
annuity contracts and variable life insurance contracts. For a discussion of the taxation of life insurance companies and
the separate accounts, as well as the tax treatment of the Policies and the holders thereof, see the discussion regarding
“Federal Tax Considerations” included in the prospectus for the Policies.
For more information about Taxes, please see Additional Information About Taxes in the Funds’ Prospectus.
Servicing Arrangements
Some Insurance Companies have entered into arrangements with Russell Fund Services Company (“RFSC”) and/or
Russell Financial Services, Inc. (the “Distributor”) pursuant to which they may receive compensation from RFSC and/or
the Distributor, from RFSC’s and/or the Distributor’s own resources, for administrative and/or other services provided by
those Insurance Companies. These payments may create a conflict of interest by influencing the Insurance Company and
your salesperson to recommend the Funds or a Fund over another investment or by influencing an Insurance Company’s
decision to include the Funds as an underlying investment option in its Policy. Ask your salesperson or visit your
Insurance Company’s web site for more information.
6
RLP-27
36-08-289 (0511)
RLP-28
PRSRT STD
US POSTAGE
PAID
NORTHWESTERN
MUTUAL
PO BOX 3095
MILWAUKEE WI 53201-3095
The Northwestern Mutual
Life Insurance Company • Milwaukee,WI
www.northwesternmutual.com
90-1944 (0386) (REV 0411)
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