FLEXIBLE PAYMENT VARIABLE ANNUITY

Transcription

1 THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY May 1, 2016 GO PAPERLESS! See back cover for details. FLEXIBLE PAYMENT VARIABLE ANNUITY Account B Individual flexible payment variable annuity contracts for: Individual Retirement Annuities (IRAs) Roth IRAs SIMPLE IRAs Simplified Employee Pension Plan IRAs 457 Deferred Compensation Plan Annuities Tax Deferred Annuities Non-Transferable Annuities Non-Tax Qualified Annuities PROSPECTUSES Flexible Payment Variable Annuity Account B 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 Portfolio Russell Investment Funds Russell Investment Funds LifePoints Variable Target Portfolio Series Credit Suisse Trust Commodity Return Strategy Portfolio (0386)

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3 Table of Contents Variable Product Prospectus Page Label Flexible Payment Variable Annuity Account B 1 Summary Prospectuses Northwestern Mutual Series Fund, Inc. Growth Stock Portfolio Focused Appreciation Portfolio Large Cap Core Stock Portfolio Large Cap Blend Portfolio Index 500 Stock Portfolio Large Company Value Portfolio Domestic Equity Portfolio Equity Income Portfolio Mid Cap Growth Stock Portfolio Index 400 Stock Portfolio Mid Cap Value Portfolio Small Cap Growth Stock Portfolio Index 600 Stock Portfolio Small Cap Value Portfolio International Growth Portfolio Research International Core Portfolio International Equity Portfolio Emerging Markets Equity Portfolio Government Money Market Portfolio Short-Term Bond Portfolio Select Bond Portfolio Long-Term U.S. Government Bond Portfolio Inflation Protection Portfolio High Yield Bond Portfolio Multi-Sector Bond Portfolio Balanced 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 Multi-Style Equity Fund Aggressive Equity Fund Global Real Estate Securities Fund Non-U.S. Fund Core Bond Fund Russell Investment Funds LifePoints Variable Target Portfolio Series Moderate Strategy Fund Balanced Strategy Fund Growth Strategy Fund Equity Growth Strategy Fund Credit Suisse Trust Commodity Return Strategy Portfolio Page Label NMSF-1 NMSF-4 NMSF-7 NMSF-10 NMSF-13 NMSF-16 NMSF-19 NMSF-22 NMSF-25 NMSF-28 NMSF-31 NMSF-34 NMSF-38 NMSF-41 NMSF-45 NMSF-48 NMSF-51 NMSF-54 NMSF-57 NMSF-60 NMSF-64 NMSF-67 NMSF-71 NMSF-75 NMSF-78 NMSF-83 NMSF-88 Page Label FI-1 FI-7 Page Label NB-1 Page Label RIF-1 RIF-7 RIF-13 RIF-19 RIF-25 Page Label RLP-1 RLP-9 RLP-17 RLP-25 Page Label CST-1

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5 Prospectus May 1, 2016 Flexible Payment Variable Annuity Issued by The Northwestern Mutual Life Insurance Company and NML Variable Annuity Account B This prospectus describes an individual flexible payment variable annuity contract (the Contract ) for: Individual Retirement Annuities ( IRAs ) 457 Deferred Compensation Plan Annuities Roth IRAs Tax Deferred Annuities Simple IRAs Non-Transferable Annuities Simplified Employee Pension Plan IRAs Non-Tax Qualified Annuities The Contract provides for accumulation of Contract Value on a variable and/or a fixed basis and a payment of annuity benefits on a fixed or variable basis. Net Purchase Payments may be invested, pursuant to the Contract, in the following variable and fixed options: Northwestern Mutual Series Fund, Inc. Growth Stock Portfolio Focused Appreciation Portfolio Large Cap Core Stock Portfolio Large Cap Blend Portfolio Index 500 Stock Portfolio Large Company Value Portfolio Domestic Equity Portfolio Equity Income Portfolio Mid Cap Growth Stock Portfolio Index 400 Stock Portfolio Mid Cap Value Portfolio Small Cap Growth Stock Portfolio Index 600 Stock Portfolio Small Cap Value Portfolio International Growth Portfolio Research International Core Portfolio International Equity Portfolio Emerging Markets Equity Portfolio Government Money Market Portfolio Short-Term Bond Portfolio Select Bond Portfolio Long-Term U.S. Government Bond Portfolio Inflation Protection Portfolio High Yield Bond Portfolio Multi-Sector Bond Portfolio Balanced Portfolio Asset Allocation Portfolio Variable Options Fidelity Variable Insurance Products VIP Mid Cap Portfolio VIP Contrafund Portfolio Neuberger Berman Advisers Management Trust Socially Responsive Portfolio Russell Investment Funds Multi-Style Equity Fund Aggressive Equity Fund Global Real Estate Securities Fund Non-U.S. Fund Core Bond Fund Russell Investment Funds LifePoints Variable Target Portfolio Series Moderate Strategy Fund Balanced Strategy Fund Growth Strategy Fund Equity Growth Strategy Fund Credit Suisse Trust Commodity Return Strategy Portfolio Fixed Options Guaranteed Interest Fund 1 Guaranteed Interest Fund 8 The Contract (including the fixed options) and the variable options are not guaranteed to achieve their goals, are not bank deposits, are not federally insured, and are not endorsed by any bank or government agency. You could lose the money you invest in this Contract. All contractual guarantees (including the fixed options) are contingent upon the claims-paying ability of the Company. Please read carefully this prospectus and the accompanying prospectuses for the variable options and keep them for future reference. These prospectuses provide information that you should know before investing in the Contract. No person is authorized to make any representation in connection with the offering of the Contract other than those contained in these prospectuses. The Securities and Exchange Commission ( SEC ) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense. The Contract may not be available in all states and is only offered where it can be lawfully sold. Our Distributor may limit sales of the Contract to certain government entities and government entity plans. More information about the Contract and NML Variable Annuity Account B (the Separate Account ) is included in a Statement of Additional Information ( SAI ), dated May 1, 2016, which is incorporated by reference in this prospectus and available free of charge from The Northwestern Mutual Life Insurance Company. The table of contents for the SAI is at the end of this prospectus. The SAI is available free of charge at To receive a copy of the SAI, send a written request to Northwestern Mutual, Life and Annuity Products Department, Room 2E450, 720 East Wisconsin Avenue, Milwaukee, WI Information about the Separate Account (including the SAI) is available on the SEC s internet site at or may be obtained, upon payment of a duplicating fee, by writing the Public Reference Section of the SEC, 100 F Street, NE, Washington, DC This information can also be reviewed and copied at the SEC s Public Reference Room in Washington, D.C. For information on the Public Reference Room s operation, call the SEC at

6 Contents of this Prospectus Page GLOSSARY OF SPECIAL TERMS... 1 FEE AND EXPENSE TABLES... 2 Contract Fees and Expenses... 2 Range of Total Annual Portfolio Operating Expenses... 3 Examples... 3 CONDENSED FINANCIAL INFORMATION... 4 THE COMPANY... 4 THE SEPARATE ACCOUNT... 5 THE INVESTMENT OPTIONS... 5 Variable Options... 6 Northwestern Mutual Series Fund, Inc Fidelity Variable Insurance Products... 7 Neuberger Berman Advisers Management Trust... 7 Russell Investment Funds... 7 Credit Suisse Trust... 8 Payments We Receive... 8 Transfers Between Divisions... 8 Short Term and Excessive Trading... 9 Fixed Options Moving into a Guaranteed Account Moving out of a Guaranteed Account Withdrawal Charge Market Value Adjustment (GIF 8 Only) GIF 8 Market Value Adjustment Example Additional Information Preservation+ Strategy THE CONTRACT Generally Free Look Contract Values Purchase Payments Under the Contract Frequency and Amount Guaranteed Account Investment Minimums and Maximums Application of Purchase Payments Reduction or Waiver of Certain Charges Maturity Date Gender-Based Annuity Payment Rates Reinvestment of Redemptions Access to Your Money Withdrawals Benefits Provided Under the Contracts Page Death Benefit How Much is the Death Benefit? When is the Death Benefit Determined? Guaranteed Minimum Death Benefit Examples Enhanced Death Benefit Examples How is the Death Benefit Distributed? Income Plans Generally Description of Variable Income Plans Amount of Annuity Payments Assumed Investment Rate DEDUCTIONS Sales Load Contract Fee Mortality Rate and Expense Risk Charges Nature and Amount of the Charges Reduction of the Charges Other Expense Risks Withdrawal Charges Withdrawal Charge Rates Waiver of Withdrawal Charges Withdrawal Charges and Our Distribution Expenses Special Withdrawal Charges and Rules Applicable to Guaranteed Accounts Other Charges Enhanced Death Benefit Charge Premium Taxes Portfolio Expenses and Charges Expedited Delivery Charge FEDERAL INCOME TAXES Qualified and Non-Tax Qualified Plans Contribution Limitations and General Requirements Applicable to Contracts Traditional IRA Roth IRA SEP Simple IRA Tax Deferred Annuity Section 457 Plan Nontransferable Annuity Non-Tax Qualified Contract Taxation of Contract Benefits... 24

7 Contents of this Prospectus Page IRAs, SEPs, SIMPLE IRAs, TDAs and Section 457 Plans and Nontransferable Annuities Roth IRAs Nonqualified Contracts Premature Withdrawals Minimum Distribution Requirements Mandatory Withholding Taxation of Northwestern Mutual Other Considerations CONTRACT OWNER SERVICES Automatic Dollar-Cost Averaging Electronic Funds Transfer ( EFT ) Systematic Withdrawal Plan Automatic Required Minimum Distributions ( RMD ) Special Withdrawal Privilege Portfolio Rebalancing Interest Sweeps Substitution of Portfolio Shares and Other Changes Page Owner Inquiries and Instructions Householding Allocation Models ADDITIONAL INFORMATION The Distributor Terminal Illness Benefit Nursing Home Benefit Voting Rights Dividends Dividends for Contracts Issued Prior to March 31, Internal Annuity Exchanges Speculative Investing Abandoned Property Requirements Cybersecurity Legal Proceedings TABLE OF CONTENTS FOR STATEMENT OF ADDITIONAL INFORMATION APPENDIX A PRIOR CONTRACTS APPENDIX B ACCUMULATION UNIT VALUES This prospectus describes only the Separate Account and the variable provisions of the Contracts, except where there are specific references to the fixed provisions.

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9 Glossary of Special Terms Unless otherwise specified in this prospectus, the words Northwestern Mutual, we, us, our, and Company mean The Northwestern Mutual Life Insurance Company. The words you and your, unless otherwise specified, mean the Contract Owner. We use a number of special terms in this prospectus, including the following: Accumulation Unit An accounting unit of measure representing the Contract Value, before the date on which Annuity Payments begin, in one or more Divisions of the Separate Account. The related term Accumulation Unit Value means the value of a particular Accumulation Unit at a particular time and is analogous to, but not the same as, the share price of a mutual fund. Annuitant The person upon whose life the Contract is issued and Contract benefits depend. The Primary Annuitant is the person upon whose life the Contract is initially issued. The Contingent Annuitant is the person who becomes the Annuitant upon the death of the Primary Annuitant. Annuity Payments Money we pay pursuant to the terms of the Contract. Payments may be paid under one or more of the following three methods: (1) a variable income plan; (2) a fixed income plan; or (3) in cash. Annuity Unit An accounting unit of measure representing the actuarial value of a variable income plan s interest in a Division of the Separate Account after Annuity Payments begin. Beneficiary A person who receives payments under the Contract upon the death of the Annuitant before the Maturity Date provided that the Annuitant was an Owner of the Contract at the time of death. Contract The agreement between you and us described in this variable annuity prospectus. During the Accumulation Period of the Contract, you may invest and any earnings on your investment will accumulate on a tax-deferred basis. During the Annuitization Period, you receive periodic payments based largely on the amounts you accumulate, all or a portion of which will be taxable as ordinary income. Contract Value The value of your Contract on any Valuation Date is the sum of: (1) the value of your amounts held in the Divisions of the Separate Account on that Valuation Date; and (2) the sum of your amounts allocated to any Guaranteed Account, plus credited interest; less (3) any withdrawals from any Guaranteed Account and any applicable Market Value Adjustment or charges under the Contract deducted from any Guaranteed Account. Division A sub-account of the Separate Account, the assets of which are invested exclusively in the shares of one of the Portfolios of the underlying Funds. Fund A Fund is registered under the Investment Company Act of 1940 (the 1940 Act ) as an open-end management investment company or as a unit investment trust, or is not required to be registered under the 1940 Act. A Fund is available as an investment option under the Contract. The assets of each of the Divisions of the Separate Account are used to purchase shares of the corresponding Portfolio of a Fund. General Account All assets of the Company, other than those held in the Separate Account or in other separate accounts that have been or may be established by the Company. Guaranteed Account A fixed investment option under the Contract, supported by the assets held in the Company s General Account, that has a term of a specified duration (called a Guaranteed Period ). Income Plan An optional method of receiving the death benefit, maturity benefit, surrender proceeds or withdrawal proceeds of an insurance policy or annuity contract through a series of periodic payments. An Income Plan may also be known as a payment plan. Market Value Adjustment An amount that may be credited (or charged) upon a withdrawal from a multi-year Guaranteed Account before the end of a Guaranteed Period. Maturity Date The date, stated on the specifications page of the Contract, on which Purchase Payments cease and Annuity Payments become payable. Owner The person with the sole right to exercise all rights and privileges under the Contract, except as the Contract otherwise provides. Portfolio A series of a Fund available for investment under the Contract which corresponds to a particular Division of the Separate Account. Purchase Payments Money you give us to apply to your Contract. The related term Net Purchase Payment refers to Purchase Payments after all applicable deductions. Required Minimum Distribution ( RMD ) A minimum amount that federal tax law generally requires be withdrawn from certain tax-qualified annuities each year. Separate Account The account the Company has established pursuant to Wisconsin law for those assets, although belonging to the Company, that are reserved for you and other owners of variable annuity contracts supported by the Separate Account. Valuation Date Any day on which the New York Stock Exchange ( NYSE ) is open for trading and any other day we are required under the 1940 Act to value assets of a Division of the Separate Account. This prospectus describes two versions of the Select Variable Annuity contract: a front-load version (in which a sales charge is assessed when purchase payments are made) and a backload version (in which a sales charge is assessed if and when amounts are withdrawn). Account B Prospectus 1

10 Fee and Expense Tables Contract Fees and Expenses The following tables describe the fees and expenses that you will pay when buying, owning, and surrendering the Contract. On the left side of the tables below we show the fees and expenses you will pay at the time that you buy, surrender, or withdraw from the Contract. On the right side of these tables we show the fees and expenses that you will pay daily and periodically during the time that you own the Contract, not including the annual operating expenses of the Portfolios (the range of which is shown in the table that follows). These tables do not include any charge for state premium tax deductions, which we do not charge for at present, but we reserve the right to do so. These tables do not include any withdrawal charges that may apply upon withdrawals from a Guaranteed Interest Fund 8. (See Fixed Options ) Front-Load Contract (in which a sales charge is assessed when purchase payments are made) Transaction Expenses for Contract Owners (as a percentage of Purchase Payments, unless noted) Annual Expenses of the Separate Account (as a percentage of average daily Contract value) Maximum Sales Load % Maximum Mortality and Expense Risk Fees % Withdrawal Charge... None Other Expenses... None Transfer Fee... None Total Maximum Separate Account Annual Expenses % Expedited Delivery Charge 2... $17 Current Mortality and Expense Risk Fees % Other Expenses... None Total Current Separate Account Annual Expenses % Annual Contract Fee 3 $30; waived if the Contract Value equals or exceeds $25,000 Annual Charge for Optional Enhanced Death Benefit (EDB) Maximum Charge (as a percentage of the entire benefit) % Back-Load Contract (in which a sales charge is assessed if and when amounts are withdrawn) Transaction Expenses for Contract Owners (as a percentage of Purchase Payments, unless noted) Annual Expenses of the Separate Account (as a percentage of average daily Contract value) Sales Load... None Maximum Mortality and Expense Risk Fees % Maximum Withdrawal Charge for Sales Expenses... 6% Other Expenses... None Transfer Fee... None Total Maximum Separate Account Annual Expenses % Expedited Delivery Charge 2... $17 Current Mortality and Expense Risk Fees % Other Expenses... None Total Current Separate Account Annual Expenses % Annual Contract Fee 3 $30; waived if the Contract Value equals or exceeds $25,000 Annual Charge for Optional Enhanced Death Benefit (EDB) Maximum Charge (as a percentage of the entire benefit) % 1 We reserve the right to increase the current mortality and expense risk charges to the maximum annual rate of 0.75% for the front-load Contract, 1.50% for the back-load Contract Class B Accumulation Units and 0.75% for back-load Contract Class A Accumulation Units. Under the back-load Contract, we convert Class B Accumulation Units to Class A Accumulation Units on a Contract Anniversary if the Contract Value is at least $25,000 and the Class B Accumulation Units are no longer subject to a withdrawal charge. For further information on Class B and Class A Accumulation Units, see Mortality Rate and Expense Risk Charges Reduction of Charges. 2 For express mail delivery with signature required; the express mail delivery charge without signature is $15. We also charge $15 for wire transfers in connection with withdrawals. 3 We are currently waiving the Annual Contract Fee if Purchase Payments less withdrawals equal or exceed $25,000. We reserve the right to change this practice in the future. 4 The maximum charge is for issue age (i.e., the age nearest the Primary Annuitant s birthday at the time the application is approved) The charge is 0.10% for issue age 45 or less and 0.20% for issue age The entire enhanced death benefit on any Valuation Date equals the greatest of (i) the Contract Value on that Valuation Date, (ii) the amount of Purchase Payments made under the Contract (adjusted for any withdrawals), or (iii) the EDB on the most recent Contract anniversary date prior to the Primary Annuitant s 80 th birthday, increased by any Purchase Payments we received since that Contract anniversary and decreased by the percentage of Contract Value withdrawn since that Contract anniversary. The EDB is available only at the time the Contract is issued. At the time of issue, the value of the EDB would be equal to the greater of the Initial Purchase Payment or the Contract Value. 2 Account B Prospectus

11 Range of Total Annual Portfolio Operating Expenses The table below shows the minimum and maximum total operating expenses of the Portfolios that you may pay periodically during the time that you own the Contract. 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, 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) % 1.38% Range of Total Annual Portfolio Operating Expenses After Contractual Fee Waiver or Reimbursement* % 1.32% * 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. For more information about voluntary fee waivers that may be in place, see the Portfolio Expenses and Charges section. The following Examples are intended to help you compare the cost of investing in the Contract with the cost of investing in other variable annuity contracts. These costs include Contract Owner transaction expenses, Contract fees, Separate Account annual expenses, and the fees and expenses of the underlying Portfolios. The Examples assume that you invest $10,000 in the Contract for the time periods indicated and that your investment has a 5% return each year. The Examples reflect the maximum as well as the minimum fees and expenses of the underlying Portfolios as set forth in the Range of Total Annual Portfolio Operating Expenses table. Although your actual costs may be higher or lower than those shown below, based on these assumptions, your costs would be as follows: Examples Back-Load Contract With the Enhanced Death Benefit (assuming the maximum EDB charge (i.e., at issue age 56-65) and surrender or annuitization, just before the end of each time period, to a fixed income plan with a certain period of less than 12 years; i.e., where a withdrawal charge would apply) 1 Year 3 Years 5 Years 10 Years Maximum Total Annual Portfolio Operating Expenses... $910 $1,603 $2,119 $3,615 Minimum Total Annual Portfolio Operating Expenses... $799 $1,216 $1,458 $2,287 Back-Load Contract With the Enhanced Death Benefit (assuming the maximum EDB charge (i.e., at issue age 56-65) and assuming no surrender, no annuitization, or assuming an annuitization to a variable income plan; i.e., where a withdrawal charge would not apply) 1 Year 3 Years 5 Years 10 Years Maximum Total Annual Portfolio Operating Expenses... $310 $1,003 $1,719 $3,615 Minimum Total Annual Portfolio Operating Expenses... $199 $ 616 $1,058 $2,287 Back-Load Contract Without the Enhanced Death Benefit (assuming a surrender or annuitization, just before the end of each time period, to a fixed income plan with a certain period of less than 12 years; i.e., where a withdrawal charge would apply) 1 Year 3 Years 5 Years 10 Years Maximum Total Annual Portfolio Operating Expenses... $869 $1,482 $1,920 $3,234 Minimum Total Annual Portfolio Operating Expenses... $758 $1,090 $1,245 $1,847 Back-Load Contract Without the Enhanced Death Benefit (assuming no surrender, no annuitization, or assuming an annuitization to a variable income plan; i.e., where a withdrawal charge would not apply) 1 Year 3 Years 5 Years 10 Years Maximum Total Annual Portfolio Operating Expenses... $269 $882 $1,520 $3,234 Minimum Total Annual Portfolio Operating Expenses... $158 $490 $ 845 $1,847 Front-Load Contract With the Enhanced Death Benefit (assuming the maximum EDB charge; i.e., at issue age 56-65) 1 Year 3 Years 5 Years 10 Years Maximum Total Annual Portfolio Operating Expenses... $671 $1,184 $1,722 $3,187 Minimum Total Annual Portfolio Operating Expenses... $564 $ 805 $1,065 $1,807 Account B Prospectus 3

12 Front-Load Contract Without the Enhanced Death Benefit 1 Year 3 Years 5 Years 10 Years Maximum Total Annual Portfolio Operating Expenses... $631 $1,065 $1,524 $2,791 Minimum Total Annual Portfolio Operating Expenses... $524 $ 682 $ 854 $1,350 The sales load for a front-load Contract depends on the amount of cumulative Purchase Payments. For the back-load Contract, the mortality and expense risk charge and the withdrawal charge depend on the length of time amounts have been held under the Contract and the size of the amounts held. (See Mortality Rate and Expense Risk Charges Reduction of the Charges and Withdrawal Charges Withdrawal Charge Rates. ) We reserve the right to increase the current mortality and expense risk charges to the maximum annual rate of 0.75% for the front-load Contract and 1.50% for the back-load Contract. The expense numbers shown in the tables reflect the withdrawal charge and the maximum mortality and expense risk charges. The Contracts may provide for charges for transfers between the Divisions of the Separate Account and for premium taxes, but we are not presently assessing such charges. The charge for the EDB above was determined by multiplying the maximum EDB percentage charge (0.40%) by the entire EDB. The EDB amounts assumed for purposes of this example are equal to the Contract Value at each anniversary. Such hypothetical amounts are for illustrative purposes only. The $30 annual Contract fee is reflected as 0.01% for the front-load Contract and 0.05% for the back-load Contract based on the annual Contract fees collected divided by the average assets attributable to the Contracts for the fiscal year ended December 31, Please remember that the examples are simply illustrations and do not represent past or future expenses. Your actual expenses may be higher or lower than those shown in the examples. Similarly, your rate of return may be more or less than the 5% assumed in the examples. Condensed Financial Information The value of an Accumulation Unit is determined on the basis of changes in the per share value of the underlying Portfolios and the assessment of Separate Account charges, which may vary from contract to contract. (For more information on the calculation of underlying account values, see Application of Purchase Payments. ) Please refer to Appendix B of this prospectus for information regarding the historical Accumulation Unit Values. Financial statements of the Separate Account and the financial statements of Northwestern Mutual appear in the Statement of Additional Information ( SAI ). The financial statements of the Company should only be considered with respect to the Company s ability to meet its obligations under the Contract and not with respect to Contract Value held in the Separate Account, which is principally derived from the investment performance of the Portfolios. The SAI is available free of charge at To receive a copy of the SAI, send a written request to Northwestern Mutual, Life and Annuity Products Department, Room 2E450, 720 East Wisconsin Avenue, Milwaukee, WI 53202, or use the coupon provided at the back of this Prospectus. Semiannually, we will send you reports containing financial information and schedules of investments for the Portfolios underlying the Divisions in which you invest. We will also send you periodic statements showing the value of your Contract and transactions under the Contract since the last statement. You should promptly review these statements and any confirmations of individual transactions that you receive to verify the accuracy of the information, and should promptly notify us of any discrepancies. The Company The Northwestern Mutual Life Insurance Company, or through its subsidiaries and affiliates, offers insurance products, investment products, and advisory services which are designed to address clients needs for financial security and protection, wealth accumulation and distribution, and estate preservation. Organized by a special act of the Wisconsin Legislature in 1857, the Company is licensed to conduct a conventional life insurance business in the District of Columbia and in all states of the United States. The Company s total assets were over $238 billion as of December 31, The Home Office of Northwestern Mutual is located at 720 East Wisconsin Avenue, Milwaukee, Wisconsin In addition to your fixed account allocations, General Account assets are used to guarantee the payment of certain benefits under the Contracts, including death benefits. To the extent that we are required to pay you amounts in addition to your Contract Value under these benefits, such amounts will come from General Account assets. Thus, Contract Owners must look to the strength of the Company and its General Account with regard to insurance contract guarantees. You should also be aware that the General Account is exposed to the risks normally associated with the operation of a life insurance company, including insurance pricing, asset liability management and interest rate risk, operational risks, and the investment risks of a portfolio of securities that consists 4 Account B Prospectus

13 largely, though not exclusively, of fixed-income securities. Some of the risks associated with such a portfolio include interest rate, option, liquidity, and credit risk. The financial statements contained in the Statement of Additional Information include a further discussion of risks inherent within the General Account investments. The assets in the General Account are subject to the claims of the Company s general creditors. The Separate Account We established the NML Variable Annuity Account B (the Separate Account ) on February 14, 1968 by action of our Board of Trustees in accordance with the provisions of the Wisconsin insurance law. The Separate Account is registered with the Securities and Exchange Commission ( SEC ) as a unit investment trust under the 1940 Act. You may allocate the money you invest under your Contract among the variable and fixed options (if available in your state) described elsewhere in this prospectus. Each variable option is a Division of the Separate Account, which corresponds to one of the Portfolios of the Funds also described elsewhere in this prospectus. Under Wisconsin law, the investment operations of the Separate Account are kept separate from our other operations. The values for your Contract supported by the Separate Account will not be affected by income, gains, or losses from the rest of our business. The income, gains or losses, realized or unrealized, for the assets we place in the Separate Account for your Contract will determine the value of your Contract benefits supported by the Separate Account, and will not affect the rest of our business. The assets in the Separate Account are reserved for you and other owners of variable annuity contracts, although the assets belong to us and we do not hold the assets as a trustee. While we and our creditors cannot reach the assets of the Separate Account to satisfy other obligations until our obligations under your Contract have been satisfied, all of our assets (except those we hold in certain other separate accounts) are available to satisfy our obligations under your Contract. The obligations under the variable annuity contracts are obligations of the Company as depositor. When permitted by law and subject to any required regulatory approvals or votes by Contract Owners, we reserve the right to: Operate the Separate Account or a Division as either a unit investment trust or a management company under the 1940 Act, or in any other form allowed by law, if deemed by the Company to be in the best interest of Contract Owners. Invest current and future assets of a Division in securities of another Fund as a substitute for shares of a Fund already purchased or to be purchased. Register or deregister the Separate Account under the 1940 Act or change its classification under that Act. Create new separate accounts. Combine the Separate Account with any other separate account. Transfer the assets and liabilities of the Separate Account to another separate account. Transfer cash from time to time between the Company s general account and the Separate Account as deemed necessary or appropriate and consistent with the terms of the Contracts, including but not limited to transfers for the deduction of charges and in support of payment options. Transfer assets of the Separate Account in excess of reserve requirements applicable to Contracts supported by the Separate Account to the Company s General Account. Add, delete, or make substitutions for the securities and other assets that are held or purchased by the Separate Account. Terminate and/or liquidate the Separate Account. Restrict or eliminate any voting rights of Contract Owners or other persons who have voting rights as to the Separate Account. Make any changes to the Separate Account to conform with, or required by any change in, federal tax law, the 1940 Act and regulations promulgated thereunder, or any other applicable federal or state laws. In the event that we take any of these actions, we may make an appropriate endorsement of your Contract and take other actions to carry out what we have done. The Investment Options The Contract offers a variety of variable and fixed investment options selected by the Company, but it does not endorse or recommend a particular option nor does it provide investment advice. You are responsible for choosing your investment options and the amounts you allocate to each based on your individual situation and your personal savings goals and risk tolerances. After your initial investment decision, you should monitor your investments and periodically review the options you select and the amount allocated to each option to ensure your decisions continue to be appropriate. The amounts invested in the variable options are not guaranteed, and because both your principal and any return on your investment are subject to market risk, you can lose your money. The amounts invested in the fixed options earn interest for a Account B Prospectus 5

14 specified period at a rate we declare from time to time; the principal and interest rate are guaranteed by the Company and are subject to the claims-paying ability of the Company. Variable Options The assets of each Division of the Separate Account are invested in a corresponding Portfolio that is a series of one of the following mutual fund families: Northwestern Mutual Series Fund, Inc.; Fidelity Variable Insurance Products; Neuberger Berman Advisers Management Trust; the Russell Investment Funds; and the Credit Suisse Trust. The Separate Account buys shares of the Portfolios at their respective net asset values without sales charge. The Portfolios are available for investment only by separate accounts supporting variable insurance products and are not publicly traded. Their performance can differ substantially from publicly traded mutual funds with similar names. The specific Portfolios available under your Contract may change from time to time, and not all Portfolios in which assets of the Separate Account are invested may be available under your Contract. Your ability to invest in a Portfolio may be affected by the actions of such Portfolio, such as when a Portfolio closes. You may choose to allocate the Accumulation Value of your Contract among the Divisions of the Separate Account and you may, subject to certain conditions, transfer values from one Division to another. Amounts you allocate among the Divisions may grow in value, decline in value, or grow less than you expect, depending on the investment performance of the corresponding Portfolio. The investment objectives and types of investments for each Portfolio are set forth below. There can be no assurance that the Portfolios will realize their objectives. For more information about the investment objectives and policies, the attendant risk factors and expenses for each of the Portfolios described below, see the attached prospectuses. Read the prospectuses carefully before you invest. Please see the prospectuses for the Funds for a discussion of the potential risks and conflicts presented by the use of a Fund as an investment option under variable annuity contracts and variable life insurance policies offered by affiliated and non-affiliated life insurance companies. Note: If you received a summary prospectus for a portfolio listed below, please follow the directions on the first page of the summary prospectus to obtain a copy of the full fund prospectus. Northwestern Mutual Series Fund, Inc. The principal investment adviser for the Portfolios of the Northwestern Mutual Series Fund, Inc. 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 Portfolios. 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 a number of asset management firms under investment sub-advisory agreements to provide day-to-day management of the Portfolios 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 is a secondary objective The Boston Company Asset Management, LLC Focused Appreciation Portfolio Long-term growth of capital Loomis, Sayles & Company, L.P. Large Cap Core Stock Portfolio Long-term growth of capital and income Fayez Sarofim & Co. Large Cap Blend Portfolio Long-term growth of capital and income Fiduciary Management, Inc. Index 500 Stock Portfolio Large Company Value Portfolio Investment results that approximate the performance of the Standard & Poor s 500 Composite Stock Price Index Long-term capital growth; income is a secondary objective N/A American Century Investment Management, Inc. Domestic Equity Portfolio Long-term growth of capital and income Delaware Investments Fund Advisers, a series of Delaware Management Business Trust 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 William Blair Investment Management, LLC Index 400 Stock Portfolio Mid Cap Value Portfolio Investment results that approximate the performance of the S&P MidCap 400 Stock Price Index Long-term capital growth; current income is a secondary objective N/A American Century Investment Management, Inc. Small Cap Growth Stock Portfolio Long-term growth of capital Wellington Management Company LLP Index 600 Stock Portfolio Investment results that approximate the performance of the Standard & Poor s SmallCap 600 Index N/A Small Cap Value Portfolio Long-term growth of capital T. Rowe Price Associates, Inc. 6 Account B Prospectus

15 Portfolio Investment Objective Sub-adviser (if applicable) International Growth Portfolio Long-term growth of capital FIAM LLC Research International Core Portfolio Capital appreciation Massachusetts Financial Services Company International Equity Portfolio Long-term growth of capital; any income Templeton Investment Counsel, LLC realized will be incidental Emerging Markets Equity Portfolio Capital appreciation Massachusetts Financial Services Company Government Money Market Portfolio* Maximum current income to the extent consistent with liquidity and stability of capital BlackRock Advisors, LLC Short-Term Bond Portfolio Select Bond Portfolio Long-Term U.S. Government Bond Portfolio Inflation Protection Portfolio To provide as high a level of current income as is consistent with prudent investment risk 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 Maximum total return, consistent with preservation of capital and prudent investment management Pursue total return using a strategy that seeks to protect against U.S. inflation T. Rowe Price Associates, Inc. Wells Capital Management, Inc. Pacific Investment Management Company LLC American Century Investment Management, Inc. High Yield Bond Portfolio** High current income and capital appreciation Federated Investment Management Company Multi-Sector Bond Portfolio Maximum total return, consistent with prudent Pacific Investment Management Company investment management LLC Balanced Portfolio Asset Allocation Portfolio To realize as high a level of total return as is consistent with prudent investment risk, through income and capital appreciation To realize as high a level of total return as is consistent with reasonable investment risk * Although the Government Money Market Portfolio seeks to preserve its value at $1.00 per share, it is possible to lose money by investing in the Government 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. ** 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 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 ). The following affiliates of FMR also assist with foreign investments: Fidelity Management & Research (U.K.) Inc., Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Inc. Portfolio Investment Objective Sub-adviser VIP Mid Cap Portfolio Long-term growth of capital FMR Co., Inc. VIP Contrafund Portfolio Long-term capital appreciation FMR Co., Inc. 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 Investment Advisers LLC. Portfolio Investment Objective Socially Responsive Portfolio Long-term growth of capital by investing primarily in securities of companies that meet the Portfolio s financial criteria and social policy Russell Investment Funds The assets of each of the Portfolios comprising the Russell Investment Funds are invested by one or more investment management organizations researched and recommended by Frank Russell Company ( Russell ), and an affiliate of Russell, the Russell Investment Management Company ( RIMCo ). RIMCo is the investment adviser of the Russell Investment Funds. N/A N/A Account B Prospectus 7

16 Portfolio Multi-Style Equity Fund Aggressive Equity Fund Global Real Estate Securities Fund Non-U.S. Fund Core Bond Fund LifePoints Variable Target Portfolio Series Moderate Strategy Fund LifePoints Variable Target Portfolio Series Balanced Strategy Fund LifePoints Variable Target Portfolio Series Growth Strategy Fund LifePoints Variable Target Portfolio Series Equity Growth Strategy Fund Investment Objective Long-term growth of capital Long-term growth of capital Current income and long-term growth of capital Long-term growth of capital Current income and, as a secondary objective, capital appreciation Current income and moderate long term capital appreciation Above average long-term capital appreciation and a moderate level of current income High long-term capital appreciation, and as a secondary objective, current income High long-term capital appreciation Credit Suisse Trust The Commodity Return Strategy Portfolio is a series of Credit Suisse Trust. The Separate Account buys shares of the Portfolio, the investment adviser for which is Credit Suisse Asset Management, LLC. Portfolio Investment Objective Commodity Return Strategy Portfolio Total Return Payments We Receive We select the Portfolios offered through this Contract based on several criteria, including asset class coverage, the strength of the investment adviser s or subadvisers reputation and tenure, brand recognition, performance, and the capability and qualification of each investment firm. Another factor we consider during the selection process is whether the Portfolio s investment adviser or an affiliate will make payments to us or our affiliates. We review the Portfolios periodically and may remove a Portfolio or limit its availability to new premiums and/or transfers of Contract Value if we determine that the Portfolio no longer meets one or more of the selection criteria, and/or if the Portfolio has not attracted significant allocations from Owners. The Northwestern Mutual Series Fund, Inc. has been included in part because it is managed by a subsidiary of the Company. We do not provide any investment advice and do not recommend or endorse any particular Portfolio. You bear the risk of any decline in the Contract Value of your Contract resulting from the performance of the Portfolio you have chosen. Owners, through their indirect investment in the Portfolios, bear the costs of the investment advisory or management fees that the Portfolios pay to their respective investment advisors (see the Portfolios prospectuses for more information). As described above, an investment adviser of a Portfolio, or its affiliates, may make payments to the Company and/or certain of our affiliates which is generally a positive factor when selecting Portfolios. However, the amount of such payments is not determinative as to whether a Portfolio is offered through the Contract. These payments may be derived, in whole or in part, from the advisory fee deducted from Portfolio assets. The amount of the compensation is based on a percentage of assets of the Portfolios attributable to the Contracts and certain other variable insurance products that the Company issues. The percentages differ and some investment advisers (or other affiliates) may pay more than others. The percentages currently range up to 0.25%. These payments may be used for various purposes, including payment of expenses that the Company and/or its affiliates incur for services performed on behalf of the Contracts and the Portfolios. The Company and its affiliates may profit from these payments. Certain Portfolios have also adopted a Distribution (and/or Shareholder Servicing) Plan under Rule 12b-1 of the 1940 Act, which is described in more detail in the Portfolios prospectuses. These payments, which may be up to 0.25%, are deducted from assets of the Portfolios and are paid to our distributor, Northwestern Mutual Investment Services, LLC. These payments decrease the Portfolio s investment return. We also consider the receipt of these payments generally to be a positive factor when selecting Portfolios. Additionally, an investment adviser of a Portfolio or its affiliates may provide the Company with wholesaling services that assist in the distribution of the Contracts and may pay the Company and/or certain of our affiliates amounts to participate in sales meetings. These amounts may be significant and may provide the investment adviser (or its affiliate) with increased access to persons involved in the distribution of the Contracts. Transfers Between Divisions Subject to the short term and excessive trading limitations described below and any frequent trading policies adopted by the Funds that are described in their prospectuses, you may change the allocation of Purchase Payments among the Divisions and transfer values from one Division to another both before and after Annuity Payments begin. In order to take full advantage of these features you should carefully consider, on a continuing basis, which investment options are best suited to your longterm investment needs. See Owner Inquiries and Instructions for more information on how you may change the allocation of Accumulation or Annuity Units among the Divisions. Subject to our requirements and availability, your Financial Representative may provide us with instructions on your behalf involving the allocation and transfer of 8 Account B Prospectus

17 Accumulation Value of your Contract among the available investment options, subject to our rules, including the restrictions on short term and excessive trading discussed below. We will make the transfer based upon the next valuation of Accumulation or Annuity Units in the affected Divisions after our receipt of your request for transfer at our Home Office, provided it is in good order. If we receive your request for transfer before the close of trading on the NYSE (typically, 4:00 p.m. Eastern Time), your request will receive same-day pricing. If we receive your request for transfer on or after the close of trading on the NYSE, we will process the order using the value of the units in the Divisions determined at the close of the next regular trading session of the NYSE. We will adjust the number of such units to be credited to reflect the respective value of the units in each of the Divisions. The minimum amount of Accumulation Units which may be transferred is the lesser of $100 or the entire value of the Accumulation Units in the Division from which the transfer is being made. There is no minimum transfer amount for Annuity Units. Before the Maturity Date, you may transfer amounts which you have invested in a Guaranteed Account to any Division of the Separate Account, and you may transfer the value of Accumulation Units in any Division of the Separate Account to a Guaranteed Account for investment on a fixed basis, subject to the restrictions described in the Contract. (See The Guaranteed Accounts. ) Short Term and Excessive Trading Short term and excessive trading (sometimes referred to as market timing ) may present risks to a Portfolio s long-term investors, such as Owners and other persons who may have material rights under the Contract (e.g., beneficiaries), because it can, among other things, disrupt Portfolio investment strategies, increase Portfolio transaction and administrative costs, require higher than normal levels of cash reserves to fund unusually large or unexpected redemptions, and adversely affect investment performance. These risks may be greater for Portfolios that invest in securities that may be more vulnerable to arbitrage trading including foreign securities and thinly traded securities, such as small cap stocks and non-investment grade bonds. These types of trading activities also may dilute the value of long-term investors interests in a Portfolio if it calculates its net asset value using closing prices that are no longer accurate. Accordingly, we discourage market timing activities. To deter short term and excessive trading, we have adopted and implemented policies and procedures which are designed to control abusive trading practices. We seek to apply these policies and procedures uniformly to all Contract Owners. Any exceptions must be either expressly permitted by our policies and procedures or subject to an approval process described in them. We may also be prevented from uniformly applying these policies and procedures under applicable state or federal law or regulation. Because exceptions are permitted, it is possible that investors may be treated differently and, as a result, some may be allowed to engage in trading activity that might be viewed as market timing. Among the steps we have taken to reduce the frequency and effect of these practices are monitoring trading activity and imposing trading restrictions including the prohibition of more than twelve transfers among Divisions under a single Contract during a Contract year. Multiple transfers with the same effective date made by the same Owner will be counted as a single transfer for purposes of applying the twelve transfer limitation. Further, an investor who is identified as having made a transfer in and out of the same Division, excluding the Government Money Market Division, ( round trip transfer ) in an amount in excess of $10,000 within fourteen calendar days will be restricted from making additional transfers after making two or more such round trip transfers within any Contract year, including the year in which the first such round trip transfer was made. The restriction will last until the next Contract anniversary date and the Contract Owner will be sent a letter informing him or her of the restriction. An investor who is identified as having made one round trip transfer within thirty calendar days aggregating more than one percent (1%) of the total assets of the Portfolio underlying a Division, excluding the Government Money Market Division and the Divisions corresponding to the Portfolios of the Russell Investment Funds LifePoints Variable Target Portfolio Series, will be restricted from making additional transfers after making one more such round trip transfer within any Contract year, including the year in which the first such round trip transfer was made. The restriction will last until the next Contract anniversary date and the Contract Owner will be sent a letter informing him or her of the restriction. Unless we believe your trading behavior to be inconsistent with these short-term and excessive trading policies, these limitations will not apply to automatic asset transfers, scheduled or systematic transactions involving portfolio rebalancing, dollar cost averaging, interest sweeps, or to initial allocations or changes in future allocations, to the extent these features are available in your Contract. Once a Contract is restricted, we will allow one additional transfer into the Government Money Market Division until the next Contract anniversary. Additionally, in accordance with our procedures, we may modify some of these limitations to allow for transfers that would not count against the total transfer limit but only as necessary to alleviate any potential hardships to Owners (e.g., in situations involving a substitution of an underlying fund). We may change these policies and procedures from time to time in our sole discretion without notice; provided, however, Contract Owners will be given advance, written notice if the policies and procedures are revised to accommodate market timing. Additionally, the Funds may have their own policies and procedures described in their prospectuses that are designed to limit or restrict frequent trading. Such policies may be different from our policies and procedures, and may be more or less restrictive. As the Funds may accept purchase payments from other investors, including other insurance company separate accounts on behalf of their variable product customers and retirement plans, we cannot guarantee that Funds will not be harmed by any abusive market timing activity relating to the retirement plans and/or other insurance companies that may invest in the Funds. Such policies and Account B Prospectus 9

18 procedures may provide for the imposition of a redemption fee and, upon request from the Fund, require us to provide transaction information to the Fund (including an Owner s tax identification number) and to restrict or prohibit transfers and other transactions that involve the purchase of shares of a Portfolio(s). In the event a Fund instructs us to restrict or prohibit transfers or other transactions involving shares of a Portfolio, you may not be able to make additional purchases in an investment option until the restriction or prohibition ends. If you submit a request that includes a purchase or transfer into such a restricted investment option, we will consider the request not in good order and it will not be processed. You may, however, submit a new transfer request. If we believe your trading activity is in violation of, or inconsistent with, our policies and procedures or otherwise is potentially disruptive to the interests of other investors, you may be asked to stop such activities and future investments, and allocations or transfers by you may be rejected without prior notice. Because we retain discretion to determine what action is appropriate in a given situation, investors may be treated differently and some may be allowed to engage in activities that might be viewed as market timing. We intend to monitor events and the effectiveness of our policies and procedures in order to identify whether instances of potentially abusive trading practices are occurring. However, we may not be able to identify all instances of abusive trading practices, nor completely eliminate the possibility of such activities, and there may be technological limitations on our ability to impose restrictions on the trading practices of Contract Owners. We may be unable to monitor trading activity by individual participants in omnibus accounts established under group annuity contracts. Fixed Options During the Accumulation phase of your Contract, you may invest on a fixed basis in the following guaranteed accounts of different durations ( Guaranteed Accounts ), provided they are available in your state and under your Contract: the Guaranteed Interest Fund 1 ( GIF 1 ) (formerly referred to as the Guaranteed Interest Fund ) and the Guaranteed Interest Fund 8 ( GIF 8 ). Your ability to make investments in a Guaranteed Account may also be limited by state law. Currently, neither GIF 1 nor GIF 8 is available in Contracts subject to New York law. For Contracts subject to Vermont and Maryland law sold before May 1, 2013, no investments may be applied to GIF 8 after the first Contract anniversary. To find out if a Guaranteed Account is available in your state and under your Contract, or for the current interest rate, please contact your Northwestern Mutual Financial Representative or call Except where noted above, GIF 1 is available for investment under both front-load and back-load Contracts. GIF 8 is only available under back-load Contracts. Guaranteed Accounts are not available after annuitization. We reserve the right to discontinue offering all Guaranteed Accounts or a Guaranteed Account of a particular duration. We also reserve the right to offer additional multi-year Guaranteed Accounts from time to time. The effective date of an investment in a Guaranteed Account is determined in the same manner that the effective date for an investment in the Divisions of the Separate Account is determined. Interest is credited and compounded daily on amounts you invest in a Guaranteed Account at a rate that we declare ( Declared Rate ), in our discretion, for a guaranteed period that we specify ( Guaranteed Period ). The Declared Rate will not be less than a minimum guaranteed annual effective rate of 0.50% (or a higher rate if required by applicable state law). We also guarantee that the cash value of your investment in the Guaranteed Accounts will not be less than a minimum amount determined by a formula that complies with applicable state insurance nonforfeiture law. For GIF 1, the Declared Rate will be effective for a Guaranteed Period equal to the shorter of the following two periods: (i) the twelve month period measured from the end of the month of the investment s effective date, or (ii) the period remaining until the Maturity Date of the Contract. For GIF 8, the Declared Rate will be effective for a Guaranteed Period ending eight years from the effective date; provided, however, an investment in GIF 8 is not permitted if the Guaranteed Period would extend beyond the Maturity Date of the Contract. Upon expiration of a Guaranteed Period for GIF 1, we will apply a new Declared Rate for a new one-year Guaranteed Period. Upon expiration of a Guaranteed Period for GIF 8, any amounts remaining in that Guaranteed Account will be transferred to the Government Money Market Division of the Separate Account unless you otherwise instruct us to allocate the amounts to a Division(s) of the Separate Account or a new Guaranteed Period for either GIF 1 or GIF 8. Moving into a Guaranteed Account You may make an initial investment in a Guaranteed Account by applying all or part of a Net Purchase Payment or an amount transferred from Divisions of the Separate Account or another Guaranteed Account. Subject to the limitations described below, you may make additional investments in GIF 1 at any time prior to the Maturity Date of the Contract. No additional transfers may be made into a GIF 1 for 90 days following a transfer out of a GIF 1. Additional investments in GIF 8 are not permitted without our consent. Currently, we permit additional investments in GIF 8 that represent proceeds from Internal Revenue Code Section 1035 exchanges or rollovers, provided (i) you inform us at the time of your initial investment in the Contract, and (ii) that such proceeds are received by us within 90 days (or whatever period that may be required under applicable state law) thereafter. Interest will accrue on those proceeds from the date of receipt, but they will be treated for all other purposes the same as your initial investment. Subject to this limited exception, if you direct us to make additional investments in GIF 8, they will be invested in the Government Money Market Division. Moving out of a Guaranteed Account Transfers from Guaranteed Accounts are subject to certain limits. No transfers from GIF 8 are permitted during the first four years following the start of a Guaranteed Period. After a transfer is made from a Guaranteed Account, no additional transfers may be made 10 Account B Prospectus

19 from that Guaranteed Account for a period of 365 days. Additionally, the maximum amount of Accumulation Value that may be transferred from a Guaranteed Account in a single transfer may not be more than the greater of (i) 25% of the Accumulation Value of the Guaranteed Account on the preceding Contract anniversary date, or (ii) the amount of the most recent transfer from that Guaranteed Account. (For Contracts issued prior to March 31, 2000, the percentage limit by the terms of the Contract is 20%, but our current practice, which we may change without notice to you, is to permit up to 25%.) In no event may the amount of a single transfer from a Guaranteed Account be less than $1,000, nor greater than $50,000. (The $50,000 limit does not apply to Contracts subject to New York law.) These limitations on individual transfers do not apply to transfers from GIF 8 at the end of a Guaranteed Period. These transfer limitations can be illustrated as follows: Amount of initial deposit into a GIF Maximum amount you can transfer annually Total number of years until initial deposit can be transferred completely $25,000 $6,250 4 years $75,000 $18,750 4 years $100,000 $25,000 4 years Withdrawal Charge Maturity benefits and withdrawals under a back-load Contract are subject to the withdrawal charge described under Deductions Withdrawal Charges. Because the withdrawal charge will affect the amount available for withdrawal, you should carefully consider its effect before investing in, and making a withdrawal from, the Contract. The withdrawal charge applicable to withdrawals from GIF 8 during the first four years of a Guaranteed Period differs from that which is applicable to other withdrawals in several respects. First, the charge applies to withdrawals from GIF 8 during the first four years of each and every Guaranteed Period. Second, during those four years it applies to the Accumulation Value, rather than to Net Purchase Payments. During the first three years of a Guaranteed Period, the withdrawal charge equals 6% of the amount of the Accumulation Value withdrawn. During the fourth year, the charge equals 5% of the amount of the Accumulation Value withdrawn. Net Purchase Payments that are subject to the withdrawal charge are reduced by an amount equal to that portion of the Accumulation Value withdrawn from GIF 8 during the first four years, beginning with the highest withdrawal charge category and rate. Market Value Adjustment (GIF 8 Only) Transfers and withdrawals (but not payments of Contract fees or payments due to the death of the Primary Annuitant) made from GIF 8 prior to the end of a Guaranteed Period will be charged or credited with a market value adjustment ( MVA ). No MVA will apply if you do not transfer or withdraw amounts from GIF 8 before the end of a Guaranteed Period. The amount of the MVA will depend upon the difference, if any, between the seven-year Constant Maturity Treasury interest rate in effect on the second-to-last business day of the month preceding the start of the Guaranteed Period and an interest rate, in effect on the second-to-last business day of the month preceding the date of the transfer or withdrawal, equal to the Constant Maturity Treasury interest rate for the period closest to the time remaining in the Guaranteed Period (but not less than one year). If the rate in effect at that time exceeds the seven-year rate preceding the start of the Guaranteed Period, the MVA will be negative and decrease the amount available for transfer or withdrawal from GIF 8. If the opposite is true, the MVA will be positive and increase such amount. For Contracts issued in TX or AL sold prior to May 1, 2013, the MVA formula may differ; read your Contract for specific details. In no event will the MVA increase or decrease the amount transferred or withdrawn by more than a proportionate allocation of the excess, if any, of the interest credited to GIF 8 since the beginning of the Guaranteed Period in which such amount is transferred or withdrawn to the date of transfer or withdrawal, over the interest that would have been credited if the Declared Rate had equaled the Nonforfeiture Rate during that same time period. The Nonforfeiture Rate is a rate defined in the Contract and is based on the five-year Constant Maturity Treasury interest rate on the second-to-last business day of the month preceding the start of the Guaranteed Period during which the transfer or withdrawal is made. In general, the longer the period remaining to the end of the Guaranteed Period at the time of a transfer or withdrawal, the larger the MVA. Because a negative MVA can reduce credited interest in excess of the minimum interest rate required to be credited under applicable state law, you should carefully consider its effect before making a transfer or withdrawal from GIF 8 prior to the end of a Guaranteed Period. To calculate the MVA for your contract, use the following formula: A x [(1+B) n / (1+C) n -1] where; A = the Account Value being withdrawn or transferred from GIF 8; B = the 7-year Constant Maturity Treasury Rate reported by the Federal Reserve as of the secondto-last Valuation Date of the month preceding the month in which the declared interest rate first became effective; C = the Constant Maturity Treasury Rate reported by the Federal Reserve as of the second-to-last Valuation Date of the month preceding the month of the withdrawal or transfer for the duration nearest the time remaining in the Guaranteed Period but not less than one year; and n = the number of years, including fractional years, remaining in the Guaranteed Period. In the determination of the Market Value Adjustment, a period whose length is exactly half-way between periods for which a Constant Maturity Treasury Rate is reported will be considered to be nearer to the shorter duration, but not less than one year. Account B Prospectus 11

20 Set forth below are two examples showing the application of the market value adjustment feature in the case of a withdrawal or transfer from GIF 8 before the end of the Guarantee Period. The first example assumes rising interest rates; the second assumes declining interest rates: GIF 8 Market Value Adjustment Example GIF 8 Deposit = $50,000 Guaranteed Interest Rate = 4.5% for 8 years Market Value Adjustment Calculation assuming 100% withdrawal on the third anniversary from deposit if interest rates increase Current GIF 8 Account Value = $57, year Constant Maturity Treasury Rate = 4.75% (on the second to last business day preceding the month of deposit) 5-year Constant Maturity Treasury Rate = 5.00% (on the second to last business day preceding the month of withdrawal for the term nearest the period remaining in the guarantee period) Market Value Adjustment = $57, x [( %) 5 /( %)5-1] = -$ Market Value Adjustment Calculation assuming 100% withdrawal on the third anniversary from deposit if interest rates decrease Current GIF 8 Account Value = $57, year Constant Maturity Treasury Rate = 4.75% (on the second to last business day preceding the month of deposit 5-year Constant Maturity Treasury Rate = 4.25% (on the second to last business day preceding the month of withdrawal for the term nearest the period remaining in the guarantee period) Market Value Adjustment = $57, x [( %) 5 /( %)5-1] = +$1, Note: The market value adjustment will not increase or decrease values by more than the interest credited to GIF 8 since the beginning of the guarantee period in which an amount is withdrawn or transferred out to the date of the withdrawal or transfer over the interest that would have been credited if the interest rate declared by the Company had equaled the Nonforfeiture Rate during the same time period. For the example above, assuming a Nonforfeiture Rate of 3%, the maximum positive or negative market value adjustment would be $57, $50,000(1.03) 3 = $2, Additional Information Portfolio Rebalancing may not be used with any Guaranteed Account, and Automatic Dollar Cost Averaging and Interest Sweeps may not be used with GIF 8. Withdrawals from GIF 8 during the first four years of a Guaranteed Period may be taken in the form of a variable income plan, except for payments for a specified period. (See Option 1 under Income Plans Description of Variable Income Plans. ) Amounts you invest in a Guaranteed Account become part of our General Account, which represents all of our assets other than those held by us in the Separate Account and other separate accounts. The General Account is used to support all of our annuity and insurance obligations and is available to our general creditors. As part of our General Account, however, the Guaranteed Accounts do not bear any mortality rate and expense charges applicable to the Separate Account under the Contract, nor do they bear expenses of the Portfolios in which the Divisions of the Separate Account invest. Other charges under the Contract apply to the Guaranteed Accounts. (See Deductions. ) For purposes of allocating and deducting the annual Contract fee, we treat GIF 1 the same as Divisions of the Separate Account; no portion of the annual Contract fee will be deducted from GIF 8 unless insufficient value exists in the Divisions and GIF 1. In reliance on certain exemptive and exclusionary provisions, we have not registered interests in the GIF under the Securities Act of 1933 and we have not registered the GIF as an investment company under the 1940 Act. Accordingly, neither the GIF nor any interests therein are generally subject to these Acts. We have been advised that the staff of the SEC has not reviewed the disclosure in this prospectus relating to the GIF. This disclosure, however, may be subject to certain generally applicable provisions of the federal securities laws relating to the accuracy and completeness of statements made in prospectuses. Preservation+ Strategy (Back-load Contracts only) Subject to the investment minimums and maximums discussed above, you may elect to allocate all or a portion of your initial Purchase Payment to the Preservation+ Strategy. The Preservation+ Strategy is designed to preserve the principal of the amount that you allocate to the strategy through the crediting of a fixed rate of interest to the portion of that allocation which you invest in GIF 8 for the Guaranteed Period, while permitting you to participate in the potential returns and attendant risks of the Division(s) of the Separate Account you select among the Divisions available under the Strategy. We use a mathematical formula to determine the part of your total initial Purchase Payment 12 Account B Prospectus

21 allocated to this strategy that must be invested in GIF 8 to guarantee a return of principal and interest from GIF 8 at the end of the Guaranteed Period equal to your total initial Purchase Payment allocated to the strategy (less any applicable Contract fees charged to GIF 8 during the period). This guarantee is subject to the condition that you make no withdrawals or transfers from GIF 8 during the eight-year Guaranteed Period. The remainder of your initial Purchase Payment that you allocate to the Preservation+ Strategy is invested in the Division of the Separate Account that invests in the Portfolio(s) you select. Under the Preservation+ Strategy, we guarantee the return of the amount you allocate to GIF 8 plus a fixed rate of interest on that amount (less any applicable Contract fees allocated to GIF 8). You assume the risk associated with the amount you invest in the Separate Account. We guarantee the return of your principal amount invested under the strategy. You also assume the risk that your investment in the Preservation+ Strategy may result in the return of only your principal amount invested under the strategy, subject to the claims-paying ability of the Company. The Contract Generally The Contract is intended for retirement and longterm savings. The Contract provides for a death benefit during the years when funds are being accumulated and for a variety of income options following retirement. During the years when funds are being paid into your Contract, known as the accumulation phase, the earnings accumulate on a taxdeferred basis. The earnings are taxed as income if you make a withdrawal. The income phase begins when you start receiving Annuity Payments under your Contract. Monthly Annuity Payments begin on the date you select. The amount you accumulate under your Contract, including the results of investment performance, will determine the amount of your monthly Annuity Payments. If, however, the Contract is owned by a non-natural person (e.g., a corporation or a trust), the tax deferral on earnings may be lost. While there are exceptions for certain employee benefit plans, any income on the Contract will generally be treated as ordinary income subject to annual taxation. If you are purchasing the Contract through a tax-favored arrangement, including IRAs, Roth IRAs, and SIMPLE IRAs, you should carefully consider the costs and benefits of the Contract before purchasing the Contract, since the tax-favored arrangement itself provides for tax-sheltered growth. Certain provisions of the Contract may be different than the general description in this prospectus, and certain riders, options, or funds may not be available because of legal restrictions in your state. You should consult your Contract, as any such state variations will be included in your Contract or in riders or endorsements attached to your Contract. Free Look If you return the Contract within ten days after you receive it (or whatever period is required under applicable state law), we will send your money back. There is no charge for our expenses but the amount you receive may be more or less than what you paid, based on actual investment experience following the date we received your purchase payment. In the event applicable state law requires us to return the full amount of your purchase payment, we will do so. Contract Values The value of your Contract on any Valuation Date is the sum of the following: (i) the value of your amounts held in the Divisions of the Separate Account on that Valuation Date; and (ii) the sum of your amounts allocated to any Guaranteed Account, plus credited interest; less (iii) any withdrawals from any Guaranteed Account and any applicable MVA or charges under the Contract deducted from any Guaranteed Account. We use the net investment factor as a way to calculate the investment performance of a Division from valuation period to valuation period. For each Division, the net investment factor shows the investment performance of the underlying mutual fund Portfolio in which a particular Division invests, including the charges assessed against that Division for a given valuation period. The Portfolios will distribute investment income and realized capital gains to the Divisions, which we will reinvest in additional shares of those same Portfolios. Unrealized capital gains and realized and unrealized capital losses will be reflected by changes in the value of the shares held by the Division. We may surrender your Contract for its Contract Value (i.e., with no withdrawal charge), in accordance with applicable state law, if, before the Maturity Date no Purchase Payments have been received under the Contract for a period of two full years and both the Contract Value and the total Purchase Payments paid (less amounts withdrawn) are each less than $2,000. Purchase Payments Under the Contract Frequency and Amount A Purchase Payment is the money you give us to apply to your Contract. You may make Purchase Payments monthly, quarterly, semiannually, annually, or on any other frequency acceptable to us. For back-load Contracts in non-tax qualified situations, the minimum initial Purchase Payment is $5,000. For all other back-load Contracts, the minimum amount for an initial Purchase Payment is $100, or $25 if payments are made through our Electronic Funds Transfer ( EFT ) Plan. For front-load Contracts, the minimum initial Purchase Payment is $10,000. The minimum amount for each subsequent Purchase Payment for all Contracts is $25, although we may accept lower amounts in certain circumstances. We will accept larger purchase payments than the minimums, but total purchase payments under any Contract may not exceed $5,000,000 without our consent. For all Contracts, Purchase Payments may not exceed the applicable federal income tax limits. (See Federal Income Taxes. ) For back-load Contracts issued in Oregon sold prior to May 1, 2013, you may not make Purchase Payments after the first Contract anniversary if the Maturity Date is earlier than the Contract anniversary nearest the Annuitant s 98 th birthday. Account B Prospectus 13

22 In certain situations, we may, in our discretion, reduce or waive our minimum purchase payment requirements. For example, for back-load Contracts in non-tax qualified situations, we may reduce the minimum initial purchase amount from $5,000 to no less than $4,000 provided you elect on your application to make additional subsequent Purchase Payments such that the total Purchase Payments you make on or before the first anniversary date of your Contract equal or exceed $5,000. We may also reduce or waive our $5,000 minimum if your application is submitted as part of a group of applications, including those being paid for through a multiple-contract billing. For front-load Contracts, we may reduce the minimum initial purchase amount from $10,000 to no less than $5,000 provided you elect on your application to make additional subsequent Purchase Payments such that the total Purchase Payments you make on or before the first anniversary date of your Contract equal or exceed $10,000. Also, when initial Purchase Payments representing proceeds from rollovers or annuity exchanges are determined to satisfy the front-load Contract minimum based on values at the time you sign your application, but the amount subsequently received by us is less than the required minimum due to market value fluctuations and sales or administrative fees charged in connection with the rollover or exchange, we may reduce the required minimum by the sum of any such depreciation and fees. Guaranteed Account Investment Minimums and Maximums Guaranteed Accounts are subject to certain investment minimums and maximums in addition to those described above. Amounts that are applied to GIF 8 are subject to an investment minimum of $10,000, unless we consent to a lesser amount. We also limit the maximum amount that may be invested in the Guaranteed Accounts. Without our prior consent, no investment may cause the Accumulation Value of all Guaranteed Accounts (the sum of all applied amounts and credited interest, less fees and any amounts transferred or withdrawn) to exceed a maximum amount we specify in the Contract. For Contracts currently being issued, the maximum amount specified in the Contract is $100,000. To the extent that an investment causes the maximum amount to be exceeded, the excess amount would be invested in the Government Money Market Division of the Separate Account until you instruct us otherwise. Changes in the investment minimums and maximums will be applied on a prospective basis only and will not affect contract owners invested in the Guaranteed Accounts as of the date of such change. Contract owners who are invested in a Guaranteed Account and whose investment did not meet the new minimum investment requirement or whose investment exceeded the new maximum investment limit may continue to remain invested in the Account and, with our consent, would be able to continue to allocate purchase payments and transfers to that Account up to the current maximum investment limit. Application of Purchase Payments We credit Net Purchase Payments, after deduction of any sales load, to the variable and/or fixed investment options as you direct. The application of Purchase Payments to the Guaranteed Account options are subject to special rules (see The Investment Options Fixed Options. ) We invest those assets allocated to the variable options in shares of those Portfolios that correspond to the applicable Division; the term Accumulation Units describes the value of this interest in the Separate Account. For the back-load Contracts, there are two types of Accumulation Units: Class A and Class B. We credit Class B Accumulation Units to your back-load Contract each time you make a Purchase Payment. We convert Class B Accumulation Units to Class A Accumulation Units on a basis that reflects the cumulative amount of Purchase Payments and the length of time that the amounts have been held under a back-load Contract. (See Mortality Rate and Expense Risk Charges. ) Class B Accumulation Units are subject to a withdrawal charge while Class A Accumulation Units are not subject to such a charge. Initial Net Purchase Payments allocated to a Division will be priced at the Accumulation Unit Value determined no later than two Valuation Dates after we receive at our Home Office or a lockbox facility we have designated both your initial Purchase Payment and your application in good order. Good order means that the application is complete and accurate and all applicable requirements are satisfied. If your application is not in good order, we may take up to five Valuation Dates to resolve the problem. If we are unable to resolve the problem within that time, we will notify you in writing of the reasons for the delay. If you revoke the consent given with your application to hold your initial Purchase Payment pending resolution of the problem, we will return your payment. Otherwise, the number of Accumulation Units you receive for your initial Net Purchase Payment will be determined based upon the valuation of the assets of that Division we make not later than two Valuation Dates following the date on which the problem is resolved and your application is put into good order. Although we do not anticipate delays in our receipt and processing of applications or Purchase Payment requests, we may experience such delays to the extent applications and Purchase Payments are not forwarded to our Home Office in a timely manner. Such delays could result in delays in the issuance of Contracts and the allocation of Purchase Payments under existing Contracts. Subsequent Net Purchase Payments will be priced based on the next determined Accumulation Unit Value after the payment is received in good order either at the Home Office or a lockbox facility we have designated. We deem receipt of a Purchase Payment to occur on a given Valuation Date if receipt occurs before the close of trading on the NYSE (typically, 4:00 p.m. Eastern Time). If receipt occurs on or after the close of trading on the NYSE, we deem receipt to occur on the following Valuation Date. You may send Purchase Payments to our Home Office or to a payment center designated by us. All payments must be made in U.S. Dollars payable through a U.S. financial institution. We accept Purchase Payments by check or electronic funds transfer ( EFT ). We do not accept third-party checks at the Home Office as part of the initial Purchase Payment. We generally will not accept cash, money orders, traveler s checks, or 14 Account B Prospectus

23 starter checks; however, in limited circumstances, we may accept some cash equivalents in accord with our anti-money laundering procedures. If you make a Purchase Payment with a check or bank draft and, for whatever reason, it is later returned unpaid or uncollected, or if a Purchase Payment by EFT is reversed, we reserve the right to reverse the transaction. We also reserve the right to recover any resulting losses incurred by us by withdrawing a sufficient amount of Contract Value. We may reject any application or Purchase Payment for any reason permitted by law. We may also be required to provide additional information about you and your account to government regulators. The value of an Accumulation Unit in each Division varies with the investment experience of the Division (which in turn is determined by the investment experience of the corresponding Portfolio). We determine the value by multiplying the value on the immediately preceding valuation date by the net investment factor for the Division. The net investment factor takes into account the investment experience of the Portfolio, the deduction for mortality and expense risks we have assumed, and a deduction for any applicable taxes or for any expenses resulting from a substitution of securities. Since you bear the investment risk, there is no guarantee as to the aggregate value of your Accumulation Units. That value may be less than, equal to, or more than the cumulative net purchase payments you have made. Reduction or Waiver of Certain Charges Sometimes sales of contracts to groups of similarly situated individuals or on behalf of such individuals in connection with certain arrangements, for example, trust arrangements, may lower our costs and expenses. We reserve the right to reduce or waive certain fees or charges when this type of sale occurs, where permitted by state law. We determine which groups and arrangements are eligible for this treatment based on criteria we establish, including but not limited to some or all of the following: the size or type of group or arrangement; the amount of expected Purchase Payments; any prior or existing relationship between us and the prospective purchaser(s); the length of time a group of contracts is expected to remain active; the purpose of the purchase and whether that purpose increases the likelihood that our expenses will be reduced; and any other factors that we believe indicate that costs and expenses may be reduced. We reserve the right to modify, suspend, or terminate any such determination or the treatment applied to a particular group at any time. Maturity Date Under Contracts currently offered, Purchase Payments may be made until the Maturity Date stated on the Contract s specifications page, or until Annuity Payments begin, whichever is earlier. Distributions may be required before the Maturity Date. (See Minimum Distribution Requirements. ) Any death benefit you elect will automatically terminate upon annuitization, which will occur no later than the contract s maturity date (i.e., the date upon which you must either annuitize or take a lump sum). Gender-Based Annuity Payment Rates Federal law, and the laws of certain states, may require that Annuity considerations and Annuity Payment rates be determined without regard to the sex of the Annuitant. Because we offer the Contracts for use with certain plans where these rules may have general application, the Annuity Payment rates in the Contracts do not distinguish between male and female Annuitants. However, Contracts with sex-distinct rates are available as applicable. Prospective purchasers of the Contracts should review any questions in this area with qualified counsel. Reinvestment of Redemptions In special limited circumstances, we will allow Purchase Payments to be made without the deduction of a sales load (or with a refund of a withdrawal charge) for those Contract Owners who make a Purchase Payment in connection with a request to void a redemption made within 60 days (or whatever period that may be required under applicable state law) of our receipt of the redemption request. Such Purchase Payments and the amount of any withdrawal charge deducted upon redemption will be reinvested at the accumulation unit value next determined for each investment option after our receipt of the signed request for reinvestment in good order at our Home Office. Purchase Payments will be applied to the same investment option(s) from which the initial redemption(s) were made. We will not process a request for reinvestment where redemption proceeds were paid by check made payable to the Contract Owner and such check was cashed, where the redemption proceeds are directly deposited to a checking or savings account, or if the time between the distribution and the request for reinvestment crosses a contract anniversary. Similarly, we may refuse to process requests for reinvestment where it is not administratively feasible. Decisions regarding requests for reinvestment will take into consideration differences in costs and services and will not be unfairly discriminatory. For further information, contact your financial representative. Access to Your Money Withdrawals Contract Owners may withdraw some or all of the Accumulation Unit Value of their Contract at any time before the Maturity Date. We may require that a Contract Value of at least $2,000 remain after a partial withdrawal. You may instruct us how to allocate your partial withdrawal request among your investments in the Divisions and Guaranteed Accounts. If no direction is received, your withdrawal will be deducted proportionately from each of your investments. Withdrawals from the GIF 8 may be subject to special withdrawal charges and an MVA. (See Investment Options The Fixed Options. ) Complete or partial withdrawals under back-load Contracts may be subject to a withdrawal charge. (See Withdrawal Charges. ) Such withdrawals may be prohibited under the terms of your plan, and may also trigger certain tax penalties. (See Federal Income Taxes. ) Withdrawals may also be made after the Maturity Date. If Annuity Payments are being made under variable income plan 1, the payee may surrender the Contract and receive the value of the Annuity Units credited to his or her Contract, less the applicable withdrawal charge. (See Withdrawal Charges. ) For Contracts, issued in Oregon sold prior to May 1, 2013, no Account B Prospectus 15

24 withdrawals may be made within the first five years after the date a variable income plan 1 takes effect. If Annuity Payments are being made under variable income plan 2 and the payee dies during the certain period (or if both payees die during the certain period of variable income plan 3), the beneficiary may surrender the Contract and receive the withdrawal value of the unpaid payments for the certain period. The withdrawal value is based on the Annuity Unit value on the withdrawal date, with the unpaid payments discounted at the Assumed Investment Rate. (See Description of Variable Income Plans. ) We may accept withdrawal requests (including, but not limited to exchanges reported under IRC 1035 and direct trustee to trustee transfers) in writing or by telephone, subject to our administrative procedures, which may include the proper completion of certain forms, the provision of appropriate identifying information, and other administrative requirements. Full surrenders require a signed form. Withdrawal requests must be submitted on properly completed Northwestern Mutual forms or an electronic order ticket. See Owner Inquiries and Instructions for more information. Improperly submitted and incomplete forms will not be considered to be in good order and will not be processed. We will process your request at the accumulation value next determined only after our receipt of your request in good order, which includes satisfaction of all our administrative requirements. Subject to our administrative procedures and our approval, you may request that a withdrawal be processed (or that an Income Plan start) on a future date you specify. Otherwise, we will pay the amount of any withdrawal from the Separate Account within seven days (or whatever period that may be required under applicable state law) after we receive the request in good order unless the suspension of payments or transfers provision is in effect. You may revoke a request for withdrawal on a specified future date any time prior to such future date. Subject to our rules, requirements, and availability, your Financial Representative may provide us with instructions on your behalf involving the frequency, amount, and destination of partial and complete withdrawals made under your Contract. If mandated under applicable law, we may be required to block an Owner s account and thereby refuse to pay any requests for transfer, partial withdrawal, surrender or death benefits, until instructions are received from the appropriate regulator. We may also be required to provide additional information about an Owner and an Owner s account to government regulators. Benefits Provided Under the Contracts Subject to the restrictions noted below, we will pay the death benefit of a Contract in a lump sum or under the Income Plans described below. We reserve the right to defer determination of the withdrawal value of the Contracts, or the payment of benefits under a variable income plan, until after the end of any period during which the right to redeem shares of a Portfolio is suspended, or payment of the redemption value is postponed pursuant to the provisions of the 1940 Act because of one or more of the following: (a) the NYSE is closed, except for routine closings on holidays or weekends; (b) the SEC has determined that trading on the NYSE is restricted; (c) the SEC permits suspension or postponement and so orders; (d) an emergency exists, as defined by the SEC, so that valuation of the assets of the Funds or disposal of securities they hold is not reasonably practical; or (e) such suspension or postponement is otherwise permitted by the 1940 Act. If, under SEC rules, the Government Money Market Portfolio suspends payments of redemption proceeds in connection with a liquidation of the Portfolio, we will delay payment of any transfer, partial surrender, surrender or death benefit from the Government Money Market Division until the Portfolio is liquidated. Death Benefit How Much is the Death Benefit? The amount of the Death Benefit depends in part on when the Annuitant dies. (Remember that the Annuitant is the person upon whose life the Contract is issued.) If an Annuitant dies before the Contract s Maturity Date and on or after his or her 75 th birthday the Death Benefit will equal the Contract Value (determined as described below). If an Annuitant dies after the Contract s Maturity Date (which is stated on the specifications page of the Contract), or any time after Annuity Payments begin, no Death Benefit is payable. Income Plans have their own payout benefit rules at death. (See Income Plans. ) If an Annuitant dies before the Contract s Maturity Date and before his or her 75 th birthday the Death Benefit will equal the greater of the following: the Contract Value (determined as described immediately below); or the amount of Purchase Payments we received, less an adjustment for every withdrawal. (For each withdrawal, we reduce the minimum death benefit by the percentage of the Contract Value withdrawn.) When is the Death Benefit Determined? In determining the amount of the Death Benefit, the Contract Value is determined as of the date we receive proof of the Annuitant s death at our Home Office. If we receive proof of death before the close of trading for the NYSE (typically, 4:00 p.m. Eastern Time), we will determine the Contract Value based on the value of the units in the Divisions determined at the close of that day s trading session. If, however, we receive proof of death on or after the close of NYSE trading, we will determine the Contract Value based on the value of the units in the Divisions determined at the close of the next NYSE trading session. The values in any Guaranteed Account are determined in the same manner as are the values in the Separate Account Divisions; i.e., based on the time we receive the appropriate paperwork. 16 Account B Prospectus

25 Guaranteed Minimum Death Benefit Examples Set forth below are two numerical examples illustrating the effect of a withdrawal from the contract upon the minimum death benefit. The first example shows a hypothetical increase in Contract Value and a hypothetical withdrawal amount; the second shows a hypothetical decrease in Contract Value and a different hypothetical withdrawal amount (this method of calculating reductions has a greater effect on withdrawals when the death benefit exceeds the Contract Value): When Contract Value Exceeds Total Purchase Payments When Contract Value is Less Than Total Purchase Payments Total Purchase Payments $50,000 $50,000 Guaranteed Minimum Death Benefit immediately before withdrawal $50,000 $50,000 Contract Value at the time of withdrawal $100,000 $40,000 Withdrawal Amount $25,000 $10,000 Proportionate Adjustment for Withdrawal ($25,000/$100,000) x $50,000 = $12,500 ($10,000/$40,000) x $50,000 = $12,500 Percentage Reduction in Death Benefit 25% 25% Guaranteed Minimum Death Benefit immediately after the withdrawal $50,000 $12,500 = $37,500 $50,000 $12,500 = $37,500 An enhanced death benefit ( EDB ) is available at extra cost. The EDB allows an Owner to lock in increases in Contract Value as measured on each Contract anniversary date prior to the Primary Annuitant s 80 th birthday, increased by the dollar amount of subsequent Purchase Payments and proportionally reduced for subsequent withdrawals, in determining the death benefit payable. The EDB also guarantees that the death benefit payable under the Contract will never be less than Purchase Payments made under the Contract (adjusted for any withdrawals). The EDB on any Valuation Date equals the greatest of (i) the Contract value on that date, (ii) the amount of Purchase Payments made under the Contract (adjusted for any withdrawals), or (iii) the EDB on the most recent Contract anniversary date prior to the Primary Annuitant s 80 th birthday, increased by any Purchase Payments we received since that Contract anniversary and decreased by the percentage of Contract value withdrawn since that Contract anniversary. We deduct the extra cost for the EDB from the Contract Value on each Contract anniversary while the EDB is in effect. (See Enhanced Death Benefit Charge. ) The EDB is available through issue age 65 (i.e., the application must be approved no later than six months following the Primary Annuitant s 65 th birthday) and must be elected when the Contract is issued. The EDB will remain in effect until the Maturity Date or the death of the Primary Annuitant or if you ask us to remove it from your Contract. You cannot add it to your Contract again after it has been removed. Enhanced Death Benefit Examples Set forth below is a numerical example demonstrating the calculation of the enhanced death benefit (assuming an initial purchase payment of $100,000 with no subsequent purchase payments and no withdrawals): Contract Anniversary Contract Value Enhanced Death Benefit First $120,000 $120,000 Second $130,000 $130,000 Third $110,000 $130,000 Set forth below is an example showing the calculation of both the death benefit and the enhanced death benefit for a contract with a subsequent purchase payment and a withdrawal (for illustrative purposes, the contract values are hypothetical and no annual fees are taken into account): Date-Activity Contract Value Death Benefit Enhanced Death Benefit 1/1/2017 $100,000 Initial Purchase Payment 1/1/2018 $50,000 Purchase Payment $100,000 (immediately after Purchase Payment) $120,000 (immediately before Purchase Payment) 6/1/2018 $20,000 withdrawal $125,000 (immediately before the withdrawal) $100,000 $100,000 $150,000 (i.e., the sum of the two Purchase Payments) (1 $20,000/$125,000) x $150,000 = $126,000 (immediately after the withdrawal) $170,000 (i.e., the highest anniversary account value plus the $50,000 Purchase Payment) (1 $20,000/$125,000) x $170,000 = $142,800 (immediately after the withdrawal) How is the Death Benefit Distributed? If the Owner is the Annuitant and dies before the Contract s Maturity Date, the Beneficiary automatically becomes the new Owner and Annuitant, and the Contract continues in force. (If there is more than one Beneficiary for a given Contract, each Beneficiary must make his or her own method of payment election.) If the Contract continues in force, we will set the Contract Value at an amount equal to the Death Benefit. If this results in an addition to the Contract Value, we will place the additional amount in the Government Money Market Division and the Beneficiary (now, the Account B Prospectus 17

26 new Owner) may transfer it to the Divisions chosen by such Beneficiary/Owner or to a Guaranteed Account (if available) transfers to a GIF 8 in this circumstance are allowed only if no funds were invested in the GIF 8 on the death of the Annuitant. Pursuant to the terms of the Contract, the Contract Value will remain invested in the same investment options as those at the time of the Annuitant s death until such time as the Beneficiary elects to transfer to different investment options or to make a withdrawal. If the Owner is not the Annuitant and the Annuitant dies before the Maturity Date, the contingent Annuitant automatically becomes the new Annuitant and the Contract continues in force. If no contingent Annuitant is named within 60 days (or whatever period that may be required under applicable state law) after we receive proof of death of the Annuitant, the Death Benefit becomes payable to the Owner. If an Owner is the Annuitant and, during his or her life, elected an Income Plan (see Income Plans ) for a Beneficiary, Annuity Payments begin to such Beneficiary upon the death of the Owner, as described above. If the Owner did not elect an Income Plan for a Beneficiary, the Beneficiary may elect to: continue the Contract (as described above), receive the Death Benefit under an Income Plan, subject to limitations under federal and/or state law, or receive the Death Benefit as a lump sum check. In any event, the Beneficiary must take distributions from the Contract pursuant to the applicable minimum distribution requirements. (See Minimum Distribution Requirements. ) If no affirmative election is made, the Beneficiary will receive the Death Benefit as a lump sum check. Income Plans Generally If you decide to begin receiving Annuity Payments from your Contract, you may choose either: (1) monthly payments for a specified period (guaranteed only for contracts issued before May 1, 2013), or (2) monthly payments for your life (assuming you are the Annuitant), and you may choose to have payments continue to your Beneficiary for the balance of 10 or 20 years if you die sooner, or (3) monthly payments for your life and for the life of another person (usually your spouse) selected by you. These Income Plans are available to you on a variable or fixed basis, or a combination thereof, depending on applicable state law. Your Contract may guarantee the right to other Income Plans, and we may offer other Income Plans from time to time from which you may choose when deciding to start receiving Annuity Payments. While no charges are assessed on fixed income plans, we will continue to assess mortality rate and expense risk charges on variable income plans. You will also continue to incur the fees and expenses of the underlying Portfolios in which you direct the assets supporting your Income Plan be invested. The fixed income plans are not described in this prospectus. If you select a fixed income plan, we will cancel any Accumulation Units credited to your Contract, transfer the withdrawal value of the Contract to our General Account, and you will no longer have any interest in the Separate Account. We may make a withdrawal charge in determining the withdrawal value. (See Withdrawal Charges. ) Your interest, if any, in our General Account would also include the value of any amounts allocated to any Guaranteed Account, plus credited interest, less any withdrawals you have made and any applicable MVA. A variable income plan means that the amount representing the actuarial liability under the variable income plan will continue to be invested in one or more of the investment choices you select. Your monthly Annuity Payments will vary up or down to reflect continuing investment performance. Under a variable income plan, you bear the entire investment risk, since we make no guarantees of investment return. Accordingly, there is no guarantee of the amount of the variable payments, and you must expect the amount of such payments to change from month to month. A fixed income plan, on the other hand, guarantees the amount you will receive each month. For a discussion of tax considerations and limitations regarding the election of Income Plans, see Federal Income Taxes. On the Maturity Date, if you have not elected a permissible Income Plan (i.e., one offered by the Company for your Contract), we will change the Maturity Date to the Contract anniversary nearest the Annuitant s 98 th birthday (if the Maturity Date is not already such date) and, upon that Maturity Date, we will pay the Contract Value in monthly payments for life under a variable income plan with payments certain for ten years, using your investment choices then in effect. In addition, upon the Maturity Date, expiration of a Guaranteed Period, or when you elect a variable income plan, any amounts in a Guaranteed Account will be transferred to the Government Money Market Portfolio unless you instruct us otherwise. Description of Variable Income Plans The following variable income plans are available: 1. Period Certain (sometimes referred to as Installment Income for a Specified Period). An annuity payable monthly for a specified period of 10 to 30 years during the first five Contract years and over a specified period of 5 to 30 years beginning with the sixth Contract year (guaranteed only for contracts issued before May 1, 2013). 2. Single Life Income with or without Period Certain (sometimes referred to as Single Life Income with or without Certain Period). An annuity payable monthly until the payee s death, or until the expiration of a selected certain period, whichever is later. You may select a certain period of either 10 or 20 years, or you may choose a plan with no certain period. After the payee s death, we will make any remaining guaranteed payments to the designated beneficiary. 3. Joint and Survivor Life Income with Period Certain (sometimes referred to as Joint and Survivor Life Income with Certain Period). An annuity payable monthly for a certain period of 10 years and thereafter to two persons for their joint 18 Account B Prospectus

27 lives. On the death of either payee, payments continue for the remainder of the 10 years certain or the remaining lifetime of the survivor, whichever is longer. We may, subject to applicable state law, limit the election of a variable income plan to one that results in an initial payment of at least $20. A variable income plan will continue even if payments fall to less than $20 after the plan begins. From time to time we may establish variable income plan rates with greater actuarial value than those stated in the Contract and make them available at the time of settlement. We may also make available other plans, with provisions and rates we publish for those plans. After the effective date of an Income Plan which does not involve a life contingency (i.e., Plan 1), a payee may transfer to either form of life annuity (i.e., Plans 2 or 3) at no charge. We will apply the value of the remaining payments to the new plan selected. We will determine the amount of the first Annuity Payment under the new plan on the basis of the particular plan selected, the Annuity Payment rate, and the Annuitant s adjusted age and sex. Subsequent payments will vary to reflect changes in the value of the Annuity Units credited. We may permit other transfers between Income Plans, subject to such limitations we may reasonably determine. Generally, however, we permit neither withdrawals from an Income Plan involving a life contingency nor transfer to an Income Plan that does not involve the same life contingency. Income Plans for Beneficiaries may differ from those offered to Owners. At the written request of the Owner, we may impose restrictions on payments to beneficiaries. Amount of Annuity Payments We will determine the amount of the first Annuity Payment on the basis of the particular variable income plan you select, the Annuity Payment rate (i.e., the stream of projected annuity payments based on an actuarial projection of the length of time annuity payments will continue as well as other factors including the assumed investment rate) and, for plans involving life contingencies, the Annuitant s adjusted age and sex. A contract with Annuity Payment rates that are not based on sex is also available. (See Special Contract for Employers. ) We will calculate the amount of the first Annuity Payment on a basis that takes into account the length of time over which we expect Annuity Payments to continue. The first payment will be lower for an Annuitant who is younger when payments begin, and higher for an Annuitant who is older, if the variable income plan involves life contingencies. The first payment will be lower if the variable income plan includes a longer certain period. Variable Annuity Payments after the first will vary from month to month to reflect the fluctuating value of the Annuity Units credited to your Contract. Annuity Units represent the actuarial value of a variable income plan s interest in a Division of the Separate Account after Annuity Payments begin. Class A Accumulation Units become Class A Annuity Units and Class B Accumulation Units become Class B Annuity Units on the Maturity Date. Assumed Investment Rate The variable annuity rate tables for the Contracts are based upon an Assumed Investment Rate of 3 1 2%. Variable Annuity rate tables based upon an Assumed Investment Rate of 5% are also available where permitted by state law. The Assumed Investment Rate affects both the amount of the first variable payment and the amount by which subsequent payments increase or decrease. The Assumed Investment Rate does not affect the actuarial value of the future payments as of the date when payments begin, though it does affect the actual amount which may be received by an individual Annuitant. Over a period of time, if each Division achieved a net investment result exactly equal to the Assumed Investment Rate applicable to a particular variable income plan, the amount of Annuity Payments would be level. However, if the Division achieved a net investment result greater than the Assumed Investment Rate, the amount of Annuity Payments would increase. Similarly, if the Division achieved a net investment result smaller than the Assumed Investment Rate, the amount of Annuity Payments would decrease. A higher Assumed Investment Rate will result in a larger initial payment but more slowly rising and more rapidly falling subsequent payments than a lower Assumed Investment Rate. Deductions We will make the following deductions: Sales Load For the front-load Contract we deduct a sales load from all Purchase Payments we receive. The sales load compensates us for the costs we incur in selling the Contracts. We will pay any excess of distribution expenses over sales loads from our general assets. These assets may include proceeds from the charge for mortality rate and expense risks described below. For front-load contracts sold between May 1, 2000 and April 30, 2003, the sales load on cumulative purchase payments in excess of $1,000,000 is 0.5%. We base the deduction on cumulative Purchase Payments we have received and the rates in the table below: Cumulative Purchase Payments Paid Under the Contract Rate First $100, % Next $400, % Balance over $500, % Contract Fee On each Contract anniversary prior to the Maturity Date, we make a deduction of $30 for administrative expenses relating to the Contracts during the prior year. We cannot increase this charge. We make the charge by reducing the number of Accumulation Units credited to the Contract. For purposes of allocating and deducting the annual Contract fee, we consider any investment in a Guaranteed Account as though it were an investment of the same amount in one of the Separate Account Divisions, except that no amount will be taken from a GIF 8 unless insufficient value exists in the GIF 1 and the Separate Account Divisions. This fee is intended only to reimburse us for our actual administrative expenses. We waive the Contract fee if the Contract Value on the Contract anniversary is $25,000 or more. Currently, we are also waiving the Contract fee if the Purchase Payments, less withdrawals, equal or exceed $25,000. We reserve the right to change this practice in the future. Account B Prospectus 19

28 Mortality Rate and Expense Risk Charges Nature and Amount of the Charges When we determine the value of Accumulation and Annuity Units, we deduct a charge for mortality rate and expense risks we have assumed. We assume, for example, the risk that Annuity Payments will continue for longer periods than anticipated because the Annuitants as a group live longer than expected. We also assume the risk that the charges we make may be insufficient to cover the actual costs we incur in connection with the Contracts, including other costs such as those related to marketing and distribution. We assume these risks for the duration of the Contract. In case these costs exceed the amount of the charges we collect, the costs will be paid out of our general assets. If the amount of the charge is more than sufficient to cover the mortality and expense risk, any excess may be used for any Company purpose. For the front-load Contract, the deduction from Accumulation Units and Annuity Units is at a current annual rate of 0.50% of the assets of the Separate Account. For the back-load Contract, the deduction for Class B Accumulation Units and Class B Annuity Units is at a current annual rate of 1.25% of the assets of the Separate Account; the deduction for Class A Accumulation Units and Class A Annuity Units is at a current annual rate of 0.50% of the assets of the Separate Account. While our Board of Trustees may increase or decrease such deductions, in no event may the deduction exceed an annual rate of 0.75% for the front-load Contract, 1.50% for the backload Contract Class B Accumulation and Annuity Units, and 0.75% for the back-load Contract Class A Accumulation and Annuity Units. Reduction of the Charges For the back-load Contracts, we convert Class B Accumulation Units to Class A Accumulation Units on a Contract anniversary if the Contract Value is at least $25,000 and the Purchase Payment which paid for the Class B Accumulation Units has reached Category Zero, that is, its withdrawal charge rate is 0%. (See Withdrawal Charges. ) As a result of the conversion, the mortality rate and expense risks charge is reduced from 1.25% to 0.50% on these units based on current rates. The conversion amount includes the purchase payment in Category Zero and a proportionate share of investment earnings. We allocate the conversion amount proportionately to each Division, and we adjust the number of Accumulation Units in each Division to reflect the relative values for Class A and Class B Accumulation Units on the date of the conversion. The same conversion process and a similar result applies to amounts in a Guaranteed Account. We do not convert Class A Accumulation Units back to Class B Accumulation Units even if the value of your Contract falls below $25,000. We do not convert Annuity Units from Class B to Class A. Other Expense Risks The value of your Contract may reflect a deduction of any reasonable expenses which may result if there were a substitution of other securities for shares of the Portfolios as described under The Separate Account and any applicable taxes, (i.e., any tax liability) we have paid or reserved for resulting from the maintenance or operation of a Division of the Separate Account, other than applicable premium taxes which we may deduct directly from considerations. We do not presently anticipate that we will make any deduction for federal income taxes (see Taxation of Northwestern Mutual ), nor do we anticipate that maintenance or operation of the Separate Account will give rise to any deduction for state or local taxes. However, we reserve the right to charge the appropriate Contracts with their shares of any tax liability which may result under present or future tax laws from the maintenance or operation of the Separate Account or to deduct any such tax liability in the computation of the value of such Contracts. Our right to make deductions for expenses resulting from a substitution of securities may be restricted by the 1940 Act. Withdrawal Charges Withdrawal Charge Rates When not waived (as described below), we assess certain withdrawal charges if you elect to withdraw Class B Accumulation Units for cash. Such charges compensate us for expenses associated with the sales of the Contracts, including sales commissions. We base the withdrawal charge on purchase payments made according to the categories and rates in the following table: Category Withdrawal Charge Rate 8,7, % % % % % % % We base the amount in each Category (i.e., the number of years remaining in a withdrawal charge period for a particular Purchase Payment) on cumulative Purchase Payments you have made and on the number of Contract anniversaries that have occurred since you made each Purchase Payment. The first $100,000 of total Purchase Payments paid over the life of the Contract start in Category Eight, the next $400,000 start in Category Four, and all additional Purchase Payments paid start in Category Two. As of each Contract anniversary, we move any amount in a Category to the next lower Category until the Contract anniversary on which that amount reaches Category Zero. The total withdrawal charge will be the sum of all the results calculated by multiplying the amount in each Category by the rate for that Category. The amounts we use will be taken first from the withdrawal charge free amount; next from the Class A Accumulation Units; next from the Class B Accumulation Units in the order that produces the lowest withdrawal charge; and last from any remaining value in the Contract. For example, suppose a back-load contract has an initial Purchase Payment of $400,000 and is allocated among the Division(s) of the Separate Account. The first $100,000 begins in withdrawal charge Category Eight and the remaining $300,000 begins in withdrawal charge Category Four. The withdrawal charge in the first year would be not more than $18,000, i.e., 4% of $300,000 plus 6% of $100,000. Suppose no further Purchase Payments and no withdrawals during the 20 Account B Prospectus

29 first four years. The $100,000 that was in Category Eight at issue would have moved down one Category each Contract anniversary such that it would move to Category Four on the fourth Contract anniversary. The $300,000 that was in Category Four at issue would move to Category Zero. Suppose the Contract value on the fourth anniversary was $600,000. Because 75% of the Purchase Payments ($300,000/$400,000) are moving to Category Zero, 75% of the Contract value ($450,000) would convert to Class A Accumulation Units and 25% ($150,000) would remain as Class B Accumulation Units. For a withdrawal occurring within the next year, the first $15,000 (10% of $150,000) would be withdrawn from Class B with no withdrawal charge. The next amount withdrawn would be the Contract value attributable to Class A Accumulation Units with no withdrawal charge. The next $100,000 withdrawn (from Class B) would be subject to a 4% withdrawal charge. The withdrawal charge for a full withdrawal would be not more than $4,000. A withdrawal charge is not assessed on any earnings. To illustrate withdrawal charges on partial withdrawals, consider the following example. Supposed a back-load contract has an initial Purchase Payment of $100,000. On the second contract anniversary, the owner withdraws $20,000, but because of market appreciation, the Contract value at the time of the withdrawal equals $120,000 immediately before the withdrawal. Of the total $20,000 withdrawal, the free partial withdrawal amount is $12,000 (10% of $120,000). The withdrawal charge on the remaining $8,000 is $480 (6% of $8,000). Now assume that on the third contract anniversary, the owner wishes to withdraw the entire account value. At that time, the contract value equals $110,000. The free partial withdrawal amount is $11,000 (10% of $110,000). On the next $92,000 [$100,000 (the amount of the purchase payments) less $8,000 (the amount on which a withdrawal charge has already been assessed)], the withdrawal charge assessed is $4,600 (5% of $92,000). On the rest of the remaining account value (i.e., $7,000), the withdrawal charge is $0. Because we used the $8,000 of purchase payments to determine the charge on the second anniversary, we will not use that amount again for this withdrawal. Waiver of Withdrawal Charges When we receive proof of death of the Primary Annuitant, we will waive withdrawal charges applicable at the date of death by moving Purchase Payments received prior to the date of death to Category Zero. We will also waive the withdrawal charge if the Primary Annuitant has a terminal illness, or is confined to a nursing home or hospital after the first Contract year, in accordance with the terms of the Contract and applicable state law. You may not make Purchase Payments after we are given proof of a terminal illness or confinement. A withdrawal charge free amount is available under a Contract if the Contract Value is at least $10,000 on the Contract anniversary preceding the withdrawal. For each Contract year after the first one, the withdrawal charge free amount is 10% of the value of the Class B Accumulation Units on the last Contract anniversary. We will make no withdrawal charge when you select a variable income plan. However, we will make the withdrawal charge if you make a withdrawal, or partial withdrawal, within five years after the beginning of a variable income plan which is not contingent on the payee s life (i.e., Plan 1). For fixed income plans, the Contract provides for deduction of the withdrawal charge when the Income Plan is selected. By current administrative practice, so long as the Contract has been in force for at least one full year, we will waive the withdrawal charge if you select a fixed income plan for a certain period of 12 years or more or certain fixed income plans which involve a life contingency. As a matter of administrative practice, which we reserve the right to change at any time in our sole discretion, we are currently waiving withdrawal charges on the greater of (i) the Contract Year withdrawal charge free amount or (ii) the current year Required Minimum Distributions (except for withdrawals from GIF 8) when submitted on our Required Minimum Distribution Request form. On July 26, 2007, the Treasury and the Internal Revenue Service issued final regulations governing tax-deferred annuities subject to the provisions of Section 403(b) of the Internal Revenue Code that, among other things, require a written plan document, nondiscrimination testing and universal availability and impose restrictions on exchanges, transfers and distributions. These rules became effective on January 1, However, the restrictions on transfers took effect on September 24, Because of the requirements of these regulations, Northwestern Mutual will not accept new tax-deferred annuity plans and will allow new purchase payments, rollovers, or transfers into, and transfers out of, its existing tax-deferred annuity contracts only if certain conditions are met. Withdrawal Charges and Our Distribution Expenses The amount of withdrawal charges we collect from the back-load Contracts as a group will depend on the volume and timing of withdrawal transactions. We are unable to determine in advance whether this amount will be greater or less than the distribution expenses we incur in connection with those Contracts, but based on the information presently available we believe it is more likely than not that distribution expenses we incur will be greater than the withdrawal charges we receive. We bear this risk for the duration of the Contracts. We will pay any excess of distribution expenses over withdrawal charges from our general assets. These assets may include proceeds from the charge for mortality rate and expense risks described above. Special Withdrawal Charges and Rules Applicable to Guaranteed Accounts See The Investment Options Fixed Options for special withdrawal charges and rules applicable to investments in the GIF 8. Other Charges Enhanced Death Benefit Charge On each Contract anniversary on which the enhanced death benefit is in effect, we deduct from the Contract Value a charge based on the Account B Prospectus 21

30 amount of the enhanced death benefit on the Contract Anniversary and the age of the Annuitant when the Contract was issued. The charge is 0.10% of the amount of the enhanced death benefit for issue age 45 or less, 0.20% for issue age 46-55, and 0.40% for issue age This charge is for the risks we assume in guaranteeing the enhanced death benefit. Except for some Contracts subject to New York law, we deduct the charge from the Divisions of the Separate Account and the Guaranteed Accounts in proportion to the amounts you have invested. (For New York front and back load Contracts issued on or after 1/16/04, the charge is deducted only from the Separate Account Divisions and not from the Guaranteed Account(s).) Premium Taxes The Contracts provide for the deduction of applicable premium taxes, if any, from Purchase Payments or from Contract benefits. Various jurisdictions levy premium taxes. Premium taxes presently range from 0% to 3.5% of total Purchase Payments. Many jurisdictions presently exempt from premium taxes annuities such as the Contracts. As a matter of current practice, we do not deduct premium taxes from Purchase Payments received under the Contracts or from Contract benefits. However, we reserve the right to deduct premium taxes in the future. The amount deducted, if any, may be more or less than the percentage charged by your state of residence. Portfolio Expenses and Charges The expenses borne by the Portfolios in which the assets of the Separate Account are invested are described in the attached mutual fund prospectuses. For certain Portfolios, certain expenses were reimbursed or fees waived during 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 1.38%. Expedited Delivery Charge When, at your request, we incur the expense of providing expedited delivery of your redemption request (e.g., a complete or partial withdrawal) we assess the following charges: $15 for express mail delivery (plus $2 for signature required service) and $15 for a wire transfer. Federal Income Taxes Qualified and Non-Tax Qualified Plans We offer the Contracts for use under the tax-qualified plans (i.e., contributions are generally not taxable) identified below: 1. Individual retirement annuities pursuant to the provisions of Section 408 of the Code, including a traditional IRA established under Section 408(b), simplified employee pensions established under Section 408(j) and (k) and SIMPLE IRAs established under Section 408(p). 2. Roth IRAs pursuant to the provisions of Section 408A of the Code. 3. Tax-deferred annuities pursuant to the provisions of Section 403(b) of the Code for employees of public school systems and tax-exempt organizations described in Section 501(c)(3). 4. Deferred compensation plans established pursuant to Section 457 of the Code for employees of state and local governments and tax-exempt organizations. 5. Nontransferable annuity contracts issued in exchange for fixed dollar annuities previously issued by Northwestern Mutual or other insurance companies or as distributions of termination or death benefits from tax-qualified pension or profit-sharing plans or trusts or annuity purchase plans. We also offer the Contracts for use in non tax-qualified situations (i.e., contributions are taxable). Contribution Limitations and General Requirements Applicable to Contracts Traditional IRA If an individual has earned income, the individual and the individual s spouse are each permitted to make a maximum contribution of $5,500 for 2016 and the limit is indexed thereafter. The contribution limit is reduced by contributions to any Roth IRAs of the Owner. A catch up contribution of $1,000 per year is allowed for Owners who are age 50 or older. Contributions cannot be made after age Annual contributions are generally deductible unless the Owner or the Owner s spouse is an active participant in another qualified plan during the taxable year. If the Owner is an active participant in a plan, the deduction phases out at an adjusted gross income ( AGI ) of between $62,000 $72,000 for single filers and between $98,000 $118,000 (indexed) for married individuals filing jointly. If the Owner is not an active participant in a plan but the Owner s spouse is, the Owner s deduction phases out at an AGI of between $184,000 $194,000 (indexed). Federal income tax refunds can be directly deposited into an IRA, subject to contribution limits. The Owner may also make tax free rollover and direct transfer contributions to an IRA from the Owner s other IRAs or tax qualified plans. The surviving spouse can also roll over the deceased Owner s IRA, tax deferred Annuity or qualified plan to the spouse s own IRA or any other plan in which the spouse participates that accepts rollovers. A nonspouse beneficiary of the deceased owner s IRA, tax-deferred annuity or qualified plan may also roll over the proceeds to an inherited IRA in a trustee to trustee transfer, subject to annual minimum required distribution rules. An IRA is nonforfeitable and generally cannot be transferred. Roth IRA If an individual has earned income, the individual and the individual s spouse are each permitted to make a maximum contribution of $5,500 for 2016 and is indexed thereafter. The contribution limit is reduced by contributions 22 Account B Prospectus

31 to any traditional IRAs of the Owner. A catch up contribution of $1,000 per year is allowed for Owners who are age 50 or older. The maximum contribution is phased out at an adjusted gross income ( AGI ) of between $117,000 and $132,000 for single filers, between $184,000 and $194,000 for married individuals filing jointly and between $0 and $10,000 for married individuals filing separately. Regular contributions to a Roth IRA are not deductible. In addition, certain declared federal disaster relief or military service provisions may supplement this information. An IRA, SEP or SIMPLE IRA (after two years of participation in a SIMPLE IRA plan) and employer plans may be rolled over or converted to a Roth IRA. Special valuation rules may apply to the conversion. A rollover to a Roth IRA is fully taxable but is not subject to a 10% premature withdrawal penalty. SEP An employer can make a maximum contribution to a SEP for an eligible employee of the lesser of 25% of the employee s compensation up to $265,000 or $53,000 (for 2016). In a SEP that permits employee contributions, the employee is allowed to contribute up to $18,000 in 2016, indexed thereafter. Employees who are age 50 or over may also make a catch up contribution of $5,500 for 2016, indexed thereafter. The employer is allowed to match the catch up contribution for any taxable year. SEP contributions are subject to certain minimum participation and nondiscrimination requirements. Contributions and earnings thereon are not includible in the employee s gross income until distributed. The Contracts are nonforfeitable and nontransferable. SIMPLE IRA A SIMPLE IRA can be established by an employer for any calendar year in which the employer has no more than 100 employees who each earned at least $5,000 during the preceding calendar year and the employer does not maintain another employer sponsored retirement plan. An eligible employee can elect to contribute up to $12,500 (for 2016). The employer must contribute either a matching contribution of up to 3% of the employee s compensation or non-elective contribution of 2% of the employee s compensation up to $265,000 (for 2016) for each employee. A catch up contribution of $3,000 for 2016 and indexed thereafter is allowed for employees who are age 50 or older. The employer is allowed to match the catch up contribution for any taxable year. Contributions and earnings thereon are not includible in the employee s gross income until distributed. SIMPLE IRAs are exempt from the nondiscrimination, top-heavy and reporting rules applicable to qualified plans. The Contracts are nonforfeitable and nontransferable. Tax Deferred Annuity Section 403(b) tax deferred annuities can be established for employees of Section 501(c)(3) tax exempt organizations and public educational organizations. The maximum amount that can be contributed depends upon the type(s) of contributions made to the employee s account and the amount of your includible compensation for your most recent year of service: Elective Deferrals Only: If there are elective employee deferrals only, the limit for 2016 is the lesser of two rules: (1) the lesser of 100% of the employee s compensation up to $265,000 or $53,000 or (2) a flat dollar limit of $18,000, indexed thereafter. Employees age 50 or over may make an additional catch up contribution of $6,000 for 2016 and the limit is indexed thereafter. Nonelective Contributions Only: If the only contributions are nonelective employer contributions, the maximum limit for 2016 is the lesser of 100% of compensation up to $265,000 or $53,000. Both Employee and Employer Contributions: Employers are allowed to match employee elective deferrals, including the catch up contribution, for any taxable year or to make contributions in a form other than a match. In such a case, the total of employee and employer contributions for 2016 cannot exceed the lesser of 100% of compensation up to $265,000 or $53,000. Contributions and earnings thereon are not included in the employee s gross income until distributed. Tax deferred annuities are nonforfeitable and nontransferable and distributions of salary reduction contributions and earnings thereon (except those held as of December 31, 1988) cannot be withdrawn prior to age except on account of severance of employment, death, disability or hardship (contributions only). If employer contributions are made to a tax deferred annuity, it subjects the annuity to ERISA and tax rules that apply to qualified plans, including minimum coverage, nondiscrimination and spousal consent requirements. ERISA disclosure rules also apply. On July 26, 2007, the Treasury and the Internal Revenue Service issued final regulations governing tax-deferred annuities subject to the provisions of Section 403(b) of the Internal Revenue Code that, among other things, require a written plan document, nondiscrimination testing and universal availability and impose restrictions on exchanges, transfers and distributions. These rules became effective on January 1, However, the restrictions on transfers took effect on September 24, Because of the requirements of these regulations, Northwestern Mutual will not accept new taxdeferred annuity plans and will not allow new purchase payments, rollovers, or transfers into its existing tax-deferred annuity contracts. Transfers out of its existing tax-deferred annuity contracts can only take place if certain conditions are met. Section 457 Plan A Section 457 deferred compensation plan can be established by a state or local government or taxexempt organization. Contracts must be owned by a trust for the exclusive benefit of the employees and the employees beneficiaries in a governmental plan and by the employer (subject to claims of the employer s general creditors) in a plan of a tax-exempt organization. An employee can defer under the plan the lesser of 100% of compensation up to $265,000 (indexed for 2016) or $18,000 for 2016 (indexed thereafter). The dollar limit is doubled if the employee is within 3 years of retirement. Unless the employee is within 3 years of retirement, a catch up contribution of $6,000 for 2016 and indexed thereafter is allowed for employees who are age Account B Prospectus 23

32 50 or older. Amounts deferred and earnings thereon are not includible in the employee s gross income until they are paid or made available to the employee or the employee s beneficiary or, in the case of a governmental plan, until they are paid. Nontransferable Annuity Nontransferable Annuity Contracts are Contracts held in a tax-qualified plan or trust and transferred to the employee on the employee s separation from service or death or the termination of the plan. These Contracts cannot accept additional purchase payments and must comply with the spousal consent requirements. Non-Tax Qualified Contract There are no limitations on who can purchase a non-tax qualified annuity or the amount that can be contributed to the Contract. Contributions to nontax qualified Contracts are not deductible. For the Contract to qualify as a non-tax qualified annuity, the Contract death proceeds must be distributed to any non-spouse beneficiary either within five years of the Owner s death or over a period not to exceed the beneficiary s life or life expectancy commencing within one year of the Owner s death. The surviving spouse is not subject to any distribution requirements. Taxation of Contract Benefits For Contracts held by individuals, no tax is payable as a result of any increase in the value of a Contract. Except for qualified distributions from Roth IRAs, Contract benefits will be taxable as ordinary income when received in accordance with Section 72 of the Code. IRAs, SEPs, SIMPLE IRAs, TDAs and Section 457 Plans and Nontransferable Annuities As a general rule, benefits received as Annuity Payments or upon death or withdrawal from these Contracts will be taxable as ordinary income when received. Where nondeductible contributions are made to individual retirement annuities and other tax-qualified plans, the Owner may exclude from income that portion of each Annuity Payment which represents the ratio of the Owner s investment in the contract to the Owner s expected return as defined in Section 72, until the entire investment in the contract is recovered. Benefits paid in a form other than Annuity Payments will be taxed as ordinary income when received except for that portion of the payment which represents a pro rata return of the employee s investment in the contract. After the Owner attains age , a 50% penalty may be imposed on payments made from individual retirement annuities, tax-deferred annuities, nontransferable annuity contracts and Section 457 deferred compensation plans to the extent the payments are less than certain required minimum amounts. (See Minimum Distribution Requirements. ) With certain limited exceptions, including hardship withdrawals and required minimum distributions, benefits from individual retirement annuities, SEPs, taxdeferred annuities, governmental Section 457 plans, and nontransferable annuity contracts are subject to the tax-free roll-over provisions of the Code. However, rollovers of SIMPLE IRAs to individual retirement arrangements within 2 years after the Owner first participates in the SIMPLE IRA plan are fully taxable. A loan transaction, using a Contract purchased under a taxqualified plan as collateral, will generally have adverse tax consequences. For example, such a transaction destroys the tax status of the individual retirement annuity and results in taxable income equal to the Contract Value. Section 457 Plans may also be subject to special rules that limit distributions to separation from service, death, disability, or specified date or hardship. Violation of these rules will result in current taxation of the deferrals and earnings thereon plus a 20% penalty. Roth IRAs Qualified distributions from a Roth IRA are not taxable. A qualified distribution is a distribution (1) made at least 5 years after the issuance of the Owner s first Roth IRA, and (2) made after the Owner has attained age , made to a beneficiary after the Owner s death, attributable to the Owner being disabled, or used to pay acquisition expenses of a qualified first time home purchase. A nonqualified distribution is taxable as ordinary income only to the extent it exceeds the investment in the contract as defined in Section 72. Distributions are not required to be made from a Roth IRA before the Owner s death. A withdrawal from a Roth IRA of part or all of an IRA rollover contribution within 5 years of the rollover is subject to a 10% premature withdrawal penalty (unless an exception applies). Rollover contributions are treated as withdrawn after regular contributions for this purpose. A regular or conversion contribution to a Roth IRA can be recharacterized to an IRA in a trustee-to-trustee transfer provided the transfer includes the net income or loss allocable to the contribution and is completed by the due date for filing the Owner s federal income tax return for the year the contribution was made. The recharacterized amount will be treated for tax purposes as originally made from the IRA. Recharacterized amounts can be reconverted to a Roth IRA once each calendar year. Benefits from a Roth IRA can be rolled over or transferred directed only to another Roth IRA. Nonqualified Contracts If the Owner of a non-tax qualified Contract elects to receive the entire value of the Contract as Annuity Payments under a variable income plan or fixed income plan, or a portion of the Contract as Annuity Payments under either Income Plan for a period of at least the Owner s life expectancy or ten years, benefits received will be taxable as ordinary income to the extent they exceed that portion of each payment which represents the ratio of the Owner s investment in the contract to the Owner s expected return as defined in Section 72 (the exclusion ratio ), until the entire investment in the contract is recovered. Benefits received in a lump sum or as partial annuity payments that do not qualify for exclusion ratio taxation will be taxable as ordinary income to the extent they exceed the investment in the contract. A partial withdrawal or collateral assignment prior to the Maturity Date will result in the receipt of gross income by the Owner to the extent that the amounts withdrawn or assigned 24 Account B Prospectus

33 do not exceed the excess (if any) of the total value of Accumulation Units over total purchase payments paid under the Contract less any amounts previously withdrawn or assigned. Thus, any investment gains reflected in the Contract Values are considered to be withdrawn first and are taxable as ordinary income. For Contracts issued after October 21, 1988, investment gains will be determined by aggregating all nontax qualified deferred Contracts we issue to the Owner during the same calendar year. For taxable years beginning in 2013, part or all of the taxable benefits from and sales of non-tax qualified Contracts may be subject to an additional 3.8% Medicare tax. The tax will be assessed on the Owner s net investment income for the year to the extent that the Owner s adjusted gross income (with slight modifications) exceeds $250,000 (married filing jointly or surviving spouse), $125,000 (married filing separately) or $200,000 (other filers) (not indexed). The term net investment income is defined to include payments from nontax qualified annuities and dispositions of property. You should consult a tax advisor about the impact of this new tax on distributions from your contract/policy. One or more non-tax qualified Contracts can be wholly or partially exchanged for one or more other Annuity Contracts under Section 1035 of the Code without recognition of gain or loss. However, withdrawals taken within 6 months after a partial exchange may cause the partial exchange to be taxed as a withdrawal. Certain nonqualified Contracts not held by individuals, such as Contracts purchased by corporate employers in connection with deferred compensation plans, will not be taxed as Annuity Contracts and increases in the value of the Contracts will be taxable in the year earned. Premature Withdrawals A penalty tax will apply to premature payments of Contract benefits. A penalty tax of 10% of the amount of the payment which is includible in income will be imposed on non-exempt withdrawals under individual retirement annuities, Roth IRAs, tax deferred annuities, nontransferable annuity contracts and nonqualified deferred annuities. The penalty tax increases to 25% for nonexempt withdrawals from SIMPLE IRAs within 2 years after the Owner first participates in the SIMPLE IRA plan. Payments which are exempt from the penalty tax include payments upon disability, after age and for certain substantially equal periodic payments for life. Additional exceptions for certain large medical expenses, reimbursement of health insurance premiums paid while the Owner was unemployed, qualified education expenses and first time home purchases apply to IRAs and Roth IRAs. Minimum Distribution Requirements All of the Contracts are required to satisfy some form of minimum distribution requirement. A 50% excise tax applies for each violation of these requirements (except under nonqualified Contracts). 1. IRAs, SEPs, Simple IRAs, TDAs, Section 457 Plans and Nontransferable Annuities: As a general rule, the Owner of these Contracts is required to take certain distributions during the Owner s life and the beneficiary designated by the Owner is required to take the balance of the Contract Value within certain specified periods following the Owner s death. The Owner must take the first required distribution by the required beginning date and subsequent required distributions by December 31 of that year and each year thereafter. Payments must be calculated according to the Uniform Table provided in IRS regulations, which provides divisors based on the joint life expectancy of the Owner and an assumed beneficiary who is ten years younger. Where the beneficiary is the Owner s spouse, as defined under federal tax law, and the spouse is more than ten years younger than the Owner, distributions may be based upon their joint life expectancy instead of the Uniform Table. The required beginning date for IRAs, SEPs and Simple IRAs is April 1 of the calendar year following the calendar year the Owner attains age The required beginning date for TDAs, Section 457 plans and nontransferable annuities is April 1 of the calendar year following the calendar year in which the Owner attains age or retires, if later. Upon the death of the Owner, the Owner s beneficiary must take distributions under one of two main rules: (1) the life expectancy rule, or (2) the five year rule. (1) Life Expectancy Rule: A beneficiary may take distributions based on the beneficiary s life or life expectancy. Generally, distributions must commence by December 31 of the year following the year of the Owner s death. (See below for exception for spouse beneficiary.) (2) Five Year Rule: A beneficiary may elect to withdraw the entire account balance over five years, completing distribution no later than December 31 of the year containing the fifth anniversary of the Owner s death. If the Owner dies on or after the required beginning date, a minimum distribution must be made for the year of death, to the extent not already paid to the Owner. 2. Spousal Exceptions: If the designated beneficiary is the Owner s spouse, as defined under federal tax law (below), the spouse may roll over the Contract into an IRA owned by the spouse or to any other plan in which the spouse participates that accepts rollovers. The spouse may then defer distributions until the spouse s own required beginning date. Alternatively, if the spouse elects the life expectancy rule, distributions do not need to begin until December 31 of the year following the year of the Owner s death or, if later, by the end of the year the Owner would have attained age Nonspouse Transfers: A nonspouse designated beneficiary may directly roll over the death proceeds to an inherited IRA. The nonspouse designated beneficiary is then required to take distributions pursuant to the minimum distribution requirements discussed above. 4. Roth IRAs: The Owner of a Roth IRA is not required to take required minimum distributions during the Owner s lifetime. However, after the Owner s death, the beneficiary designated by the Owner is required to take distributions pursuant to the minimum distribution requirements discussed above. Account B Prospectus 25

34 5. Nonqualified Contracts: The Owner of a non-tax qualified Contract is not required to take required minimum distributions during the Owner s lifetime. However, the designated beneficiary is required to take distributions pursuant to rules similar to the at death minimum distribution requirements for IRAs, except that the first minimum distribution is due within 12 months of the Owner s death, instead of by December 31 of the calendar year following the year of death and the surviving spouse, as defined by federal tax law, is not required by the tax law to take any distributions during his or her lifetime, and may extend deferral by electing a spousal exchange. Mandatory Withholding Generally, benefit payments from tax-deferred annuities, nontransferable annuity contracts, and governmental Section 457 plans will be subject to mandatory 20% withholding unless the payments are rolled over directly to a traditional IRA or to an eligible employer plan that accepts rollovers. An eligible employer plan includes a plan qualified under Section 401(a) of the Internal Revenue Code, including a 401(k) plan, profit-sharing plan, defined benefit plan, stock bonus plan, and money purchase plan; a Section 403(a) annuity plan; a Section 403(b) tax-deferred annuity; and a governmental Section 457 plan. Exceptions apply if benefits are paid in substantially equal installments over the life or life expectancy of the employee (or of the employee and the employee s beneficiary) or over a period of 10 years or more, or are required minimum distributions because these payments are not eligible to be rolled over. Taxation of Northwestern Mutual We may charge the appropriate Contracts with their shares of any tax liability which may result from the maintenance or operation of the Divisions of the Separate Account. We are currently making no charge. (See Deductions. ) Other Considerations You should understand that the tax rules for annuities and qualified plans, including but not limited to Plan provisions, payments and deductions and taxation of distributions from such Plans and Trusts, as set forth in the Code and the regulations relating thereto, are complex and cannot be readily summarized. Furthermore, special rules are applicable in many situations, and prospective purchasers desiring to adopt an HR-10 pension or profit-sharing plan or trust should consult qualified tax counsel. The foregoing discussion does not address special rules applicable in many situations, rules governing Contracts issued or purchase payments made in past years, current legislative proposals, or state or other law. This tax discussion is intended for the promotion of Northwestern Mutual Life products. It does not constitute legal or tax advice, and is not intended to be used and cannot be used to avoid any penalties that may be imposed on a taxpayer. Taxpayers should seek advice based on their particular circumstances from an independent tax advisor. Before you purchase a Contract, we advise you to consult qualified tax counsel. Contract Owner Services Automatic Dollar-Cost Averaging The Dollar-Cost Averaging Plan is an investment strategy designed to reduce the investment risks associated with market fluctuations. The strategy spreads the allocation of money (expressed in whole percentages and in amounts of at least $100) into the Divisions over a period of time by systematically and automatically transferring, on a monthly, quarterly, semiannual, or annual basis, specified dollar amounts from the Government Money Market Division into the other Division(s). This allows you to potentially reduce the risk of investing most of your Purchase Payments into the Divisions at a time when prices are high. Transfers will end either when the amount in the Government Money Market Division is depleted or when you notify us to stop such transfers, whichever is earlier. There is no charge for the Dollar-Cost Averaging Plan. We reserve the right to modify or terminate the Dollar-Cost Averaging Plan at any time. Dollar cost averaging does not assure a profit or protect against loss in a declining market. Carefully consider your willingness to continue payments during periods of low prices. Electronic Funds Transfer ( EFT ) Another convenient way to invest using the dollar-cost averaging approach is through our EFT Plan. These automatic withdrawals allow you to add Purchase Payments to the Division(s) within your traditional IRA, Roth IRA, SEP IRA, or non-tax qualified Contract on a regular monthly basis through payments drawn directly on your checking account. There is no charge for the EFT service. A program of regular investing cannot assure a profit or protect against loss in a declining market. Systematic Withdrawal Plan You can arrange to have regular amounts of money sent to you while your Contract is still in the accumulation phase. Our Systematic Withdrawal Plan allows you to automatically redeem Accumulation Units to generate monthly payments. The withdrawals may be taken either proportionately from each investment option or from specific investment options you designate except that proportionate deductions are not made from a multi-year Guaranteed Account unless amounts in the other investment options are insufficient to cover the requested withdrawal. Systematic withdrawals continue until at least one of the following occurs: (1) the amount in any of the selected Portfolios or Guaranteed Accounts is depleted; (2) less than 100 Accumulation Units remain in the Contract; (3) a systematic withdrawal plan terminates; (4) when the final amount is distributed and there is no value left in the Contract (in which case the Contract will terminate); or (5) you terminate systematic withdrawals. We may deduct a withdrawal charge from any amount you withdraw in excess 26 Account B Prospectus

35 of your free withdrawal amount, and you may have to pay income taxes and tax penalties on amounts you receive. There is no charge for the Systematic Withdrawal Plan service. We reserve the right to modify or terminate this Systematic Withdrawal Plan at any time. Automatic Required Minimum Distributions ( RMD ) For IRAs, SEP Plans, SIMPLE IRA Plans, 403(b) Plans, and Nontransferable Annuities, you can arrange for annual required minimum distributions to be sent to you automatically once you turn age Special Withdrawal Privilege You can withdraw 10% of the Contract s accumulation value without a surrender charge, if the Contract has at least a $10,000 balance, beginning on the first Contract anniversary. Portfolio Rebalancing To help you maintain your asset allocation over time, we offer a rebalancing service. This will automatically readjust your current investment option allocations, on a periodic basis (i.e., monthly, quarterly, semiannually, or annually), back to the allocation percentages you have selected. There is no charge for this Portfolio Rebalancing feature. We reserve the right to modify or terminate this Portfolio Rebalancing feature at any time. If you transfer between underlying investment options, automatic portfolio rebalancing ( APR ) will ordinarily end and you will need to make a new APR election if you want APR to continue. Only Contracts with accumulation values of $10,000 or more or those Contracts that have been annuitized are eligible. Portfolio rebalancing may only be used with the variable, not the fixed, investment options. A program of regular investing cannot assure a profit or protect against loss in a declining market. Interest Sweeps If you select this service we will automatically sweep or transfer interest from the GIF 1 to any combination of Divisions. Interest earnings can be swept monthly, quarterly, semi-annually or annually. Transfers (which must be expressed in whole percentages) will end either on a date you specify or when the amount of interest being transferred is less than $25, whichever is earlier. Only Contracts with $10,000 or more in the GIF 1 are eligible. (Interest sweeps are not available for amounts in the GIF 8.) The amount and timing restrictions that ordinarily apply to transfers between the GIF 1 and the investment Divisions do not apply to interest sweeps. Substitution of Portfolio Shares and Other Changes When permitted by law and subject to any required regulatory approvals, we reserve the right to eliminate a Portfolio and to substitute another Portfolio or mutual fund for such Portfolio if the shares of the Portfolio are no longer available for investment or, in our judgment, further investment in the Portfolio is no longer appropriate. Pursuant to an order of the Securities and Exchange Commission ( SEC ), effective November 15, 2013 the Commodity Return Strategy Portfolio was substituted for the Commodities Return Strategy Portfolio, a series of the Northwestern Mutual Series Fund, Inc. (the Replaced Portfolio ). The Replaced Portfolio is no longer available as an investment option. In the event we take any action to substitute another Portfolio in the future, we may make an appropriate endorsement of your Contract and take other necessary actions. Owner Inquiries and Instructions Get up-to-date information about your Contract at your convenience with your User ID and password. Visit our website ( to enroll for access to Division performance information, forms for routine service, and daily unit values for Contracts you own. Eligible Contract Owners may also set up certain electronic payments, transfer invested assets among Divisions and change the allocation of future contributions online, subject to our administrative procedures. For questions about your Contract or Division values, assistance with payments or distributions, or other contract changes (such as transferring among investment options, changing allocations, or obtaining Division performance information), please contact us toll-free at The submission of transfer or withdrawal instructions by telephone or through our website ( Electronic Instructions ) must be made in accordance with our then current procedures for Electronic Instructions. However, we are not required to accept Electronic Instructions, and we will not be responsible for losses resulting from transactions based on unauthorized Electronic Instructions, provided we follow procedures reasonably designed to verify the authenticity of Electronic Instructions. Please note that the telephone and/or electronic devices may not always be available. Any telephone or electronic device, whether it is yours, your service provider s, or your agent s or ours, can experience outages or slowdowns for a variety of reasons, which may delay or prevent our processing of your request. Although we have taken precautions to limit these problems, we cannot promise complete reliability under all circumstances. If you are experiencing problems, you should make your transfer request by writing to our Home Office. We reserve the right to limit, modify, suspend, or terminate the ability to make transfers via Electronic Instructions. Householding To reduce costs, we now send only a single copy of the same disclosure document(s) (such as prospectuses, prospectus supplements, reports, announcements, proxy statements, notices, and information statements) to each consenting household (rather than sending copies to each Owner residing in a household). If you are a member of such a household, you can revoke your consent to householding at any time, and can begin receiving your own copy of such disclosure documents by calling us at Allocation Models We currently make available allocation models at no extra charge. You can select only one model at a time. Each of the five models currently available is comprised of a combination of Portfolios representing various asset classes with various levels of risk tolerance ranging from conservative to very aggressive. Please contact your financial representative for more information about available models. You may only select a model we currently make available. Any investment allocations outside of your original model Account B Prospectus 27

36 must be made by you, and will not be made by the Company. We do not provide investment advice regarding whether a model should be revised or whether it remains appropriate to invest in accordance with any particular model due to performance, a change in your investment needs or for other reasons. If you wish to remove Portfolios from your model and/or change your allocations to a current model we make available, you may do so by contacting your financial representative or by calling There will be no automatic rebalancing to these models unless you chose the automatic rebalancing option. Please note that investment in a model does not eliminate the risk of loss and it does not protect against losses in a declining market. Available models may change from time to time. We reserve the right to modify, suspend, or terminate any asset allocation model at any time without affecting your current allocation, except in limited circumstances involving a Substitution or the elimination of a Portfolio as an investment option under your Contract (see Substitution of Portfolio Shares and Other Changes above for more information regarding the substitution of a Portfolio). Your allocations in a Portfolio within a model (Original Portfolio) will be transferred to a different Portfolio if Original Portfolio becomes no longer available (e.g., a substitution, merger, liquidation or closure), in which case we will send you written notice in advance of such event. If you were invested in a model that is no longer offered and you initiated a change outside of your original model allocations you will not be able to select your original model (see Transfers Between Divisions above for more information about how to change your portfolio allocations). Please note that investment according to an allocation model may result in an increase in assets allocated to Portfolios managed by an investment adviser affiliated with us, and therefore a corresponding increase in Portfolio management fees collected by such adviser and may present a conflict of interest. Additional Information The Distributor We sell the Contracts through our Financial Representatives who also are registered representatives of Northwestern Mutual Investment Services, LLC ( NMIS ). NMIS, our wholly-owned company, was organized under Wisconsin law in 1998 and is located at 611 East Wisconsin Avenue, Milwaukee, Wisconsin NMIS is a registered broker-dealer under the Securities Exchange Act of 1934 and is a member of the Financial Industry Regulatory Authority. NMIS is the principal underwriter of the Contracts, and has entered into a Distribution Agreement with us. Under the Distribution Agreement, the Company receives all sales loads and withdrawal charges, and pays NMIS an annual fee based upon NMIS actual expenses for the services NMIS performs under the Distribution Agreement, including all compensation payable to its registered representatives. Commissions paid to the agents on sales of the Contracts are calculated partly as a percentage of purchase payments and partly as a percentage of Contract values for each Contract year. Northwestern Mutual variable insurance and annuity products are available exclusively through NMIS and its registered representatives and cannot be held with or transferred to an unaffiliated broker-dealer. Except in limited circumstances, NMIS registered representatives are required to offer Northwestern Mutual variable insurance and annuity products. The amount and timing of sales compensation paid by insurance companies varies. The commissions, benefits, and other sales compensation that NMIS and its registered representatives receive for the sale of a Northwestern Mutual variable insurance or annuity product might be more or less than that received for the sale of a comparable product from another company. Because registered representatives of the Distributor are also our appointed agents, they may be eligible for various cash benefits, such as bonuses, insurance benefits, retirement benefits, and non-cash compensation programs that we offer, such as conferences, achievement recognition, prizes, and awards. In addition, Distributor s registered representatives who meet certain productivity, persistency and length of service standards and/or their managers may be eligible for additional compensation. For example, registered representatives who meet certain annual sales production requirements with respect to their sales of Northwestern Mutual insurance and annuity products may qualify to receive additional cash compensation for their other sales of investment products and services. Sales of the Contracts may help registered representatives and/or their managers qualify for such compensation and benefits. Certain of the Distributor s registered representatives may receive other payments from us for the recruitment, development, training, and supervision of Financial Representatives, production of promotional literature, and similar services. Commissions and other incentives and payments described above are not charged directly to Owners or to the Separate Account. We intend to recoup sales expenses through fees and charges deducted under the Contract. The Distributor s registered representatives receive ongoing servicing compensation related to the Contracts but may be ineligible to receive ongoing servicing compensation paid by issuers of other investment products for certain smaller accounts. Terminal Illness Benefit Withdrawal charges are waived if the Primary Annuitant is terminally ill (as defined in the Terminal Illness Benefit Rider) and has a life expectancy of 12 months or less (or whatever period that may be required under applicable state law). No withdrawal charge will be waived if the determination of terminal illness is made before the Contract was issued. No Purchase Payments may be made to the Contract once proof of terminal illness is provided to the Company. Whether by Contract or Company practice, we are extending this benefit to terminal injury as well, effective May 1, Account B Prospectus

37 Nursing Home Benefit Withdrawal charges are waived after the first Contract anniversary if the Primary Annuitant s confinement is medically necessary for at least 90 consecutive days (or whatever period that may be required under applicable state law) on a 24 hour per day basis in a licensed nursing facility or hospital (as defined in the Nursing Home Benefit Rider). No withdrawal charge will be waived if the confinement began before the Contract was issued. No Purchase Payments may be made to the Contract once proof of confinement is provided to the Company. A request for waiver of withdrawal charges must be made no later than 90 days (or whatever period that may be required under applicable state law) following the date confinement ended. The Terminal Illness and Nursing Home Benefits are not available in New York. Voting Rights As long as the Separate Account continues to be registered as a unit investment trust under the 1940 Act, and as long as Separate Account assets of a particular Division are invested in shares of a given Portfolio, we will vote the shares of that Portfolio held in the Separate Account in accordance with instructions we receive from (i) the Owners of Accumulation Units supported by assets of that Division; and (ii) the payees receiving payments under variable income plans supported by assets of that Division. Periodic reports relating to the Portfolios, proxy material, and a form (on which one can give instructions with respect to the proportion of shares of the Portfolio held in the Account corresponding to the Accumulation Units credited to the Contract, or the number of shares of the Portfolio held in the Account representing the actuarial liability under the variable income plan, as the case may be) will be made available to each Owner or payee. The number of shares will increase from year to year as additional purchase payments are made by the Contract Owner; after a variable income plan is in effect, the number of shares will decrease from year to year as the remaining actuarial liability declines. We will vote shares for which no instructions have been received and shares held in our General Account in the same proportion as the shares for which instructions have been received from Contract Owners and payees. Because of this proportional voting requirement, it is possible that a small number of Contract Owners and payees could determine the outcome of a particular vote. Dividends This Contract is eligible to share in the divisible surplus, if any, of the Company, except while payments are being made under a variable income plan. Each year we determine, in our sole discretion, the amount and appropriate allocation of divisible surplus. Divisible surplus credited to your Contract is referred to as a dividend. There is no guaranteed method or formula for the determination or allocation of divisible surplus. The Company s approach is subject to change. There is no guarantee of a divisible surplus. Even if there is a divisible surplus, the payment of a dividend on this Contract is not guaranteed. It is not expected that any dividends will be payable on this Contract, except, possibly, on certain fixed installment plans. We will credit dividends, if any, attributable to your Contract on the Contract anniversary. Dividends, if any, credited prior to the Maturity Date will be applied as a Net Purchase Payment on the Contract anniversary unless the Owner elects to have the dividend paid in cash. However, if the NYSE is closed on the Contract Anniversary, the amount of any dividend will be applied as of the next Valuation Date after the Contract anniversary. Dividends, if any, applied as a Net Purchase Payment will be allocated to the Divisions of the Separate Account according to the allocation of Net Premiums then in effect. For the back-load Contracts we reduce expense charges by converting Class B Accumulation Units to Class A Accumulation Units on larger, older Contracts. (See Mortality Rate and Expense Risk Charges. ) The Contracts issued prior to March 31, 2000, do not include this conversion feature, and we currently pay dividends on some of those Contracts. (See Dividends for Contracts Issued Prior to March 31, ) Dividends for Contracts Issued Prior to March 31, 2000 During the year 2016 we are paying dividends on approximately 50% of the inforce variable annuity contracts we issued prior to March 31, Dividends are not guaranteed to be paid in future years. The dividend amount is volatile since it is based on the average variable Contract Value which is defined as the value of the Accumulation Units on the last Contract anniversary adjusted to reflect any transactions since that date which increased or decreased the Contract s interest in the Account. Dividends on these variable annuities arise principally as a result of more favorable expense experience than that which we assumed in determining deductions. Such favorable experience is generated primarily by older and/or larger Contracts, which have a mortality and expense risk charge of at least 0.75%. In general, we are not paying dividends on Contracts with an average variable Contract Value of less than $25,000. Approximately 91% of those with a value above $25,000 will receive dividends. The expected dividend payout for the year 2016 represents about 67% of the average variable Contract Value for those Contracts that will receive dividends. The maximum dividend we are paying on a specific Contract is about 0.75%. We credit any dividend for a Contract on the anniversary date of that Contract. We apply the dividend as a net purchase payment unless you elect to have the dividend paid in cash. In the case of a Contract purchased as an individual retirement annuity pursuant to Section 408(b) of the Internal Revenue Code, dividends cannot be paid in cash but must be applied as Net Purchase Payments under the Contract. Internal Annuity Exchanges As a matter of current practice, which we may limit or stop at any time in our discretion, we permit owners of certain fixed and variable annuity contracts that we have previously issued to exchange those contracts for front-load or back-load Contracts without paying a second charge for sales expenses. Such exchanges are not intended to be available for all owners, as they may not be in a particular owner s best interest. We are not presently charging an administrative fee on these transactions. We permit only one such transaction in any 12-month period. Account B Prospectus 29

38 In general, amounts exchanged from a Contract with a withdrawal charge to a new back-load Contract are not assessed a withdrawal charge when the exchange is effected; rather, premium payments are placed in the same withdrawal charge category under the new back-load Contract as they were before the exchange (any appreciation attributable to the premium payments is not subject to withdrawal charges). A similar rule applies to amounts exchanged from a front-load Contract to a new back-load Contract (i.e., no withdrawal charge or sales load will be charged on premium payments and any appreciation attributable thereto that are exchanged into a new back-load Contract) and to amounts exchanged from a front-load Contract to a new front-load Contract (i.e., no second front-load will be charged on amounts exchanged from an existing front-load Contract to a new front-load Contract). We may also allow internal exchanges on back-load Contracts when (i) there are no applicable withdrawal charges on the Contract being exchanged, and (ii) the exchange involves a rollover from a qualified plan to an IRA or another qualified plan or a consolidation into an existing or new frontload Contract. Fixed annuity contracts, which are not described in this prospectus, are available in exchange for the Contracts on a comparable basis. Speculative Investing Do not purchase this contract if you plan to use it, or any of its riders, for any type of speculative collective investment scheme (including, for example, arbitrage). Your Contract is not intended to be traded on any stock exchange or secondary market, and attempts to engage in such trading may violate state and/or federal law. Abandoned Property Requirements Every state has unclaimed property laws which generally declare insurance contracts/policies to be abandoned after a period of inactivity of three to five years from the contract s/policy s maturity date, the date the death benefit is due and payable, or in some states, the date the insurer learns of the death of the insured. For example, if the payment of the death benefit has been triggered, but, if after a thorough search, we are still unable to locate the beneficiary, or if the beneficiary does not come forward to claim the death benefit proceeds in a timely manner, the death benefit proceeds will be paid to the abandoned property division or unclaimed property office of the state in which the beneficiary or you last resided, as shown on our books and records, or to our state of domicile. This escheatment is revocable, however, and the state is obligated to pay the death benefit proceeds (without interest) if your beneficiary steps forward to claim it with the proper documentation. To prevent such escheatment, it is important that you update your beneficiary designations, including addresses, if and as they change. Please call to make such changes. Cybersecurity The Company has administrative, technical and physical safeguards in place with respect to information security, nevertheless, our variable product business is potentially susceptible to operational and information security risks resulting from a cyber-attack as it is highly dependent upon the effective operation of our computer systems and those of our business partners. These risks include, among other things, the theft, misuse, corruption and destruction of data maintained online or digitally, denial of service on websites and other operational disruption and unauthorized release of confidential customer information. Cyber-attacks affecting us, the underlying funds, intermediaries and other affiliated or third-party service providers may adversely affect us and your Contract Value. For instance, cyber-attacks may interfere with our processing of contract transactions, including the processing of orders from our website or with the underlying funds, impact our ability to calculate AUVs, cause the release and possible destruction of confidential customer or business information, impede order processing, subject us and/or our service providers and intermediaries to regulatory fines and financial losses and/or cause reputational damage. Cybersecurity risks may also impact the issuers of securities in which the underlying funds invest, which may cause the funds underlying your Contract to lose value. There can be no assurance that we or the underlying funds or our service providers will avoid losses affecting your Contract due to cyber-attacks or information security breaches in the future. Legal Proceedings Northwestern Mutual, like other life insurance companies, generally is involved in litigation at any given time. Although the outcome of any litigation cannot be predicted with certainty, we believe that, as of the date of this prospectus, there are no pending or threatened lawsuits that will have a materially adverse impact on the ability of Northwestern Mutual to meet its obligations under the Contract, on the Separate Account, or on NMIS and its ability to perform its duties as underwriter for the Separate Account. Table of Contents for Statement of Additional Information Page DISTRIBUTION OF THE CONTRACTS... B-3 DETERMINATION OF ANNUITY PAYMENTS... B-3 Amount of Annuity Payments... B-3 Annuity Unit Value... B-4 Illustrations of Variable Annuity Payments... B-4 VALUATION OF ASSETS OF THE ACCOUNT... B-5 Page TRANSFERABILITY RESTRICTIONS... B-5 EXPERTS... B-5 FINANCIAL STATEMENTS OF THE ACCOUNT... F-1 FINANCIAL STATEMENTS OF NORTHWESTERN MUTUAL... NM-1 30 Account B Prospectus

39 TO: The Northwestern Mutual Life Insurance Company Life and Annuity Products Department Room 2E East Wisconsin Avenue Milwaukee, WI Please send a Statement of Additional Information for NML Variable Annuity Account B to: Name Address City State Zip

40 APPENDIX A Prior Contracts To the extent not otherwise described below, or specifically described elsewhere in this prospectus, the material features of prior series of these Contracts are consistent with the current series of Contracts as described in this prospectus. FEATURES OF QQ PRIOR CONTRACTS JJ/KK LL/MM Front Load Contract Back Load Contract Dates Offered (Subject to State Approval) 11/1/ /16/ /17/1981-3/30/1995 3/31/1995-3/30/2000 Front Load Withdrawal Charge (Back Load) Annual Mortality Rate/ Annuity Rate & Expense Guarantee Charge (Applied daily against the unit value of each variable investment division.) Cumulative purchase payments for the contract year are subject to the following front-end loads: 8% first $5,000 4% next $20,000 2% next $75,000 1% on amounts over $100,000 Not Applicable Accumulation Units: Maximum: 1% Current: 0.75% Not Applicable Cumulative purchase payments are subject to the following withdrawal charges: 8% of the first $25,000 4% of the next $75,000 2% on amounts over $100,000 On each anniversary, the charge reduces 1%. Withdrawal charges are waived as described in the prospectus (See Waiver of Withdrawal Charges ) except that such charges will be waived if proceeds are settled under a fixed life income plan on or after the 10 th contract anniversary, or if proceeds are settled anytime under a variable life income or period certain income plan for a period of 5 or more years. Accumulation Units: Maximum: 1.50% Current: 1.25% Cumulative purchase payments are subject to the following front-end loads: 4.00% first $100, % next $400, % next $500, % on amounts over $1,000,000 Not Applicable Accumulation Units: Maximum: 0.75% Current: 0.40% Annuity Units: Maximum: 0.75% Current: 0.00% Not Applicable Cumulative purchase payments are subject to the following withdrawal charges: 8.00% of the first $100, % of the next $400, % on the next $500, % on amounts over $1,000,000 On each anniversary, the charge reduces 1%. Waiver of withdrawal charges is consistent with current series. Accumulation Units: Maximum: 1.50% Current: 1.25% Annuity Units: Maximum: 1.50% Current: 1.25% 32 Account B Prospectus

41 FEATURES OF PRIOR CONTRACTS JJ/KK LL/MM Annual Contract Fee Amount of the Death Benefit Distribution of the Death Benefit Withdrawal Charge Free Amount Waiver of Withdrawal Charge on Income Plans None The contract fee is lesser of $30 or 1% of accumulation value at the anniversary, but it is waived in a manner consistent with the current series. Annuitant Dies on or After 75 th birthday: The payment at death will be the value of the Accumulation Units determined as of the close of business on the valuation date on which proof of death is received in the Home Office, or if later the date on which a method of payment is elected. Annuitant Dies Before 75 th birthday: The payment at death will not be less than the total considerations, excluding those for the Disability Waiver of Consideration Benefit, paid under the contract; less any amounts returned in a surrender of a portion of the Accumulation Value. QQ Front Load Contract Back Load Contract The contract fee is consistent with the current series. Annuitant Dies on or After 75 th birthday: The payment at death will be the Accumulation Value of the contract determined on the Valuation Date on which proof of death is received in the Home Office, or if later the date on which a method of payment is elected. Annuitant Dies Before 75 th birthday: The death benefit will not be less than the total Purchase Payments paid under the contract, less any amounts withdrawn under the contract. Upon receipt in the Home Office of satisfactory proof of the death of the Annuitant before the maturity date payment of the death benefit will be paid to the beneficiary. The Owner may name or change a beneficiary while the Annuitant is living; or during the first 60 days after the death of the Annuitant, if the Annuitant was not the Owner immediately prior to the Annuitant s death. A change made during this 60 days cannot be revoked. If the Owner is the Annuitant and dies before the Contract s Maturity Date, each beneficiary may elect to continue his or her respective portion of the death proceeds to a new (current series) Contract through an internal exchange. If the Owner is not the Annuitant and the Annuitant dies before the maturity Date, the Death Benefit becomes payable to the Owner; however, if the Owner and the Beneficiary are the same, the Owner may elect to exchange the death proceeds to a new (current series) Contract through an internal exchange, or elect any other settlement choice available. Not Applicable Not Applicable LL Series: There is no withdrawal charge free amount. LL Series Withdrawal charge is not waived on benefits paid under a fixed life income plan. MM Series issued before 1991: By Company practice, a withdrawal charge free amount is available under a Contract if the Contract Value is at least $10,000 on the Contract anniversary preceding the withdrawal, up to 10% of the Accumulation Value on the last Contract anniversary. MM Series There is no withdrawal charge on benefits paid under a fixed life income plan that takes effect on or after the tenth anniversary of the contract. Not Applicable Not Applicable By Company practice, a withdrawal charge free amount is available under a Contract if the Contract Value is at least $10,000 on the Contract anniversary preceding the withdrawal, up to 10% of the Accumulation Value on the last Contract anniversary. The waiver of withdrawal charge on Income Plans is consistent with the current series. Account B Prospectus 33

42 FEATURES OF PRIOR CONTRACTS JJ/KK LL/MM QQ Front Load Contract Back Load Contract Maximum Maturity Age By Company practice, and as state law allows, the maximum maturity age is 98. Fixed Options The rates, Income Plans, transfer restrictions, and other features of the Fixed Options vary from series to series and state to state. See your Contract and any Contract amendment for details. You may not invest in any fixed option unless your Contract provides for a fixed investment option or if your Contract contains an amendment dated before January 1, 2013 providing for such a fixed investment option. Expense Examples for Prior Contracts The following Examples apply to contracts previously issued by the Company and are calculated under the same assumptions as the Examples for the current Contract. (See Examples ). Although your actual costs may be higher or lower than those shown below, based on these assumptions, your costs would be as follows: JJ/KK Series Contracts Issued Prior to December 17, Year 3 Years 5 Years 10 Years Maximum Total Annual Portfolio Operating Expenses... $ 801 $1,274 $1,771 $3,134 Minimum Total Annual Portfolio Operating Expenses... $ 696 $ 899 $1,119 $1,751 LL/MM Series Contracts Issued After December 16, 1981 and Prior to March 31, 1995 Assuming a surrender or annuitization, just before the end of each time period, to a fixed income plan prior to the 10 th contract anniversary or a period certain income plan for a period of less than 5 years; i.e., where a withdrawal charge would apply 1 Year 3 Years 5 Years 10 Years Maximum Total Annual Portfolio Operating Expenses... $1,066 $1,473 $1,905 $3,205 Minimum Total Annual Portfolio Operating Expenses... $ 955 $1,080 $1,229 $1,813 Assuming no surrender, no annuitization or assuming an annuitization to a fixed life income plan on or after the 10 th contract anniversary, or if the proceeds are settled anytime under a variable life income or period certain income plan for a period of 5 or more years 1 Year 3 Years 5 Years 10 Years Maximum Total Annual Portfolio Operating Expenses... $ 266 $ 873 $1,505 $3,205 Minimum Total Annual Portfolio Operating Expenses... $ 155 $ 480 $ 829 $1,813 Annual contract fee is reflected as % QQ Series Contracts Issued on or After March 31, 1995 and Prior to March 31, 2000 Back-Load Contract (assuming a surrender or annuitization, just before the end of each time period, to a fixed income plan with a certain period of less than 12 years; i.e., where a withdrawal charge would apply) 1 Year 3 Years 5 Years 10 Years Maximum Total Annual Portfolio Operating Expenses... $1,066 $1,473 $1,905 $3,205 Minimum Total Annual Portfolio Operating Expenses... $ 955 $1,080 $1,229 $1,813 Back-Load Contract (assuming no surrender, no annuitization, or assuming an annuitization to a variable income plan; i.e., where a withdrawal charge would not apply) 1 Year 3 Years 5 Years 10 Years Maximum Total Annual Portfolio Operating Expenses... $ 266 $ 873 $1,505 $3,205 Minimum Total Annual Portfolio Operating Expenses... $ 155 $ 480 $ 829 $1,813 Front-Load Contract 1 Year 3 Years 5 Years 10 Years Maximum Total Annual Portfolio Operating Expenses... $ 581 $1,015 $1,475 $2,743 Minimum Total Annual Portfolio Operating Expenses... $ 474 $ 630 $ 800 $1,293 Front-Load Contract Back-Load Contract Annual contract fee is reflected as % 0.02% 34 Account B Prospectus

43 APPENDIX B Accumulation Unit Values The tables on the following pages present the Accumulation Unit Values for Contracts offered by means of this prospectus as well as contracts no longer offered for sale. The contracts no longer offered for sale are different in certain material respects from contracts offered currently. The values shown below for back-load version contracts issued on or after December 17, 1981 and prior to March 31, 2000 are calculated on the same basis as those for the Class B Accumulation Units for the back-load version Contracts described in this prospectus. Accumulation Units Values set forth below for front-load version Contracts issued on or after March 31, 2000 reflect the values of front-load version Accumulation Units as well as back-load version Class A Accumulation Units. See Application of Purchase Payments, Mortality Rate and Expense Risk Charges Reduction of the Charges and Withdrawal Charges Withdrawal Charge Rates for additional information regarding Class A and Class B Accumulation Units under the back-load version Contracts. Number of units outstanding are shown in thousands. Accumulation Unit Values Contracts Issued On or After March 31, 2000 Northwestern Mutual Series Fund, Inc. December 31, Growth Stock Division Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $1.558 $1.477 $1.362 $1.007 $0.896 $0.913 $0.816 $0.598 $0.983 $0.905 Number of Units Outstanding... 50,834 51,962 52,329 52,702 53,543 51,554 48,351 46,640 46,147 46,701 Back-Load Version Class B Accumulation Unit Value... $4.407 $4.209 $3.909 $2.913 $2.612 $2.680 $2.415 $1.782 $2.952 $2.738 Number of Units Outstanding... 7,862 8,926 10,405 11,821 13,848 15,210 16,839 18,772 20,146 20,009 Focused Appreciation Division Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $3.545 $3.135 $2.879 $2.243 $1.876 $2.008 $1.846 $1.302 $2.182 $1.729 Number of Units Outstanding... 77,312 79,125 69,400 57,576 48,035 38,580 31,060 25,872 18,527 11,850 Back-Load Version Class B Accumulation Unit Value... $3.225 $2.873 $2.658 $2.087 $1.759 $1.896 $1.756 $1.248 $2.107 $1.682 Number of Units Outstanding... 52,234 53,471 47,812 41,373 35,523 32,180 28,140 24,791 19,436 13,463 Large Cap Core Stock Division Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $1.288 $1.335 $1.236 $0.966 $0.870 $0.885 $0.788 $0.612 $1.004 $0.925 Number of Units Outstanding... 37,358 37,796 36,860 37,642 38,421 38,518 35,049 33,045 32,611 29,213 Back-Load Version Class B Accumulation Unit Value... $3.014 $3.149 $2.937 $2.313 $2.098 $2.150 $1.928 $1.510 $2.495 $2.316 Number of Units Outstanding... 7,949 9,205 10,810 12,293 14,311 15,432 15,622 15,871 16,386 15,000 Large Cap Blend Division (b) Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $1.260 $1.298 $1.159 $0.890 $0.776 $0.799 $0.702 $0.554 $0.932 Number of Units Outstanding... 23,600 23,229 24,040 25,002 24,448 21,578 15,314 10,060 3,985 Back-Load Version Class B Accumulation Unit Value... $1.181 $1.225 $1.102 $0.853 $0.750 $0.777 $0.688 $0.547 $0.927 Number of Units Outstanding... 15,526 17,592 19,006 20,190 21,180 18,757 13,723 8,394 4,423 Index 500 Stock Division Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $1.683 $1.672 $1.481 $1.127 $0.979 $0.965 $0.844 $0.671 $1.069 $1.019 Number of Units Outstanding , , , , , , , , ,296 90,982 Back-Load Version Class B Accumulation Unit Value... $7.503 $7.510 $6.702 $5.139 $4.495 $4.465 $3.935 $3.152 $5.062 $4.862 Number of Units Outstanding... 26,780 25,883 28,174 30,450 32,612 34,120 34,147 31,586 31,380 28,369 Large Company Value Division (b) Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $1.276 $1.334 $1.186 $0.908 $0.784 $0.776 $0.703 $0.585 $0.937 Number of Units Outstanding... 25,666 25,500 25,918 24,953 22,698 18,299 13,160 7,808 2,518 Back-Load Version Class B Accumulation Unit Value... $1.196 $1.260 $1.128 $0.870 $0.757 $0.755 $0.689 $0.578 $0.932 Number of Units Outstanding... 22,175 23,744 24,527 23,465 21,641 18,115 11,997 5,269 2,012 Domestic Equity Division Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $2.133 $2.146 $1.894 $1.420 $1.248 $1.243 $1.090 $0.846 $1.382 $1.483 Number of Units Outstanding... 75,797 67,175 68,641 73,488 78,405 78,635 72,730 68,313 59,035 45,350 Back-Load Version Class B Accumulation Unit Value... $1.915 $1.941 $1.726 $1.304 $1.155 $1.159 $1.024 $0.800 $1.317 $1.424 Number of Units Outstanding... 35,376 35,867 40,734 47,425 51,217 56,516 57,619 58,923 55,793 43,645 (b) The initial investment was made on April 30, Account B Prospectus 35

44 Accumulation Unit Values Contracts Issued On or After March 31, 2000 (continued) Northwestern Mutual Series Fund, Inc. (continued) December 31, Equity Income Division Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $2.389 $2.574 $2.408 $1.863 $1.597 $1.620 $1.412 $1.139 $1.783 $1.735 Number of Units Outstanding , ,832 88,110 70,821 54,584 38,707 30,620 25,467 20,225 14,204 Back-Load Version Class B Accumulation Unit Value... $2.173 $2.359 $2.223 $1.733 $1.497 $1.529 $1.343 $1.091 $1.722 $1.688 Number of Units Outstanding... 71,841 70,133 61,258 51,010 40,398 31,311 26,380 23,592 19,983 13,568 Mid Cap Growth Stock Division Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $1.422 $1.419 $1.315 $1.052 $0.945 $1.012 $0.821 $0.625 $1.048 $0.873 Number of Units Outstanding... 43,367 44,622 44,459 44,733 46,391 45,249 44,364 42,061 42,132 39,982 Back-Load Version Class B Accumulation Unit Value... $8.021 $8.064 $7.526 $6.071 $5.491 $5.925 $4.844 $3.713 $6.275 $5.265 Number of Units Outstanding... 3,843 4,434 5,126 5,796 6,721 7,575 8,452 9,319 9,999 10,069 Index 400 Stock Division Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $3.092 $3.183 $2.924 $2.206 $1.885 $1.932 $1.537 $1.128 $1.778 $1.656 Number of Units Outstanding... 44,846 40,577 39,859 37,695 37,464 35,090 33,031 30,392 29,412 27,816 Back-Load Version Class B Accumulation Unit Value... $3.456 $3.585 $3.317 $2.522 $2.171 $2.242 $1.797 $1.328 $2.111 $1.980 Number of Units Outstanding... 19,159 19,061 20,801 22,937 25,104 27,688 31,057 34,471 37,360 36,837 Mid Cap Value Division Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $2.981 $3.036 $2.615 $2.018 $1.740 $1.759 $1.474 $1.202 $1.861 $1.873 Number of Units Outstanding... 40,309 36,523 31,199 24,907 18,210 13,885 12,803 10,759 9,723 6,817 Back-Load Version Class B Accumulation Unit Value... $2.711 $2.782 $2.414 $1.877 $1.630 $1.661 $1.402 $1.152 $1.797 $1.823 Number of Units Outstanding... 26,597 25,526 22,243 18,369 14,243 12,222 11,505 11,290 10,677 7,446 Small Cap Growth Stock Division Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $2.015 $2.019 $1.868 $1.354 $1.243 $1.285 $1.026 $0.786 $1.408 $1.292 Number of Units Outstanding... 42,704 41,448 42,188 44,301 46,973 46,925 44,629 41,975 37,656 35,415 Back-Load Version Class B Accumulation Unit Value... $3.874 $3.910 $3.644 $2.662 $2.462 $2.565 $2.063 $1.593 $2.873 $2.656 Number of Units Outstanding... 10,915 12,085 13,873 16,346 18,989 20,931 22,600 23,632 24,053 23,162 Index 600 Stock Division (b) Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $1.649 $1.697 $1.619 $1.157 $1.004 $1.000 $0.798 $0.641 $0.938 Number of Units Outstanding... 23,049 18,422 17,339 15,087 12,441 9,158 6,218 4,911 1,461 Back-Load Version Class B Accumulation Unit Value... $1.545 $1.602 $1.540 $1.109 $0.970 $0.973 $0.783 $0.633 $0.933 Number of Units Outstanding... 15,159 12,465 12,040 10,478 8,963 6,927 4,783 2,954 1,399 Small Cap Value Division Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $3.002 $3.191 $3.200 $2.440 $2.108 $2.148 $1.770 $1.388 $1.941 $1.967 Number of Units Outstanding... 52,620 51,327 46,206 43,015 38,990 34,454 30,128 26,805 24,816 20,300 Back-Load Version Class B Accumulation Unit Value... $2.695 $2.886 $2.915 $2.240 $1.950 $2.002 $1.662 $1.313 $1.850 $1.889 Number of Units Outstanding... 32,475 34,247 32,659 32,267 31,679 31,409 31,224 30,311 29,608 25,149 International Growth Division Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $1.792 $1.832 $1.929 $1.618 $1.378 $1.595 $1.377 $1.124 $2.098 $1.873 Number of Units Outstanding ,027 88,111 72,929 62,178 50,738 41,144 36,165 32,932 28,186 23,426 Back-Load Version Class B Accumulation Unit Value... $1.608 $1.657 $1.757 $1.485 $1.275 $1.487 $1.293 $1.063 $2.000 $1.798 Number of Units Outstanding... 66,907 60,199 53,547 48,306 42,469 38,896 37,404 35,555 32,885 27,221 Research International Core Division (b) Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $0.967 $0.983 $1.059 $0.895 $0.770 $0.865 $0.782 $0.601 $1.051 Number of Units Outstanding , ,991 96,620 65,898 34,176 14,667 9,828 6,128 2,396 Back-Load Version Class B Accumulation Unit Value... $0.906 $0.928 $1.007 $0.857 $0.744 $0.841 $0.767 $0.594 $1.046 Number of Units Outstanding ,696 91,172 65,004 43,981 21,956 10,508 7,437 4,663 1,958 (b) The initial investment was made on April 30, Account B Prospectus

45 Accumulation Unit Values Contracts Issued On or After March 31, 2000 (continued) Northwestern Mutual Series Fund, Inc. (continued) December 31, International Equity Division Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding , , , , , , , ,360 85,278 67,877 Back-Load Version Class B Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 59,510 58,329 55,598 55,121 54,071 51,078 47,103 45,779 41,695 34,179 Emerging Markets Equity Division (b) Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $ $ $ $ $ $ $ $ $ Number of Units Outstanding , , ,191 86,469 56,054 29,862 19,438 11,405 4,011 Back-Load Version Class B Accumulation Unit Value... $ $ $ $ $ $ $ $ $ Number of Units Outstanding , ,979 89,199 59,919 39,876 25,765 18,492 10,917 5,273 Money Market Division Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 76,941 69,016 74,250 68,507 66,372 59,280 67,658 69,700 44,760 29,832 Back-Load Version Class B Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 18,272 18,037 22,820 20,755 25,194 21,586 25,936 29,545 16,718 13,064 Short-Term Bond Division (b) Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 88,741 82,582 64,209 45,637 33,706 20,512 10,703 3,565 1,270 Back-Load Version Class B Accumulation Unit Value... $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 50,630 51,088 44,324 32,268 22,142 16,155 8,621 4, Select Bond Division Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding , , , , , , , , , ,537 Back-Load Version Class B Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 28,239 28,120 26,711 24,522 21,581 20,800 18,712 18,790 20,153 15,961 Long-Term U.S. Government Bond Division (b) Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 21,852 21,617 21,694 21,691 20,527 18,179 12,702 10,395 2,190 Back-Load Version Class B Accumulation Unit Value... $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 15,972 17,827 17,210 18,211 17,652 15,390 13,310 13,184 2,228 Inflation Protection Division (b) Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $ $ $ $ $ $ $ $ $ Number of Units Outstanding ,107 91,384 78,874 64,522 46,328 30,416 18,186 10,273 1,983 Back-Load Version Class B Accumulation Unit Value... $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 63,902 61,636 54,890 47,050 34,320 24,103 15,985 8,156 1,938 High Yield Bond Division Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 76,193 71,079 61,702 52,210 42,778 34,717 29,603 27,971 28,431 23,167 Back-Load Version Class B Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 32,245 32,293 29,108 24,988 21,533 19,631 18,456 18,831 20,529 17,617 Multi-Sector Bond Division (b) Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $ $ $ $ $ $ $ $ $ Number of Units Outstanding , , ,525 96,185 69,685 47,048 26,843 15,891 5,806 Back-Load Version Class B Accumulation Unit Value... $ $ $ $ $ $ $ $ $ Number of Units Outstanding , ,875 89,152 69,336 49,191 34,581 20,795 12,961 5,505 (b) The initial investment was made on April 30, Account B Prospectus 37

46 Accumulation Unit Values Contracts Issued On or After March 31, 2000 (continued) Northwestern Mutual Series Fund, Inc. (continued) December 31, Balanced Division Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $ $ $ $ $1.368 $1.346 $1.208 $1.000 $1.301 $1.232 Number of Units Outstanding , , , , , , , , , ,764 Back-Load Version Class B Accumulation Unit Value... $ $ $ $ $9.537 $9.456 $8.553 $7.131 $9.345 $8.915 Number of Units Outstanding... 14,525 15,383 15,894 16,479 17,713 18,266 19,303 21,594 23,443 22,277 Asset Allocation Division Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $ $ $ $ $1.428 $1.436 $1.277 $1.010 $1.453 $1.335 Number of Units Outstanding... 43,387 42,894 41,395 39,665 39,614 37,622 36,177 38,605 37,123 35,603 Back-Load Version Class B Accumulation Unit Value... $ $ $ $ $1.321 $1.338 $1.199 $0.955 $1.385 $1.282 Number of Units Outstanding... 24,263 26,886 29,224 32,536 37,252 43,610 48,373 52,211 54,392 52,817 Fidelity Variable Insurance Products December 31, VIP Mid Cap Division Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $3.955 $4.041 $3.830 $2.833 $2.485 $2.802 $2.190 $1.575 $2.621 $2.284 Number of Units Outstanding... 54,985 54,086 50,661 48,315 44,008 37,957 32,399 28,531 22,728 16,727 Back-Load Version Class B Accumulation Unit Value... $3.597 $3.703 $3.536 $2.635 $2.329 $2.645 $2.083 $1.510 $2.531 $2.222 Number of Units Outstanding... 33,343 35,482 35,364 35,580 34,228 32,751 30,039 28,377 24,997 19,211 VIP Contrafund Division (b) Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $1.611 $1.612 $1.451 $1.114 $0.964 $0.996 $0.856 $0.635 $1.114 Number of Units Outstanding , , ,770 97,518 74,946 53,827 37,432 24,650 7,531 Back-Load Version Class B Accumulation Unit Value... $1.510 $1.522 $1.380 $1.067 $0.931 $0.969 $0.839 $0.627 $1.109 Number of Units Outstanding... 95,622 90,661 81,240 68,858 54,473 41,463 29,565 19,609 7,326 (b) The initial investment was made on April 30, Neuberger Berman Advisers Management Trust December 31, Socially Responsive Division (b) Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $1.551 $1.566 $1.426 $1.041 $0.943 $0.978 $0.800 $0.612 $1.015 Number of Units Outstanding... 80,460 72,705 58,090 41,874 21,412 6,531 4,013 2,546 1,125 Back-Load Version Class B Accumulation Unit Value... $1.454 $1.479 $1.356 $0.998 $0.911 $0.951 $0.784 $0.604 $1.010 Number of Units Outstanding... 58,755 53,271 41,695 29,698 15,867 5,852 3,503 2,401 1,107 (b) The initial investment was made on April 30, Account B Prospectus

47 Accumulation Unit Values Contracts Issued On or After March 31, 2000 (continued) Russell Investment Funds December 31, Multi-Style Equity Division Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $1.580 $1.571 $1.413 $1.069 $0.928 $0.948 $0.818 $0.625 $1.058 $0.963 Number of Units Outstanding... 49,639 52,848 55,232 57,177 61,271 61,174 62,161 63,381 61,921 54,471 Back-Load Version Class B Accumulation Unit Value... $1.484 $1.486 $1.347 $1.026 $0.898 $0.924 $0.803 $0.619 $1.054 $0.967 Number of Units Outstanding... 19,013 23,565 28,704 34,313 41,452 47,301 50,708 54,356 53,356 48,318 Aggressive Equity Division Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $1.973 $2.137 $2.115 $1.518 $1.317 $1.382 $1.112 $0.851 $1.498 $1.455 Number of Units Outstanding... 14,904 15,234 15,788 16,079 16,666 16,553 16,502 15,967 15,783 14,356 Back-Load Version Class B Accumulation Unit Value... $2.045 $2.231 $2.225 $1.609 $1.407 $1.487 $1.206 $0.929 $1.648 $1.614 Number of Units Outstanding... 5,908 7,196 8,561 9,579 11,242 12,637 13,502 14,367 14,140 12,897 Non-U.S. Division Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $1.292 $1.316 $1.384 $1.141 $0.957 $1.104 $0.996 $0.791 $1.381 $1.261 Number of Units Outstanding... 57,081 55,770 53,402 54,845 56,375 52,422 48,665 47,712 43,996 38,407 Back-Load Version Class B Accumulation Unit Value... $1.426 $1.463 $1.551 $1.288 $1.088 $1.265 $1.150 $0.920 $1.618 $1.488 Number of Units Outstanding... 19,854 22,231 25,320 29,436 32,957 34,107 34,177 35,561 35,449 30,938 Core Bond Division Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $2.125 $2.139 $2.039 $2.079 $1.928 $1.851 $1.691 $1.467 $1.529 $1.433 Number of Units Outstanding , , ,003 86,024 65,554 54,074 45,842 46,153 52,370 41,461 Back-Load Version Class B Accumulation Unit Value... $1.888 $1.914 $1.838 $1.889 $1.765 $1.707 $1.571 $1.373 $1.442 $1.362 Number of Units Outstanding... 88,333 85,107 74,614 62,279 50,812 45,066 40,465 41,709 44,802 35,796 Global Real Estate Securities Division Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $4.367 $4.378 $3.835 $3.718 $2.930 $3.168 $2.590 $2.019 $3.204 $3.828 Number of Units Outstanding... 63,600 59,947 53,786 46,235 42,360 35,993 33,487 27,986 52,370 22,135 Back-Load Version Class B Accumulation Unit Value... $3.635 $3.672 $3.240 $3.165 $2.513 $2.737 $2.255 $1.771 $2.832 $3.408 Number of Units Outstanding... 41,709 41,879 40,043 36,458 35,240 33,545 34,423 31,813 30,822 29,853 Russell Investment Funds LifePoints Variable Target Portfolio Series December 31, Moderate Strategy Division (b) Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $1.339 $1.369 $1.312 $1.235 $1.118 $1.122 $1.001 $0.822 $1.032 Number of Units Outstanding... 32,610 31,927 30,988 29,286 26,290 19,099 14,143 8,273 3,083 Back-Load Version Class B Accumulation Unit Value... $1.255 $1.293 $1.248 $1.184 $1.079 $1.091 $0.981 $0.811 $1.027 Number of Units Outstanding... 24,728 27,470 25,486 23,611 21,174 14,573 9,449 6,786 1,973 Balanced Strategy Division (b) Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $1.297 $1.334 $1.282 $1.146 $1.020 $1.050 $0.925 $0.741 $1.024 Number of Units Outstanding... 93,896 98,069 97,824 92,313 83,402 63,864 47,456 33,565 14,162 Back-Load Version Class B Accumulation Unit Value... $1.215 $1.260 $1.219 $1.098 $0.985 $1.021 $0.907 $0.732 $1.019 Number of Units Outstanding... 75,329 82,438 81,840 75,692 66,986 50,806 37,239 24,886 11,027 Growth Strategy Division (b) Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $1.209 $1.257 $1.218 $1.050 $0.924 $0.975 $0.851 $0.665 $1.018 Number of Units Outstanding... 67,786 68,713 66,872 59,515 52,783 40,696 29,645 21,352 11,860 Back-Load Version Class B Accumulation Unit Value... $1.133 $1.187 $1.158 $1.006 $0.892 $0.948 $0.834 $0.657 $1.013 Number of Units Outstanding... 64,603 63,766 59,226 51,019 45,004 32,144 25,073 17,429 7,120 (b) The initial investment was made on April 30, Account B Prospectus 39

48 Accumulation Unit Values Contracts Issued On or After March 31, 2000 (continued) Russell Investment Funds LifePoints Variable Target Portfolio Series (continued) December 31, Equity Growth Strategy Division (b) Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $1.118 $1.169 $1.135 $0.952 $0.828 $0.887 $0.774 $0.595 $1.009 Number of Units Outstanding... 15,872 16,212 15,751 16,172 16,841 13,157 8,940 7,487 4,776 Back-Load Version Class B Accumulation Unit Value... $1.048 $1.104 $1.080 $0.913 $0.799 $0.863 $0.759 $0.587 $1.004 Number of Units Outstanding... 12,820 14,000 13,216 12,187 11,295 9,011 7,294 5,040 1,667 (b) The initial investment was made on April 30, Credit Suisse Trust December 31, Credit Suisse Trust Commodity Return Strategy Division (a),(c) Front-Load Version and Back-Load Version Class A Accumulation Unit Value... $4.310 $5.778 $6.991 Number of Units Outstanding... 26,510 17,014 11,323 Back-Load Version Class B Accumulation Unit Value... $4.162 $5.621 $6.852 Number of Units Outstanding... 16,082 10,792 7,128 (a) The initial investment was made on November 15, (c) For some of the period shown Northwestern Mutual reimbursed the Division to the extent the net operating expenses of the Credit Suisse Trust Commodity. Return Strategy Portfolio exceeded 0.95%. 40 Account B Prospectus

49 Accumulation Unit Values Contracts Issued On or After March 31, 1995 and Prior to March 31, 2000 Northwestern Mutual Series Fund, Inc. December 31, Growth Stock Division Front-Load Version Accumulation Unit Value... $4.855 $4.598 $4.234 $3.129 $2.782 $2.829 $2.528 $1.851 $3.039 $2.794 Number of Units Outstanding... 5,362 5,905 6,460 7,009 7,867 8,881 10,072 12,347 13,977 15,924 Back-Load Version Accumulation Unit Value... $4.407 $4.209 $3.909 $2.913 $2.612 $2.680 $2.415 $1.782 $2.952 $2.738 Number of Units Outstanding... 17,493 18,928 20,285 22,073 24,727 27,233 30,063 33,365 37,186 41,412 Focused Appreciation Division Front-Load Version Accumulation Unit Value... $3.590 $3.172 $2.910 $2.265 $1.893 $2.024 $1.858 $1.310 $2.192 $1.735 Number of Units Outstanding... 2,543 2,915 3,030 3,329 3,502 3,671 3,829 4,015 4,211 2,593 Back-Load Version Accumulation Unit Value... $3.225 $2.873 $2.658 $2.087 $1.759 $1.896 $1.756 $1.248 $2.107 $1.682 Number of Units Outstanding... 9,150 9,240 9,834 10,183 10,746 11,558 11,984 11,507 9,833 8,523 Large Cap Core Stock Division Front-Load Version Accumulation Unit Value... $3.320 $3.438 $3.180 $2.483 $2.233 $2.270 $2.018 $1.567 $2.568 $2.363 Number of Units Outstanding... 4,452 4,862 5,411 5,954 6,759 7,903 8,929 10,824 12,674 13,913 Back-Load Version Accumulation Unit Value... $3.014 $3.149 $2.937 $2.313 $2.098 $2.150 $1.928 $1.510 $2.495 $2.316 Number of Units Outstanding... 17,527 19,203 20,772 22,718 25,415 28,063 30,485 33,324 37,203 41,253 Large Cap Blend Division (b) Front-Load Version Accumulation Unit Value... $1.271 $1.308 $1.166 $0.895 $0.780 $0.801 $0.704 $0.555 $0.932 Number of Units Outstanding... 1,345 1,458 1,624 1,596 2,076 1,905 1,708 1, Back-Load Version Accumulation Unit Value... $1.181 $1.225 $1.102 $0.853 $0.750 $0.777 $0.688 $0.547 $0.927 Number of Units Outstanding... 3,909 4,347 4,665 4,798 4,670 4,700 3,690 2,825 1,133 Index 500 Stock Division Front-Load Version Accumulation Unit Value... $5.464 $5.423 $4.799 $3.649 $3.165 $3.117 $2.724 $2.164 $3.445 $3.281 Number of Units Outstanding... 12,257 13,572 14,911 16,069 17,647 19,914 21,820 24,817 28,047 31,587 Back-Load Version Accumulation Unit Value... $7.503 $7.510 $6.702 $5.139 $4.495 $4.465 $3.935 $3.152 $5.062 $4.862 Number of Units Outstanding... 28,426 30,187 32,290 34,889 38,419 42,228 46,935 51,653 57,495 63,143 Large Company Value Division (b) Front-Load Version Accumulation Unit Value... $1.287 $1.344 $1.194 $0.913 $0.787 $0.779 $0.705 $0.586 $0.938 Number of Units Outstanding... 1,113 1,207 1,344 1,180 1,198 1,279 1, Back-Load Version Accumulation Unit Value... $1.196 $1.260 $1.128 $0.870 $0.757 $0.755 $0.689 $0.578 $0.932 Number of Units Outstanding... 4,536 4,909 5,711 5,062 4,367 4,044 3,412 1, Domestic Equity Division Front-Load Version Accumulation Unit Value... $2.164 $2.175 $1.917 $1.436 $1.261 $1.255 $1.099 $0.852 $1.391 $1.491 Number of Units Outstanding... 4,890 5,463 6,324 7,939 8,625 10,522 11,612 13,240 13,718 12,985 Back-Load Version Accumulation Unit Value... $1.915 $1.941 $1.726 $1.304 $1.155 $1.159 $1.024 $0.800 $1.317 $1.424 Number of Units Outstanding... 15,394 16,400 17,696 19,977 22,081 24,420 26,279 28,199 29,462 27,904 Equity Income Division Front-Load Version Accumulation Unit Value... $2.419 $2.604 $2.434 $1.881 $1.611 $1.632 $1.421 $1.145 $1.791 $1.742 Number of Units Outstanding... 4,029 4,483 4,742 4,853 4,499 4,075 3,953 3,629 3,736 3,156 Back-Load Version Accumulation Unit Value... $2.173 $2.359 $2.223 $1.733 $1.497 $1.529 $1.343 $1.091 $1.722 $1.688 Number of Units Outstanding... 11,017 11,867 11,968 11,444 11,653 10,702 10,632 10,304 10,708 8,981 (b) The initial investment was made on April 30, Account B Prospectus 41

50 Accumulation Unit Values Contracts Issued On or After March 31, 1995 and Prior to March 31, 2000 (continued) Northwestern Mutual Series Fund, Inc. (continued) December 31, Mid Cap Growth Stock Division Front-Load Version Accumulation Unit Value... $4.505 $4.491 $4.156 $3.324 $2.981 $3.190 $2.586 $1.966 $3.294 $2.740 Number of Units Outstanding... 7,086 7,792 8,595 9,422 10,450 12,037 13,106 15,151 17,171 19,965 Back-Load Version Accumulation Unit Value... $8.021 $8.064 $7.526 $6.071 $5.491 $5.925 $4.844 $3.713 $6.275 $5.265 Number of Units Outstanding... 14,204 15,462 16,708 18,172 20,158 22,159 24,804 27,325 30,352 34,262 Index 400 Stock Division Front-Load Version Accumulation Unit Value... $3.980 $4.094 $3.757 $2.832 $2.417 $2.475 $1.967 $1.442 $2.272 $2.113 Number of Units Outstanding... 4,213 4,404 4,789 5,067 5,645 6,461 6,985 7,918 9,542 11,290 Back-Load Version Accumulation Unit Value... $3.456 $3.585 $3.317 $2.522 $2.171 $2.242 $1.797 $1.328 $2.111 $1.980 Number of Units Outstanding... 12,182 13,105 13,962 15,260 17,439 19,342 21,145 24,136 27,597 30,218 Mid Cap Value Division Front-Load Version Accumulation Unit Value... $3.019 $3.072 $2.643 $2.037 $1.755 $1.772 $1.484 $1.209 $1.869 $1.880 Number of Units Outstanding... 1,549 1,590 1,694 1,868 1,751 1,801 1,901 2,038 2,090 1,726 Back-Load Version Accumulation Unit Value... $2.711 $2.782 $2.414 $1.877 $1.630 $1.661 $1.402 $1.152 $1.797 $1.823 Number of Units Outstanding... 4,873 5,206 5,189 5,192 5,258 5,329 5,504 5,483 5,699 4,518 Small Cap Growth Stock Division Front-Load Version Accumulation Unit Value... $4.462 $4.466 $4.127 $2.989 $2.742 $2.831 $2.259 $1.729 $3.093 $2.835 Number of Units Outstanding... 2,511 2,764 3,108 3,596 3,957 4,669 5,240 5,983 6,717 8,073 Back-Load Version Accumulation Unit Value... $3.874 $3.910 $3.644 $2.662 $2.462 $2.565 $2.063 $1.593 $2.873 $2.656 Number of Units Outstanding... 8,604 9,093 10,030 11,116 12,551 13,908 15,369 16,766 18,521 21,454 Index 600 Stock Division (b) Front-Load Version Accumulation Unit Value... $1.663 $1.710 $1.630 $1.163 $1.009 $1.004 $0.801 $0.642 $0.938 Number of Units Outstanding... 1,701 1,594 1,435 1,263 1,215 1,346 1, Back-Load Version Accumulation Unit Value... $1.545 $1.602 $1.540 $1.109 $0.970 $0.973 $0.783 $0.633 $0.933 Number of Units Outstanding... 3,784 3,639 3,884 3,049 2,537 2,118 1,697 1, Small Cap Value Division Front-Load Version Accumulation Unit Value... $3.045 $3.233 $3.239 $2.468 $2.130 $2.168 $1.785 $1.398 $1.954 $1.978 Number of Units Outstanding... 2,497 2,996 3,183 3,709 4,215 4,747 5,273 5,640 6,116 6,841 Back-Load Version Accumulation Unit Value... $2.695 $2.886 $2.915 $2.240 $1.950 $2.002 $1.662 $1.313 $1.850 $1.889 Number of Units Outstanding... 8,678 9,422 10,107 10,583 11,703 13,068 13,965 14,701 16,168 15,927 International Growth Division Front-Load Version Accumulation Unit Value... $1.817 $1.857 $1.952 $1.636 $1.392 $1.610 $1.388 $1.132 $2.112 $1.883 Number of Units Outstanding... 3,488 3,531 3,815 3,983 4,398 4,726 5,138 5,849 6,225 6,121 Back-Load Version Accumulation Unit Value... $1.608 $1.657 $1.757 $1.485 $1.275 $1.487 $1.293 $1.063 $2.000 $1.798 Number of Units Outstanding... 12,613 12,817 13,289 14,003 14,675 15,372 15,934 16,063 17,012 15,892 Research International Core Division (b) Front-Load Version Accumulation Unit Value... $0.975 $0.990 $1.066 $0.900 $0.774 $0.868 $0.785 $0.602 $1.052 Number of Units Outstanding... 3,656 3,606 3,006 2,799 1,941 1, Back-Load Version Accumulation Unit Value... $0.906 $0.928 $1.007 $0.857 $0.744 $0.841 $0.767 $0.594 $1.046 Number of Units Outstanding... 9,818 8,598 7,002 5,811 4,062 3,119 2,698 2,088 1,101 (b) The initial investment was made on April 30, Account B Prospectus

51 Accumulation Unit Values Contracts Issued On or After March 31, 1995 and Prior to March 31, 2000 (continued) Northwestern Mutual Series Fund, Inc. (continued) December 31, International Equity Division Front-Load Version Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 9,815 10,666 11,518 12,785 14,198 16,050 17,405 19,782 22,093 23,182 Back-Load Version Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 28,584 30,430 32,155 34,616 38,134 41,254 44,277 48,122 52,562 54,239 Emerging Markets Equity Division (b) Front-Load Version Accumulation Unit Value... $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 6,656 6,205 5,457 4,769 4,380 4,100 2,892 1,680 1,030 Back-Load Version Accumulation Unit Value... $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 16,662 15,136 13,658 12,046 10,370 8,730 7,147 4,478 2,851 Money Market Division Front-Load Version Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 7,865 8,850 9,784 11,936 12,842 12,307 17,201 20,774 16,364 16,466 Back-Load Version Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 8,479 9,307 11,404 12,519 14,527 14,286 17,979 21,270 16,994 14,881 Short-Term Bond Division (b) Front-Load Version Accumulation Unit Value... $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 3,406 3,598 3,595 3,450 2,510 1,925 1, Back-Load Version Accumulation Unit Value... $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 9,289 9,487 8,309 7,153 5,774 5,513 3,755 1, Select Bond Division Front-Load Version Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 14,598 15,709 17,091 18,421 18,676 20,295 20,581 22,630 26,188 25,499 Back-Load Version Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 8,011 8,399 8,758 9,165 9,501 10,159 10,225 10,606 11,711 11,244 Long-Term U.S. Government Bond Division (b) Front-Load Version Accumulation Unit Value... $ $ $ $ $ $ $ $ $ Number of Units Outstanding ,105 1,192 1,670 1,648 1,322 1,215 1, Back-Load Version Accumulation Unit Value... $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 3,923 3,975 4,050 5,590 5,351 4,808 4,599 6, Inflation Protection Division (b) Front-Load Version Accumulation Unit Value... $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 3,894 4,097 4,590 4,480 4,147 3,449 2,475 1, Back-Load Version Accumulation Unit Value... $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 7,821 8,321 8,965 10,523 8,803 7,134 5,642 4,675 1,190 High Yield Bond Division Front-Load Version Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 4,009 4,488 4,594 4,959 5,336 5,603 5,917 7,388 8,523 9,178 Back-Load Version Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 11,673 12,468 12,909 13,718 14,511 15,463 16,496 17,990 20,460 21,431 (b) The initial investment was made on April 30, Account B Prospectus 43

52 Accumulation Unit Values Contracts Issued On or After March 31, 1995 and Prior to March 31, 2000 (continued) Northwestern Mutual Series Fund, Inc. (continued) December 31, Multi-Sector Bond Division (b) Front-Load Version Accumulation Unit Value... $ $ $ $ $1.340 $1.282 $1.137 $0.935 $1.008 Number of Units Outstanding... 5,818 5,942 5,834 5,494 4,621 3,640 2,443 1, Back-Load Version Accumulation Unit Value... $ $ $ $ $1.288 $1.242 $1.111 $0.922 $1.002 Number of Units Outstanding... 15,205 15,201 14,312 13,348 11,024 8,448 5,895 3,548 1,642 Balanced Division Front-Load Version Accumulation Unit Value... $ $ $ $ $2.992 $2.942 $2.638 $2.181 $2.834 $2.681 Number of Units Outstanding... 16,123 17,992 19,140 21,444 23,208 25,982 29,834 34,158 40,821 46,605 Back-Load Version Accumulation Unit Value... $ $ $ $ $9.537 $9.456 $8.553 $7.131 $9.345 $8.915 Number of Units Outstanding... 18,171 19,576 20,985 22,326 24,090 26,277 28,859 32,197 36,635 39,886 Asset Allocation Division Front-Load Version Accumulation Unit Value... $ $ $ $ $1.443 $1.450 $1.288 $1.017 $1.462 $1.342 Number of Units Outstanding... 3,065 3,284 3,681 3,910 4,203 4,727 5,548 8,017 9,246 10,236 Back-Load Version Accumulation Unit Value... $ $ $ $ $1.321 $1.338 $1.199 $0.955 $1.385 $1.282 Number of Units Outstanding... 14,317 15,553 16,439 17,464 18,878 19,910 21,432 23,822 24,511 25,368 (b) The initial investment was made on April 30, Fidelity Variable Insurance Products December 31, VIP Mid Cap Division Front-Load Version Accumulation Unit Value... $4.005 $4.087 $3.870 $2.860 $2.507 $2.823 $2.205 $1.584 $2.633 $2.292 Number of Units Outstanding... 2,643 3,021 3,247 3,554 3,734 4,152 4,156 4,343 4,421 4,342 Back-Load Version Accumulation Unit Value... $3.597 $3.703 $3.536 $2.635 $2.329 $2.645 $2.083 $1.510 $2.531 $2.222 Number of Units Outstanding... 8,135 8,910 9,657 10,172 10,989 11,809 12,053 11,918 12,187 11,341 VIP Contrafund Division (b) Front-Load Version Accumulation Unit Value... $1.625 $1.624 $1.461 $1.120 $0.968 $1.000 $0.859 $0.636 $1.115 Number of Units Outstanding... 4,371 4,649 4,700 4,781 4,686 3,770 3,253 2,825 1,466 Back-Load Version Accumulation Unit Value... $1.510 $1.522 $1.380 $1.067 $0.931 $0.969 $0.839 $0.627 $1.109 Number of Units Outstanding... 12,562 12,831 12,929 12,924 12,059 10,848 9,960 8,326 3,607 (b) The initial investment was made on April 30, Neuberger Berman Advisers Management Trust December 31, Socially Responsive Division (b) Front-Load Version Accumulation Unit Value... $1.564 $1.578 $1.435 $1.047 $0.948 $0.982 $0.802 $0.613 $1.016 Number of Units Outstanding... 1,841 1,941 1,885 1,718 1, Back-Load Version Accumulation Unit Value... $1.454 $1.479 $1.356 $0.998 $0.911 $0.951 $0.784 $0.604 $1.010 Number of Units Outstanding... 5,028 5,002 4,615 4,039 3,016 1,827 1,502 1, (b) The initial investment was made on April 30, Account B Prospectus

53 Accumulation Unit Values Contracts Issued On or After March 31, 1995 and Prior to March 31, 2000 (continued) Russell Investment Funds December 31, Multi-Style Equity Division Front-Load Version Accumulation Unit Value... $1.709 $1.697 $1.525 $1.152 $1.000 $1.020 $0.879 $0.672 $1.135 $1.032 Number of Units Outstanding... 4,946 5,632 6,746 7,346 8,992 11,021 12,050 14,726 16,812 18,421 Back-Load Version Accumulation Unit Value... $1.484 $1.486 $1.347 $1.026 $0.898 $0.924 $0.803 $0.619 $1.054 $0.967 Number of Units Outstanding... 13,061 14,314 15,746 17,153 19,251 21,204 23,084 25,272 27,233 28,369 Aggressive Equity Division Front-Load Version Accumulation Unit Value... $2.356 $2.548 $2.519 $1.807 $1.566 $1.641 $1.320 $1.008 $1.774 $1.722 Number of Units Outstanding... 1,539 1,774 2,023 2,232 2,698 3,114 3,487 4,572 4,963 6,031 Back-Load Version Accumulation Unit Value... $2.045 $2.231 $2.225 $1.609 $1.407 $1.487 $1.206 $0.929 $1.648 $1.614 Number of Units Outstanding... 4,115 4,584 5,225 5,742 6,325 6,945 7,608 8,203 9,105 9,936 Non-U.S. Division Front-Load Version Accumulation Unit Value... $1.642 $1.671 $1.756 $1.446 $1.212 $1.397 $1.258 $0.999 $1.741 $1.588 Number of Units Outstanding... 4,188 4,412 5,056 5,631 6,418 7,338 7,490 8,528 9,651 10,748 Back-Load Version Accumulation Unit Value... $1.426 $1.463 $1.551 $1.288 $1.088 $1.265 $1.150 $0.920 $1.618 $1.488 Number of Units Outstanding... 9,862 10,355 11,171 12,298 13,873 14,910 15,766 16,596 18,167 18,697 Core Bond Division Front-Load Version Accumulation Unit Value... $2.174 $2.186 $2.081 $2.121 $1.965 $1.884 $1.719 $1.491 $1.552 $1.453 Number of Units Outstanding... 5,698 6,078 5,966 5,832 5,973 6,107 6,258 6,818 9,019 9,297 Back-Load Version Accumulation Unit Value... $1.888 $1.914 $1.838 $1.889 $1.765 $1.707 $1.571 $1.373 $1.442 $1.362 Number of Units Outstanding... 14,642 14,702 14,432 14,335 13,716 13,771 12,949 13,540 15,498 14,562 Global Real Estate Securities Division Front-Load Version Accumulation Unit Value... $4.187 $4.194 $3.669 $3.554 $2.798 $3.022 $2.468 $1.922 $3.048 $3.637 Number of Units Outstanding... 3,064 3,492 3,979 4,203 4,507 5,105 5,534 5,849 6,402 7,721 Back-Load Version Accumulation Unit Value... $3.635 $3.672 $3.240 $3.165 $2.513 $2.737 $2.255 $1.771 $2.832 $3.408 Number of Units Outstanding... 10,552 11,046 11,437 11,674 12,864 13,512 14,776 14,913 16,376 19,207 Account B Prospectus 45

54 Accumulation Unit Values Contracts Issued On or After March 31, 1995 and Prior to March 31, 2000 (continued) Russell Investment Funds LifePoints Variable Target Portfolio Series December 31, Moderate Strategy Division (b) Front-Load Version Accumulation Unit Value... $1.351 $1.379 $1.321 $1.242 $1.123 $1.126 $1.004 $0.823 $1.033 Number of Units Outstanding... 1,421 1,426 1,613 2,110 1,942 1,647 1, Back-Load Version Accumulation Unit Value... $1.255 $1.293 $1.248 $1.184 $1.079 $1.091 $0.981 $0.811 $1.027 Number of Units Outstanding... 5,073 5,787 5,808 5,668 4,563 4,277 2,956 2,537 1,169 Balanced Strategy Division (b) Front-Load Version Accumulation Unit Value... $1.308 $1.344 $1.290 $1.152 $1.024 $1.054 $0.928 $0.742 $1.024 Number of Units Outstanding... 4,925 5,450 5,820 6,283 6,342 3,787 2,867 2,456 1,850 Back-Load Version Accumulation Unit Value... $1.215 $1.260 $1.219 $1.098 $0.985 $1.021 $0.907 $0.732 $1.019 Number of Units Outstanding... 12,726 12,950 13,617 12,648 11,838 10,385 8,545 6,652 2,951 Growth Strategy Division (b) Front-Load Version Accumulation Unit Value... $1.220 $1.267 $1.226 $1.056 $0.928 $0.978 $0.854 $0.666 $1.018 Number of Units Outstanding... 1,582 1,782 1,440 1,288 1,312 2,191 2,243 1, Back-Load Version Accumulation Unit Value... $1.133 $1.187 $1.158 $1.006 $0.892 $0.948 $0.834 $0.657 $1.013 Number of Units Outstanding... 7,406 6,699 6,629 6,843 8,154 7,688 6,748 5,538 2,887 Equity Growth Strategy Division (b) Front-Load Version Accumulation Unit Value... $1.128 $1.178 $1.143 $0.958 $0.831 $0.890 $0.776 $0.596 $1.010 Number of Units Outstanding... 1,085 1,200 1,179 1,302 1,279 1,507 1,723 1, Back-Load Version Accumulation Unit Value... $1.048 $1.104 $1.080 $0.913 $0.799 $0.863 $0.759 $0.587 $1.004 Number of Units Outstanding... 2,406 2,459 2,464 2,310 2,226 2,409 1,715 1,634 1,509 (b) The initial investment was made on April 30, Credit Suisse Trust December 31, Credit Suisse Trust Commodity Return Strategy Division (a),(c) Front-Load Version Accumulation Unit Value... $4.330 $5.799 $7.009 Number of Units Outstanding Back-Load Version Accumulation Unit Value... $4.162 $5.621 $6.852 Number of Units Outstanding... 1,386 1, (a) The initial investment was made on November 15, (c) For some of the period shown Northwestern Mutual reimbursed the Division to the extent the net operating expenses of the Credit Suisse Trust Commodity. Return Strategy Portfolio exceeded 0.95%. 46 Account B Prospectus

55 Accumulation Unit Values Contracts Issued After December 16, 1981 and Prior to March 31, 1995 Northwestern Mutual Series Fund, Inc. December 31, Growth Stock Division Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 14,358 15,908 17,102 18,836 21,133 23,319 25,779 28,300 32,221 37,257 Focused Appreciation Division Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 11,075 11,667 12,332 12,560 13,214 14,331 15,129 15,395 12,928 11,045 Large Cap Core Stock Division Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 15,292 16,773 18,317 19,952 23,049 25,189 27,446 29,987 33,718 37,983 Large Cap Blend Division (b) Accumulation Unit Value... $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 5,962 6,169 6,474 6,175 6,488 6,484 5,846 4,120 1,930 Index 500 Stock Division Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 38,408 40,498 43,752 47,257 52,601 58,100 63,461 69,201 76,906 85,761 Large Company Value Division (b) Accumulation Unit Value... $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 7,685 8,308 8,864 7,777 6,199 6,571 4,737 3,358 1,504 Domestic Equity Division Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 21,003 22,837 25,017 27,238 31,246 35,611 37,915 40,529 42,457 40,932 Equity Income Division Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 17,802 19,203 19,758 19,058 19,821 18,526 18,514 18,755 19,298 15,932 Mid Cap Growth Stock Division Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 24,258 26,300 28,927 31,775 35,384 39,263 43,529 47,926 53,760 62,224 Index 400 Stock Division Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 16,413 17,258 18,888 19,317 21,338 23,051 25,187 28,439 32,059 33,940 Mid Cap Value Division Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 7,212 7,856 7,396 7,395 7,402 7,752 7,628 7,949 8,566 6,837 Small Cap Growth Stock Division Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 8,774 9,373 10,297 11,708 13,368 15,236 16,798 18,409 20,826 23,864 Index 600 Stock Division (b) Accumulation Unit Value... $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 6,681 6,783 6,552 4,691 4,125 3,978 2,846 1, Small Cap Value Division Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 12,399 14,127 15,337 15,851 17,697 19,089 20,513 21,473 23,096 23,566 International Growth Division Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 14,264 14,981 15,623 16,680 18,134 19,931 21,183 22,242 23,946 22,377 Research International Core Division (b) Accumulation Unit Value... $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 13,397 12,263 10,489 9,397 7,294 4,706 4,232 2,980 1,927 International Equity Division Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 45,246 48,546 52,545 57,297 63,005 68,845 74,624 80,885 89,762 92,866 Emerging Markets Equity Division (b) Accumulation Unit Value... $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 24,442 23,178 21,228 18,889 16,748 15,784 13,381 7,860 4,677 Money Market Division Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 18,943 20,084 23,383 25,523 25,260 24,659 33,396 43,323 34,389 31,260 Short-Term Bond Division (b) Accumulation Unit Value... $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 16,289 16,703 15,570 11,337 9,961 8,550 6,142 2, (b) The initial investment was made on April 30, Account B Prospectus 47

56 Accumulation Unit Values Contracts Issued After December 16, 1981 and Prior to March 31, 1995 (continued) Northwestern Mutual Series Fund, Inc. (continued) December 31, Select Bond Division Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 12,327 13,231 13,955 14,918 14,863 16,045 16,193 16,685 18,508 18,012 Long-Term U.S. Government Bond Division (b) Accumulation Unit Value... $1.696 $1.743 $1.426 $1.665 $1.625 $1.276 $1.168 $1.272 $1.066 Number of Units Outstanding... 5,695 6,218 6,225 8,341 8,373 8,461 8,094 9,012 1,391 Inflation Protection Division (b) Accumulation Unit Value... $1.220 $1.263 $1.240 $1.370 $1.292 $1.169 $1.121 $1.032 $1.059 Number of Units Outstanding... 15,376 16,848 17,195 18,146 14,650 13,323 9,802 5,973 1,196 High Yield Bond Division Accumulation Unit Value... $3.309 $3.397 $3.400 $3.253 $2.892 $2.800 $2.475 $1.723 $2.219 $2.195 Number of Units Outstanding... 12,400 14,039 14,098 14,954 14,650 15,317 16,246 17,421 19,203 19,117 Multi-Sector Bond Division (b) Accumulation Unit Value... $1.400 $1.449 $1.421 $1.462 $1.288 $1.242 $1.111 $0.922 $1.002 Number of Units Outstanding... 22,967 22,819 21,132 19,615 16,033 13,106 8,938 5,330 2,685 Balanced Division Accumulation Unit Value... $ $ $ $ $9.537 $9.456 $8.553 $7.131 $9.345 $8.915 Number of Units Outstanding... 74,292 80,648 87,258 94, , , , , , ,709 Asset Allocation Division Accumulation Unit Value... $1.704 $1.733 $1.668 $1.448 $1.321 $1.338 $1.199 $0.955 $1.385 $1.282 Number of Units Outstanding... 21,157 23,714 24,685 28,077 30,990 34,606 37,148 39,348 45,279 47,364 (b) The initial investment was made on April 30, Fidelity Variable Insurance Products December 31, VIP Mid Cap Division Accumulation Unit Value... $3.597 $3.703 $3.536 $2.635 $2.329 $2.645 $2.083 $1.510 $2.531 $2.222 Number of Units Outstanding... 11,058 12,368 12,948 13,476 15,147 16,104 16,578 17,225 17,858 16,883 VIP Contrafund Division (b) Accumulation Unit Value... $1.510 $1.522 $1.380 $1.067 $0.931 $0.969 $0.839 $0.627 $1.109 Number of Units Outstanding... 18,415 19,020 18,885 18,302 17,856 14,553 12,669 9,969 5,141 (b) The initial investment was made on April 30, Neuberger Berman Advisers Management Trust December 31, Socially Responsive Division (b) Accumulation Unit Value... $1.454 $1.479 $1.356 $0.998 $0.911 $0.951 $0.784 $0.604 $1.010 Number of Units Outstanding... 7,188 7,138 6,497 5,741 4,458 2,578 1, (b) The initial investment was made on April 30, Account B Prospectus

57 Accumulation Unit Values Contracts Issued After December 16, 1981 and Prior to March 31, 1995 (continued) Russell Investment Funds December 31, Multi-Style Equity Division Accumulation Unit Value... $1.484 $1.486 $1.347 $1.026 $0.898 $0.924 $0.803 $0.619 $1.054 $0.967 Number of Units Outstanding... 11,632 13,018 14,936 16,226 18,401 21,161 22,867 25,157 26,496 27,908 Aggressive Equity Division Accumulation Unit Value... $2.045 $2.231 $2.225 $1.609 $1.407 $1.487 $1.206 $0.929 $1.648 $1.614 Number of Units Outstanding... 4,727 5,439 6,191 6,681 7,975 8,840 9,076 10,259 12,088 13,343 Non-U.S. Division Accumulation Unit Value... $1.426 $1.463 $1.551 $1.288 $1.088 $1.265 $1.150 $0.920 $1.618 $1.488 Number of Units Outstanding... 12,056 12,912 13,433 15,029 16,760 18,158 19,057 20,493 22,195 22,678 Core Bond Division Accumulation Unit Value... $1.888 $1.914 $1.838 $1.889 $1.765 $1.707 $1.571 $1.373 $1.442 $1.362 Number of Units Outstanding... 19,700 20,175 20,490 19,137 17,528 17,241 16,593 17,152 19,502 17,940 Global Real Estate Securities Division Accumulation Unit Value... $3.635 $3.672 $3.240 $3.165 $2.513 $2.737 $2.255 $1.771 $2.832 $3.408 Number of Units Outstanding... 13,649 14,688 15,257 16,245 16,868 17,940 19,170 19,153 20,824 25,441 Russell Investment Funds LifePoints Variable Target Portfolio Series December 31, Moderate Strategy Division (b) Accumulation Unit Value... $1.255 $1.293 $1.248 $1.184 $1.079 $1.091 $0.981 $0.811 $1.027 Number of Units Outstanding... 11,602 12,328 10,772 11,730 10,483 7,601 6,226 3,856 1,308 Balanced Strategy Division (b) Accumulation Unit Value... $1.215 $1.260 $1.219 $1.098 $0.985 $1.021 $0.907 $0.732 $1.019 Number of Units Outstanding... 18,762 19,518 21,170 20,505 19,805 16,825 14,345 10,785 3,903 Growth Strategy Division (b) Accumulation Unit Value... $1.133 $1.187 $1.158 $1.006 $0.892 $0.948 $0.834 $0.657 $1.013 Number of Units Outstanding... 8,267 8,515 8,393 8,440 7,816 8,391 7,221 5,603 3,684 Equity Growth Strategy Division (b) Accumulation Unit Value... $1.048 $1.104 $1.080 $0.913 $0.799 $0.863 $0.759 $0.587 $1.004 Number of Units Outstanding... 2,084 2,875 3,349 2,685 3,243 3,625 4,872 4,795 3,034 (b) The initial investment was made on April 30, Credit Suisse Trust December 31, Credit Suisse Trust Commodity Return Strategy Division (a),(c) Accumulation Unit Value... $4.162 $5.621 $6.852 Number of Units Outstanding... 2,149 1,671 1,286 (a) The initial investment was made on November 15, (c) For some of the period shown Northwestern Mutual reimbursed the Division to the extent the net operating expenses of the Credit Suisse Trust Commodity. Return Strategy Portfolio exceeded 0.95%. Account B Prospectus 49

58 Accumulation Unit Values Contracts Issued Prior to December 17, 1981 Northwestern Mutual Series Funds, Inc. December 31, Growth Stock Division Accumulation Unit Value... $4.911 $4.668 $4.314 $3.199 $2.854 $2.913 $2.612 $1.918 $3.161 $2.917 Number of Units Outstanding Focused Appreciation Division Accumulation Unit Value... $3.436 $3.046 $2.804 $2.190 $1.837 $1.971 $1.816 $1.284 $2.157 $1.713 Number of Units Outstanding Large Cap Core Stock Division Accumulation Unit Value... $3.360 $3.492 $3.240 $2.539 $2.292 $2.337 $2.085 $1.625 $2.672 $2.467 Number of Units Outstanding Large Cap Blend Division (b) Accumulation Unit Value... $1.233 $1.273 $1.140 $0.877 $0.767 $0.791 $0.697 $0.552 $0.930 Number of Units Outstanding Index 500 Stock Division Accumulation Unit Value... $8.506 $8.471 $7.522 $5.739 $4.995 $4.936 $4.329 $3.450 $5.513 $5.269 Number of Units Outstanding... 1,784 1,953 2,178 2,507 3,257 3,506 3,873 4,074 4,544 5,337 Large Company Value Division (b) Accumulation Unit Value... $1.249 $1.309 $1.167 $0.895 $0.775 $0.769 $0.698 $0.583 $0.936 Number of Units Outstanding Domestic Equity Division Accumulation Unit Value... $2.058 $2.076 $1.836 $1.380 $1.216 $1.215 $1.068 $0.830 $1.360 $1.463 Number of Units Outstanding Equity Income Division Accumulation Unit Value... $2.315 $2.501 $2.345 $1.819 $1.563 $1.589 $1.388 $1.123 $1.762 $1.720 Number of Units Outstanding Mid Cap Growth Stock Division Accumulation Unit Value... $9.094 $9.097 $8.448 $6.780 $6.101 $6.552 $5.330 $4.065 $6.835 $5.706 Number of Units Outstanding Index 400 Stock Division Accumulation Unit Value... $3.757 $3.877 $3.570 $2.701 $2.313 $2.376 $1.896 $1.394 $2.204 $2.058 Number of Units Outstanding Mid Cap Value Division Accumulation Unit Value... $2.889 $2.950 $2.547 $1.970 $1.703 $1.726 $1.450 $1.185 $1.839 $1.856 Number of Units Outstanding Small Cap Growth Stock Division Accumulation Unit Value... $4.211 $4.229 $3.922 $2.851 $2.624 $2.719 $2.177 $1.672 $3.001 $2.760 Number of Units Outstanding Index 600 Stock Division (b) Accumulation Unit Value... $1.614 $1.665 $1.593 $1.141 $0.993 $0.991 $0.793 $0.638 $0.936 Number of Units Outstanding Small Cap Value Division Accumulation Unit Value... $2.896 $3.086 $3.102 $2.372 $2.055 $2.099 $1.734 $1.363 $1.911 $1.941 Number of Units Outstanding International Growth Division Accumulation Unit Value... $1.729 $1.772 $1.870 $1.573 $1.343 $1.558 $1.348 $1.103 $2.065 $1.848 Number of Units Outstanding Research International Core Division (b) Accumulation Unit Value... $0.946 $0.964 $1.041 $0.882 $0.761 $0.857 $0.777 $0.599 $1.050 Number of Units Outstanding International Equity Division Accumulation Unit Value... $4.087 $4.211 $4.652 $3.862 $3.202 $3.588 $3.358 $2.541 $4.555 $3.887 Number of Units Outstanding ,024 Emerging Markets Equity Division (b) Accumulation Unit Value... $0.831 $0.954 $1.026 $1.090 $0.924 $1.144 $0.929 $0.552 $1.241 Number of Units Outstanding Money Market Division Accumulation Unit Value... $3.357 $3.382 $3.405 $3.427 $3.448 $3.469 $3.485 $3.484 $3.416 $3.269 Number of Units Outstanding Short-Term Bond Division (b) Accumulation Unit Value... $1.150 $1.151 $1.155 $1.157 $1.143 $1.145 $1.113 $1.046 $1.026 Number of Units Outstanding (b) The initial investment was made on April 30, Account B Prospectus

59 Accumulation Unit Values Contracts Issued Prior to December 17, 1981 (continued) Northwestern Mutual Series Funds, Inc. (continued) December 31, Select Bond Division Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding Long-Term U.S. Government Bond Division (b) Accumulation Unit Value... $ $ $ $ $ $ $ $ $ Number of Units Outstanding Inflation Protection Division (b) Accumulation Unit Value... $ $ $ $ $ $ $ $ $ Number of Units Outstanding High Yield Bond Division Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding Multi-Sector Bond Division (b) Accumulation Unit Value... $ $ $ $ $ $ $ $ $ Number of Units Outstanding Balanced Division Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding... 1,115 1,218 1,287 1,529 1,591 1,850 1,953 2,140 2,352 2,584 Asset Allocation Division Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding (b) The initial investment was made on April 30, Fidelity Variable Insurance Products December 31, VIP Mid Cap Division Accumulation Unit Value... $ $ $ $ $ $ $ $ $ $ Number of Units Outstanding VIP Contrafund Division (b) Accumulation Unit Value... $ $ $ $ $ $ $ $ $ Number of Units Outstanding (b) The initial investment was made on April 30, Neuberger Berman Advisers Management Trust December 31, Socially Responsive Division (b) Accumulation Unit Value... $ $ $ $ $ $ $ $ $ Number of Units Outstanding (b) The initial investment was made on April 30, Account B Prospectus 51

60 Accumulation Unit Values Contracts Issued Prior to December 17, 1981 (continued) Russell Investment Funds December 31, Multi-Style Equity Division Accumulation Unit Value... $1.613 $1.607 $1.450 $1.099 $0.957 $0.979 $0.847 $0.650 $1.101 $1.005 Number of Units Outstanding Aggressive Equity Division Accumulation Unit Value... $2.223 $2.414 $2.394 $1.723 $1.499 $1.576 $1.272 $0.975 $1.721 $1.677 Number of Units Outstanding Non-U.S. Division Accumulation Unit Value... $1.550 $1.583 $1.669 $1.379 $1.160 $1.341 $1.213 $0.966 $1.690 $1.546 Number of Units Outstanding Core Bond Division Accumulation Unit Value... $2.052 $2.070 $1.978 $2.022 $1.880 $1.809 $1.657 $1.442 $1.506 $1.415 Number of Units Outstanding , Global Real Estate Securities Division Accumulation Unit Value... $3.952 $3.972 $3.487 $3.390 $2.677 $2.902 $2.379 $1.859 $2.958 $3.542 Number of Units Outstanding , Russell Investment Funds LifePoints Variable Target Portfolio Series December 31, Moderate Strategy Division (b) Accumulation Unit Value... $1.310 $1.343 $1.291 $1.218 $1.105 $1.112 $0.994 $0.818 $1.030 Number of Units Outstanding Balanced Strategy Division (b) Accumulation Unit Value... $1.269 $1.309 $1.261 $1.130 $1.008 $1.040 $0.919 $0.738 $1.022 Number of Units Outstanding Growth Strategy Division (b) Accumulation Unit Value... $1.184 $1.233 $1.198 $1.035 $0.913 $0.966 $0.846 $0.663 $1.016 Number of Units Outstanding Equity Growth Strategy Division (b) Accumulation Unit Value... $1.094 $1.147 $1.117 $0.939 $0.818 $0.879 $0.769 $0.592 $1.007 Number of Units Outstanding (b) The initial investment was made on April 30, Credit Suisse Trust December 31, Credit Suisse Trust Commodity Return Strategy Division (a),(c) Accumulation Unit Value... $4.260 $5.725 $6.945 Number of Units Outstanding (a) The initial investment was made on November 15, (c) For some of the period shown Northwestern Mutual reimbursed the Division to the extent the net operating expenses of the Credit Suisse Trust Commodity. Return Strategy Portfolio exceeded 0.95%. 52 Account B Prospectus

61 SUMMARY PROSPECTUS MAY 1, 2016 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 You can also get this information at no cost by calling or by sending an request to [email protected]. The current prospectus and statement of additional information, each dated May 1, 2016, along with the Portfolio s most recent annual report dated December 31, 2015, 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 (fees paid directly from your investment) N/A Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.42% Distribution and Service (12b-1) Fees None Other Expenses 0.01% Total Annual Portfolio Operating Expenses 0.43% Fee Waiver (1) (0.01)% Total Annual Portfolio Operating Expenses After Fee Waiver (1) 0.42% Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. The Example reflects adjustments made to the Portfolio s operating expenses due to the fee waiver agreement with the investment adviser for the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years $43 $137 $240 $541 (1) The Portfolio s investment adviser has entered into a written agreement to waive a portion of its management fee. This fee waiver agreement may be terminated by the adviser at any time after April 30, 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 50.12% 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 the equity securities of medium and large capitalization companies. For this purpose, medium and large capitalization companies are those with a market capitalization of companies in the Russell 1000 Growth Index. As of December 31, 2015, companies in the Russell 1000 Growth Index had market capitalizations between approximately $716 million and $587 billion. The Portfolio invests in stocks selected by a team of Global Research analysts, with each analyst responsible for investments in his or her area of expertise. These analysts use a fundamental research process to identify investments for the Portfolio. The analysts, under the direction of the director of the Global Research team, determine the Portfolio s allocations among market NMSF 1 Northwestern Mutual Series Fund, Inc.

62 Growth Stock Portfolio sectors. The Portfolio invests in those companies in which the analysts have the highest degree of conviction or have identified the potential for strong earnings growth or share price appreciation in the near-term. The analysts focus on fundamental stock selection leads them not only to stocks with capital-appreciation potential, but also to companies that can generate cash flow and thus support dividends. The Portfolio seeks to reduce overall risk by diversifying its assets across economic sectors, industry groups and companies. The Portfolio is structured so that its sector weights are generally similar to those of the Russell 1000 Growth Index, the Portfolio s benchmark. As a result, the Portfolio may at times have a relatively high percentage of its assets invested in a particular sector. The Portfolio invests primarily in common stocks. It may also invest up to 20% of net assets in foreign based companies listed on foreign exchanges, either directly or through American Depositary Receipts (ADRs). The Portfolio typically sells a security when the research analyst responsible for the investment believes there has been a change in the fundamental factors surrounding the company, the company has been fully valued, or a more attractive opportunity has been identified. 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 objectives. 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. ADR Risk ADRs are receipts representing ownership of shares of a foreign issuer held by a U.S. bank or similar financial institution that entitle the holder to dividends and capital gains on the underlying foreign shares. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. They are subject to many of the risks associated with direct investments in the foreign securities, such as currency risk, political and economic risk and market risk, because their values depend on the performance of the non-dollar denominated underlying foreign securities. The Portfolio is also subject to fees and the credit risk of the financial institution holding the ADRs. Equity Securities Risk The value of equity securities, such as common 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. 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. Investment Style Risk A Portfolio managed 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. 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. Sector Concentration Risk To the extent the Portfolio invests a relatively high percentage of its assets in a particular sector, it will have greater exposure to the risks associated with that sector, including the risk that the securities of companies within the sector will underperform due to adverse economic conditions, regulatory or legislative changes or increased competition affecting the sector. To the extent the Portfolio is underweight other sectors, the Portfolio risks missing out on advances in those sectors. Northwestern Mutual Series Fund, Inc. NMSF 2

63 Growth Stock Portfolio Underlying Portfolio Risk The Portfolio may serve as an investment option, or Underlying Portfolio, for other portfolios of Northwestern Mutual Series Fund, Inc. that are managed as fund of funds. As a result, from time to time, the Portfolio may experience relatively large investments or redemptions from those other portfolios and could be required to invest cash or sell securities at a time when it is not advantageous to do so. 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 those of a broad measure of market performance as well as with the average returns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of the Portfolio. 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% 30% 20% 10% 0% -10% -20% -30% -40% -50% 9.57% 9.20% % % 35.86% 12.37% 12.94% 9.02% 6.01% -1.30% Best Qtr: 1 st % Worst Qtr: 4 th % Average Annual Total Return (for periods ended December 31, 2015) 1 Yr 5 Yrs 10 Yrs Growth Stock Portfolio 6.01% 11.85% 7.04% Russell 1000 Growth Index (reflects no deduction for fees, expenses or taxes) 5.67% 13.53% 8.53% Lipper Variable Insurance Products (VIP) Large Cap Growth Funds Average (reflects deductions for fees and expenses) 6.14% 12.30% 7.67% PORTFOLIO MANAGEMENT Investment Adviser: Mason Street Advisors, LLC (MSA) Sub-Adviser: The Boston Company Asset Management, LLC (TBC) Portfolio Manager: Elizabeth Slover, Portfolio Manager, Senior Managing Director at TBC and Director of TBC s Global Research team, who has been with TBC since 2005, has managed the Portfolio since 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.

64 SUMMARY PROSPECTUS MAY 1, 2016 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 You can also get this information at no cost by calling or by sending an request to [email protected]. The current prospectus and statement of additional information, each dated May 1, 2016, along with the Portfolio s most recent annual report dated December 31, 2015, 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 (fees paid directly from your investment) N/A Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.74% Distribution and Service (12b-1) Fees None Other Expenses 0.02% Total Annual Portfolio Operating Expenses 0.76% Fee Waiver (1) (0.13)% Total Annual Portfolio Operating Expenses After Fee Waiver (1) 0.63% (1) The Portfolio s investment adviser has entered into a written agreement to waive a portion of its management fee. This fee waiver agreement may be terminated by the adviser at any time after April 30, Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. The Example reflects adjustments made to the Portfolio s operating expenses due to the fee waiver agreement with the investment adviser for the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years $64 $230 $410 $930 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 % 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 focuses on equity securities of large capitalization companies, but may invest in companies of any size. For this purpose, large capitalization companies are those with a market capitalization in excess of $5 billion at the time of purchase. The adviser employs a growth style of equity management that emphasizes companies with sustainable competitive advantages, long-term structural growth drivers, profitable cash flow returns, and management teams focused on creating long-term value for shareholders. Long-term structural growth drivers are dynamics that in the manager s opinion are not likely to change for five years or longer such as the transition of consumer shopping from in-store to online. The adviser aims to invest in companies when they Northwestern Mutual Series Fund, Inc. NMSF 4

65 Focused Appreciation Portfolio trade at a significant discount to the estimate of their intrinsic value. The intrinsic value of a company is the true worth of its business as perceived by the portfolio managers, which may not be fully reflected in the market price of its stock. The adviser calculates the intrinsic value of a company by the discounted net present value of future cash flows. The Portfolio normally invests across a wide range of sectors and industries. The Portfolio s sector exposure relative to its benchmark is driven by the adviser s stock selection process and, as a result, may at times have a relatively high percentage of its assets invested in a particular sector. The Portfolio invests primarily in a core group of securities, but may exceed this range. The Portfolio invests primarily in common stocks. The Portfolio may invest up to 20% of its net assets in foreign securities, including American Depositary Receipts (ADRs) and emerging market securities. The Portfolio is classified as non-diversified under the Investment Company Act of 1940, as amended, which means it may hold a larger position in a particular company or smaller number of companies than a diversified fund. The Portfolio may sell an investment when the portfolio manager believes an unfavorable structural change occurs within a given business or the markets in which it operates, a critical underlying investment assumption is flawed, when a more attractive reward-to-risk opportunity becomes available, when the current price reflects intrinsic value, or for other investment reasons which the portfolio manager deems appropriate. 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. ADR Risk ADRs are receipts representing ownership of shares of a foreign issuer held by a U.S. bank or similar financial institution that entitle the holder to dividends and capital gains on the underlying foreign shares. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. They are subject to many of the risks associated with direct investments in the foreign securities, such as currency risk, political and economic risk and market risk, because their values depend on the performance of the non-dollar denominated underlying foreign securities. The Portfolio is also subject to fees and the credit risk of the financial institution holding the ADRs. Equity Securities Risk The value of equity securities, such as common 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. 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. Investment Style Risk A Portfolio managed 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. 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 Certain of the Portfolio s investments, such as small cap stocks and foreign securities, in particular emerging market securities, 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. 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 5 Northwestern Mutual Series Fund, Inc.

66 Focused Appreciation Portfolio Non-Diversification Risk The Portfolio is classified as a non-diversified fund and is permitted to invest a greater portion of its assets in a single security or a small number of securities. As a result, an increase or decrease in the value of single security held by the Portfolio may have a greater impact on the Portfolio s net asset value and total return, and the Portfolio s performance could be more volatile than the performance of funds that hold a greater number of securities. Sector Concentration Risk To the extent the Portfolio invests a relatively high percentage of its assets in a particular sector, it will have greater exposure to the risks associated with that sector, including the risk that the securities of companies within the sector will underperform due to adverse economic conditions, regulatory or legislative changes or increased competition affecting the sector. To the extent the Portfolio is underweight other sectors, the Portfolio risks missing out on advances in those sectors. Underlying Portfolio Risk The Portfolio may serve as an investment option, or Underlying Portfolio, for other portfolios of Northwestern Mutual Series Fund, Inc. that are managed as fund of funds. As a result, from time to time, the Portfolio may experience relatively large investments or redemptions from those other portfolios and could be required to invest cash or sell securities at a time when it is not advantageous to do so. 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 those of a broad measure of market performance as well as with the average returns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of the Portfolio. Prior to July 31, 2015, the sub-adviser to the Portfolio was different. Performance shown may have been different if the current strategy, and the current subadviser, had been in place during the periods shown. 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% 30% 26.84% 29.01% 20.14% 20% 10% 9.33% 4.88% 9.43% 13.64% 0% -10% -6.10% -20% -30% -40% -50% % Best Qtr: 2 nd % Worst Qtr: 4 th % Average Annual Total Return (for periods ended December 31, 2015) 1 Yr 5 Yrs 10 Yrs Focused Appreciation Portfolio 13.64% 12.60% 8.45% Russell 1000 Growth Index (reflects no deduction for fees, expenses or taxes) 5.67% 13.53% 8.53% Lipper Variable Insurance Products (VIP) Large Cap Growth Funds Average (reflects deductions for fees and expenses) 6.14% 12.30% 7.67% PORTFOLIO MANAGEMENT Investment Adviser: Mason Street Advisors, LLC Sub-Adviser: Loomis, Sayles & Company, L.P. (Loomis Sayles) Portfolio Manager: Aziz V. Hamzaogullari, CFA, Vice President of Loomis Sayles, joined Loomis Sayles in 2010 and began managing the Portfolio in 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

67 SUMMARY PROSPECTUS MAY 1, 2016 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 You can also get this information at no cost by calling or by sending an request to [email protected]. The current prospectus and statement of additional information, each dated May 1, 2016, along with the Portfolio s most recent annual report dated December 31, 2015, 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 (fees paid directly from your investment) N/A Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.43% Distribution and Service (12b-1) Fees None Other Expenses 0.02% Total Annual Portfolio Operating Expenses 0.45% Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years $46 $144 $252 $567 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 13.36% 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. For this purpose, large capitalization equity investments are those whose market capitalizations are above $5 billion at the time of purchase. In choosing securities, the Portfolio s portfolio managers first identify economic sectors they believe can support longer term profit growth. Using fundamental analysis, the Portfolio s portfolio managers then seek companies within these sectors that have dominant positions and sustainable competitive advantages in their industries, superior management that productively reinvests cash flow, sustainable profitability, strong balance sheets, expanding global presence and the potential to achieve predictable, above-average earnings and dividend growth over the next three to five years or longer. The Portfolio may also invest in companies which the portfolio managers consider undervalued in terms of earnings, assets or growth prospects. The Portfolio may be broadly diversified, potentially reflecting all sectors of the S&P 500 Index. However, the sectors actually represented in the Portfolio and the sector weights may differ based on the adviser s fundamental analysis and economic outlook. As a result, the Portfolio may at times have a relatively high percentage of its assets invested in a particular sector. NMSF 7 Northwestern Mutual Series Fund, Inc.

68 Large Cap Core Stock Portfolio The Portfolio invests primarily in common stocks of U.S. and foreign based companies listed on U.S. exchanges. Up to 20% of the Portfolio s net assets may be invested in foreign based companies listed on foreign exchanges, either directly or through American Depositary Receipts (ADRs). The Portfolio may invest in both dividend paying and non-dividend paying stocks. The Portfolio employs a buy-and-hold strategy, which is an investment strategy characterized by a low portfolio turnover rate, which helps reduce the Portfolio s trading cost. The Portfolio typically sells a security when the Portfolio s portfolio managers believe there is a significant adverse change in the company s business fundamentals that may lead to a sustained impairment in earnings power, the company has become significantly overvalued in terms of earnings, assets or growth prospects, or more attractive alternatives exist. 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. ADR Risk ADRs are receipts representing ownership of shares of a foreign issuer held by a U.S. bank or similar financial institution that entitle the holder to dividends and capital gains on the underlying foreign shares. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. They are subject to many of the risks associated with direct investments in the foreign securities, such as currency risk, political and economic risk and market risk, because their values depend on the performance of the non-dollar denominated underlying foreign securities. The Portfolio is also subject to fees and the credit risk of the financial institution holding the ADRs. Equity Securities Risk The value of equity securities, such as common 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. 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. Investment Style Risk A portfolio managed 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. 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. Sector Concentration Risk To the extent the Portfolio invests a relatively high percentage of its assets in a particular sector, it will have greater exposure to the risks associated with that sector, including the risk that the securities of companies within the sector will underperform due to adverse economic conditions, regulatory or legislative changes or increased competition affecting the sector. To the extent the Portfolio is underweight other sectors, the Portfolio risks missing out on advances in those sectors. Underlying Portfolio Risk The Portfolio may serve as an investment option, or Underlying Portfolio, for other portfolios of Northwestern Mutual Series Fund, Inc. that are managed as fund of funds. As a result, from time to time, the Portfolio may experience relatively large investments or redemptions from those other portfolios and could be required to invest cash or sell securities at a time when it is not advantageous to do so. Northwestern Mutual Series Fund, Inc. NMSF 8

69 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 those of a broad measure of market performance as well as with the average returns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of the Portfolio. 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% 30% 29.33% 28.58% 20% 11.49% 10% 9.12% 12.91% 11.63% 8.56% 0% -10% -1.21% -3.06% -20% -30% -40% % -50% Best Qtr: 2 nd % Worst Qtr: 4 th % Average Annual Total Return (for periods ended December 31, 2015) 1 Yr 5 Yrs 10 Yrs Large Cap Core Stock Portfolio -3.06% 8.34% 4.97% S&P 500 Index (reflects no deduction for fees, expenses or taxes) 1.38% 12.57% 7.31% Lipper Variable Insurance Products (VIP) Large Cap Core Funds Average (reflects deductions for fees and expenses) -0.17% 11.02% 6.51% PORTFOLIO MANAGEMENT Investment Adviser: Mason Street Advisors, LLC (MSA) Sub-Adviser: Fayez Sarofim & Co. (Sarofim & Co.) Portfolio Managers: Since 2013, the Portfolio is managed by a team of portfolio managers employed by Sarofim & Co. The team is supported by Sarofim & Co. s Investment Committee, all the members of which are senior investment professionals at Sarofim & Co. The team consists of: Fayez Sarofim, CFA, Chairman of the Board and Co-Chief Investment Officer, who founded Sarofim & Co. in Gentry Lee, CFA, Chief Executive Officer and Co-Chief Investment Officer of Sarofim & Co., who has been with Sarofim & Co. since Alan R. Christensen, CFA, President of Sarofim & Co., who has been with Sarofim & Co. since 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.

70 SUMMARY PROSPECTUS MAY 1, 2016 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 You can also get this information at no cost by calling or by sending an request to [email protected]. The current prospectus and statement of additional information, each dated May 1, 2016, along with the Portfolio s most recent annual report dated December 31, 2015, 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 (fees paid directly from your investment) N/A Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.76% Distribution and Service (12b-1) Fees None Other Expenses 0.05% Total Annual Portfolio Operating Expenses 0.81% Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 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 16.11% 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 securities of large capitalization companies listed or traded on U.S. securities exchanges. The Portfolio defines large capitalization companies as those with a market capitalization in excess of $5 billion, at the time of investment. In selecting investments, greater consideration is given to potential appreciation and future dividends than to current income. The Portfolio may hold American Depositary Receipts (ADRs) and other equity securities of foreign issuers which are denominated in U.S. dollars. The Portfolio employs a focused investment strategy, typically investing in a core group of large capitalization common stocks and ADRs. The Portfolio uses fundamental analysis to look for stocks of good businesses that are selling at value prices. The Portfolio believes good businesses have some or all of the following characteristics: a strong, defendable market or products and services niche; a high degree of recurring revenue; modestly priced products or services; attractive return-on-investment and above average growth or improving profitability prospects. The Portfolio considers valuation on both an absolute and relative basis utilizing both historical and prospective analysis. In reviewing companies, the Portfolio applies the characteristics identified above on a case-by-case basis. Northwestern Mutual Series Fund, Inc. NMSF 10

71 Large Cap Blend Portfolio The adviser will generally sell a security held by the Portfolio when it believes the security has achieved its value potential, when such sale is necessary for diversification of the Portfolio, when changing fundamentals signal a deteriorating value potential or when other securities have a better value potential. 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. ADR Risk ADRs are receipts representing ownership of shares of a foreign issuer held by a U.S. bank or similar financial institution that entitle the holder to dividends and capital gains on the underlying foreign shares. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. They are subject to many of the risks associated with direct investments in the foreign securities, such as currency risk, political and economic risk and market risk, because their values depend on the performance of the non-dollar denominated underlying foreign securities. The Portfolio is also subject to fees and the credit risk of the financial institution holding the ADRs. Equity Securities Risk The value of equity securities, such as common 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. 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 classified as a diversified investment company, 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. Investment Style Risk A portfolio managed 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. 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. Underlying Portfolio Risk The Portfolio may serve as an investment option, or Underlying Portfolio, for other portfolios of Northwestern Mutual Series Fund, Inc. that are managed as fund of funds. As a result, from time to time, the Portfolio may experience relatively large investments or redemptions from those other portfolios and could be required to invest cash or sell securities at a time when it is not advantageous to do so. NMSF 11 Northwestern Mutual Series Fund, Inc.

72 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 those of a broad measure of market performance as well as with the average returns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of the Portfolio. 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% 30% 27.40% 30.86% 20% 10% 14.29% 15.20% 12.58% 0% -10% -2.29% -2.42% -20% -30% -40% % -50% Best Qtr: 2 nd % Worst Qtr: 4 th % 2015 Average Annual Total Return (for periods ended December 31, 2015) 1 Yr 5 Yrs Since Inception on 04/30/07 Large Cap Blend Portfolio -2.42% 10.10% 3.22% S&P 500 Index (reflects no deduction for fees, expenses or taxes) 1.38% 12.57% 6.04% Lipper Variable Insurance Products (VIP) Large Cap Core Funds Average (reflects deductions for fees and expenses) -0.17% 11.02% PORTFOLIO MANAGEMENT Investment Adviser: Mason Street Advisors, LLC Sub-Adviser: Fiduciary Management, Inc. (FMI) Portfolio Managers: FMI s investment decisions are made by a Portfolio Management Committee (PMC). The investment process employed by the PMC is team based, and the PMC as a whole, not any individual member, is primarily responsible for the day-to-day management of the Portfolio. The PMC has managed the Portfolio since PMC members include: Patrick J. English, CFA, Chief Executive Officer and Chief Investment Officer, who has been with FMI since John S. Brandser, President, Chief Operating Officer and Chief Compliance Officer, who has been with FMI since Andy P. Ramer, CFA, Director of Research, who has been with FMI since Jonathan T. Bloom, CFA, Research Analyst, who has been with FMI since Matthew J. Goetzinger, CFA, Research Analyst, who has been with FMI since Robert M. Helf, CFA, Research Analyst, who has been with FMI since Karl T. Poehls, CFA, Research Analyst, who has been with FMI since Daniel G. Sievers, CFA, Research Analyst, who has been with FMI since Matthew T. Sullivan, Research Analyst, who has been with FMI since 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

73 SUMMARY PROSPECTUS MAY 1, 2016 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 You can also get this information at no cost by calling or by sending an request to [email protected]. The current prospectus and statement of additional information, each dated May 1, 2016, along with the Portfolio s most recent annual report dated December 31, 2015, 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 (fees paid directly from your investment) N/A Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.20% Distribution and Service (12b-1) Fees None Other Expenses 0.01% Total Annual Portfolio Operating Expenses 0.21% Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 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 4.17% 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, 2015, the market capitalization range of the S&P 500 Index was approximately $1.8 billion to $587 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, to a lesser extent, purchase (long) total return equity 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 non-diversified under the Investment Company Act of 1940, as amended, which means it may hold larger positions in a single stock or smaller number of stocks than a diversified fund. NMSF 13 Northwestern Mutual Series Fund, Inc.

74 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 primary risks associated with the Portfolio s use of derivatives are the risk that changes in the value of the derivatives may not correlate as intended with the underlying asset, rate or index and the risk of adverse price movements in the market. Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amount invested. Other risks include counterparty and liquidity risks. Equity Securities Risk The value of equity securities, such as the stocks in which the Portfolio invests, 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. Non-Diversification Risk The Portfolio is classified as a non-diversified 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. Underlying Portfolio Risk The Portfolio may serve as an investment option, or Underlying Portfolio, for other portfolios of Northwestern Mutual Series Fund, Inc. that are managed as fund of funds. As a result, from time to time, the Portfolio may experience relatively large investments or redemptions from those other portfolios and could be required to invest cash or sell securities at a time when it is not advantageous to do so. 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 those of a broad measure of market performance as well as with the average returns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of the Portfolio. 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% 32.05% 30% 26.40% 20% 15.62% 14.89% 15.76% 13.46% 10% 5.43% 0% 1.95% 1.17% -10% -20% -30% -40% % -50% Best Qtr:2 nd % Worst Qtr:4 th % Average Annual Total Return (for periods ended December 31, 2015) 1 Yr 5 Yrs 10 Yrs Index 500 Stock Portfolio 1.17% 12.33% 7.16% S&P 500 Index (reflects no deduction for fees, expenses or taxes) 1.38% 12.57% 7.31% Lipper Variable Insurance Products (VIP) S&P 500 Index Objective Funds Average (reflects deductions for fees and expenses) 0.94% 12.11% 6.94% Northwestern Mutual Series Fund, Inc. NMSF 14

75 Index 500 Stock Portfolio PORTFOLIO MANAGEMENT Investment Adviser: Mason Street Advisors, LLC (MSA) Portfolio Managers: Daniel J. Meehan is a Director of MSA and joined MSA in He has co-managed the Portfolio since Steven A. Warren is an Associate of MSA and joined The Northwestern Mutual Life Insurance Company ( Northwestern Mutual ) in He has co-managed the Portfolio since Joseph A. Travia is an Associate of MSA, joined MSA in 2002 and joined Northwestern Mutual in He has co-managed the Portfolio since 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.

76 SUMMARY PROSPECTUS MAY 1, 2016 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 You can also get this information at no cost by calling or by sending an request to [email protected]. The current prospectus and statement of additional information, each dated May 1, 2016, along with the Portfolio s most recent annual report dated December 31, 2015, 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 (fees paid directly from your investment) N/A Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.70% Distribution and Service (12b-1) Fees None Other Expenses 0.04% Total Annual Portfolio Operating Expenses 0.74% Fee Waiver (1) (0.03)% Total Annual Portfolio Operating Expenses After Fee Waiver (1) 0.71% Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. The Example reflects adjustments made to the Portfolio s operating expenses due to the fee waiver agreement with the investment adviser for the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years $73 $234 $409 $916 (1) The Portfolio s investment adviser has entered into a written agreement to waive a portion of its management fee. This fee waiver agreement may be terminated by the adviser at any time after April 30, 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 52.53% 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, 2015, the market capitalization range of the Russell 1000 Index was approximately $381 million to $587 billion. 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. Northwestern Mutual Series Fund, Inc. NMSF 16

77 Large Company Value Portfolio 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 dividend-paying history and whether dividend payments are expected to continue or increase. 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 (ADRs) (up to 20% of net assets), including those of companies located in emerging markets, and utilize forwards 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. ADR Risk ADRs are receipts representing ownership of shares of a foreign issuer held by a U.S. bank or similar financial institution that entitle the holder to dividends and capital gains on the underlying foreign shares. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. They are subject to many of the risks associated with direct investments in the foreign securities, such as currency risk, political and economic risk and market risk, because their values depend on the performance of the non-dollar denominated underlying foreign securities. The Portfolio is also subject to fees and the credit risk of the financial institution holding the ADRs. Derivatives Risk The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate or index. The primary risks associated with the Portfolio s use of derivatives are the risk that the counterparty to a derivatives transaction fails to make the required payment or otherwise comply with the terms of the contract, the risk that changes in the value of the derivatives may not correlate as intended with the underlying asset, rate or index, the risk of adverse price movements in the market, and the risk of missed opportunities in other investments. Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amount invested. Other risks include management, interest rate, and liquidity risks. 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 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. Investment Style Risk A portfolio managed 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. 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. NMSF 17 Northwestern Mutual Series Fund, Inc.

78 Large Company Value Portfolio Underlying Portfolio Risk The Portfolio may serve as an investment option, or Underlying Portfolio, for other portfolios of Northwestern Mutual Series Fund, Inc. that are managed as fund of funds. As a result, from time to time, the Portfolio may experience relatively large investments or redemptions from those other portfolios and could be required to invest cash or sell securities at a time when it is not advantageous to do so. 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 those of a broad measure of market performance as well as with the average returns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of the Portfolio. 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% 31.29% 30% 20.70% 20% 16.47% 10.95% 13.03% 10% 1.49% 0% -10% -3.85% -20% -30% -40% % -50% Best Qtr: 3 rd % Worst Qtr: 4 th % Average Annual Total Return (for periods ended December 31, 2015) 1 Yr 5 Yrs Since Inception on 04/30/07 Large Company Value Portfolio -3.85% 11.02% 3.37% Russell 1000 Value Index (reflects no deduction for fees, expenses or taxes) -3.83% 11.27% 4.09% Lipper Variable Insurance Products (VIP) Large Cap Value Funds Average (reflects deductions for fees and expenses) -4.08% 10.07% PORTFOLIO MANAGEMENT Investment Adviser: Mason Street Advisors, LLC Sub-Adviser: American Century Investment Management, Inc. (American Century) Portfolio Managers: Brendan Healy, CFA, Vice President and Portfolio Manager, joined American Century in 2000 and has served as a manager for the portfolio since Brian Woglom, CFA, Vice President and Portfolio Manager, joined American Century in 2005 and has served as a manager for the Portfolio since 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

79 SUMMARY PROSPECTUS MAY 1, 2016 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 You can also get this information at no cost by calling or by sending an request to [email protected]. The current prospectus and statement of additional information, each dated May 1, 2016, along with the Portfolio s most recent annual report dated December 31, 2015, 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 (fees paid directly from your investment) N/A Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.54% Distribution and Service (12b-1) Fees None Other Expenses 0.02% Total Annual Portfolio Operating Expenses 0.56% Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years $57 $179 $313 $701 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 14.15% 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. Generally, the companies in which the Portfolio invests will have a market value of $5 billion or more. The Portfolio invests in a core group of securities. The Portfolio primarily invests in common stocks of large-capitalization companies, but may also invest in mid-capitalization companies, that its adviser believes have long-term capital appreciation potential. Typically, the Portfolio seeks securities the adviser believes are undervalued in relation to their intrinsic value. The intrinsic value of a company is the true worth of the business, which may not be fully reflected in the market price of its stock. The adviser seeks to determine a company s intrinsic value as indicated by multiple factors, including the earnings and cash flow potential or the asset valuation of the respective issuers. On a selective basis, the adviser considers a company s plans for future operation. The Portfolio may sell a security if it no longer believes the security will contribute to meeting the investment objective of the Portfolio. In considering whether to sell a security, the Portfolio may evaluate, among other things, the factors listed above, the condition of the U.S. economy, the condition of non-u.s. economies, and changes in the condition and outlook in the issuer s industry or sector. NMSF 19 Northwestern Mutual Series Fund, Inc.

80 Domestic Equity 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. Equity Securities Risk The value of equity securities, such as common 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. 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 classified as a diversified investment company, 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. Investment Style Risk A portfolio managed 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. 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. Underlying Portfolio Risk The Portfolio may serve as an investment option, or Underlying Portfolio, for other portfolios of Northwestern Mutual Series Fund, Inc. that are managed as fund of funds. As a result, from time to time, the Portfolio may experience relatively large investments or redemptions from those other portfolios and could be required to invest cash or sell securities at a time when it is not advantageous to do so. 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 those of a broad measure of market performance as well as with the average returns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of the Portfolio. 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% 30% 20% 10% 0% -10% -20% -30% -40% -50% 16.56% -6.33% % % 29.52% 14.62% 14.35% 13.87% 0.91% -0.09% Best Qtr: 3 rd % Worst Qtr: 4 th % Average Annual Total Return (for periods ended December 31, 2015) 1 Yr 5 Yrs 10 Yrs Domestic Equity Portfolio -0.09% 11.96% 5.78% Russell 1000 Value Index (reflects no deduction for fees, expenses or taxes) -3.83% 11.27% 6.16% Lipper Variable Insurance Products (VIP) Large Cap Value Funds Average (reflects deductions for fees and expenses) -4.08% 10.07% 5.54% Northwestern Mutual Series Fund, Inc. NMSF 20

81 Domestic Equity Portfolio PORTFOLIO MANAGEMENT Investment Adviser: Mason Street Advisors, LLC Sub-Adviser: Delaware Investments Fund Advisers, a series of Delaware Management Business Trust (Delaware Investments) Portfolio Managers: D. Tysen Nutt, Jr., Senior Vice President, Senior Portfolio Manager and Team Leader, has been with Delaware Investments or Delaware Management Company since 2004, and has co-managed the Portfolio since Robert A. Vogel, Jr., CFA, Vice President and Senior Portfolio Manager, has been with Delaware Investments or Delaware Management Company since 2004, and has co-managed the Portfolio since Nikhil G. Lalvani, CFA, Vice President and Senior Portfolio Manager, has been with Delaware Investments or Delaware Management Company since 1997, and has co-managed the Portfolio since Kristen E. Bartholdson, Vice President and Senior Portfolio Manager, has been with Delaware Investments or Delaware Management Company since 2006, and has co-managed the Portfolio since 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.

82 SUMMARY PROSPECTUS MAY 1, 2016 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 You can also get this information at no cost by calling or by sending an request to [email protected]. The current prospectus and statement of additional information, each dated May 1, 2016, along with the Portfolio s most recent annual report dated December 31, 2015, 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 (fees paid directly from your investment) N/A Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.63% Distribution and Service (12b-1) Fees None Other Expenses 0.02% Total Annual Portfolio Operating Expenses 0.65% Fee Waiver (1) (0.02)% Total Annual Portfolio Operating Expenses After Fee Waiver (1) 0.63% (1) The Portfolio s investment adviser has entered into a written agreement to waive a portion of its management fee. This fee waiver agreement may be terminated by the adviser at any time after April 30, Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. The Example reflects adjustments made to the Portfolio s operating expenses due to the fee waiver agreement with the investment adviser for the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years $64 $206 $360 $809 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 37.97% 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 an emphasis on larger capitalization stocks with a strong track record of paying dividends or that are believed to be undervalued. For this purpose, larger capitalization stocks are those with a market capitalization greater than $5 billion. The Portfolio generally seeks investments in large-capitalization companies and the Portfolio s yield, which reflects the level of dividends paid by the Portfolio, is expected to normally exceed the yield of the S&P 500 Stock Index. This level is merely a guideline and there can be no certainty this level will be achieved. Northwestern Mutual Series Fund, Inc. NMSF 22

83 Equity Income Portfolio 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 as measured by price to earnings ratio, dividend yield, enterprise value to sales, among other metrics 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, a reorganization, a spin-off of a business line, a special dividend, or some other extraordinary corporate event, a new product introduction or a favorable competitive development. 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 (ADRs) (up to 20% of net assets), including those of issuers located in emerging markets. 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. ADR Risk ADRs are receipts representing ownership of shares of a foreign issuer held by a U.S. bank or similar financial institution that entitle the holder to dividends and capital gains on the underlying foreign shares. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. They are subject to many of the risks associated with direct investments in the foreign securities, such as currency risk, political and economic risk and market risk, because their values depend on the performance of the non-dollar denominated underlying foreign securities. The Portfolio is also subject to fees and the credit risk of the financial institution holding the ADRs. Dividend-Paying Stock Risk The Portfolio s emphasis on dividend-paying stocks could cause the Portfolio to underperform similar funds that invest without consideration of a company s track record of paying dividends. Stocks with a history of paying dividends may not participate in a broad market advance to the same degree as most other stocks. Currently, interest rates are at unprecedented historically low levels, and a sharp rise in interest rates or economic downturn could cause a company to unexpectedly reduce or eliminate its dividend. 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. 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. Investment Style Risk A portfolio managed 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. 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. NMSF 23 Northwestern Mutual Series Fund, Inc.

84 Equity Income Portfolio Special Situation Risk In special situations, the adviser may deviate from the Portfolio s normal investment criteria when purchasing a security. In these special situations, there is 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. Underlying Portfolio Risk The Portfolio may serve as an investment option, or Underlying Portfolio, for other portfolios of Northwestern Mutual Series Fund, Inc. that are managed as fund of funds. As a result, from time to time, the Portfolio may experience relatively large investments or redemptions from those other portfolios and could be required to invest cash or sell securities at a time when it is not advantageous to do so. 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 those of a broad measure of market performance as well as with the average returns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of the Portfolio. 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% 29.94% 20% 19.15% 15.33% 17.23% 10% 7.43% 3.26% 0% -0.92% -10% -6.74% -20% -30% -40% % Best Qtr: 2 nd % Worst Qtr: 4 th % Average Annual Total Return (for periods ended December 31, 2015) 1 Yr 5 Yrs 10 Yrs Equity Income Portfolio -6.74% 8.62% 5.55% Russell 1000 Value Index (reflects no deduction for fees, expenses or taxes) -3.83% 11.27% 6.16% Lipper Variable Insurance Products (VIP) Equity Income Funds Average (reflects deductions for fees and expenses) -3.87% 9.62% 5.80% PORTFOLIO MANAGEMENT Investment Adviser: Mason Street Advisors, LLC Sub-Adviser: T. Rowe Price Associates, Inc. (T. Rowe Price) Portfolio Manager: John D. Linehan, CFA, Vice President, has been with T. Rowe Price since He has managed the Portfolio since November 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

85 SUMMARY PROSPECTUS MAY 1, 2016 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 You can also get this information at no cost by calling or by sending an request to [email protected]. The current prospectus and statement of additional information, each dated May 1, 2016, along with the Portfolio s most recent annual report dated December 31, 2015, 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 (fees paid directly from your investment) N/A Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.52% Distribution and Service (12b-1) Fees None Other Expenses 0.01% Total Annual Portfolio Operating Expenses 0.53% Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years $54 $170 $296 $665 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 68.54% 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 stocks of mid-sized companies. The Portfolio considers a company to be a mid cap company if it has a market capitalization no smaller than the smallest capitalized company, and no larger than the largest capitalized company, included in the Russell Midcap Index at the time of investment (as of December 31, 2015, from approximately $381 million to $30 billion). Securities of companies whose market capitalizations no longer meet this definition after purchase may continue to be held by the Portfolio. The Portfolio invests primarily in common stocks of mid cap domestic growth companies that are expected to experience solid growth in earnings. In choosing investments, the adviser evaluates the extent to which a company meets one or more of the following criteria, relative to the valuation of the security: (a) the company should have or should have the expectation of becoming, a significant provider in the primary markets it serves, (b) the company should have some distinctive attribute relative to present or potential competitors, (c) the prices of the company s products or services should be based to some degree upon their value to the customer, rather than their production cost, (d) the company should participate in an industry expected to grow rapidly due to economic factors or technological change or grow through market share gains in its industry and (e) the company should have a strong management team. NMSF 25 Northwestern Mutual Series Fund, Inc.

86 Mid Cap Growth Stock Portfolio The Portfolio seeks to reduce overall risk by diversifying across economic sectors, industry groups and companies. The Portfolio s sector exposure relative to its benchmark is driven by the adviser s fundamental company analysis and stock selection process. As a result, Portfolio may at times have a relatively high percentage of its assets invested in a particular sector. The Portfolio may invest up to 20% of net assets in American Depositary Receipts (ADRs) and other securities of foreign issuers denominated in U.S. dollars. The Portfolio commonly trims positions as valuation appears incrementally less attractive, and may sell a stock when the adviser s investment thesis is no longer valid, typically due to an erosion of company fundamentals relative to expectations or when valuation is no longer attractive. The Portfolio may, but is not required, to exit a position if the company s capitalization grows beyond the mid cap range. 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. ADR Risk ADRs are receipts representing ownership of shares of a foreign issuer held by a U.S. bank or similar financial institution that entitle the holder to dividends and capital gains on the underlying foreign shares. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. They are subject to many of the risks associated with direct investments in the foreign securities, such as currency risk, political and economic risk and market risk, because their values depend on the performance of the non-dollar denominated underlying foreign securities. The Portfolio is also subject to fees and the credit risk of the financial institution holding the ADRs. Equity Securities Risk The value of equity securities, such as common 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. 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. Investment Style Risk A portfolio managed 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. 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. Sector Concentration Risk To the extent the Portfolio invests a relatively high percentage of its assets in a particular sector, it will have greater exposure to the risks associated with that sector, including the risk that the securities of companies within the sector will underperform due to adverse economic conditions, regulatory or legislative changes or increased competition affecting the sector. To the extent the Portfolio is underweight other sectors, the Portfolio risks missing out on advances in those sectors. Underlying Portfolio Risk The Portfolio may serve as an investment option, or Underlying Portfolio, for other portfolios of Northwestern Mutual Series Fund, Inc. that are managed as fund of funds. As a result, from time to time, the Portfolio may experience relatively large investments or redemptions from those other portfolios and could be required to invest cash or sell securities at a time when it is not advantageous to do so. Northwestern Mutual Series Fund, Inc. NMSF 26

87 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 those of a broad measure of market performance as well as with the average returns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of the Portfolio. 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% 32.09% 30% 23.86% 25.53% 20.70% 20% 11.97% 10% 8.49% 4.40% 0.71% 0% -10% -6.18% -20% -30% -40% % -50% Best Qtr: 3 rd % Worst Qtr: 4 th % Average Annual Total Return (for periods ended December 31, 2015) 1 Yr 5 Yrs 10 Yrs Mid Cap Growth Stock Portfolio 0.71% 7.58% 5.94% Russell MidCap Growth Index (reflects no deduction for fees, expenses or taxes) -0.20% 11.54% 8.16% Lipper Variable Insurance Products (VIP) Mid Cap Growth Funds Average (reflects deductions for fees and expenses) -0.30% 9.93% 7.41% PORTFOLIO MANAGEMENT Investment Adviser: Mason Street Advisors, LLC (MSA) Sub-Adviser: William Blair Investment Management, LLC (William Blair) Portfolio Managers: Robert C. Lanphier IV, a Partner of William Blair, joined in 1987 and has co-managed the Portfolio since David P. Ricci, CFA, a Partner of William Blair, joined in 1994 and has co-managed the Portfolio since Daniel Crowe, CFA, a Partner of William Blair, joined in 2011 and has co-managed the Portfolio since 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.

88 SUMMARY PROSPECTUS MAY 1, 2016 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 You can also get this information at no cost by calling or by sending an request to [email protected]. The current prospectus and statement of additional information, each dated May 1, 2016, along with the Portfolio s most recent annual report dated December 31, 2015, 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 (fees paid directly from your investment) N/A Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.25% Distribution and Service (12b-1) Fees None Other Expenses 0.03% Total Annual Portfolio Operating Expenses 0.28% Fee Waiver (1) (0.01)% Total Annual Portfolio Operating Expenses After Fee Waiver (1) 0.27% Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. The Example reflects adjustments made to the Portfolio s operating expenses due to the fee waiver agreement with the investment adviser for the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years $28 $89 $156 $355 (1) The Portfolio s investment adviser has entered into a written agreement to waive a portion of its management fee. This fee waiver agreement may be terminated by the adviser at any time after April 30, 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 18.70% 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 stocks of the very large companies that account for most of the weighting in the S&P 500 Index. As of December 31, 2015, the market capitalization range of the S&P MidCap 400 Index was approximately $661 million to $13 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 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, to a lesser extent, purchase (long) total return equity swap agreements to help achieve full replication. Northwestern Mutual Series Fund, Inc. NMSF 28

89 Index 400 Stock Portfolio 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 non-diversified under the Investment Company Act of 1940, as amended, which means it may hold larger positions in a single stock or smaller number of stocks than a diversified fund. 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 primary risks associated with the Portfolio s use of derivatives are the risk that changes in the value of the derivatives may not correlate as intended with the underlying asset, rate or index and the risk of adverse price movements in the market. Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amount invested. Other risks include counterparty and liquidity risks. Equity Securities Risk The value of equity securities, such as the stocks in which the Portfolio invests, 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. 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. Non-Diversification Risk The Portfolio is classified as a non-diversified 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. Underlying Portfolio Risk The Portfolio may serve as an investment option, or Underlying Portfolio, for other portfolios of Northwestern Mutual Series Fund, Inc. that are managed as fund of funds. As a result, from time to time, the Portfolio may experience relatively large investments or redemptions from those other portfolios and could be required to invest cash or sell securities at a time when it is not advantageous to do so. NMSF 29 Northwestern Mutual Series Fund, Inc.

90 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 those of a broad measure of market performance as well as with the average returns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of the Portfolio. 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% 30% 20% 37.00% 26.29% 33.16% 17.64% 10.04% 10% 7.93% 9.42% 0% -10% -1.92% -2.38% -20% -30% -40% % Best Qtr: 3 rd % Worst Qtr: 4 th % Average Annual Total Return (for periods ended December 31, 2015) 1 Yr 5 Yrs 10 Yrs Index 400 Stock Portfolio -2.38% 10.41% 7.95% S&P MidCap 400 Index (reflects no deduction for fees, expenses or taxes) -2.18% 10.68% 8.18% Lipper Variable Insurance Products (VIP) Mid Cap Core Funds Average (reflects deductions for fees and expenses) -3.38% 9.76% 7.15% PORTFOLIO MANAGEMENT Investment Adviser: Mason Street Advisors, LLC (MSA) Portfolio Managers: Daniel J. Meehan is a Director of MSA and joined MSA in He has co-managed the Portfolio since Steven A. Warren is an Associate of MSA and joined The Northwestern Mutual Life Insurance Company ( Northwestern Mutual ) in He has co-managed the Portfolio since Joseph A. Travia is an Associate of MSA, joined MSA in 2002 and joined Northwestern Mutual in He has co-managed the Portfolio since 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

91 SUMMARY PROSPECTUS MAY 1, 2016 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 You can also get this information at no cost by calling or by sending an request to [email protected]. The current prospectus and statement of additional information, each dated May 1, 2016, along with the Portfolio s most recent annual report dated December 31, 2015, 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 (fees paid directly from your investment) N/A Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.85% Distribution and Service (12b-1) Fees None Other Expenses 0.04% Total Annual Portfolio Operating Expenses 0.89% Fee Waiver (1) (0.12)% Total Annual Portfolio Operating Expenses After Fee Waiver (1) 0.77% (1) The Portfolio s investment adviser has entered into a written agreement to waive a portion of its management fee. This fee waiver agreement may be terminated by the adviser at any time after April 30, Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. The Example reflects adjustments made to the Portfolio s operating expenses due to the fee waiver agreement with the investment adviser for the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years $79 $272 $481 $1,085 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 71.46% 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 purchase. 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, (approximately $15 million to $45 billion as of December 31, 2015). 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 (approximately $381 million to $30 billion as of December 31, 2015). NMSF 31 Northwestern Mutual Series Fund, Inc.

92 Mid Cap Value Portfolio 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 dividend-paying history and whether dividend payments are expected to continue or increase. The adviser may also use this fundamental value approach to invest the Portfolio in initial public offerings (IPOs) from time to time when such opportunities are attractive and consistent with the Portfolio s investment objectives. 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 (ADRs) and foreign securities (up to 20% of net assets), including those of companies located in emerging markets, and may utilize forwards and futures for cash management purposes or to hedge foreign currency exposure. 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. ADR Risk ADRs are receipts representing ownership of shares of a foreign issuer held by a U.S. bank or similar financial institution that entitle the holder to dividends and capital gains on the underlying foreign shares. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. They are subject to many of the risks associated with direct investments in the foreign securities, such as currency risk, political and economic risk and market risk, because their values depend on the performance of the non-dollar denominated underlying foreign securities. The Portfolio is also subject to fees and the credit risk of the financial institution holding the ADRs. Derivatives Risk The value of a derivative generally depends upon, or is derived from, an underlying asset, reference rate or index. The primary risks associated with the Portfolio s use of derivatives are the risk that the counterparty to a derivatives transaction fails to make the required payment or otherwise comply with the terms of the contract, the risk that changes in the value of the derivatives may not correlate as intended with the underlying asset, rate or index, and the risk of missed opportunities in other investments. Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amount invested. Other risks include management, market, interest rate, and liquidity risks. 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 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. Investment Style Risk A portfolio managed 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. IPO Risk The value of securities acquired in an IPO may rise or fall more rapidly than other investments due to factors such as the absence of an established public market, unseasoned trading and speculation, a potentially small number of securities available for trading, limited information about the issuer and other factors. The purchase of securities in an IPO may involve higher transaction costs than those associated with the purchase of securities with an established market. 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 32

93 Mid Cap Value Portfolio 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. Underlying Portfolio Risk The Portfolio may serve as an investment option, or Underlying Portfolio, for other portfolios of Northwestern Mutual Series Fund, Inc. that are managed as fund of funds. As a result, from time to time, the Portfolio may experience relatively large investments or redemptions from those other portfolios and could be required to invest cash or sell securities at a time when it is not advantageous to do so. 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 those of a broad measure of market performance as well as with the average returns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of the Portfolio. 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% 30.24% 30% 23.24% 19.93% 20% 14.49% 16.57% 16.69% 10% 0% -10% -20% -0.16% -0.61% -1.33% -30% -40% % -50% Best Qtr: 3 rd % Worst Qtr: 4 th % Average Annual Total Return (for periods ended December 31, 2015) 1 Yr 5 Yrs 10 Yrs Mid Cap Value Portfolio -1.33% 11.68% 6.66% Russell MidCap Value Index (reflects no deduction for fees, expenses or taxes) -4.78% 11.25% 7.61% Lipper Variable Insurance Products (VIP) Mid Cap Value Funds Average (reflects deductions for fees and expenses) -5.35% 9.52% 6.06% PORTFOLIO MANAGEMENT Investment Adviser: Mason Street Advisors, LLC Sub-Adviser: American Century Investment Management, Inc. (American Century) Portfolio Managers: Phillip N. Davidson, CFA, 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 Michael Liss, CFA, CPA, Vice President and Senior Portfolio Manager, has served American Century as a Portfolio Manager since 2004 and began managing the Portfolio in Kevin Toney, CFA, Senior Vice President and Senior Portfolio Manager, has served American Century as a Portfolio Manager since 2006 and began managing the Portfolio in Brian Woglom, CFA, Vice President and Portfolio Manager, joined American Century in 2005 and has served as a Portfolio Manager for the Portfolio since 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.

94 SUMMARY PROSPECTUS MAY 1, 2016 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 You can also get this information at no cost by calling or by sending an request to [email protected]. The current prospectus and statement of additional information, each dated May 1, 2016, along with the Portfolio s most recent annual report dated December 31, 2015, 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 (fees paid directly from your investment) N/A Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.54% Distribution and Service (12b-1) Fees None Other Expenses 0.03% Total Annual Portfolio Operating Expenses 0.57% Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years $58 $183 $318 $714 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 48.21% 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 small capitalization companies. The Portfolio defines small capitalization companies as companies with market capitalizations within the collective range of the Russell 2000 Growth and S&P Small Cap 600 Growth Indices. As of December 31, 2015, this range was approximately $19 million to $18 billion. Some of the companies in which the Portfolio invests may be considered micro cap companies (defined as companies with stock market capitalizations less than $500 million at the time of investment). The Portfolio s investment process is derived from the observation that the quality and persistence of a company s business is often not reflected in its current stock price. Central to the investment process is intense, fundamental research focused on uncovering companies with improving quality metrics, business momentum, and attractive relative valuations. The investment process is aided by a proprietary screening process that narrows the investment universe to companies that are consistent with the investment philosophy. The investment team conducts fundamental research on companies elevated by the screening process. Research emphasizes the sustainability of a business s competitive advantages and the ability to generate revenue and increase profit margins. Other important considerations include capital allocation discipline, and other qualitative factors such as strength of company management, and analysis of products and competition. Valuation analysis is an important component of the investment process and consists of both cash flow and earnings ratios that are compared with the industry average. Northwestern Mutual Series Fund, Inc. NMSF 34

95 Small Cap Growth Stock Portfolio Portfolio construction emphasizes stock specific risk while minimizing other sources of active risk. The Portfolio is structured so that its sector weights are generally similar to those of the Russell 2000 Growth Index, the Portfolio s benchmark. As a result, the Portfolio may at times have a relatively high percentage of its assets invested in a particular sector and may hold securities which are not represented in the benchmark. However, in constructing the Portfolio, the investment team monitors different sources of active risk including stock-specific risk, industry risk and style risk. The goal of this analysis is to ensure that the Portfolio remains well diversified and does not have unrewarded or unintended industry and style exposure as a consequence of individual stock selections. The Portfolio invests primarily in U.S. common stocks. The Portfolio may also invest up to 20% of net assets in American Depositary Receipts (ADRs) and other equity securities of foreign issuers, including those located in emerging markets, which are denominated in U.S. dollars. The Portfolio may also utilize exchange-traded funds as part of its cash management strategy. The Portfolio may sell a security for a variety of reasons including when it no longer demonstrates improving quality or exhibits strong fundamental momentum, when fundamentals have changed, where the risk/reward assessment is no longer favorable, or to redeploy assets into more promising opportunities. The Portfolio may, but is not required, to exit a position if the company s capitalization grows beyond the small cap range. 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. The value of securities identified using quantitative analysis can react differently to issuer, political, market and economic developments from the market as a whole or securities identified using only fundamental analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security s value. ADR Risk ADRs are receipts representing ownership of shares of a foreign issuer held by a U.S. bank or similar financial institution that entitle the holder to dividends and capital gains on the underlying foreign shares. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. They are subject to many of the risks associated with direct investments in the foreign securities, such as currency risk, political and economic risk and market risk, because their values depend on the performance of the non-dollar denominated underlying foreign securities. The Portfolio is also subject to fees and the credit risk of the financial institution holding the ADRs. Equity Securities Risk The value of equity securities, such as common 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 expense incurred as a shareholder in another investment company, and tracking error. ETFs are also subject to the risk that their market prices may trade at a premium or discount to their net asset value, which means the Portfolio will overpay for an ETF s assets if it is trading at a premium and will get less than the value of the ETF s assets when selling if it is trading at a discount. An active market for an ETF may not be developed or maintained. Trading of an ETF s shares may be halted by the exchange, in which case the Portfolio would be unable to sell its ETF shares unless and until trading is resumed. 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. Investment Style Risk A portfolio managed 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. NMSF 35 Northwestern Mutual Series Fund, Inc.

96 Small Cap Growth Stock Portfolio Liquidity Risk Markets for small and micro cap stocks and foreign securities, in particular emerging markets securities, may be less liquid than markets for larger cap stocks and domestic securities, and therefore 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. Sector Concentration Risk To the extent the Portfolio invests a relatively high percentage of its assets in a particular sector, it will have greater exposure to the risks associated with that sector, including the risk that the securities of companies within the sector will underperform due to adverse economic conditions, regulatory or legislative changes or increased competition affecting the sector. To the extent the Portfolio is underweight other sectors, the Portfolio risks missing out on advances in those sectors. Small Cap Company Risk Investing in 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. Underlying Portfolio Risk The Portfolio may serve as an investment option, or Underlying Portfolio, for other portfolios of Northwestern Mutual Series Fund, Inc. that are managed as fund of funds. As a result, from time to time, the Portfolio may experience relatively large investments or redemptions from those other portfolios and could be required to invest cash or sell securities at a time when it is not advantageous to do so. 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 those of a broad measure of market performance as well as with the average returns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of the Portfolio. 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% 38.60% 31.17% 30% 25.85% 20% 10% 6.68% 9.54% 9.48% 8.66% 0.32% 0% -2.78% -10% -20% -30% -40% -50% % Best Qtr: 4 th % Worst Qtr: 4 th % Average Annual Total Return (for periods ended December 31, 2015) 1 Yr 5 Yrs 10 Yrs Small Cap Growth Stock Portfolio 0.32% 9.97% 5.70% Russell 2000 Growth Index (reflects no deduction for fees, expenses or taxes) -1.38% 10.67% 7.95% Lipper Variable Insurance Products (VIP) Small Cap Growth Funds Average (reflects deductions for fees and expenses) -2.05% 10.07% 7.45% PORTFOLIO MANAGEMENT Investment Adviser: Mason Street Advisors, LLC (MSA) Sub-Adviser: Wellington Management Company LLP (Wellington Management) Portfolio Manager: Mammen Chally, CFA, Senior Managing Director and Equity Portfolio Manager, joined Wellington Management in 1994 and has managed the Portfolio since Northwestern Mutual Series Fund, Inc. NMSF 36

97 Small Cap Growth Stock 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 37 Northwestern Mutual Series Fund, Inc.

98 SUMMARY PROSPECTUS MAY 1, 2016 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 You can also get this information at no cost by calling or by sending an request to [email protected]. The current prospectus and statement of additional information, each dated May 1, 2016, along with the Portfolio s most recent annual report dated December 31, 2015, 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 (fees paid directly from your investment) N/A Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.25% Distribution and Service (12b-1) Fees None Other Expenses 0.11% Total Annual Portfolio Operating Expenses 0.36% Expense Reimbursement (1) (0.01)% Total Annual Portfolio Operating Expenses After Expense Reimbursement (1) 0.35% (1) 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, acquired fund fees and expenses and such non-recurring and extra ordinary expenses as they may arise) 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, Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. The Example reflects adjustments made to the Portfolio s operating expenses due to the expense reimbursement agreement with the investment adviser for the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years $36 $115 $201 $455 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 46.59% of the average value of its portfolio. Northwestern Mutual Series Fund, Inc. NMSF 38

99 Index 600 Stock Portfolio PRINCIPAL INVESTMENT STRATEGIES The Portfolio employs a passive management, or indexing, investment approach designed to track the performance of the S&P SmallCap 600 Index. S&P SmallCap 600 Index is composed of 600 domestic stocks with market capitalizations ranging between approximately $59 million and $18 billion as of December 31, The Portfolio attempts to achieve its objective by investing all, or substantially all, of its assets in stock that make up the S&P SmallCap 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 purchase (long) total return equity swap agreements and invest in exchange traded funds and, to a lesser extent, futures contracts, 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 non-diversified under the Investment Company Act of 1940, as amended, which means it may hold larger positions in a single stock or smaller number of stocks than a diversified fund. The Index 600 Stock Portfolio s ability to match the performance of the S&P SmallCap 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 primary risks associated with the Portfolio s use of derivatives are the risk that changes in the value of the derivatives may not correlate as intended with the underlying asset, rate or index, the risk of adverse price movements in the market. Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amount invested. Other risks include counterparty and liquidity risks. Equity Securities Risk The value of equity securities, such as the stocks in which the Portfolio invests, 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. ETFs are also subject to the risk that their market prices may trade at a premium or discount to their net asset value, which means the Portfolio will overpay for an ETF s assets if it is trading at a premium and will get less than the value of the ETF s assets when selling if it is trading at a discount. An active market for an ETF may not be developed or maintained. Trading of an ETF s shares may be halted by the exchange, in which case the Portfolio would be unable to sell its ETF shares unless and until trading is resumed. 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. Non-Diversification Risk The Portfolio is classified as a non-diversified 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. Small Cap Company Risk Investing in 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 39 Northwestern Mutual Series Fund, Inc.

100 Index 600 Stock Portfolio Underlying Portfolio Risk The Portfolio may serve as an investment option, or Underlying Portfolio, for other portfolios of Northwestern Mutual Series Fund, Inc. that are managed as fund of funds. As a result, from time to time, the Portfolio may experience relatively large investments or redemptions from those other portfolios and could be required to invest cash or sell securities at a time when it is not advantageous to do so. 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 those of a broad measure of market performance as well as with the average returns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of the Portfolio. 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% 40.67% 40% 30% 25.17% 25.90% 20% 15.80% 10% 5.34% 0.90% 0% -2.35% -10% -20% -30% % -40% Best Qtr: 2 nd % Worst Qtr: 4 th % 2015 Average Annual Total Return (for periods ended December 31, 2015) 1 Yr 5 Yrs Since Inception on 04/30/07 Index 600 Stock Portfolio -2.35% 11.07% 6.47% S&P SmallCap 600 Index (reflects no deduction for fees, expenses or taxes) -1.97% 11.48% 6.86% Lipper Variable Insurance Products (VIP) Small Cap Core Funds Average (reflects deductions for fees and expenses) -4.67% 8.99% PORTFOLIO MANAGEMENT Investment Adviser: Mason Street Advisors, LLC (MSA) Portfolio Managers: Daniel J. Meehan is a Director of MSA and joined MSA in He has co-managed the Portfolio since Steven A. Warren is an Associate of MSA and joined The Northwestern Mutual Life Insurance Company ( Northwestern Mutual ) in He has co-managed the Portfolio since Joseph A. Travia is an Associate of MSA, joined MSA in 2002 and joined Northwestern Mutual in He has co-managed the Portfolio since 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 40

101 SUMMARY PROSPECTUS MAY 1, 2016 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 You can also get this information at no cost by calling or by sending an request to [email protected]. The current prospectus and statement of additional information, each dated May 1, 2016, along with the Portfolio s most recent annual report dated December 31, 2015, 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 (fees paid directly from your investment) N/A Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.85% Distribution and Service (12b-1) Fees None Other Expenses 0.03% Acquired Fund Fees and Expenses 0.14% Total Annual Portfolio Operating Expenses (1) 1.02% Fee Waiver (2) (0.01)% Total Annual Portfolio Operating Expenses After Fee Waiver (1), (2) 1.01% Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. The Example reflects adjustments made to the Portfolio s operating expenses due to the fee waiver agreement with the investment adviser for the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years $103 $324 $563 $1,249 (1) Includes fees and expenses incurred indirectly by the Portfolio as a result of investments in other investment companies (Acquired Fund Fees and Expenses). The operating expenses of the Portfolio reflected in the Portfolio s most recent annual report and Financial Highlights do not include Acquired Fund Fees and Expenses. (2) The Portfolio s investment adviser has entered into a written agreement to waive a portion of its management fee. This fee waiver agreement may be terminated by the adviser at any time after April 30, 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 35.53% of the average value of its portfolio. NMSF 41 Northwestern Mutual Series Fund, Inc.

102 Small Cap Value 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 Russell 2000 Index at the time of purchase (approximately $6.5 billion as of December 31, 2015). 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, on occasion, purchase companies with a market capitalization above 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). 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 generally looks for some of the following: low price/earnings, price/book value, or price/cash flow ratios relative to the Russell 2000 Index the company s peers, or its own historical norm; low stock price relative to a company s underlying asset values; above-average dividend yield relative to a company s peers or its own historical norm; a plan to improve the business through restructuring; and a sound balance sheet and other positive financial characteristics. While the Portfolio does not seek to focus its investments in any particular economic sector, the Portfolio may at times have a relatively high percentage of its assets invested in a particular sector as a result of the adviser s stock selection process. 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, a reorganization, a spin-off of a business line, a special dividend, or some other 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 (ADRs) and foreign securities (up to 20% of net assets), including those of issuers located in emerging markets, real estate investment trust (REITs) and securities of other investment companies, including open-end funds, closed-end funds, exchange traded funds (ETFs) and business development companies (BDCs), 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. ADR Risk ADRs are receipts representing ownership of shares of a foreign issuer held by a U.S. bank or similar financial institution that entitle the holder to dividends and capital gains on the underlying foreign shares. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. They are subject to many of the risks associated with direct investments in the foreign securities, such as currency risk, political and economic risk and market risk, because their values depend on the performance of the non-dollar denominated underlying foreign securities. The Portfolio is also subject to fees and the credit risk of the financial institution holding the ADRs. Equity Securities Risk The value of equity securities, such as common 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. 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 42

103 Small Cap Value Portfolio 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. Investment Style Risk A portfolio managed 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. 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. Other Investment Companies Risk The Portfolio will indirectly bear its pro rata portion of the expenses of the investment companies in which it invests, including advisory fees, in addition to the direct expenses of the Portfolio. The expenses associated with some business development companies may be significant. Investments in other investment companies are subject to market and selection risks, and generally entail the same risks as the underlying securities held by them. ETFs, closed-end funds and BDCs are also subject to the risk that their market prices may trade at a premium or a discount to their net asset value, which means the Portfolio will overpay for a fund s assets if it is trading at a premium and will get less than the value of the fund s assets when selling if it is trading at a discount. An active trading market for an ETF, closed-end fund or BDC may not be developed or maintained. In the event of a trading halt by the exchange, the Portfolio would be unable to sell its ETF, closed-end or BDC shares unless and until trading is resumed. BDCs invest in small and medium-sized private companies that may not have access to public equity markets. As a result, a BDC s portfolio may be less liquid, may be more adversely affected by poor economic or market conditions, and may be adversely affected by risks associated with industries and sectors in which portfolio companies may concentrate. REITs Risk REITs must satisfy specific requirements for favorable tax treatment and can involve unique risks in addition to the risks generally affecting the real estate industry. REITs are dependent upon the quality of their management, may have limited financial resources and heavy cash flow dependency, and may not be diversified geographically or by property type. Sector Concentration Risk To the extent the Portfolio invests a relatively high percentage of its assets in a particular sector, it will have greater exposure to the risks associated with that sector, including the risk that the securities of companies within the sector will underperform due to adverse economic conditions, regulatory or legislative changes or increased competition affecting the sector. To the extent the Portfolio is underweight other sectors, the Portfolio risks missing out on advances in those sectors. Small Cap Company Risk Investing in 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 In special situations, the adviser may deviate from the Portfolio s normal investment criteria when purchasing a security. In these special situations, there is 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. Underlying Portfolio Risk The Portfolio may serve as an investment option, or Underlying Portfolio, for other portfolios of Northwestern Mutual Series Fund, Inc. that are managed as fund of funds. As a result, from time to time, the Portfolio may experience relatively large investments or redemptions from those other portfolios and could be required to invest cash or sell securities at a time when it is not advantageous to do so. NMSF 43 Northwestern Mutual Series Fund, Inc.

104 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 those of a broad measure of market performance as well as with the average returns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of the Portfolio. 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% 30% 20% 16.55% 10% 0% -10% -20% -30% % % % 21.95% % % % Best Qtr: 2 nd % Worst Qtr: 4 th % % % 2015 Average Annual Total Return (for periods ended December 31, 2015) 1 Yr 5 Yrs 10 Yrs Small Cap Value Portfolio -5.45% 7.46% 6.40% Russell 2000 Value Index (reflects no deduction for fees, expenses or taxes) -7.47% 7.67% 5.57% Lipper Variable Insurance Products (VIP) Small Cap Value Funds Average (reflects deductions for fees and expenses) -7.61% 7.70% 6.23% PORTFOLIO MANAGEMENT Investment Adviser: Mason Street Advisors, LLC Sub-Adviser: T. Rowe Price Associates, Inc. (T. Rowe Price) Portfolio Manager: J. David Wagner, CFA, Vice President of T. Rowe Price, joined T. Rowe Price in 2000 and has managed the Portfolio since 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 44

105 SUMMARY PROSPECTUS MAY 1, 2016 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 You can also get this information at no cost by calling or by sending an request to [email protected]. The current prospectus and statement of additional information, each dated May 1, 2016, along with the Portfolio s most recent annual report dated December 31, 2015, 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 (fees paid directly from your investment) N/A Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.63% Distribution and Service (12b-1) Fees None Other Expenses 0.11% Total Annual Portfolio Operating Expenses 0.74% Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years $76 $237 $411 $918 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 % 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 may invest in emerging markets but will normally limit such investments to 20% of its net assets, measured at the time of purchase. The adviser normally invests the Portfolio s assets primarily in foreign common stocks and American Depositary Receipts (ADRs) and other depositary receipts. While the adviser normally allocates the Portfolio s assets across different countries and regions, 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. The Portfolio invests primarily in large capitalization companies, but may invest in companies of any size. Although the Portfolio primarily invests its assets in issuers located outside the U.S., it also invests in U.S. issuers. The adviser invests the Portfolio s assets in companies it believes operate in a market environment, or with a competitive advantage, that make it difficult for competition to disrupt current and future profitability, in combination with growth drivers that may offer above-average growth potential measured by factors such as earnings or revenue. Companies with high growth potential tend to be companies with higher than average price/earnings (P/E) or price/book (P/B) ratios. Companies with strong growth potential often have new products, technologies, distribution channels, or other opportunities, or have a strong industry or market position. The stocks of these companies are often called growth stocks. In buying and selling securities for the Portfolio, the adviser relies on fundamental analysis, which involves a bottom up assessment of a company s potential for success in light of factors such as its financial condition, earnings outlook, strategy, management, industry position, and economic and market conditions. NMSF 45 Northwestern Mutual Series Fund, Inc.

106 International Growth Portfolio The Portfolio may reduce or sell its position in a particular holding when the adviser believes a stock is fully valued, the conditions upon which the adviser based its original investment thesis no longer holds true, or due to portfolio construction considerations. 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. ADR Risk ADRs are receipts representing ownership of shares of a foreign issuer held by a U.S. bank or similar financial institution that entitle the holder to dividends and capital gains on the underlying foreign shares. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. They are subject to many of the risks associated with direct investments in the foreign securities, such as currency risk, political and economic risk and market risk, because their values depend on the performance of the non-dollar denominated underlying foreign securities. The Portfolio is also subject to fees and the credit risk of the financial institution holding the ADRs. 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 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. 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 To the extent a relatively large percentage of the Portfolio s assets are invested in issuers located in a single country, a small number of countries, or a particular geographic region, the Portfolio s performance could be more volatile than that of a more geographically diversified fund, and the Portfolio s performance may be more closely tied to the market, currency, economic, political, or regulatory conditions in those countries or that region. Investment Style Risk A portfolio managed 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. 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 Markets for small cap stocks and foreign securities, in particular emerging markets securities, may be less liquid than markets for larger cap stocks and domestic securities, and therefore 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 46

107 International Growth Portfolio Underlying Portfolio Risk The Portfolio may serve as an investment option, or Underlying Portfolio, for other portfolios of Northwestern Mutual Series Fund, Inc. that are managed as fund of funds. As a result, from time to time, the Portfolio may experience relatively large investments or redemptions from those other portfolios and could be required to invest cash or sell securities at a time when it is not advantageous to do so. 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 those of a broad measure of market performance, the returns of an additional index of securities with characteristics similar to those that the Portfolio typically holds, and the average returns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of the Portfolio. The MSCI EAFE (Europe-Australasia-Far East) Growth Index is replacing the MSCI All Country World (ex-us) Growth Index as the Portfolio s primary benchmark as it is a more appropriate comparative index to the portfolio following the appointment of the Portfolio s sub-adviser effective July 31, Prior to July 31, 2015, the sub-adviser to the Portfolio was different. Performance shown may have been different if the current strategy, and the current sub-adviser, had been in place during the periods shown. 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% 30% 20% 10% 0% -10% -20% -30% -40% -50% 21.48% 12.62% % % 16.43% 17.99% 19.81% % Best Qtr: 2 nd % Worst Qtr: 3 rd % % -1.73% Average Annual Total Return (for periods ended December 31, 2015) 1 Yr 5 Yrs 10 Yrs International Growth Portfolio -1.73% 2.87% 1.97% MSCI EAFE (Europe-Australasia-Far East) Growth Index (Gross) (reflects no deduction for fees, expenses or taxes) 4.47% 4.97% 4.39% MSCI All Country World (ex-us) Growth Index (Gross) (reflects no deduction for fees, expenses or taxes) -0.91% 2.48% 4.03% Lipper Variable Insurance Products (VIP) International Multi-Cap Growth Funds Average (reflects deductions for fees and expenses) -0.05% 3.32% 3.74% PORTFOLIO MANAGEMENT Investment Adviser: Mason Street Advisors, LLC Sub-Adviser: FIAM LLC (FIAM) Portfolio Manager: Jed Weiss, Portfolio Manager, began managing the Portfolio in 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 47 Northwestern Mutual Series Fund, Inc.

108 SUMMARY PROSPECTUS MAY 1, 2016 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 You can also get this information at no cost by calling or by sending an request to [email protected]. The current prospectus and statement of additional information, each dated May 1, 2016, along with the Portfolio s most recent annual report dated December 31, 2015, 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 (fees paid directly from your investment) N/A Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.81% Distribution and Service (12b-1) Fees None Other Expenses 0.11% Total Annual Portfolio Operating Expenses 0.92% Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 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 32.43% of the average value of its portfolio. PRINCIPAL INVESTMENT STRATEGIES The Portfolio normally invests primarily in foreign equity securities, including emerging market equity securities. The Portfolio normally allocates its investments across different countries and regions, but the Portfolio may invest a 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), 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 American Depositary Receipts (ADRs) and other depositary receipts for those securities. The adviser uses a bottom up investment approach to buying and selling investments for the Portfolio, which emphasizes individual stock selection. Investments are selected primarily based on fundamental analysis of individual issuers and their potential in light of their 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. Northwestern Mutual Series Fund, Inc. NMSF 48

109 Research International Core Portfolio The adviser 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. ADR Risk ADRs are receipts representing ownership of shares of a foreign issuer held by a U.S. bank or similar financial institution that entitle the holder to dividends and capital gains on the underlying foreign shares. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. They are subject to many of the risks associated with direct investments in the foreign securities, such as currency risk, political and economic risk and market risk, because their values depend on the performance of the non-dollar denominated underlying foreign securities. The Portfolio is also subject to fees and the credit risk of the financial institution holding the ADRs. 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. 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 and could be significantly impacted as a result of the Portfolio investing a 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. Investment Style Risk A portfolio managed 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. 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 Markets for small cap stocks and foreign securities, in particular emerging markets securities, may be less liquid than markets for larger cap stocks and domestic securities, and therefore 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. NMSF 49 Northwestern Mutual Series Fund, Inc.

110 Research International Core 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. Underlying Portfolio Risk The Portfolio may serve as an investment option, or Underlying Portfolio, for other portfolios of Northwestern Mutual Series Fund, Inc. that are managed as fund of funds. As a result, from time to time, the Portfolio may experience relatively large investments or redemptions from those other portfolios and could be required to invest cash or sell securities at a time when it is not advantageous to do so. 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 those of a broad measure of market performance, the returns of an additional index of securities with characteristics similar to those that the Portfolio typically holds, and the average returns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of the Portfolio. 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% 30.82% 30% 20% 16.76% 18.92% 11.05% 10% 0% -1.11% -10% -6.71% % -20% -30% -40% % -50% Best Qtr: 2 nd % Worst Qtr: 3 rd % 2015 Average Annual Total Return (for periods ended December 31, 2015) 1 Yr 5 Yrs Since Inception on 04/30/07 Research International Core Portfolio -1.11% 2.77% 0.11% MSCI All Country World (ex-us) Index (Gross) (reflects no deduction for fees, expenses or taxes) -5.25% 1.51% 0.11% MSCI EAFE (Europe-Australasia-Far East) Index (Gross) (reflects no deduction for fees, expenses or taxes) -0.39% 4.07% 0.25% Lipper Variable Insurance Products (VIP) International Multi- Cap Core Funds Average (reflects deductions for fees and expenses) -1.97% 2.95% 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 Thomas Melendez, Investment Officer of MFS, has managed the Portfolio since Victoria Higley, Investment Officer of MFS, has managed the portfolio since April 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 50

111 SUMMARY PROSPECTUS MAY 1, 2016 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 You can also get this information at no cost by calling or by sending an request to [email protected]. The current prospectus and statement of additional information, each dated May 1, 2016, along with the Portfolio s most recent annual report dated December 31, 2015, 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 (fees paid directly from your investment) N/A Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.66% Distribution and Service (12b-1) Fees None Other Expenses 0.07% Total Annual Portfolio Operating Expenses 0.73% Fee Waiver (1) (0.11)% Total Annual Portfolio Operating Expenses After Fee Waiver (1) 0.62% (1) The Portfolio s investment adviser has entered into a written agreement to waive a portion of its management fee. This fee waiver agreement may be terminated by the adviser at any time after April 30, Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. The Example reflects adjustments made to the Portfolio s operating expenses due to the fee waiver agreement with the investment adviser for the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years $63 $222 $395 $896 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 18.80% 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 may purchase securities in any foreign country, including those with developed markets and emerging markets. From time to time, based on economic conditions, the Portfolio may have significant investments in one or more countries or in particular sectors. The Portfolio invests primarily in foreign common stocks, and may also invest in American Depositary Receipts (ADRs) and other similar depositary receipts. NMSF 51 Northwestern Mutual Series Fund, Inc.

112 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 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, or when the adviser believes another security provides a more attractive investment opportunity. 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. ADR Risk ADRs are receipts representing ownership of shares of a foreign issuer held by a U.S. bank or similar financial institution that entitle the holder to dividends and capital gains on the underlying foreign shares. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. They are subject to many of the risks associated with direct investments in the foreign securities, such as currency risk, political and economic risk and market risk, because their values depend on the performance of the non-dollar denominated underlying foreign securities. The Portfolio is also subject to fees and the credit risk of the financial institution holding the ADRs. 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 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. 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 and could be significantly impacted 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. Investment Style Risk A portfolio managed 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. 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 52

113 International Equity Portfolio Sector Concentration Risk To the extent the Portfolio invests a relatively high percentage of its assets in a particular sector, it will have greater exposure to the risks associated with that sector, including the risk that the securities of companies within the sector will underperform due to adverse economic conditions, regulatory or legislative changes or increased competition affecting the sector. To the extent the Portfolio is underweight other sectors, the Portfolio risks missing out on advances in those sectors. 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. Underlying Portfolio Risk The Portfolio may serve as an investment option, or Underlying Portfolio, for other portfolios of Northwestern Mutual Series Fund, Inc. that are managed as fund of funds. As a result, from time to time, the Portfolio may experience relatively large investments or redemptions from those other portfolios and could be required to invest cash or sell securities at a time when it is not advantageous to do so. 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 those of a broad measure of market performance, the returns of an additional index of securities with characteristics similar to those that the Portfolio typically holds, and the average returns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of the Portfolio. 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% 30.90% 33.11% 30% 21.52% 21.38% 20% 18.06% 10% 7.67% 0% -2.21% -10% % -8.80% -20% -30% -40% -50% % Best Qtr: 2 nd % Worst Qtr: 4 th % Average Annual Total Return (for periods ended December 31, 2015) 1 Yr 5 Yrs 10 Yrs International Equity Portfolio -2.21% 3.41% 3.94% MSCI All Country World (ex-us) Index (Gross) (reflects no deduction for fees, expenses or taxes) -5.25% 1.51% 3.38% MSCI EAFE (Europe-Australasia-Far East) Index (Gross) (reflects no deduction for fees, expenses or taxes) -0.39% 4.07% 3.50% Lipper Variable Insurance Products (VIP) International Multi-Cap Value Funds Average (reflects deductions for fees and expenses) -3.80% 1.96% 1.82% PORTFOLIO MANAGEMENT Investment Adviser: Mason Street Advisors, LLC Sub-Adviser: Templeton Investment Counsel, LLC (Templeton) Portfolio Manager: Antonio T. Docal, CFA, Executive Vice President of Templeton, joined Templeton in 2001 and has been a portfolio manager of the Portfolio since December 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 53 Northwestern Mutual Series Fund, Inc.

114 SUMMARY PROSPECTUS MAY 1, 2016 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 You can also get this information at no cost by calling or by sending an request to [email protected]. The current prospectus and statement of additional information, each dated May 1, 2016, along with the Portfolio s most recent annual report dated December 31, 2015, 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 (fees paid directly from your investment) N/A Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 1.11% Distribution and Service (12b-1) Fees None Other Expenses 0.21% Total Annual Portfolio Operating Expenses 1.32% Fee Waiver (1) (0.02)% Total Annual Portfolio Operating Expenses After Fee Waiver (1) 1.30% (1) The Portfolio s investment adviser has entered into a written agreement to waive a portion of its management fee. This fee waiver agreement may be terminated by the adviser at any time after April 30, Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. The Example reflects adjustments made to the Portfolio s operating expenses due to the fee waiver agreement with the investment adviser for the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years $132 $416 $722 $1,588 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 45.83% of the average value of its 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 American Depositary Receipts (ADRs) and other depositary receipts for those securities. Emerging market countries 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-income economy according to the International Bank for Reconstruction and Development (the World Bank), the country s designation by the International Monetary Fund as an emerging market, the country s inclusion in an emerging market index, and other factors that demonstrate that the country s financial and capital markets are in the development phase. Currently, such countries are located in Latin America, Asia, Africa, the Middle East, and the developing countries of Europe, primarily Eastern Europe. The Portfolio may also invest in equity securities of issuers that are not tied economically to emerging market countries. Northwestern Mutual Series Fund, Inc. NMSF 54

115 Emerging Markets Equity Portfolio The Portfolio may invest in companies of any size. The adviser may invest a 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, which emphasizes individual stock selection. Investments are selected primarily based on fundamental analysis of individual issuers and their potential in light of their 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. ADR Risk ADRs are receipts representing ownership of shares of a foreign issuer held by a U.S. bank or similar financial institution that entitle the holder to dividends and capital gains on the underlying foreign shares. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. They are subject to many of the risks associated with direct investments in the foreign securities, such as currency risk, political and economic risk and market risk, because their values depend on the performance of the non-dollar denominated underlying foreign securities. The Portfolio is also subject to fees and the credit risk of the financial institution holding the ADRs. 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. 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 and could be significantly impacted as a result of the Portfolio investing a 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. Investment Style Risk A portfolio managed 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. 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 Markets for small and micro cap stocks and foreign securities, in particular emerging markets securities, may be less liquid than markets for larger cap stocks and domestic securities, and therefore 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 55 Northwestern Mutual Series Fund, Inc.

116 Emerging Markets Equity 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. 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. Underlying Portfolio Risk The Portfolio may serve as an investment option, or Underlying Portfolio, for other portfolios of Northwestern Mutual Series Fund, Inc. that are managed as fund of funds. As a result, from time to time, the Portfolio may experience relatively large investments or redemptions from those other portfolios and could be required to invest cash or sell securities at a time when it is not advantageous to do so. 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 those of a broad measure of market performance as well as with the average returns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of the Portfolio. 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. 80% 69.73% 60% 40% 20% 24.08% 18.83% 0% -20% -5.15% -6.25% % % -40% -60% % -80% Best Qtr: 2 nd % Worst Qtr: 3 rd % Average Annual Total Return (for periods ended December 31, 2015) 1 Yr 5 Yrs Since Inception on 04/30/07 Emerging Markets Equity Portfolio % -5.48% -1.37% MSCI Emerging Markets Index (Gross) (reflects no deduction for fees, expenses or taxes) % -4.47% 0.42% Lipper Variable Insurance Products (VIP) Emerging Markets Funds Average (reflects deductions for fees and expenses) % -4.28% 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 Robert Lau, CFA, Investment Officer of MFS, has managed the Portfolio since 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

117 SUMMARY PROSPECTUS MAY 1, 2016 Government 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 You can also get this information at no cost by calling or by sending an request to [email protected]. The current prospectus and statement of additional information, each dated May 1, 2016, along with the Portfolio s most recent annual report dated December 31, 2015, 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 (fees paid directly from your investment) N/A Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.30% Distribution and Service (12b-1) Fees None Other Expenses 0.03% Total Annual Portfolio Operating Expenses 0.33% Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years $34 $106 $185 $418 PRINCIPAL INVESTMENT STRATEGIES As a government money market portfolio, the Portfolio invests at least 99.5% of its total assets in cash, U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, and repurchase agreements secured by such obligations or cash. The Portfolio may invest 100% of its total assets in such repurchase agreements. The yield of the Portfolio is not directly tied to the federal funds rate. The Portfolio invests in a portfolio of securities maturing in 397 days or less (with certain exceptions) that will have a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. The Portfolio may invest in variable and floating rate instruments, and transact in securities on a when-issued, delayed delivery or forward commitment basis. The Portfolio seeks to maintain a net asset value of $1.00 per share. PRINCIPAL RISKS The main risks of investing in the Portfolio are identified below. 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. Income Risk The risk that the Portfolio s yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. 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 NMSF 57 Northwestern Mutual Series Fund, Inc.

118 Government Money Market Portfolio 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 or pay expenses out of Portfolio assets. Additionally, securities issued or guaranteed by the U.S. government, its agencies and instrumentalities have historically involved little risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary during the period you are invested in the Portfolio. Liquidity Risk 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. The liquidity requirements applicable to money market funds are designed to help mitigate the potential impact of these risks. 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. Money Market Regulatory Risk Money market funds are subject to extensive regulation. The Securities and Exchange Commission (SEC) recently adopted amendments to money market fund regulations, which structurally change the way that certain money market funds will be required to operate. In response to the amendments, the Portfolio made certain changes to its principal investment strategies, and other changes, to qualify as a government money market fund as defined under Rule 2a-7 of the Investment Company Act of 1940, as amended. The changes may affect the Portfolio s return potential, expenses, liquidity, yield, or affect the Portfolio in other ways. Repurchase Agreements Risk If the other party to a repurchase agreement defaults on its obligation under the agreement, the Portfolio may suffer delays and incur costs or lose money in exercising its rights under the agreement. These risks may be heightened if the other party is located outside of the U.S. If the seller fails to repurchase the security and the market value of the security declines, the Portfolio may lose money. Underlying Portfolio Risk The Portfolio may serve as an investment option, or Underlying Portfolio, for other portfolios of Northwestern Mutual Series Fund, Inc. that are managed as fund of funds. As a result, from time to time, the Portfolio may experience relatively large investments or redemptions from those other portfolios and could be required to invest cash or sell securities at a time when it is not advantageous to do so. U.S. Government Securities Risk Not all obligations of the U.S. government, its agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Any guarantee by the U.S. government or its agencies or instrumentalities of a security held by the Portfolio does not apply to the market value of such security or to shares of the Portfolio itself. Variable and Floating Rate Instrument Risk Variable and floating rate securities provide for a periodic adjustment in the interest rate paid on the obligations. The absence of an active market for these securities could make it difficult for the Portfolio to dispose of them if the issuer defaults. When-Issued and Delayed Delivery Transactions Risk When issued and delayed delivery securities involve the risk that the security will lose value prior to its delivery. There is also the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Portfolio loses both the investment opportunity for the assets it set aside to pay for the security and any gain the security s price. You could lose money by investing in the Government Money Market Portfolio. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Portfolio s sponsor has no legal obligation to provide financial support to the Portfolio, and you should not expect that the sponsor will provide financial support to the Portfolio at any time. Northwestern Mutual Series Fund, Inc. NMSF 58

119 Government Money Market 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. Returns are based on past results and are not an indication of future performance. Prior to May 1, 2016, the Portfolio operated as a prime money market fund and invested in certain types of securities that the Portfolio is no longer permitted to hold. Consequently, the performance information below may have been different if the current investment limitations had been in effect during the period prior to the Portfolio s conversion to a government money market fund. 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% 4% 3% 2% 1% 0% -1% 4.86% 5.28% 2.76% 0.76% 0.29% 0.14% 0.15% 0.10% 0.07% 0.01% Average Annual Total Return (for periods ended December 31, 2015) 1 Yr 5 Yrs 10 Yrs Government Money Market Portfolio 0.01% 0.09% 1.42% For the seven-day period ended March 31, 2016, the Government Money Market Portfolio s yield was 0.10% Best Qtr: 4 th % Worst Qtr: 3 rd % PORTFOLIO MANAGEMENT Investment Adviser: Mason Street Advisors, LLC Sub-Adviser: BlackRock Advisors, LLC 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.

120 SUMMARY PROSPECTUS MAY 1, 2016 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 You can also get this information at no cost by calling or by sending an request to [email protected]. The current prospectus and statement of additional information, each dated May 1, 2016, along with the Portfolio s most recent annual report dated December 31, 2015, 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 (fees paid directly from your investment) N/A Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.34% Distribution and Service (12b-1) Fees None Other Expenses 0.09% Total Annual Portfolio Operating Expenses 0.43% Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years $44 $138 $241 $542 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 35.76% 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. The Portfolio may also invest up to 10% of net assets in non-investment grade, high yield/ high risk bonds (so called junk bonds ). Investment grade securities are generally securities rated investment grade by major credit rating agencies (BBB- or higher by S&P; Baa3 or higher by Moody s; BBB- or higher by Fitch) and non-investment grade securities are generally securities rated below investment grade by major credit rating agencies (BB+ or lower by S&P; Ba1 or lower by Moody s; BB+ or lower by Fitch), or, if unrated, determined by the Portfolio s adviser to be of comparable quality. Also, the Portfolio may invest up to 20% of net assets in foreign securities, including those of issuers located in emerging markets, consistent with its investment objective. Foreign securities held by the Portfolio may consist of both U.S. dollar and non- U.S. dollar denominated securities. Debt securities may be of any maturity, but under normal market conditions, the Portfolio s average effective maturity will not exceed three years. The Portfolio primarily invests in corporate, government and mortgageand asset-backed securities. The Portfolio may also utilize futures and forward contracts primarily to adjust the Portfolio s duration and yield curve exposure, as well as hedge foreign currency exposure, swap agreements, including the purchase or sale of credit default swaps and interest rate swaps (to take a position on interest rates moving either up or down) in keeping with its Northwestern Mutual Series Fund, Inc. NMSF 60

121 Short-Term Bond Portfolio investment objective. Duration is a measure of the sensitivity of the price of a Portfolio s fixed income securities to changes in interest rates; the longer the duration, the more sensitive the price will be to changes in interest rates. 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 macroeconomic 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 its economic outlook. The bottom up investment approach focuses on fundamental research of individual issuers. Investment decisions reflect the adviser s outlook for interest rates and the economy, as well as the prices, yields, and credit quality of various securities in which the Portfolio may invest. The adviser may sell a portfolio security for a variety of reasons, such as to adjust the Portfolio s average maturity, duration, or credit quality or to shift assets into and out of higher-yielding or lower-yielding securities or different sectors. 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 and the adviser s quality determinations with respect to securities that are unrated by the major credit rating agencies may be inaccurate, 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 primary risks associated with the Portfolio s use of derivatives are the risk that changes in the value of the derivatives may not correlate as intended with the underlying asset, rate or index, the risk of adverse price movements in the market and the risk that the counterparty to a derivatives transaction fails to make the required payment or otherwise comply with the terms of the contract. Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amount invested. Other risks include management, interest rate, and liquidity risks, and the risk of missed opportunities in other investments. 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 (so called junk bonds ) 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. Currently, interest rates are at unprecedented historically low levels. A significant rise in interest rates over a short period of time could cause significant losses in the market value of the Portfolio s fixed income instruments. 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. NMSF 61 Northwestern Mutual Series Fund, Inc.

122 Short-Term Bond Portfolio Liquidity Risk Fixed income and derivative investments can be difficult to purchase or sell at an advantageous time or price, if at all, during periods of reduced marketability for the investment or due to the size of the transaction. These risks may be magnified during periods of economic turmoil or in an extended economic downturn or when investing in emerging 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. 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, prepayment risk and extension risk. Prepayment and Extension Risk Prepayment risk is the risk that principal on a debt obligation will be paid earlier than scheduled or expected, which could reduce yield and market value of the security and shorten the Portfolio s average effective maturity. The rate of prepayments tends to increase as interest rates fall. Extension risk is the risk that, as interest rates rise, repayments on a debt obligation may occur more slowly than anticipated by the market and the obligation may remain outstanding longer. Underlying Portfolio Risk The Portfolio may serve as an investment option, or Underlying Portfolio, for other portfolios of Northwestern Mutual Series Fund, Inc. that are managed as fund of funds. As a result, from time to time, the Portfolio may experience relatively large investments or redemptions from those other portfolios and could be required to invest cash or sell securities at a time when it is not advantageous to do so. U.S. Government Securities Risk Not all obligations of the U.S. government, its agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Any guarantee by the U.S. government or its agencies or instrumentalities of a security held by the Portfolio does not apply to the market value of such security or to shares of the Portfolio itself. 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 those of a broad measure of market performance as well as with the average returns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of the Portfolio. 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% 7.22% 5% 3.63% 2.71% 2.07% 0.55% 0.55% 0.38% 0.72% 0% -5% Best Qtr: 1 st % Worst Qtr: 3 rd % 2015 Average Annual Total Return (for periods ended December 31, 2015) 1 Yr 5 Yrs Since Inception on 04/30/07 Short-Term Bond Portfolio 0.72% 0.85% 2.39% Barclays 1-3 Year U.S. Government/Credit Bond Index (reflects no deduction for fees, expenses or taxes) 0.65% 0.98% 2.46% Lipper Variable Insurance Products (VIP) Short Investment Grade Debt Funds Average (reflects deductions for fees and expenses) 0.38% 0.84% Northwestern Mutual Series Fund, Inc. NMSF 62

123 Short-Term Bond Portfolio PORTFOLIO MANAGEMENT Investment Adviser: Mason Street Advisors, LLC (MSA) Sub-Adviser: T. Rowe Price Associates, Inc. (T. Rowe Price) Portfolio Managers: Edward A. Wiese, CFA, Head of the Fixed Income division for T. Rowe Price and Co-Chairman of T. Rowe Price s Short-Term Bond Investment Advisory Committee, joined T. Rowe Price in 1984 and has managed the Portfolio since Michael F. Reinartz, CFA, Associate Portfolio Manager and Co-Chairman of T. Rowe Price s Short-Term Bond Investment Advisory Committee, joined T. Rowe Price in 1996 and has co-managed the portfolio since 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 63 Northwestern Mutual Series Fund, Inc.

124 SUMMARY PROSPECTUS MAY 1, 2016 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 You can also get this information at no cost by calling or by sending an request to [email protected]. The current prospectus and statement of additional information, each dated May 1, 2016, along with the Portfolio s most recent annual report dated December 31, 2015, 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 (fees paid directly from your investment) N/A Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.30% Distribution and Service (12b-1) Fees None Other Expenses 0.01% Total Annual Portfolio Operating Expenses 0.31% Fee Waiver (1) (0.01)% Total Annual Portfolio Operating Expenses After Fee Waiver (1) 0.30% (1) The Portfolio s investment adviser has entered into a written agreement to waive a portion of its management fee. This fee waiver agreement may be terminated by the adviser at any time after April 30, Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. The Example reflects adjustments made to the Portfolio s operating expenses due to the fee waiver agreement with the investment adviser for the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years $31 $99 $173 $392 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 % 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. The Portfolio may also invest up to 10% of net assets in non-investment grade, high yield/high risk bonds (so called junk bonds ). Investment grade securities are generally securities rated investment grade by major credit rating agencies (BBB- or higher by S&P; Baa3 or higher by Moody s; BBB- or higher by Fitch) and non-investment grade securities are generally securities rated below investment grade by major credit rating agencies Northwestern Mutual Series Fund, Inc. NMSF 64

125 Select Bond Portfolio (BB+ or lower by S&P; Ba1 or lower by Moody s; BB+ or lower by Fitch), or, if unrated, determined by the Portfolio s adviser to be of comparable quality. The Portfolio invests primarily in U.S. Government obligations, corporate bonds and mortgage- and asset-backed securities, including mortgage dollar rolls, and may invest in Rule 144A securities. Also, the Portfolio may invest up to 20% of net assets in foreign securities, consistent with its investment objectives. Foreign securities held by the Portfolio consist primarily of U.S. dollar denominated securities but may also include non-u.s. dollar denominated securities. Debt securities may be of any maturity or duration, but under normal market conditions, the Portfolio attempts to maintain an overall dollar-weighted average effective duration that is within 10% of the Barclays U.S. Aggregate Index, which had a duration of 5.47 years as of March 31, Duration is a measure of the sensitivity of the price of the Portfolio s fixed income securities to changes in interest rates; the longer the duration, the more sensitive the price will be to changes in interest rates. The Portfolio does not target an average effective maturity. The adviser uses a fundamental, relative value investment approach to construct the portfolio of investments. The adviser invests in debt securities that it believes offer competitive returns and are undervalued, offering additional income and/or price appreciation potential relative to other debt securities of similar credit quality and interest rate sensitivity. The adviser may engage in active and frequent trading of portfolio securities to achieve its investment objectives. The adviser may sell a portfolio security that has achieved its desired return or if the adviser believes the security or its sector has become overvalued. The adviser may also sell a security if a more attractive opportunity becomes available or if the security is no longer attractive due to its risk profile or as a result of changes in the overall market environment. 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 and the adviser s quality determinations with respect to securities that are unrated by the major credit rating agencies may be inaccurate, 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. 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. 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 (so called junk bonds ) 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. Currently, interest rates are at unprecedented historically low levels. A significant rise in interest rates over a short period of time could cause significant losses in the market value of the Portfolio s fixed income instruments. 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. Liquidity Risk Fixed income investments, including Rule 144A securities, may be difficult to purchase or sell at an advantageous time or price, if at all, during periods of reduced marketability for the investment or due to the size of the transaction. 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 mortgage dollar rolls, include interest rate risk, credit risk, liquidity risk, prepayment risk and extension risk. NMSF 65 Northwestern Mutual Series Fund, Inc.

126 Select Bond Portfolio Prepayment and Extension Risk Prepayment risk is the risk that principal on a debt obligation will be paid earlier than scheduled or expected, which could reduce yield and market value of the security and shorten the Portfolio s average effective maturity. The rate of prepayments tends to increase as interest rates fall. Extension risk is the risk that, as interest rates rise, repayments on a debt obligation may occur more slowly than anticipated by the market and the obligation may remain outstanding longer. Underlying Portfolio Risk The Portfolio may serve as an investment option, or Underlying Portfolio, for other portfolios of Northwestern Mutual Series Fund, Inc. that are managed as fund of funds. As a result, from time to time, the Portfolio may experience relatively large investments or redemptions from those other portfolios and could be required to invest cash or sell securities at a time when it is not advantageous to do so. U.S. Government Securities Risk Not all obligations of the U.S. government, its agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Any guarantee by the U.S. government or its agencies or instrumentalities of a security held by the Portfolio does not apply to the market value of such security or to shares of the Portfolio itself. 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 those of a broad measure of market performance as well as with the average returns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of the Portfolio. 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% 10% 9.37% 6.39% 6.59% 7.16% 4.96% 5.56% 5% 3.74% 3.26% 0.53% 0% -2.16% -5% Best Qtr: 3 rd % Worst Qtr: 2 nd % Average Annual Total Return (for periods ended December 31, 2015) 1 Yr 5 Yrs 10 Yrs Select Bond Portfolio 0.53% 3.15% 4.49% Barclays U.S. Aggregate Index (reflects no deduction for fees, expenses or taxes) 0.55% 3.25% 4.51% Lipper Variable Insurance Products (VIP) Core Bond Funds Average (reflects deductions for fees and expenses) -0.01% 3.22% 4.21% PORTFOLIO MANAGEMENT Investment Adviser: Mason Street Advisors, LLC Sub-Adviser: Wells Capital Management, Inc. (WellsCap) Portfolio Managers: Troy Ludgood, Senior Portfolio Manager at WellsCap, has been with WellsCap since 2004 and has comanaged the Portfolio since Thomas O Connor, CFA, Senior Portfolio Manager at WellsCap, has been with WellsCap since 2000 and has co-managed the Portfolio since 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 66

127 SUMMARY PROSPECTUS MAY 1, 2016 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 You can also get this information at no cost by calling or by sending an request to [email protected]. The current prospectus and statement of additional information, each dated May 1, 2016, along with the Portfolio s most recent annual report dated December 31, 2015, 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 (fees paid directly from your investment) N/A Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.55% Distribution and Service (12b-1) Fees None Other Expenses 0.14% Total Annual Portfolio Operating Expenses 0.69% Expense Reimbursement (1) (0.01)% Total Annual Portfolio Operating Expenses After Expense Reimbursement (1) 0.68% (1) 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, acquired fund fees and expenses and such non-recurring and extra ordinary expenses as they may arise) to an annual rate of 0.65% of the Portfolio s average net assets. This expense limitation agreement may be terminated by the adviser at any time after April 30, Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. The Example reflects adjustments made to the Portfolio s operating expenses due to the expense reimbursement agreement with the investment adviser for the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years $69 $220 $383 $858 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 32.93% of the average value of its portfolio. NMSF 67 Northwestern Mutual Series Fund, Inc.

128 Long-Term U.S. Government Bond 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 ), which may be represented by forwards or derivatives such as options, futures contracts or interest rate swap agreements (to take a position on interest rates moving either up or down). 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. 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, under normal circumstances, is expected to be more than ten years. Duration is a measure of the sensitivity of the price of the Portfolio s fixed income securities to changes in interest rates; the longer the duration, the more sensitive the price will be to changes in interest rates. The Portfolio may invest all of its assets in derivative instruments, such as options, futures contracts or interest rate swap agreements (to take a position on interest rates moving either up or down), 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. A short sale involves the sale of a security that is borrowed from a broker or other institution, and which must be purchased in the market at a later date and returned to the lender. 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, with respect to the Portfolio s investments in fixed income securities that are not U.S. Government Securities, 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, or, if unrated, determined by the adviser to be of comparable quality, 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 or, if unrated, determined by the adviser to be of comparable quality. 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 and the adviser s quality determinations with respect to securities that are unrated by the major credit rating agencies may be inaccurate, 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. Northwestern Mutual Series Fund, Inc. NMSF 68

129 Long-Term U.S. Government Bond Portfolio 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. The derivatives could involve management, credit, interest rate, liquidity and market risks, and the risks of misplacing 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. 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. 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. Currently, interest rates are at unprecedented historically low levels. A significant rise in interest rates over a short period of time could cause significant losses in the market value of the Portfolio s fixed income instruments. 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. Issuer Risk The risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer s goods or services. Leverage Risk Certain transactions, such as 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 Fixed income and derivative investments can be difficult to purchase or sell at an advantageous time or price, if at all, during periods of reduced marketability for the investment or due to the size of the transaction. 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, prepayment risk and extension 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. Prepayment and Extension Risk Prepayment risk is the risk that principal on a debt obligation will be paid earlier than scheduled or expected, which could reduce yield and market value of the security and shorten the Portfolio s average effective maturity. The rate of prepayments tends to increase as interest rates fall. Extension risk is the risk that, as interest rates rise, repayments on a debt obligation may occur more slowly than anticipated by the market and the obligation may remain outstanding longer. 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. Underlying Portfolio Risk The Portfolio may serve as an investment option, or Underlying Portfolio, for other portfolios of Northwestern Mutual Series Fund, Inc. that are managed as fund of funds. As a result, from time to time, the Portfolio may experience relatively large investments or redemptions from those other portfolios and could be required to invest cash or sell securities at a time when it is not advantageous to do so. NMSF 69 Northwestern Mutual Series Fund, Inc.

130 Long-Term U.S. Government Bond Portfolio U.S. Government Securities Risk Not all obligations of the U.S. government, its agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Any guarantee by the U.S. government or its agencies or instrumentalities of a security held by the Portfolio does not apply to the market value of such security or to shares of the Portfolio itself. 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. 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 those of a broad measure of market performance as well as with the average returns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of the Portfolio. 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% 28.92% 23.73% 20.76% 20% 10.62% 10% 3.75% 0% -1.47% -10% -6.98% % -20% Best Qtr: 3 rd % Worst Qtr: 4 th % 2015 Average Annual Total Return (for periods ended December 31, 2015) 1 Yr 5 Yrs Since Inception on 04/30/07 Long-Term U.S. Government Bond Portfolio -1.47% 7.18% 7.62% Barclays Long-Term U.S. Treasury Index (reflects no deduction for fees, expenses or taxes) -1.21% 7.74% 7.34% Morningstar US Insurance Fund Long Government Average (reflects deductions for fees and expenses) -1.97% 6.34% PORTFOLIO MANAGEMENT Investment Adviser: Mason Street Advisors, LLC Sub-Adviser: Pacific Investment Management Company LLC (PIMCO) Portfolio Managers: Stephen Rodosky, joined PIMCO in 2001 and is a Managing Director in PIMCO s Newport Beach office. He has managed the Portfolio since Michael Cudzil, joined PIMCO in 2012 and is an Executive Vice President in PIMCO s Newport Beach office. He has managed the Portfolio since February Josh Thimons, joined PIMCO in 2010 and is a Managing Director in PIMCO s Newport Beach office. He has managed the Portfolio since February 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 70

131 SUMMARY PROSPECTUS MAY 1, 2016 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 You can also get this information at no cost by calling or by sending an request to [email protected]. The current prospectus and statement of additional information, each dated May 1, 2016, along with the Portfolio s most recent annual report dated December 31, 2015, 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 (fees paid directly from your investment) N/A Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.55% Distribution and Service (12b-1) Fees None Other Expenses 0.08% Total Annual Portfolio Operating Expenses 0.63% Fee Waiver (1) (0.04)% Total Annual Portfolio Operating Expenses After Fee Waiver (1) 0.59% (1) The Portfolio s investment adviser has entered into a written agreement to waive a portion of its management fee. This fee waiver agreement may be terminated by the adviser at any time after April 30, Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. The Example reflects adjustments made to the Portfolio s operating expenses due to the fee waiver agreement with the investment adviser for the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years $60 $198 $347 $783 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 17.29% 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 (as measured by the change in the Consumer Price Index over time), under normal conditions, the Portfolio will invest over 50% of its net assets (plus any borrowings for investment purposes) in inflation-indexed debt securities. These securities include inflation-indexed U.S. Treasury Securities, inflation-indexed securities issued by U.S. government agencies and instrumentalities other than the U.S. Treasury, and inflation-indexed securities issued by domestic and foreign corporations and governments, and may include those located in emerging markets. Inflation-indexed securities are designed to protect the future purchasing power NMSF 71 Northwestern Mutual Series Fund, Inc.

132 Inflation Protection Portfolio of the money invested in them. The Portfolio also may invest in fixed income securities that are not inflation-indexed, including mortgage- and asset-backed securities. Investment grade securities are generally securities rated investment grade by major credit rating agencies (BBB- or higher by S&P; Baa3 or higher by Moody s; BBB- or higher by Fitch) or, if unrated, determined by the Portfolio s adviser to be of comparable quality. 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-indexed debt securities issued by other entities is limited, at times the Portfolio may have a substantial position in non-inflation-indexed securities. To seek to reduce the impact of this limitation, the adviser may purchase (long) inflation swap agreements to manage or reduce the risk of the effects of inflation with respect to the Portfolio s position in non-inflation-indexed securities. The Portfolio is classified as non-diversified under the Investment Company Act of 1940, as amended, which means it may hold larger positions in a single security or smaller number of securities than a diversified fund. The adviser is not limited to a specific weighted average maturity or duration range. However, the adviser monitors the Portfolio s weighted average maturity and duration 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 by utilizing foreign currency contracts and futures 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 and there is no guarantee of inflation protection. 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 and the adviser s quality determinations with respect to securities that are unrated by the major credit rating agencies may be inaccurate, 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 primary risks associated with the Portfolio s use of derivatives are the risk that the counterparty to a derivatives transaction fails to make the required payment or otherwise comply with the terms of the contract, the risk that changes in the value of the derivatives may not correlate as intended with the underlying asset, rate or index, and the risk of adverse price movements in the market. Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amount invested. Other risks include management, interest rate, liquidity risks and the risk of missed opportunities in other investments. 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 Northwestern Mutual Series Fund, Inc. NMSF 72

133 Inflation Protection Portfolio 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. 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, including inflation-indexed debt securities, 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. Currently, interest rates are at unprecedented historically low levels. A significant rise in interest rates over a short period of time could cause significant losses in the market value of the Portfolio s fixed income instruments. 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. Liquidity Risk Fixed income and derivative investments can be difficult to purchase or sell at an advantageous time or price, if at all, during periods of reduced marketability for the investment or due to the size of the transaction. These risks may be magnified during periods of economic turmoil or in an extended economic downturn or when investing in emerging 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. 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, prepayment risk and extension risk. Non-Diversification Risk The Portfolio is classified as a non-diversified fund and is permitted to invest a greater portion of its assets in a single security or a small number of securities. As a result, an increase or decrease in the value of single security held by the Portfolio may have a greater impact on the Portfolio s net asset value and total return, and, the Portfolio s performance could be more volatile than the performance of funds that hold a greater number of securities. Prepayment and Extension Risk Prepayment risk is the risk that principal on a debt obligation will be paid earlier than scheduled or expected, which could reduce yield and market value of the security and shorten the Portfolio s average effective maturity. The rate of prepayments tends to increase as interest rates fall. Extension risk is the risk that, as interest rates rise, repayments on a debt obligation may occur more slowly than anticipated by the market and the obligation may remain outstanding longer. Underlying Portfolio Risk The Portfolio may serve as an investment option, or Underlying Portfolio, for other portfolios of Northwestern Mutual Series Fund, Inc. that are managed as fund of funds. As a result, from time to time, the Portfolio may experience relatively large investments or redemptions from those other portfolios and could be required to invest cash or sell securities at a time when it is not advantageous to do so. U.S. Government Securities Risk Not all obligations of the U.S. government, its agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Any guarantee by the U.S. government or its agencies or instrumentalities of a security held by the Portfolio does not apply to the market value of such security or to shares of the Portfolio itself. NMSF 73 Northwestern Mutual Series Fund, Inc.

134 Inflation Protection 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 those of a broad measure of market performance as well as with the average returns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of the Portfolio. 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% 11.93% 9.98% 10% 7.35% 5.60% 5% 3.14% 0% -1.38% -2.20% -5% -10% -8.33% Best Qtr: 4 th % Worst Qtr: 2 nd % Average Annual Total Return (for periods ended December 31, 2015) 1 Yr 5 Yrs Since Inception on 04/30/07 Inflation Protection Portfolio -2.20% 2.13% 3.60% Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (reflects no deduction for fees, expenses or taxes) -1.44% 2.55% 4.11% Lipper Variable Insurance Products (VIP) Inflation Protected Bond Funds Average (reflects deductions for fees and expenses) -2.62% 2.14% PORTFOLIO MANAGEMENT Investment Adviser: Mason Street Advisors, LLC Sub-Adviser: American Century Investment Management, Inc. (American Century) Portfolio Managers: Brian Howell, Vice President and Senior Portfolio Manager, has served American Century as a portfolio manager since 1996 and has managed the Portfolio since James E. Platz, CFA, Vice President and Senior Portfolio Manager, has served American Century as a portfolio manager since 2003 and has managed the Portfolio since 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 Miguel Castillo, Portfolio Manager, has served American Century as a portfolio manager since 2014 and has managed the Portfolio since 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 74

135 SUMMARY PROSPECTUS MAY 1, 2016 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 You can also get this information at no cost by calling or by sending an request to [email protected]. The current prospectus and statement of additional information, each dated May 1, 2016, along with the Portfolio s most recent annual report dated December 31, 2015, 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 (fees paid directly from your investment) N/A Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.42% Distribution and Service (12b-1) Fees None Other Expenses 0.04% Total Annual Portfolio Operating Expenses 0.46% Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 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 27.49% 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 generally securities rated below investment grade by major credit rating agencies (BB+ or lower by S&P; Ba1 or lower by Moody s; BB+ or lower by Fitch), or, if unrated, determined by the Portfolio s adviser to be of comparable quality. There is no minimal acceptable rating for a security to be purchased or held by the Portfolio. The Portfolio may invest up to 30% of net assets in non-investment grade foreign securities, including those of issuers located in emerging markets, consistent with its investment objective. Foreign securities held by the Portfolio consist primarily of U.S. dollar denominated securities but may also include non-u.s. dollar denominated securities. 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 primarily because of the market s greater uncertainty about the issuer s ability to make all required interest and principal payments, and therefore about the returns that will in fact be realized by the Portfolio. NMSF 75 Northwestern Mutual Series Fund, Inc.

136 High Yield Bond Portfolio The adviser selects securities that it believes have attractive investment characteristics and seeks to minimize default risk and other risks through careful security selection and diversification. The adviser s securities selection process consists of a creditintensive, fundamental analysis of the issuer. The adviser s analysis focuses on the issuer s financial condition, business and product strength, competitive position and management expertise. Further, the adviser considers current economic, financial market and industry factors, which may affect the issuer. The adviser does not limit the Portfolio s investments to securities of a particular maturity range and does not target an average effective maturity or duration. The adviser strives to adhere to a strong sell discipline and generally effects a sale if it believes a security s future total return has become less attractive relative to other securities, the company begins to perform poorly, the industry outlook changes, or any other event occurs that changes the adviser s conclusion. 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 and the adviser s quality determinations with respect to securities that are unrated by the major credit rating agencies may be inaccurate, 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. 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 (so called junk bonds ) 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. 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. Currently, interest rates are at unprecedented historically low levels. A significant rise in interest rates over a short period of time could cause significant losses in the market value of the Portfolio s fixed income instruments. Duration measures the price sensitivity of a fixed income instrument to changes in interest rates. 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. Liquidity Risk High yield debt securities 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 or when investing in emerging 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. Underlying Portfolio Risk The Portfolio may serve as an investment option, or Underlying Portfolio, for other portfolios of Northwestern Mutual Series Fund, Inc. that are managed as fund of funds. As a result, from time to time, the Portfolio may experience relatively large investments or redemptions from those other portfolios and could be required to invest cash or sell securities at a time when it is not advantageous to do so. Northwestern Mutual Series Fund, Inc. NMSF 76

137 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 those of a broad measure of market performance as well as with the average returns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of the Portfolio. 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. 60% 45% 30% 15% 9.77% 2.38% 0% -15% -30% % % % 13.89% 4.59% 5.84% 1.18% Best Qtr: 2 nd % Worst Qtr: 4 th % % 2015 Average Annual Total Return (for periods ended December 31, 2015) 1 Yr 5 Yrs 10 Yrs High Yield Bond Portfolio -1.36% 4.70% 6.36% Barclays U.S. Corporate High Yield 2% Issuer Capped Index (reflects no deduction for fees, expenses or taxes) -4.43% 5.03% 6.95% Lipper Variable Insurance Products (VIP) High Yield Funds Average (reflects deductions for fees and expenses) -3.29% 4.32% 5.68% PORTFOLIO MANAGEMENT Investment Adviser: Mason Street Advisors, LLC (MSA) Sub-Adviser: Federated Investment Management Company (Federated) Portfolio Manager: Mark E. Durbiano, CFA, Senior Portfolio Manager and Senior Vice President of Federated, has been with Federated since 1982 and has managed the Portfolio since 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 77 Northwestern Mutual Series Fund, Inc.

138 SUMMARY PROSPECTUS MAY 1, 2016 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 You can also get this information at no cost by calling or by sending an request to [email protected]. The current prospectus and statement of additional information, each dated May 1, 2016, along with the Portfolio s most recent annual report dated December 31, 2015, 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 (fees paid directly from your investment) N/A Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.78% Distribution and Service (12b-1) Fees None Other Expenses 0.08% Total Annual Portfolio Operating Expenses 0.86% Fee Waiver (1) (0.07)% Total Annual Portfolio Operating Expenses After Fee Waiver (1) 0.79% (1) The Portfolio s investment adviser has entered into a written agreement to waive a portion of its management fee. This fee waiver agreement may be terminated by the adviser at any time after April 30, Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. The Example reflects adjustments made to the Portfolio s operating expenses due to the fee waiver agreement with the investment adviser for the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years $81 $267 $470 $1,054 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 58.14% 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, including the purchase or sale of credit default swaps, and interest rate swaps (to take a position on interest rates moving either up or down). The average portfolio duration of the Portfolio normally varies from three to eight years, based on the adviser s forecast for interest rates. Duration is a measure of the sensitivity of the price of the Portfolio s fixed income securities to changes in interest rates; the longer the duration, the more sensitive the price will be to changes in interest rates. Northwestern Mutual Series Fund, Inc. NMSF 78

139 Multi-Sector Bond Portfolio 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 including the purchase or sale of credit defaults swaps, and interest rate swaps (to take a position on interest rates moving either up or down), in municipal bonds, or in mortgage- or asset-backed securities, subject to the Portfolio s objective and policies. The adviser may invest in derivatives at any time it deems appropriate, generally when relative value and liquidity conditions make these investments more attractive relative to cash bonds. The Portfolio may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. A short sale involves the sale of a security that is borrowed from a broker or other institution, and which must be purchased in the market at a later date and returned to the lender. 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 a 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, which involves both macro and fundamental analysis. 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, assetbacked 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 and the adviser s quality determinations with respect to securities that are unrated by the major credit rating agencies may be inaccurate, 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 misplacing or improper NMSF 79 Northwestern Mutual Series Fund, Inc.

140 Multi-Sector Bond Portfolio 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 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. 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 (so called junk bonds ) 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. 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. Currently, interest rates are at unprecedented historically low levels. A significant rise in interest rates over a short period of time could cause significant losses in the market value of the Portfolio s fixed income instruments. 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. Issuer Risk The risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer s goods or services. Leverage Risk Certain transactions, such as when issued, delayed delivery or forward commitments transactions, or derivative transactions, may give rise to leverage, causing more volatility than if the Portfolio had not been leveraged. Liquidity Risk Fixed income and derivative investments can be difficult to purchase or sell at an advantageous time or price, if at all, during periods of reduced marketability for the investment or due to the size of the transaction. These risks may be magnified during periods of economic turmoil or in an extended economic downturn or when investing in emerging 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. 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, prepayment risk and extension 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. Northwestern Mutual Series Fund, Inc. NMSF 80

141 Multi-Sector Bond Portfolio Prepayment and Extension Risk Prepayment risk is the risk that principal on a debt obligation will be paid earlier than scheduled or expected, which could reduce yield and market value of the security and shorten the Portfolio s average effective maturity. The rate of prepayments tends to increase as interest rates fall. Extension risk is the risk that, as interest rates rise, repayments on a debt obligation may occur more slowly than anticipated by the market and the obligation may remain outstanding longer. 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. Underlying Portfolio Risk The Portfolio may serve as an investment option, or Underlying Portfolio, for other portfolios of Northwestern Mutual Series Fund, Inc. that are managed as fund of funds. As a result, from time to time, the Portfolio may experience relatively large investments or redemptions from those other portfolios and could be required to invest cash or sell securities at a time when it is not advantageous to do so. U.S. Government Securities Risk Not all obligations of the U.S. government, its agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Any guarantee by the U.S. government or its agencies or instrumentalities of a security held by the Portfolio does not apply to the market value of such security or to shares of the Portfolio itself. 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. 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 those of a broad measure of market performance, the returns of an equally weighted blend of certain indices of securities with characteristics similar to those that the Portfolio typically holds, and the average returns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of the Portfolio. 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% 22.08% 20% 14.94% 13.19% 10% 4.99% 3.25% 0% -1.58% -2.22% -6.86% -10% Best Qtr: 3 rd % Worst Qtr: 3 rd % 2015 Average Annual Total Return (for periods ended December 31, 2015) 1 Yr 5 Yrs Since Inception on 04/30/07 Multi-Sector Bond Portfolio -2.22% 3.70% 5.26% Barclays Global Credit Hedged USD Index (reflects no deduction for fees, expenses or taxes) -0.20% 4.64% 5.04% % each of the following three indices: Barclays Global Aggregate Credit Component ex Emerging Markets, Hedged USD; BofA Merrill Lynch Global High Yield BB-B Rated Constrained Developed Markets Index, Hedged USD; and JPMorgan EMBI Global (reflects no deduction for fees, expenses or taxes) -0.11% 5.30% 5.97% Morningstar US Insurance Fund Multisector Bond Average (reflects deductions for fees and expenses) -2.61% 3.63% NMSF 81 Northwestern Mutual Series Fund, Inc.

142 Multi-Sector Bond Portfolio PORTFOLIO MANAGEMENT Investment Adviser: Mason Street Advisors, LLC Sub-Adviser: Pacific Investment Management Company LLC (PIMCO) Portfolio Managers: Curtis A. Mewbourne, Managing Director of PIMCO and general portfolio manager, joined PIMCO in 1999 and has been managing the Portfolio since its inception in Eve Tournier, Executive Vice President of PIMCO since 2008, has managed the Portfolio since 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 82

143 SUMMARY PROSPECTUS MAY 1, 2016 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 You can also get this information at no cost by calling or by sending an request to [email protected]. The current prospectus and statement of additional information, each dated May 1, 2016, along with the Portfolio s most recent annual report dated December 31, 2015, 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 (fees paid directly from your investment) N/A Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.30% Distribution and Service (12b-1) Fees None Other Expenses 0.01% Acquired Fund Fees and Expenses 0.47% Total Annual Portfolio Operating Expenses (1) 0.78% Fee Waiver (2) (0.25)% Total Annual Portfolio Operating Expenses After Fee Waiver (1), (2) 0.53% Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. The Example reflects adjustments made to the Portfolio s operating expenses due to the fee waiver agreement with the investment adviser for the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years $54 $224 $409 $944 (1) Includes fees and expenses incurred indirectly by the Portfolio as a result of investments in other investment companies (Acquired Fund Fees and Expenses). The operating expenses of the Portfolio reflected in the Portfolio s most recent annual report and Financial Highlights do not include Acquired Fund Fees and Expenses. (2) The Portfolio s investment adviser has entered into a written agreement to waive a portion of its management fee. This fee waiver agreement may be terminated by the adviser at any time after April 30, 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 13.53% of the average value of its portfolio. NMSF 83 Northwestern Mutual Series Fund, Inc.

144 Balanced 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 Exposure Fixed Income or Debt Exposure 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. The Portfolio operates primarily as a fund of funds to gain the Portfolio s equity and fixed income exposure by investing in one or more of the equity and international portfolios, and one or more of the fixed income portfolios, of Northwestern Mutual Series Fund, Inc. (each, an Underlying Portfolio ). The adviser allocates the Portfolio s assets among the Underlying Portfolios based on the adviser s economic and market outlook and the investment objectives and strategies of the Underlying Portfolios. With respect to the equity and international Underlying portfolios, the adviser considers their investment focus on small, mid or large market capitalizations, domestic or foreign investments, whether the Underlying Portfolio is diversified or non-diversified and whether it employs a growth or value style of investing, among other characteristics. With respect to fixed income Underlying Portfolios, the adviser considers their focus on investment grade or non-investment grade securities, domestic or foreign investments, whether the issuer is a government or government agency, the duration (that is, a measure of the sensitivity of a portfolio s fixed income securities to changes in interest rates) and maturity of the Underlying Portfolio, and other characteristics. The adviser regularly reviews and adjusts the allocation among the Underlying Portfolios to favor investments in those Underlying Portfolios that the adviser believes provide the most favorable position for achieving the Portfolio s investment objective. In connection with the allocation process, the Portfolio may invest more than 25% of its assets in one Underlying Portfolio, except that no more than 20% of the Portfolio s assets will be allocated to the High Yield Bond Portfolio. The Portfolio may invest up to 25% of its assets in international Underlying Portfolios. The Portfolio may have exposure to high yield debt securities (so called junk bonds ) and foreign investments in excess of these limits from time to time through its investment in other Underlying Portfolios. Through its investments in the equity and international Underlying Portfolios, the Portfolio may be exposed to a wide range of equity securities and other instruments, including small, mid and large cap U.S. and non-u.s. stocks. Equity securities could include common and preferred stocks, securities convertible into stocks and depositary receipts for those securities. Through its investments in the fixed income Underlying Portfolios, the Portfolio may be exposed to a wide range of fixed income securities with varying durations and maturities, including investment grade and non-investment grade debt securities, debt of corporate and government issuers, inflation-indexed debt securities, and other fixed income instruments. An Underlying Portfolio may invest a large percentage of its assets in a single issuer, security, market or sector (or a limited group thereof) or in the case of an international Underlying Portfolio, may invest in emerging markets, a small number of countries or a particular geographic region. An Underlying Portfolio may also use certain derivative instruments including futures, forwards, options and swaps to meet its investment objective and for cash management purposes. The cash equivalent portion of the Portfolio may include, but is not limited to, investments in debt securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, including mortgage- and asset-backed securities, as well as commercial paper, banker s acceptances, certificates of deposit and time deposits. When the adviser deems it to be more efficient or advantageous in managing the Portfolio, the adviser may utilize futures and exchange-traded funds ( ETFs ) and, to a lesser extent, options, forwards and swap agreements (including the purchase and sale of total return equity swaps and credit default swaps) to gain additional exposure to certain markets, sectors or regions as alternatives to investments in Underlying Portfolios, to adjust the Portfolio for the adviser s view on style or term structure and duration, to provide increased flexibility in asset allocation, to earn income and to otherwise seek to enhance returns or to hedge foreign currency exposure. The ETFs in which the Portfolio may invest are not portfolios of Northwestern Mutual Series Fund, Inc. The Portfolio is designed primarily for investors who want their investment allocated across major asset classes while pursuing the growth potential of equities, 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 equity investments. Northwestern Mutual Series Fund, Inc. NMSF 84

145 Balanced 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 Portfolio bears all of the risks associated with the investment strategies used by the Underlying Portfolios. Except as otherwise stated, references in this section to the Portfolio may relate to the Portfolio, one or more Underlying Portfolios, or both. 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. Affiliated Portfolio Risk In managing the Portfolio, the adviser has the authority to select, and allocate among, Underlying Portfolios. The adviser may be subject to potential conflicts of interest in selecting Underlying Portfolios because the fees paid to it by some Underlying Portfolios are higher than the fees paid by other Underlying Portfolios. Moreover, a situation could occur where proper action for the Portfolio could be adverse to the interest of the Underlying Portfolios or vice versa. Asset Allocation Risk This Portfolio allocates its investments between stock, bond and money market sectors, certain securities and among Underlying Portfolios, 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 held directly or through an Underlying Portfolio 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 primary risks associated with the Portfolio s use of derivatives are the risk that changes in the value of the derivatives may not correlate as intended with the underlying asset, rate or index, the risk of adverse price movements in the market, the risk of missed opportunities in other investments and the risk that the counterparty to a derivatives transaction fails to make the required payment or otherwise comply with the terms of the contract. Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amount invested. Other risks include management, interest rate and liquidity risks. Equity Securities Risk The value of equity securities held through the Underlying Portfolios, such as common and preferred stocks, could decline if the financial condition of the companies an Underlying 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. ETFs are also subject to the risk that their market prices may trade at a premium or discount to their net asset value, which means the Portfolio will overpay for an ETF s assets if it is trading at a premium and will get less than the value of the ETF s assets when selling if it is trading at a discount. An active market for an ETF may not be developed or maintained. Trading of an ETF s shares may be halted by the exchange, in which case the Portfolio would be unable to sell its ETF shares unless and until trading is resumed. Foreign Investing Risk Exposure to investments in foreign securities, including through Underlying Portfolios and ETFs, 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. Exposure to investments in emerging markets heighten these risks due to a lack of established legal, political, business and social frameworks to support securities markets. Fund of Funds Investing Risk The Portfolio s investment performance is significantly impacted by the investment performance of the Underlying Portfolios it holds. The ability of the Portfolio to meet its investment objective is related to the ability of the Underlying Portfolios to meet their respective investment objectives as well as the adviser s allocation decisions with respect to the Underlying Portfolios. Each of the Underlying Portfolios has its own investment risks, and the Portfolio is indirectly exposed to all the risks of the Underlying Portfolios in direct proportion to the amount of assets the Portfolio allocates to each Underlying Portfolio. To the extent that the Portfolio invests a significant portion of its assets in a single Underlying Portfolio, it will be particularly sensitive to the risks associated with that Underlying Portfolio. Changes in the value of that Underlying Portfolio may have a significant effect on the Portfolio s net asset value. The Portfolio will bear a pro rata share of the Underlying Portfolios expenses. NMSF 85 Northwestern Mutual Series Fund, Inc.

146 Balanced Portfolio Geographic Concentration Risk The Portfolio s performance could be more volatile than that of a more geographically diversified fund and could be significantly impacted 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. Similarly, the extent to which an Underlying Portfolio invests a significant portion of its assets in a single country, a small number of countries or a particular geographic region, may also adversely impact the Portfolio, depending on the Portfolio s level of investment in that Underlying Portfolio. High Yield Debt Risk High yield debt securities (so called junk bonds ) to which the Portfolio has exposure 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 fixed income investments to which the Portfolio has exposure is likely to decline. Currently, interest rates are at unprecedented historically low levels. A significant rise in interest rates over a short period of time could cause significant losses in the market value of the Portfolio s fixed income instruments. Duration measures the price sensitivity of a fixed income instrument to changes in interest rates. The Portfolio s exposure to fixed income instruments and Underlying Portfolios with a longer average portfolio duration will be more sensitive to changes in interest rates than those with a shorter average duration. Investment Style Risk The Portfolio is subject to risks associated with an Underlying Portfolio s particular style of investing, such as growth or value or a combination of both, and may underperform with respect to its allocation to the Underlying Portfolio when the market does not favor that particular investment style. Different investment styles tend to shift in and out of favor, depending on market conditions and investor sentiment. Large Cap Company Risk Exposure to investments 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. Large Transaction Risk The Underlying Portfolios are used as investments for certain fund of funds, including the Portfolio, and may have a large percentage of their shares owned by such funds. Large redemption activity by the Portfolio or another fund of funds could result in the Underlying Portfolio being forced to sell portfolio securities at a loss to meet redemptions. The adviser may coordinate directly with the portfolio managers of the Underlying Portfolios to attempt to ensure that transactions are accommodated efficiently, including possibly implementing trades over a period of days rather than all at once. These practices may temporarily affect the adviser s ability to fully implement the Portfolio s investment strategies. Liquidity Risk Particular investments, such as small and micro cap stocks, fixed income securities, foreign securities, in particular emerging markets securities, and derivatives to which the Portfolio has exposure, can 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 or an Underlying Portfolio in which the Portfolio invests may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries. Micro Cap Company Risk Exposure to investments 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. 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. Sector Concentration Risk To the extent the Portfolio invests in Underlying Portfolios with a relatively high percentage of assets in a particular sector, it will have greater exposure to the risks associated with that sector, including the risk that the securities of companies within the sector will underperform due to adverse economic conditions, regulatory or legislative changes or increased competition affecting the sector. To the extent the Portfolio invests in Underlying Portfolios that are underweight other sectors, the Portfolio risks missing out on advances in those sectors. Small and Mid Cap Company Risk Exposure to investments 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

147 Balanced Portfolio U.S. Government Securities Risk Not all obligations of the U.S. government, its agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Any guarantee by the U.S. government or its agencies or instrumentalities of a security held by the Portfolio does not apply to the market value of such security or to shares of the Portfolio itself. 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 those of a broad measure of market performance for both equity and fixed income securities, the returns of a composite of indices of securities with characteristics similar to those the Portfolio typically holds, and the average returns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of the Portfolio. 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% 10.42% 10% 6.15% 0% -10% -20% -30% % % % 9.69% 12.08% 5.56% 2.11% 2010 Best Qtr: 3 rd % Worst Qtr: 4 th % % 2015 Average Annual Total Return (for periods ended December 31, 2015) 1 Yr 5 Yrs 10 Yrs Balanced Portfolio -0.12% 5.77% 5.01% S&P 500 Index (reflects no deduction for fees, expenses or taxes) 1.38% 12.57% 7.31% Barclays U.S. Aggregate Index (reflects no deduction for fees, expenses or taxes) 0.55% 3.25% 4.51% Balanced Portfolio Blended Composite: Russell 3000 Index (40%), MSCI All Country World (ex-us) Index (10%), Barclays U.S. Aggregate Index (45%) and Barclays U.S. Corporate High Yield 2% Issuer Capped Index (5%). (reflects no deduction for fees, expenses or taxes) -0.09% 6.89% 6.03% Lipper Variable Insurance Products (VIP) Mixed-Asset Target Allocation Moderate Funds Average (reflects deductions for fees and expenses) -1.42% 6.11% 5.27% PORTFOLIO MANAGEMENT Investment Adviser: Mason Street Advisors, LLC (MSA) Portfolio Manager: Daniel J. Meehan manages the allocation of the Portfolio s assets among the asset classes and among the Underlying Portfolios. He is a Director of MSA, joined MSA in 2004 and has managed the Portfolio since 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.

148 SUMMARY PROSPECTUS MAY 1, 2016 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 You can also get this information at no cost by calling or by sending an request to [email protected]. The current prospectus and statement of additional information, each dated May 1, 2016, along with the Portfolio s most recent annual report dated December 31, 2015, 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 (fees paid directly from your investment) N/A Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.53% Distribution and Service (12b-1) Fees None Other Expenses 0.05% Acquired Fund Fees and Expenses 0.53% Total Annual Portfolio Operating Expenses (1) 1.11% Fee Waiver (2) (0.48)% Total Annual Portfolio Operating Expenses After Fee Waiver (1), (2) 0.63% Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. The Example reflects adjustments made to the Portfolio s operating expenses due to the fee waiver agreement with the investment adviser for the first year only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years $64 $304 $563 $1,304 (1) Includes fees and expenses incurred indirectly by the Portfolio as a result of investments in other investment companies (Acquired Fund Fees and Expenses). The operating expenses of the Portfolio reflected in the Portfolio s most recent annual report and Financial Highlights do not include Acquired Fund Fees and Expenses. (2) The Portfolio s investment adviser has entered into a written agreement to waive a portion of its management fee. This fee waiver agreement may be terminated by the adviser at any time after April 30, 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 15.36% 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 88

149 Asset Allocation 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 Exposure Fixed Income or Debt Exposure 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. The Portfolio operates primarily as a fund of funds to gain the Portfolio s equity and fixed income exposure by investing in one or more of the equity and international portfolios, and one or more of the fixed income portfolios, of Northwestern Mutual Series Fund, Inc. (each, an Underlying Portfolio ). The adviser allocates the Portfolio s assets among the Underlying Portfolios based on the adviser s economic and market outlook and the investment objectives and strategies of the Underlying Portfolios. With respect to the equity and international Underlying Portfolios, the adviser considers their investment focus on small, mid or large market capitalizations, domestic or foreign investments, whether the Underlying Portfolio is diversified or non-diversified and whether it employs a growth or value style of investing, among other characteristics. With respect to fixed income Underlying Portfolios, the adviser considers their focus on investment grade or non-investment grade securities, domestic or foreign investments, whether the issuer is a government or government agency, the duration (that is, a measure of the sensitivity of a portfolio s fixed income securities to changes in interest rates) and maturity of the Underlying Portfolio, and other characteristics. The adviser regularly reviews and adjusts the allocation among the Underlying Portfolios to favor investments in those Underlying Portfolios that the adviser believes provide the most favorable position for achieving the Portfolio s investment objective. In connection with the allocation process, the Portfolio may invest more than 25% of its assets in one Underlying Portfolio, except that no more than 20% of the Portfolio s assets will be allocated to the High Yield Bond Portfolio. The Portfolio may invest up to 30% of its assets in international Underlying Portfolios. The Portfolio may have exposure to high yield debt securities (so called junk bonds ) and foreign investments in excess of these limits from time to time through its investments in other Underlying Portfolios. Through its investments in the equity Underlying Portfolios, the Portfolio may be exposed to a wide range of equity securities and other instruments, including small, mid and large cap U.S. and non-u.s. stocks. Equity securities could include common and preferred stocks, securities convertible into stocks and depositary receipts for those securities. Through its investments in the fixed income Underlying Portfolios, the Portfolio may be exposed to a wide range of fixed income securities with varying durations and maturities, including investment grade and non-investment grade debt securities, debt of corporate and government issuers, inflation-indexed debt securities, and other fixed income instruments. An Underlying Portfolio may invest a large percentage of its assets in a single issuer, security, market or sector (or a limited group thereof) or in the case of an international Underlying Portfolio, may invest in emerging markets, a small number of countries or a particular geographic region. An Underlying Portfolio may also use certain derivative instruments including futures, forwards, options and swaps to meet its investment objective and for cash management purposes. The cash equivalent portion of the Portfolio may include, but is not limited to, investments in debt securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, including mortgage- and asset-backed securities, as well as commercial paper, banker s acceptance, certificates of deposit and time deposits. When the adviser deems it to be more efficient or advantageous in managing the Portfolio, the adviser may utilize futures and exchange-traded funds ( ETFs ) and, to a lesser extent, options, forwards and swap agreements (including the purchase and sale of total return equity swaps and credit default swaps) to gain additional exposure to certain markets, sectors or regions as alternatives to investments in Underlying Portfolios, to adjust the Portfolio for the adviser s view on style or term structure and duration, to provide increased flexibility in asset allocation, to earn income and to otherwise seek to enhance returns or to hedge foreign currency exposure. The ETFs in which the Portfolio may invest are not portfolios of Northwestern Mutual Series Fund, Inc. The Portfolio is designed primarily for investors who want their investment allocated across major asset classes while pursuing the growth potential of equities 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 equity 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 Portfolio bears all of the risks associated with the investment strategies used by the Underlying Portfolios. Except as otherwise stated, references in this section to the Portfolio may relate to the Portfolio, one or more Underlying Portfolios, or both. The main risks of investing in this Portfolio are identified below. NMSF 89 Northwestern Mutual Series Fund, Inc.

150 Asset Allocation Portfolio 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. Affiliated Portfolio Risk In managing the Portfolio, the adviser has the authority to select, and allocate among, Underlying Portfolios. The adviser may be subject to potential conflicts of interest in selecting Underlying Portfolios because the fees paid to it by some Underlying Portfolios are higher than the fees paid by other Underlying Portfolios. Moreover, a situation could occur where proper action for the Portfolio could be adverse to the interest of the Underlying Portfolio or vice versa. Asset Allocation Risk This Portfolio allocates its investments between stock, bond and money market sectors, certain securities, and among Underlying Portfolios, 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 held directly or through an Underlying Portfolio 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 primary risks associated with the Portfolio s use of derivatives are the risk that changes in the value of the derivatives may not correlate as intended with the underlying asset, rate or index, the risk of adverse price movements in the market, the risk of missed opportunities in other investments and the risk that the counterparty to a derivatives transaction fails to make the required payment or otherwise comply with the terms of the contract. Certain derivatives involve leverage, which could cause the Portfolio to lose more than the principal amount invested. Other risks include management, interest rate and liquidity risks. Equity Securities Risk The value of equity securities held through the Underlying Portfolios, such as common and preferred stocks, could decline if the financial condition of the companies an Underlying 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. ETFs are also subject to the risk that their market prices may trade at a premium or discount to their net asset value, which means the Portfolio will overpay for an ETF s assets if it is trading at a premium and will get less than the value of the ETF s assets when selling if it is trading at a discount. An active market for an ETF may not be developed or maintained. Trading of an ETF s shares may be halted by the exchange, in which case the Portfolio would be unable to sell its ETF shares unless and until trading is resumed. Foreign Investing Risk Exposure to investments in foreign securities, including through Underlying Portfolios and ETFs, 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. Exposure to investments in emerging markets heighten these risks due to a lack of established legal, political, business and social frameworks to support securities markets. Fund of Funds Investing Risk The Portfolio s investment performance is significantly impacted by the investment performance of the Underlying Portfolios it holds. The ability of the Portfolio to meet its investment objective is related to the ability of the Underlying Portfolios to meet their respective investment objectives as well as the adviser s allocation decisions with respect to the Underlying Portfolios. Each of the Underlying Portfolios has its own investment risks, and the Portfolio is indirectly exposed to all the risks of the Underlying Portfolios in direct proportion to the amount of assets the Portfolio allocates to each Underlying Portfolio. To the extent that the Portfolio invests a significant portion of its assets in a single Underlying Portfolio, it will be particularly sensitive to the risks associated with that Underlying Portfolio. Changes in the value of that Underlying Portfolio may have a significant effect on the Portfolio s net asset value. The Portfolio will bear a pro rata share of the Underlying Portfolios expenses. Geographic Concentration Risk The Portfolio s performance could be more volatile than that of a more geographically diversified fund and could be significantly impacted 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 Northwestern Mutual Series Fund, Inc. NMSF 90

151 Asset Allocation Portfolio performance may be more closely tied to the market, currency, economic, political, or regulatory conditions in those countries or that region. Similarly, the extent to which an Underlying Portfolio invests a significant portion of its assets in a single country, a small number of countries or a particular geographic region, may also adversely impact the Portfolio, depending on the Portfolio s level of investment in that Underlying Portfolio. High Yield Debt Risk High yield debt securities (so called junk bonds ) to which the Portfolio has exposure 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 fixed income investments to which the Portfolio has exposure is likely to decline. Currently, interest rates are at unprecedented historically low levels. A significant rise in interest rates over a short period of time could cause significant losses in the market value of the Portfolio s fixed income instruments. Duration measures the price sensitivity of a fixed income instrument to changes in interest rates. The Portfolio s exposure to fixed income instruments and Underlying Portfolios with a longer average portfolio duration will be more sensitive to changes in interest rates than those with a shorter average duration. Investment Style Risk The Portfolio is subject to risks associated with an Underlying Portfolio s particular style of investing, such as growth or value or a combination of both, and may underperform with respect to its allocation to the Underlying Portfolio when the market does not favor that particular investment style. Different investment styles tend to shift in and out of favor, depending on market conditions and investor sentiment. Large Cap Company Risk Exposure to investments 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. Large Transaction Risk The Underlying Portfolios are used as investments for certain fund of funds, including the Portfolio, and may have a large percentage of their shares owned by such funds. Large redemption activity by the Portfolio or another fund of funds could result in the Underlying Portfolio being forced to sell portfolio securities at a loss to meet redemptions. The adviser may coordinate directly with the portfolio managers of the Underlying Portfolios to attempt to ensure that transactions are accommodated efficiently, including possibly implementing trades over a period of days rather than all at once. These practices may temporarily affect the adviser s ability to fully implement the Portfolio s investment strategies. Liquidity Risk Particular investments, such as small and micro cap stocks, fixed income securities, foreign securities, in particular emerging markets securities, and derivatives to which the Portfolio has exposure, can 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 or an Underlying Portfolio in which the Portfolio invests may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries. Micro Cap Company Risk Exposure to investments 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. 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. Sector Concentration Risk To the extent the Portfolio invests in Underlying Portfolios with a relatively high percentage of assets in a particular sector, it will have greater exposure to the risks associated with that sector, including the risk that the securities of companies within the sector will underperform due to adverse economic conditions, regulatory or legislative changes or increased competition affecting the sector. To the extent the Portfolio invests in Underlying Portfolios that are underweight other sectors, the Portfolio risks missing out on advances in those sectors. Small and Mid Cap Company Risk Exposure to investments 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 91 Northwestern Mutual Series Fund, Inc.

152 Asset Allocation Portfolio U.S. Government Securities Risk Not all obligations of the U.S. government, its agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Any guarantee by the U.S. government or its agencies or instrumentalities of a security held by the Portfolio does not apply to the market value of such security or to shares of the Portfolio itself. 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 those of a broad measure of market performance for both equity and fixed income securities, the returns of a composite of indices of securities with characteristics similar to those the Portfolio typically holds, and the average returns of a peer group of portfolios underlying variable insurance products with similar characteristics to those of the Portfolio. 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% 30% 20% 9.91% 10% 9.40% 0% -10% -20% -30% -40% % % % % % 11.02% 5.15% Best Qtr: 2 nd % Worst Qtr: 4 th % % 2015 Average Annual Total Return (for periods ended December 31, 2015) 1 Yr 5 Yrs 10 Yrs Asset Allocation Portfolio -0.43% 6.27% 5.04% S&P 500 Index (reflects no deduction for fees, expenses or taxes) 1.38% 12.57% 7.31% Barclays U.S. Aggregate Index (reflects no deduction for fees, expenses or taxes) 0.55% 3.25% 4.51% Asset Allocation Blended Composite: Russell 3000 Index (50%), MSCI All Country World (ex-us) Index (15%), Barclays U.S. Aggregate Index (25%), and Barclays U.S. Corporate High Yield 2% Issuer Capped Index (10%) (reflects no deduction for fees, expenses or taxes) -0.67% 7.74% 6.32% Lipper Variable Insurance Products (VIP) Mixed-Asset Target Allocation Growth Funds Average (reflects deductions for fees and expenses) -1.29% 7.29% 5.78% PORTFOLIO MANAGEMENT Investment Adviser: Mason Street Advisors, LLC (MSA) Portfolio Manager: Daniel J. Meehan manages the allocation of the Portfolio s assets among the asset classes and among the Underlying Portfolios. He is a Director of MSA, joined MSA in 2004 and has managed the Portfolio since 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 92

153 Fidelity Variable Insurance Products Initial Class, Service Class, and Service Class 2 Mid Cap Portfolio Summary Prospectus April 28, 2016 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 or by sending an request to [email protected]. The fund s prospectus and SAI dated April 28, 2016, are incorporated herein by reference. 245 Summer Street, Boston, MA FI-1

154 Fund Summary Fund/Class: VIP Mid Cap Portfolio/Initial Class, Service Class, Service Class 2 Investment Objective The fund seeks long-term growth of capital. Fee Table The following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product 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 expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher. Fees (fees paid directly from your investment) Not Applicable Annual Operating Expenses (expenses that you pay each year as a % of the value of your investment) Initial Class Management fee 0.55% 0.55% 0.55% Distribution and/or Service (12b-1) fees None 0.10% 0.25% Other expenses 0.08% 0.08% 0.08% Total annual operating expenses 0.63% 0.73% 0.88% This example helps compare the cost of investing in the fund with the cost of investing in other funds. Let s say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant Service Class Service Class 2 to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here s how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated: Initial Class Service Class Service Class 2 1 year $ 64 $ 75 $ 90 3 years $ 202 $ 233 $ years $ 351 $ 406 $ years $ 786 $ 906 $ 1,084 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 operating expenses or in the example, affect the fund s performance. During the most recent fiscal year, the fund s portfolio turnover rate was 26% of the average value of its portfolio. Principal Investment Strategies Normally investing primarily in common stocks. Normally investing at least 80% of assets in securities of companies with medium market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell Midcap Index or the S&P MidCap 400 Index). Potentially investing in companies with smaller or larger market capitalizations. Investing in domestic and foreign issuers. Investing in either growth stocks or value stocks or both. Using fundamental analysis of factors such as each issuer s financial condition and industry position, as well as market and economic conditions, to select investments. Principal Investment Risks Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the Summary Prospectus 2 FI-2

155 market, including different market sectors, and different types of securities can react differently to these developments. Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. The value of securities of smaller issuers can be more volatile than that of larger issuers. Mid Cap Investing. The value of securities of medium size, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers. You could lose money by investing in the fund. Performance The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund s shares from year to year and compares the performance of the fund s shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Index Information section of the prospectus. Returns for shares of the fund do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product; if they did, returns for shares of the fund would be lower. Past performance is not an indication of future performance. Year-by-Year Returns Calendar Years Percentage (%) % 15.63% % 40.09% 28.83% % 14.83% 36.23% 6.29% -1.39% 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 December 31, 2015 Initial Class Service Class Service Class 2 Past 1 year Past 5 years Past 10 years 1.39% 7.94% 7.64% 1.50% 7.84% 7.53% 1.63% 7.68% 7.37% S&P MidCap 400 Index (reflects no deduction for fees, expenses, or taxes) 2.18% 10.68% 8.18% Investment Adviser Fidelity Management & Research Company (FMR) (the Adviser) is the fund s manager. FMR Co., Inc. (FMRC) and other investment advisers serve as sub-advisers for the fund. Portfolio Manager(s) Tom Allen (portfolio manager) has managed the fund since June Purchase and Sale of Shares Only Permitted Accounts, including separate accounts of insurance companies and qualified funds of funds that have signed the appropriate agreements with the fund, if applicable, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts. A qualified fund of funds is an eligible insurance-dedicated mutual fund that invests in other mutual funds. 3 Summary Prospectus FI-3

156 Fund Summary continued Permitted Accounts - not variable product owners - are the shareholders of the fund. Variable product owners hold interests in separate accounts, including separate accounts that are shareholders of qualified funds of funds. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus. The price to buy one share 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 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 Exchange (NYSE) is open. The fund has no minimum investment requirement. Tax Information Variable product owners seeking to understand the tax consequences 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, the Adviser, Fidelity Distributors Corporation (FDC), and/ or their affiliates may pay intermediaries, which may include insurance companies and their affiliated broker-dealers and service-providers (who may be affiliated with the Adviser 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 investment professional or visit your intermediary s web site for more information. Summary Prospectus 4 FI-4

157 FI-5

158 FDC is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting or calling SIPC at Fidelity and Fidelity Investments & Pyramid Design are a registered service marks of FMR LLC FMR LLC. All rights reserved. Any third-party marks that may appear above are the marks of their respective owners. The term VIP as used in this document refers to Fidelity Variable Insurance Products VMC-SUM-0416 FI-6

159 Fidelity Variable Insurance Products Initial Class, Service Class, and Service Class 2 Contrafund Portfolio Summary Prospectus April 28, 2016 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 or by sending an request to [email protected]. The fund s prospectus and SAI dated April 28, 2016 are incorporated herein by reference. 245 Summer Street, Boston, MA FI-7

160 Fund Summary Fund/Class: VIP Contrafund SM Portfolio/Initial Class, Service Class, Service Class 2 Investment Objective The fund seeks long-term capital appreciation. Fee Table The following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product 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 expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher. Fees (fees paid directly from your investment) Not Applicable Annual Operating Expenses (expenses that you pay each year as a % of the value of your investment) Initial Class Management fee 0.55% 0.55% 0.55% Distribution and/or Service (12b-1) fees None 0.10% 0.25% Other expenses 0.08% 0.08% 0.08% Total annual operating expenses 0.63% 0.73% 0.88% This example helps compare the cost of investing in the fund with the cost of investing in other funds. Let s say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant Service Class Service Class 2 to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here s how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated: Initial Class Service Class Service Class 2 1 year $ 64 $ 75 $ 90 3 years $ 202 $ 233 $ years $ 351 $ 406 $ years $ 786 $ 906 $ 1,084 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 operating expenses or in the example, affect the fund s performance. During the most recent fiscal year, the fund s portfolio turnover rate was 80% of the average value of its portfolio. Principal Investment Strategies Normally investing primarily in common stocks. Investing in securities of companies whose value Fidelity Management & Research Company (FMR) believes is not fully recognized by the public. Investing in domestic and foreign issuers. Allocating the fund s assets across different market sectors (at present, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, telecom services, and utilities), using different Fidelity managers. Investing in either growth stocks or value stocks or both. Using fundamental analysis of factors such as each issuer s financial condition and industry position, as well as market and economic conditions, to select investments. Principal Investment Risks Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments. Summary Prospectus 2 FI-8

161 Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. You could lose money by investing in the fund. Performance The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund s shares from year to year and compares the performance of the fund s shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Index Information section of the prospectus. Returns for shares of the fund do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product; if they did, returns for shares of the fund would be lower. Past performance is not an indication of future performance. Year-by-Year Returns Calendar Years Percentage (%) % 17.59% % 35.71% 17.22% -2.53% 16.42% 31.29% 11.94% 0.64% 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 December 31, 2015 Past 1 year Past 5 years Past 10 years Initial Class 0.64% 10.91% 7.26% Service Class 0.56% 10.80% 7.16% Service Class % 10.63% 7.00% S&P 500 Index (reflects no deduction for fees, expenses, or taxes) 1.38% 12.57% 7.31% Investment Adviser FMR (the Adviser) is the fund s manager. FMR Co., Inc. (FMRC) and other investment advisers serve as sub-advisers for the fund. Portfolio Manager(s) The fund is managed by members of FMR s Stock Selector Large Cap Group. Robert Stansky (co-manager), Steven Kaye (co-manager), Robert Lee (co-manager), Douglas Simmons (co-manager), and Pierre Sorel (co-manager) have managed the fund since October Peter Dixon (co-manager) has managed the fund since November Jonathan Kasen (co-manager) and Monty Kori (co-manager) have managed the fund since July Brian Lempel (co-manager) has managed the fund since April Tobias Welo (co-manager) has managed the fund since November Purchase and Sale of Shares Only Permitted Accounts, including separate accounts of insurance companies and qualified funds of funds that have signed the 3 Summary Prospectus FI-9

162 Fund Summary continued appropriate agreements with the fund, if applicable, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts. A qualified fund of funds is an eligible insurance-dedicated mutual fund that invests in other mutual funds. Permitted Accounts - not variable product owners - are the shareholders of the fund. Variable product owners hold interests in separate accounts, including separate accounts that are shareholders of qualified funds of funds. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus. The price to buy one share 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 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 Exchange (NYSE) is open. The fund has no minimum investment requirement. Tax Information Variable product owners seeking to understand the tax consequences 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, the Adviser, Fidelity Distributors Corporation (FDC), and/ or their affiliates may pay intermediaries, which may include insurance companies and their affiliated broker-dealers and service-providers (who may be affiliated with the Adviser 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 investment professional or visit your intermediary s web site for more information. Summary Prospectus 4 FI-10

163 FI-11

164 FDC is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting or calling SIPC at Fidelity, Contrafund, and Fidelity Investments & Pyramid Design are registered service marks of FMR LLC FMR LLC. All rights reserved. VIP Contrafund is a service mark of FMR LLC. Any third-party marks that may appear above are the marks of their respective owners. The term VIP as used in this document refers to Fidelity Variable Insurance Products VCON-SUM-0416 FI-12

165 SOCIALLY RESPONSIVE PORTFOLIO May 1, 2016 SUMMARY PROSPECTUS I Class Shares The Fund is offered to certain life insurance companies to serve as an investment vehicle for premiums paid under their variable annuity and variable life insurance contracts (each, a variable contract ) and to certain qualified pension and other retirement plans (each, a qualified plan ). 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 You can also get this information at no cost by calling or by sending an request to [email protected]. 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, 2016 (as each may be amended or supplemented), are incorporated herein by reference. GOAL The Fund seeks long-term growth of capital by investing 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, hold or sell shares of the Fund. These tables do not reflect any fees and expenses charged by your insurance company under your variable contract or by your qualified plan. If the tables did reflect such fees and expenses, the overall expenses would be higher than those shown. Please refer to the prospectus for your variable contract or your qualified plan documentation for information on their separate fees and expenses. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year asa%ofthevalue of your investment) Management fees 0.84 Distribution and/or shareholder service (12b-1) fees None Other expenses 0.14 Total annual operating expenses 0.98 Expense Example The expense example can help you compare costs among mutual funds. The example assumes that you invested $10,000 for the periods shown, that you redeemed all of your shares at the end of those periods, that the Fund earned a hypothetical 5% total return each year, and that the Fund s expenses were those in the table. Actual performance and expenses may be higher or lower. 1Year 3Years 5Years 10Years Expenses $100 $312 $542 $1,201 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 operating expenses or in the example, affect the Fund s performance. During the most recent fiscal year, the Fund s portfolio turnover rate was 24% of the average value of its portfolio. PRINCIPAL INVESTMENT STRATEGIES To pursue its goal, the Fund invests primarily 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 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. They seek to purchase the stock of businesses that they believe to be well positioned and None NB-1

166 SOCIALLY RESPONSIVE PORTFOLIO May 1, 2016 undervalued by the market. 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. In addition, the Portfolio Managers typically 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. Please see the Statement of Additional Information for a detailed description of the Fund s social investing policies. Although the Fund invests primarily in domestic stocks, it may also invest in stocks of foreign companies. The Portfolio Managers follow a disciplined selling strategy and may sell a stock when it reaches a target price, if a company s business fails to perform as expected, or when other opportunities appear more attractive. The Fund may change its goal without shareholder approval, although it does not currently intend to do so. As a socially responsive fund, the Fund is required by the federal securities laws to have a policy, which it cannot change without providing investors at least 60 days written notice, of investing at least 80% of its net assets in equity securities selected in accordance with its social policy. In practice, the Portfolio Managers current intention is to hold only equity securities selected in accordance with the Fund s social investing policies. The 80% 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. Valuation Sensitive Investing. In addition to employing traditional value criteria that is, looking for value among companies whose stock prices are below their historical average, based on earnings, cash flow, or other financial measures the Portfolio Managers may buy a company s shares if they look more fully priced based on Wall Street consensus estimates of earnings, but still inexpensive relative to their estimates. The Portfolio Managers look for these companies to rise in price as they outperform Wall Street s expectations, because they believe some aspects of the business have not been fully appreciated or appropriately priced by other investors. PRINCIPAL INVESTMENT RISKS Most of the Fund s performance depends on what happens in the stock market. The market s behavior can be difficult to predict, particularly in the short term. There can be no guarantee that the Fund will achieve its goal. The Fund may take temporary defensive and cash management positions; in such a case, it will not be pursuing its principal investment strategies. 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 risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund s performance: Currency Risk. Changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the U.S. or abroad. 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 or currency redenomination; potential for default on sovereign debt; nationalization or expropriation of assets; settlement, custodial or other operational risks; and less stringent auditing and legal standards. As a result, foreign securities may fluctuate more widely in price, and may also be less liquid, than comparable U.S. securities. World markets, or those in a particular region, may all react in similar fashion to important economic or political developments. In addition, foreign markets may perform differently than the U.S. market. Securities of issuers traded on exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. Trading suspensions may be applied from time to time to the securities of individual issuers for reasons specific to that issuer, or may be applied broadly by exchanges or governmental authorities in response to market events. In the event that the Fund holds material positions in such suspended securities, the Fund s ability to liquidate its positions or provide liquidity to investors may be compromised and the Fund could incur significant losses. Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole. 2 NB-2

167 SOCIALLY RESPONSIVE PORTFOLIO May 1, 2016 The Fund s portfolio may contain fewer securities than the portfolios of other mutual funds, which may increase the risk that the value of the Fund could go down because of the poor performance of one or a few investments. Market Volatility Risk. Markets may be volatile and values of individual securities and other investments, including those of a particular type, may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment. If the Fund sells a portfolio position before it reaches its market peak, it may miss out on opportunities for better performance. Mid- and Large-Cap Companies Risk. At times, mid- and large-cap companies may be out of favor with investors. Compared to smaller companies, large-cap companies may be less responsive to changes and opportunities. Compared to larger companies, midcap companies may depend on a more limited management group, may have a shorter history of operations, and may have limited product lines, markets or financial resources. The securities of mid-cap companies are often more volatile and less liquid than the securities of larger companies and may be more affected than other types of securities by the underperformance of a sector or during market downturns. Operational Risk. The Fund and its service providers, and your ability to transact with the Fund, may be negatively impacted due to operational risks arising from, among other problems, systems and technology disruptions or failures, or cybersecurity incidents. It is not possible for the Manager or the other Fund service providers to identify all of the operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. Cybersecurity incidents could also affect issuers of securities in which the Fund invests, leading to significant loss of value. Recent Market Conditions. Since the financial crisis that started in 2008, the U.S. and many foreign economies continue to experience its after-effects, which have resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. Because the impact on the markets has been widespread, it may be difficult to identify both risks and opportunities using past models of the interplay of market forces, or to predict the duration of these market conditions. In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A significant slowdown in China s economy is adversely affecting worldwide commodity prices and the economies of many countries, especially those that depend heavily on commodity production and/or trade with China. The severity or duration of adverse economic conditions may also be affected by policy changes made by governments or quasi-governmental organizations. In addition, political events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. Interest rates have been unusually low in recent years in the U.S. and abroad. Because there is little precedent for this situation, it is difficult to predict the impact on various markets of a significant rate increase, whether brought about by U.S. policy makers or by dislocations in world markets. In addition, there is a risk that the prices of goods and services in the U.S. and many foreign economies may decline over time, known as deflation (the opposite of inflation). Deflation may have an adverse effect on stock prices and creditworthiness and may make defaults on debt more likely. Redemption Risk. The Fund may experience periods of heavy redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. Redemption risk is heightened during periods of declining or illiquid markets. Heavy redemptions could hurt the Fund s performance. Risk Management. Risk is an essential part of investing. No risk management program can eliminate the Fund s exposure to adverse events; at best, it may only reduce the possibility that the Fund will be affected by such events, and especially those risks that are not intrinsic to the Fund s investment program. Risk of Increase in Expenses. A decline in the Fund s average net assets during the current fiscal year due to market volatility or other factors could cause the Fund s expenses for the current fiscal year to be higher than the expense information presented in Fees and Expenses. Sector Risk. From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. NB-3 3

168 SOCIALLY RESPONSIVE PORTFOLIO May 1, 2016 Social Investing Risk. The Fund may underperform similar funds that do not have a social policy because the Fund s social policy could cause it to sell or avoid stocks that subsequently perform well. Valuation Risk. The Fund may not be able to sell an investment at the price at which the Fund has valued the investment. The Fund s ability to value its investments in an accurate and timely manner may be impacted by technological issues and/or errors by third party service providers, such as pricing services or accounting agents. Value Stock Risk. Value stocks may remain undervalued during a given period or may not ever realize their full value. This may happen, among other reasons, because of a failure to anticipate which stocks or industries would benefit from changing market or economic conditions. PERFORMANCE The following bar chart and table 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. The index, which is described in Description of Benchmark Index in the Fund s prospectus, has characteristics relevant to the Fund s investment strategy. The performance information does not reflect variable contract or qualified plan fees and expenses. If such fees and expenses were reflected, returns would be less than those shown. Please refer to the prospectus for your variable contract or your qualified plan documentation for information on their separate fees and expenses. Past performance is not a prediction of future results. Visit or call for updated performance information. YEAR-BY-YEAR % RETURNS AS OF 12/31 EACH YEAR* AVERAGE ANNUAL TOTAL % RETURNS AS OF 12/31/15* Best quarter: Q2 09, 15.74% Worst quarter: Q4 08, % Socially Responsive Portfolio 1 Year 5 Years 10 Years Class I S&P 500 Index (reflects no deduction for fees, expenses or taxes) * Returns would have been lower if Neuberger Berman Investment Advisers LLC had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. INVESTMENT MANAGER Neuberger Berman Investment Advisers LLC ( Manager ) is the Fund s investment manager. 4 NB-4

169 SOCIALLY RESPONSIVE PORTFOLIO May 1, 2016 PORTFOLIO MANAGERS The Fund is managed by co-portfolio Managers Ingrid S. Dyott (Managing Director of the Manager) and Sajjad S. Ladiwala, CFA (Managing Director of the Manager) and Associate Portfolio Manager Mamundi Subhas, CFA (Senior Vice President of the Manager). Ms. Dyott has been a co-portfolio Manager of the Fund since Mr. Ladiwala has been a co-portfolio Manager of the Fund since February 2016 and before that was an Associate Portfolio Manager since Mr. Subhas has been an Associate Portfolio Manager since BUYING AND SELLING SHARES The Fund is designed as a funding vehicle for certain variable contracts and qualified plans. Because shares of the Fund are held by the insurance companies or qualified plans involved, you will need to follow the instructions provided by your insurance company or qualified plan administrator for matters involving allocations to the Fund. When shares of the Fund are bought and sold, the share price is the Fund s net asset value per share. When shares are bought or sold, the share price will be the next share price calculated after the order has been received in proper form. The Fund is open for business every day the New York Stock Exchange is open. TAX INFORMATION Distributions made by the Fund to an insurance company separate account or a qualified plan, and exchanges and redemptions of Fund shares made by a separate account or qualified plan, ordinarily do not cause the 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 the applicable separate account or qualified plan and the holders of the contracts or plan participants, respectively. PAYMENTS TO FINANCIAL INTERMEDIARIES Neuberger Berman Management LLC and/or its affiliates may pay insurance companies or their affiliates, qualified plan administrators, broker-dealers or other financial intermediaries, for services to current and prospective variable contract owners and qualified plan participants who choose the Fund as an investment option. These payments may create a conflict of interest by influencing the financial intermediary and its employees to recommend the Fund over another investment or make the Fund available to their current or prospective variable contract owners and qualified plan participants. Ask your financial intermediary or visit its website for more information. The Neuberger Berman name and logo are registered service marks of Neuberger Berman Group LLC. Neuberger Berman Investment Advisers LLC and the individual Fund name in this prospectus are either service marks or registered service marks of Neuberger Berman Investment Advisers LLC Neuberger Berman Management LLC, distributor. All rights reserved. NB-5

170 SOCIALLY RESPONSIVE PORTFOLIO May 1, 2016 SEC File Number: K /16 NB-6

171 SUMMARY PROSPECTUS MULTI-STYLE EQUITY FUND May 1, 2016 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, Statement of Additional Information (SAI), Annual Report and other information about the Fund online at You can also get this information at no cost by calling or by sending an to: [email protected]. The Fund s Prospectus and SAI, both dated May 1, 2016, and the Fund s most recent shareholder report, dated December 31, 2015, 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 % Other Expenses % Total Annual Fund Operating Expenses % 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 $86 $269 $467 $1,040 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 99% of the average value of its portfolio. 1 RIF-1

172 Investments, Risks and Performance Principal Investment Strategies of the Fund The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets plus borrowings for investment purposes in equity securities. The Fund invests principally in common stocks of large and medium capitalization U.S. companies. The Fund defines large and medium capitalization stocks as stocks of those companies represented by the Russell 1000 Index or within the capitalization range of the Russell 1000 Index as measured at its most recent reconstitution. Russell Investment Management Company ( RIMCo ) provides or oversees the provision of all investment advisory and portfolio management services for the Fund, including developing the investment program for the Fund and managing the Fund s overall exposures. RIMCo employs a multi-style (growth, value and market-oriented) and multi-manager approach for the Fund whereby RIMCo selects the investment strategies for the Fund and utilizes multiple money managers to pursue those strategies. The Fund employs discretionary and non-discretionary money managers. The Fund s discretionary money managers select the individual portfolio securities for the assets assigned to them. The Fund s non-discretionary money managers provide a model portfolio to RIMCo representing their investment recommendations, based upon which RIMCo purchases and sells securities for the Fund. RIMCo manages Fund assets not allocated to discretionary money managers, which include assets managed by RIMCo to effect the Fund s investment strategies and/or to actively manage the Fund s overall exposures to seek to achieve the desired risk/return profile for the Fund. RIMCo may utilize quantitative or qualitative analysis or quantitative models designed to assess Fund characteristics and identify a portfolio which provides the desired exposures or use strategies based on indexes that represent the desired exposures, including index replication and optimized index sampling (strategies that seek to purchase the securities in an index or a sampling of securities using optimization and risk models, respectively). RIMCo also manages the portion of Fund assets for which the Fund s non-discretionary money managers provide model portfolios and the Fund s liquidity reserves. The Fund usually, but not always, pursues a strategy to be fully invested by exposing all or a portion of its cash to the performance of appropriate markets by purchasing equity securities and/or derivatives, which typically include index futures contracts. The Fund may also invest in securities of non-u.s. issuers by purchasing American Depositary Receipts ( ADRs ) or Global Depositary Receipts ( GDRs ). 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 Management. Despite strategies designed to achieve the Fund s investment objective, the value of investments will change with market conditions, and so will the value of any investment in the Fund and you could lose money. The securities selected for the portfolio may not perform as RIMCo or the Fund s money managers expect. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that RIMCo will effectively assess the Fund s portfolio characteristics and it is possible that its judgments regarding the Fund s risk/return profile may prove incorrect. In addition, actions taken to actively manage overall Fund exposures, including risk, may be ineffective and/or cause the Fund to underperform. Multi-Manager Approach. While the investment styles employed by the money managers are intended to be complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover. Index-Based Investing. Index-based strategies, which may be used to actively manage the Fund s overall exposures, may cause the Fund s returns to be lower than if the Fund employed a fundamental investment approach to security selection with respect to that portion of its portfolio. Additionally, index-based strategies are subject to tracking error risk, which is the risk that the performance of the portion of the Fund s portfolio utilizing an index-based strategy will differ from the performance of the index it seeks to track. Non-Discretionary Implementation Risk. With respect to the portion of the Fund that is managed pursuant to model portfolios provided by non-discretionary money managers, it is expected that trades will be effected on a periodic basis and therefore less frequently than would typically be the case if discretionary money managers were employed. Given that values of investments change with market conditions, this could cause the Fund s return to be lower than if the Fund employed discretionary money managers with respect to that portion of its portfolio. 2 RIF-2

173 Quantitative Investing. Quantitative inputs and models are generally backward-looking or use historical data to evaluate prospective investments or to generate forecasts which could result in incorrect assessments of the specific portfolio characteristics or ineffective adjustments to the Fund s overall exposures. Securities selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds with similar investment objectives and strategies. 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 medium 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. Medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market. Depositary Receipts. Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or into which they may be converted. Derivatives. Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus the Fund s losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies or other investments. Derivatives are subject to a number of risks such as leveraging risk, 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. 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. Global Financial Markets Risk. Global economies and financial markets are becoming increasingly interconnected and conditions (including recent volatility and instability) and events (including natural disasters) in one country, region or financial market may adversely impact issuers in a different country, region or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of the Fund s securities, result in greater market or liquidity risk or cause difficulty valuing the Fund s portfolio instruments or achieving the Fund s objective. 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 total returns for the periods shown compare with the index returns that measure broad market performance. Past performance is no indication of future results. 3 RIF-3

174 Calendar Year Total Returns 60.00% 40.00% 20.00% 0.00% % 12.75% 10.36% (40.56)% 31.40% 16.46% (1.55)% 15.69% 32.92% 11.70% 1.11% Highest Quarterly Return: 16.95% (3Q/09) Lowest Quarterly Return: (25.23)% (4Q/08) % % Average annual total returns for the periods ended December 31, Year 5 Years 10 Years Multi-Style Equity Fund % 11.32% 6.82% Russell 1000 Index (reflects no deduction for fees, expenses or taxes) % 12.44% 7.40% Management Investment Adviser The Fund s investment adviser is RIMCo. The Fund s money managers are: Barrow, Hanley, Mewhinney & Strauss, LLC Columbus Circle Investors Jacobs Levy Equity Management, Inc. Mar Vista Investment Partners, LLC Suffolk Capital Management, LLC Portfolio Manager David Hintz, a Senior Portfolio Manager, has primary responsibility for the management of the Fund. Mr. Hintz has managed the Fund since November 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 the close of regular trading on the New York Stock Exchange ( NYSE ) (normally 4:00 p.m. Eastern Time) on any business day of the Funds (defined as a day on which the NYSE is open for regular trading). 4 RIF-4

175 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 generally 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. ( RFS or 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-5

176 RIF (0516)

177 SUMMARY PROSPECTUS AGGRESSIVE EQUITY FUND May 1, 2016 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, Statement of Additional Information (SAI), Annual Report and other information about the Fund online at You can also get this information at no cost by calling or by sending an to: [email protected]. The Fund s Prospectus and SAI, both dated May 1, 2016, and the Fund s most recent shareholder report, dated December 31, 2015, 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 % Other Expenses % Total Annual Fund Operating Expenses % 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 $108 $338 $586 $1,297 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 138% of the average value of its portfolio. 1 RIF-7

178 Investments, Risks and Performance Principal Investment Strategies of the Fund The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets plus borrowings for investment purposes in equity securities. The Fund invests principally in common stocks of small capitalization U.S. companies, some of which are also considered micro capitalization U.S. companies. The Fund defines small capitalization stocks as approximately the stocks of those companies represented by the Russell 2000 Index or within the capitalization range of the Russell 2000 Index. Russell Investment Management Company ( RIMCo ) provides or oversees the provision of all investment advisory and portfolio management services for the Fund, including developing the investment program for the Fund and managing the Fund s overall exposures. RIMCo employs a multi-style (growth, value and market-oriented) and multi-manager approach for the Fund whereby RIMCo selects the investment strategies for the Fund and utilizes multiple money managers to pursue those strategies. The Fund s money managers have non-discretionary asset management assignments pursuant to which they provide a model portfolio to RIMCo representing their investment recommendations, based upon which RIMCo purchases and sells securities for the Fund. RIMCo also manages the portion of the Fund s assets that RIMCo determines not to manage based upon model portfolios provided by the Fund s money managers. This includes assets managed directly by RIMCo to effect the Fund s investment strategies and/or to actively manage the Fund s overall exposures to seek to achieve the desired risk/return profile for the Fund. RIMCo may utilize quantitative or qualitative analysis or quantitative models designed to assess Fund characteristics and identify a portfolio which provides the desired exposures or use strategies based on indexes that represent the desired exposures, including index replication and optimized index sampling (strategies that seek to purchase the securities in an index or a sampling of securities using optimization and risk models, respectively). RIMCo also manages the Fund s liquidity reserves. The Fund usually, but not always, pursues a strategy to be fully invested by exposing all or a portion of its cash to the performance of appropriate markets by purchasing equity securities and/or derivatives, which typically include index futures contracts. The Fund may also invest in securities of non-u.s. issuers by purchasing American Depositary Receipts ( ADRs ) or Global Depositary Receipts ( GDRs ). 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. 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 Management. Despite strategies designed to achieve the Fund s investment objective, the value of investments will change with market conditions, and so will the value of any investment in the Fund and you could lose money. The securities selected for the portfolio may not perform as RIMCo or the Fund s money managers expect. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that RIMCo will effectively assess the Fund s portfolio characteristics and it is possible that its judgments regarding the Fund s risk/return profile may prove incorrect. In addition, actions taken to actively manage overall Fund exposures, including risk, may be ineffective and/or cause the Fund to underperform. Multi-Manager Approach. While the investment styles employed by the money managers are intended to be complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover. Index-Based Investing. Index-based strategies, which may be used to actively manage the Fund s overall exposures, may cause the Fund s returns to be lower than if the Fund employed a fundamental investment approach to security selection with respect to that portion of its portfolio. Additionally, index-based strategies are subject to tracking error risk, which is the risk that the performance of the portion of the Fund s portfolio utilizing an index-based strategy will differ from the performance of the index it seeks to track. Non-Discretionary Implementation Risk. With respect to the portion of the Fund that is managed pursuant to model portfolios provided by non-discretionary money managers, it is expected that trades will be effected on a periodic 2 RIF-8

179 basis and therefore less frequently than would typically be the case if discretionary money managers were employed. Given that values of investments change with market conditions, this could cause the Fund s return to be lower than if the Fund employed discretionary money managers with respect to that portion of its portfolio. Quantitative Investing. Quantitative inputs and models are generally backward-looking or use historical data to evaluate prospective investments or to generate forecasts which could result in incorrect assessments of the specific portfolio characteristics or ineffective adjustments to the Fund s overall exposures. Securities selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds with similar investment objectives and strategies. 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 and micro 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. Small and micro capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market. Real Estate Investment Trusts ( 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. Depositary Receipts. Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or into which they may be converted. 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. Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus the Fund s losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies or other investments. Derivatives are subject to a number of risks such as leveraging risk, 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. 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. Global Financial Markets Risk. Global economies and financial markets are becoming increasingly interconnected and conditions (including recent volatility and instability) and events (including natural disasters) in one country, region or financial market may adversely impact issuers in a different country, region or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of the Fund s securities, result in greater market or liquidity risk or cause difficulty valuing the Fund s portfolio instruments or achieving the Fund s objective. Please refer to the Risks section in the Fund s Prospectus for further information. 3 RIF-9

180 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 total returns for the periods shown compare with the index returns that measure broad market performance. Effective May 1, 2012, RIMCo changed the Fund s primary benchmark from the Russell 2500 Index to the Russell 2000 Index. The Aggressive Equity Linked Benchmark represents the returns of the Russell 2500 Index through April 30, 2012 and the returns of the Russell 2000 Index thereafter. The Aggressive Equity Linked Benchmark provides a means to compare the Fund s average annual returns to a secondary benchmark that takes into account historical changes in the Fund s primary benchmark. Past performance is no indication of future results. Calendar Year Total Returns 60.00% 40.00% 20.00% 0.00% % 14.79% 3.42% (42.92)% 31.39% 24.88% (4.20)% 15.84% 40.00% 1.56% (7.19)% Highest Quarterly Return: 21.25% (2Q/09) Lowest Quarterly Return: (28.07)% (4Q/08) % % Average annual total returns for the periods ended December 31, Year 5 Years 10 Years Aggressive Equity Fund... (7.19)% 7.93% 5.00% Russell 2000 Index (reflects no deduction for fees, expenses or taxes)... (4.41)% 9.19% 6.80% Aggressive Equity Linked Benchmark (reflects no deduction for fees, expenses or taxes)... (4.41)% 9.81% 7.30% Management Investment Adviser The Fund s investment adviser is RIMCo. The Fund s money managers are: DePrince, Race & Zollo, Inc. Monarch Partners Asset Management, LLC RBC Global Asset Management (U.S.) Inc. Snow Capital Management L.P. Timpani Capital Management, LLC Portfolio Managers Jon Eggins, a Senior Portfolio Manager, and Megan Roach, a Portfolio Manager, have primary responsibility for the management of the Fund. Mr. Eggins has managed the Fund since May 2011 and Ms. Roach has managed the Fund since March RIF-10

181 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 the close of regular trading on the New York Stock Exchange ( NYSE ) (normally 4:00 p.m. Eastern Time) on any business day of the Funds (defined as a day on which the NYSE is open for regular trading). 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 generally 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. ( RFS or 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-11

182 RIF (0516)

183 SUMMARY PROSPECTUS GLOBAL REAL ESTATE SECURITIES FUND May 1, 2016 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, Statement of Additional Information (SAI), Annual Report and other information about the Fund online at You can also get this information at no cost by calling or by sending an to: [email protected]. The Fund s Prospectus and SAI, both dated May 1, 2016, and the Fund s most recent shareholder report, dated December 31, 2015, 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 % Other Expenses % Total Annual Fund Operating Expenses % 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 $95 $297 $516 $1,145 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 64% of the average value of its portfolio. 1 RIF-13

184 Investments, Risks and Performance Principal Investment Strategies of the Fund The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets plus borrowings for investment purposes in real estate securities. The Fund seeks to achieve its objective by concentrating its investments in equity securities of real estate companies economically tied to a number of countries around the world, including the U.S., in a globally diversified manner. The Fund invests principally 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. 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 considers emerging market countries to include every country in the world except Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Iceland, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. Russell Investment Management Company ( RIMCo ) provides or oversees the provision of all investment advisory and portfolio management services for the Fund, including developing the investment program for the Fund and managing the Fund s overall exposures. RIMCo employs a multi-manager approach for the Fund whereby RIMCo selects the investment strategies for the Fund and utilizes multiple money managers to pursue those strategies. RIMCo manages Fund assets not allocated to money managers, which include assets managed by RIMCo to effect the Fund s investment strategies and/or to actively manage the Fund s overall exposures to seek to achieve the desired risk/return profile for the Fund. RIMCo may utilize quantitative or qualitative analysis or quantitative models designed to assess Fund characteristics and identify a portfolio which provides the desired exposures or use strategies based on indexes that represent the desired exposures, including index replication and optimized index sampling (strategies that seek to purchase the securities in an index or a sampling of securities using optimization and risk models, respectively). RIMCo also manages the Fund s liquidity reserves. The Fund usually, but not always, pursues a strategy to be fully invested by exposing all or a portion of its cash to the performance of certain real estate securities or, in certain circumstances, broad global equity markets by purchasing equity securities and/or derivatives, which typically include index futures contracts and swaps. The Fund may enter into spot or forward currency contracts to facilitate settlement of securities transactions. The Fund may invest in large, medium or small capitalization 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: Active Management. Despite strategies designed to achieve the Fund s investment objective, the value of investments will change with market conditions, and so will the value of any investment in the Fund and you could lose money. The securities selected for the portfolio may not perform as RIMCo or the Fund s money managers expect. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that RIMCo will effectively assess the Fund s portfolio characteristics and it is possible that its judgments regarding the Fund s risk/return profile may prove incorrect. In addition, actions taken to actively manage overall Fund exposures, including risk, may be ineffective and/or cause the Fund to underperform. Multi-Manager Approach. While the investment styles employed by the money managers are intended to be complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover. Index-Based Investing. Index-based strategies, which may be used to actively manage the Fund s overall exposures, may cause the Fund s returns to be lower than if the Fund employed a fundamental investment approach to security selection with respect to that portion of its portfolio. Additionally, index-based strategies are subject to tracking error risk, which is the risk that the performance of the portion of the Fund s portfolio utilizing an index-based strategy will differ from the performance of the index it seeks to track. Quantitative Investing. Quantitative inputs and models are generally backward-looking or use historical data to evaluate prospective investments or to generate forecasts which could result in incorrect assessments of the specific 2 RIF-14

185 portfolio characteristics or ineffective adjustments to the Fund s overall exposures. Securities selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds with similar investment objectives and strategies. 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 and medium 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. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market. 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 real estate investment trusts ( REITs ), may be affected by changes in the value of the underlying properties owned by the companies and by the quality of tenants credit. 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. Counterparty Risk. Counterparty risk is the risk that the other party or parties 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. 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. Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus the Fund s losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies or other investments. Derivatives are subject to a number of risks such as leveraging risk, 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. Currency Trading Risk. Currency trading strategies may involve instruments that have volatile prices, are illiquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds the price of the currency agreed to be sold. 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. Global Financial Markets Risk. Global economies and financial markets are becoming increasingly interconnected and conditions (including recent volatility and instability) and events (including natural disasters) in one country, region or financial market may adversely impact issuers in a different country, region or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of the Fund s securities, result in greater market or liquidity risk or cause difficulty valuing the Fund s portfolio instruments or achieving the Fund s objective. 3 RIF-15

186 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 total returns for the periods shown compare with the index returns that measure broad market performance. In October 2010, RIMCo changed the Fund s primary benchmark from the FTSE NAREIT Equity REIT Index to the FTSE EPRA/NAREIT Developed Real Estate Index (net of tax on dividends from foreign holdings). The Global Real Estate Linked Benchmark represents the returns of the FTSE NAREIT Equity REIT Index through September 30, 2010 and the returns of the FTSE EPRA/NAREIT Developed Real Estate Index (net of tax on dividends from foreign holdings) thereafter. The Global Real Estate Linked Benchmark provides a means to compare the Fund s average annual returns to a secondary benchmark that takes into account historical changes in the Fund s primary benchmark. The Russell Developed Index (net of tax on dividends from foreign holdings) measures the performance of the investable securities in developed countries globally. Past performance is no indication of future results. Calendar Year Total Returns 60.00% 40.00% 20.00% 0.00% % 35.84% (15.86)% (36.68)% 28.94% 22.92% (7.05)% 27.56% 3.65% 14.75% 0.25% Highest Quarterly Return: 30.01% (3Q/09) Lowest Quarterly Return: (36.97)% (4Q/08) % Average annual total returns for the periods ended December 31, Year 5 Years 10 Years Global Real Estate Securities Fund % 7.17% 4.95% FTSE EPRA/NAREIT Developed Real Estate Index (net of tax on dividends from foreign holdings) (reflects no deduction for fees or expenses)... (0.79)% 7.17% 4.67% Global Real Estate Linked Benchmark (reflects no deduction for fees, expenses or taxes).... (0.79)% 7.17% 4.94% Russell Developed Index (net of tax on dividends from foreign holdings) (reflects no deduction for fees or expenses)... (0.80)% 7.63% 5.18% Management Investment Adviser The Fund s investment adviser is RIMCo. The Fund s money managers are: 4 RIF-16

187 Cohen & Steers Capital Management, Inc. INVESCO Advisers, Inc. Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Limited and Morgan Stanley Investment Management Company Portfolio Manager Bruce Eidelson, a Senior Portfolio Manager, has primary responsibility for the management of the Fund. Mr. Eidelson has managed the Fund since January 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 the close of regular trading on the New York Stock Exchange ( NYSE ) (normally 4:00 p.m. Eastern Time) on any business day of the Funds (defined as a day on which the NYSE is open for regular trading). 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 generally 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. ( RFS or 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-17

188 RIF (0516)

189 SUMMARY PROSPECTUS NON-U.S. FUND May 1, 2016 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, Statement of Additional Information (SAI), Annual Report and other information about the Fund online at You can also get this information at no cost by calling or by sending an to: [email protected]. The Fund s Prospectus and SAI, both dated May 1, 2016, and the Fund s most recent shareholder report, dated December 31, 2015, 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 % Other Expenses % Total Annual Fund Operating Expenses % 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 $108 $338 $586 $1,297 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 35% of the average value of its portfolio. 1 RIF-19

190 Investments, Risks and Performance Principal Investment Strategies of the Fund The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its assets plus borrowings for investment purposes in non-u.s. securities. The Fund invests principally 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 s securities are denominated principally 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 economically tied to emerging market countries. The Fund considers the following countries to have developed markets: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Iceland, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. As a general rule, the Fund considers emerging market countries to include every other country. The Fund invests principally in large and medium capitalization companies, but may also invest in small capitalization companies. The Fund defines large and medium capitalization stocks as stocks of those companies represented by the Russell Developed ex-u.s. Large Cap Index or within the capitalization range of the Russell Developed ex-u.s. Large Cap Index as measured at its most recent reconstitution. Russell Investment Management Company ( RIMCo ) provides or oversees the provision of all investment advisory and portfolio management services for the Fund, including developing the investment program for the Fund and managing the Fund s overall exposures. RIMCo employs a multi-style (growth, value and market-oriented) and multi-manager approach for the Fund whereby RIMCo selects the investment strategies for the Fund and utilizes multiple money managers to pursue those strategies. RIMCo manages assets not allocated to money managers, which include assets managed by RIMCo to effect the Fund s investment strategies and/or to actively manage the Fund s overall exposures to seek to achieve the desired risk/return profile for the Fund. RIMCo may utilize quantitative or qualitative analysis or quantitative models designed to assess Fund characteristics and identify a portfolio which provides the desired exposures or use strategies based on indexes that represent the desired exposures, including index replication and optimized index sampling (strategies that seek to purchase the securities in an index or a sampling of securities using optimization and risk models, respectively). RIMCo also manages the Fund s liquidity reserves. The Fund usually, but not always, pursues a strategy to be fully invested by exposing all or a portion of its cash to the performance of appropriate markets by purchasing equity securities and/or derivatives, which typically include index futures contracts and forward currency contracts. The Fund may use derivatives, including stock options, country index futures and swaps or currency forwards, to (1) manage country and currency exposure as a substitute for holding securities directly or (2) facilitate the implementation of its investment strategy. The Fund may at times seek to protect a portion of its investments against adverse currency exchange rate changes by purchasing forward currency contracts and may engage in currency transactions for speculative purposes. 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 Management. Despite strategies designed to achieve the Fund s investment objective, the value of investments will change with market conditions, and so will the value of any investment in the Fund and you could lose money. The securities selected for the portfolio may not perform as RIMCo or the Fund s money managers expect. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that RIMCo will effectively assess the Fund s portfolio characteristics and it is possible that its judgments regarding the Fund s risk/return profile may prove incorrect. In addition, actions taken to actively manage overall Fund exposures, including risk, may be ineffective and/or cause the Fund to underperform. Multi-Manager Approach. While the investment styles employed by the money managers are intended to be complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover. Index-Based Investing. Index-based strategies, which may be used to actively manage the Fund s overall exposures, may cause the Fund s returns to be lower than if the Fund employed a fundamental investment 2 RIF-20

191 approach to security selection with respect to that portion of its portfolio. Additionally, index-based strategies are subject to tracking error risk, which is the risk that the performance of the portion of the Fund s portfolio utilizing an index-based strategy will differ from the performance of the index it seeks to track. Quantitative Investing. Quantitative inputs and models are generally backward-looking or use historical data to evaluate prospective investments or to generate forecasts which could result in incorrect assessments of the specific portfolio characteristics or ineffective adjustments to the Fund s overall exposures. Securities selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds with similar investment objectives and strategies. 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 and medium 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. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market. 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. 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. Counterparty Risk. Counterparty risk is the risk that the other party or parties 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 (including American Depositary Receipts and Global Depositary Receipts) are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or into which they may be converted. 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. Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus the Fund s losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies or other investments. Derivatives are subject to a number of risks such as leveraging risk, 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. Currency Trading Risk. Currency trading strategies may involve instruments that have volatile prices, are illiquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds the price of the currency agreed to be sold. 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. 3 RIF-21

192 Global Financial Markets Risk. Global economies and financial markets are becoming increasingly interconnected and conditions (including recent volatility and instability) and events (including natural disasters) in one country, region or financial market may adversely impact issuers in a different country, region or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of the Fund s securities, result in greater market or liquidity risk or cause difficulty valuing the Fund s portfolio instruments or achieving the Fund s objective. 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 total returns for the periods shown compare with the index returns that measure broad market performance. 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). The International Developed Markets Linked Benchmark represents the returns of the MSCI EAFE Index (net of tax on dividends from foreign holdings) through December 31, 2010 and the returns of the Russell Developed ex-u.s. Large Cap Index (net of tax on dividends from foreign holdings) thereafter. The International Developed Markets Linked Benchmark provides a means to compare the Fund s average annual returns to a secondary benchmark that takes into account historical changes in the Fund s primary benchmark. Past performance is no indication of future results. Calendar Year Total Returns 40.00% 20.00% 0.00% % % 23.64% 10.12% (42.41)% 26.49% 11.42% (12.88)% 19.81% 21.91% (4.45)% (1.31)% Highest Quarterly Return: 21.75% (2Q/09) Lowest Quarterly Return: (20.89)% (3Q/11) % Average annual total returns for the periods ended December 31, Year 5 Years 10 Years Non-U.S. Fund... (1.31)% 3.71% 2.86% Russell Developed ex-u.s. Large Cap Index (net of tax on dividends from foreign holdings) (reflects no deduction for fees or expenses).... (2.56)% 3.09% 3.25% International Developed Markets Linked Benchmark (reflects no deduction for fees or expenses)... (2.56)% 3.09% 2.78% Management Investment Adviser The Fund s investment adviser is RIMCo. The Fund s money managers are: 4 RIF-22

193 Barrow, Hanley, Mewhinney & Strauss, LLC MFS Institutional Advisors, Inc. Pzena Investment Management, LLC William Blair Investment Management, LLC Portfolio Managers James Barber, Chief Investment Officer of Equities, and Jon Eggins, a Senior Portfolio Manager, have primary responsibility for the management of the Fund. Mr. Barber and Mr. Eggins have managed the Fund since February 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 the close of regular trading on the New York Stock Exchange ( NYSE ) (normally 4:00 p.m. Eastern Time) on any business day of the Funds (defined as a day on which the NYSE is open for regular trading). 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 generally 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. ( RFS or 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-23

194 RIF (0516)

195 SUMMARY PROSPECTUS CORE BOND FUND May 1, 2016 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, Statement of Additional Information (SAI), Annual Report and other information about the Fund online at You can also get this information at no cost by calling or by sending an to: [email protected]. The Fund s Prospectus and SAI, both dated May 1, 2016, and the Fund s most recent shareholder report, dated December 31, 2015, 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 % Other Expenses % Acquired Fund Fees and Expenses % Total Annual Fund Operating Expenses % Less Fee Waivers and Expense Reimbursements... (0.02)% Net Annual Fund Operating Expenses % # Total Annual Fund Operating Expenses and Net Annual Fund Operating Expenses have been restated to reflect the Fund s proportionate share of the operating expenses of any other fund in which the Fund invests, including the Russell U.S. Cash Management Fund. The Fund s proportionate share of these operating expenses is reflected under Acquired Fund Fees and Expenses. Until April 30, 2017, RIMCo has contractually agreed to waive 0.02% of its 0.55% advisory fee. This waiver may not be terminated during the relevant period except with Board approval. 1 RIF-25

196 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 $68 $216 $377 $846 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 225% of the average value of its portfolio. Investments, Risks and Performance Principal Investment Strategies of the Fund The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets plus borrowings for investment purposes in bonds. Russell Investment Management Company ( RIMCo ) provides or oversees the provision of all investment advisory and portfolio management services for the Fund, including developing the investment program for the Fund and managing the Fund s overall exposures. RIMCo employs a multi-manager approach for the Fund whereby RIMCo selects the investment strategies for the Fund and utilizes multiple money managers to pursue those strategies. RIMCo manages assets not allocated to money managers, which include assets managed by RIMCo to effect the Fund s investment strategies and/or to actively manage the Fund s overall exposures to seek to achieve the desired risk/return profile for the Fund. RIMCo may utilize quantitative or qualitative analysis or quantitative models designed to assess Fund characteristics and identify a portfolio which provides the desired exposures or use strategies based on indexes that represent the desired exposures, including index replication and optimized index sampling (strategies that seek to purchase the securities in an index or a sampling of securities using optimization and risk models, respectively). RIMCo also manages the Fund s liquidity reserves. The Fund invests 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, non-u.s. governments, or by any U.S. government or non-u.s. government agency or instrumentality and (4) asset-backed securities. The Fund may invest in debt securities that are rated below investment grade (commonly referred to as high-yield or junk bonds ). The Fund may invest in currency futures and options on futures, forward currency contracts, currency swaps and currency options for speculative purposes or to seek to protect a portion of its investments against adverse currency exchange rate changes. The Fund may also invest in derivatives, including credit default swaps. The Fund s use of derivatives may cause the Fund s investment returns to be impacted by the performance of securities the Fund does not own and result in the Fund s total investment exposure exceeding the value of its portfolio. The duration of the Fund s portfolio typically ranges within 20% of the duration of the Barclays U.S. Aggregate Bond Index, but may vary up to 35% from the Index s duration. A portion of the Fund s net assets may be illiquid. The Fund may invest in variable and floating rate securities. The Fund purchases loans and other direct indebtedness, including bank loans (also called leveraged loans ). The Fund invests in non-u.s. debt securities, including developed and emerging market debt securities, some of which may be non-u.s. dollar denominated. The Fund considers the following countries to have developed markets: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Iceland, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. As a general rule, the Fund considers emerging market countries to include every other country. The Fund may enter into repurchase agreements. The Fund may invest in commercial paper, including asset-backed commercial paper. The Fund usually, but not always, pursues a strategy to be fully invested by exposing all or a portion of its cash to 2 RIF-26

197 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, to be announced ( TBA ) securities and swaps. 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 Management. Despite strategies designed to achieve the Fund s investment objective, the value of investments will change with market conditions, and so will the value of any investment in the Fund and you could lose money. The securities selected for the portfolio may not perform as RIMCo or the Fund s money managers expect. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that RIMCo will effectively assess the Fund s portfolio characteristics and it is possible that its judgments regarding the Fund s risk/return profile may prove incorrect. In addition, actions taken to actively manage overall Fund exposures, including risk, may be ineffective and/or cause the Fund to underperform. Multi-Manager Approach. While the investment styles employed by the money managers are intended to be complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover. Index-Based Investing. Index-based strategies, which may be used to actively manage the Fund s overall exposures, may cause the Fund s returns to be lower than if the Fund employed a fundamental investment approach to security selection with respect to that portion of its portfolio. Additionally, index-based strategies are subject to tracking error risk, which is the risk that the performance of the portion of the Fund s portfolio utilizing an index-based strategy will differ from the performance of the index it seeks to track. Quantitative Investing. Quantitative inputs and models are generally backward-looking or use historical data to evaluate prospective investments or to generate forecasts which could result in incorrect assessments of the specific portfolio characteristics or ineffective adjustments to the Fund s overall exposures. Securities selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds with similar investment objectives and strategies. Fixed Income Securities. Prices of fixed income securities generally rise and fall in response to, among other things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that the Fund s investments in fixed income securities could lose money. In addition, the Fund could lose money if the issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be downgraded in credit rating or go into default. Non-Investment Grade Debt Securities ( High Yield or Junk Bonds ). Non-investment grade debt securities involve higher volatility and higher risk of default than investment grade bonds. U.S. and Non-U.S. Corporate Debt Securities Risk. Investments in U.S. and non-u.s. corporate debt securities are subject to interest rate risk and market risk, and are affected by perceptions of the creditworthiness and business prospects of individual issuers. Non-U.S. corporate debt securities may expose the Fund to greater risk than investments in U.S. corporate debt securities. Government Issued or Guaranteed Securities, U.S. Government Securities. Bonds issued or guaranteed by a government are subject to inflation risk, price depreciation risk and default risk. Money Market Securities (Including Commercial Paper). Prices of money market securities generally rise and fall in response to interest rate changes. Asset-Backed Commercial Paper. Investment in asset-backed commercial paper is subject to the risk that insufficient proceeds from the projected cash flows of the contributed receivables are available to repay the commercial paper. Variable and Floating Rate Securities Risk. Variable and floating rate securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. 3 RIF-27

198 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. The highly leveraged nature of many such loans, including bank loans, and other direct indebtedness may make such loans and other direct indebtedness especially vulnerable to adverse changes in economic or market conditions and/or changes in the financial condition of the debtor. Investments in bank loans are typically subject to the risks of floating rate securities. Repurchase Agreements. Repurchase agreements are subject to the risk that the sellers may not be able to pay the agreed-upon repurchase price on the repurchase date. 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 of Yankee Bonds and Yankee CDs are not necessarily subject to the same regulatory requirements that apply to U.S. corporations and banks. Derivatives. Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus the Fund s losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies or other investments. Derivatives are subject to a number of risks such as leveraging risk, 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. Currency Trading Risk. Currency trading strategies may involve instruments that have volatile prices, are illiquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds the price of the currency agreed to be sold. 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 or parties 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. 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. 4 RIF-28

199 Global Financial Markets Risk. Global economies and financial markets are becoming increasingly interconnected and conditions (including recent volatility and instability) and events (including natural disasters) in one country, region or financial market may adversely impact issuers in a different country, region or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of the Fund s securities, result in greater market or liquidity risk or cause difficulty valuing the Fund s portfolio instruments or achieving the Fund s objective. 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 total returns for the periods shown compare with the index returns that measure broad market performance. Past performance is no indication of future results. Calendar Year Total Returns 20.00% 15.00% 10.00% 5.00% 0.00% 3.72% 7.24% (3.57)% 15.81% 10.02% 4.68% 8.38% (1.45)% 5.45% (0.14)% Highest Quarterly Return: 7.05% (3Q/09) Lowest Quarterly Return: (3.63)% (3Q/08) -5.00% Average annual total returns for the periods ended December 31, Year 5 Years 10 Years Core Bond Fund.... (0.14)% 3.32% 4.87% Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)* % 3.25% 4.51% * The Barclays U.S. Aggregate Bond Index was formerly known as the Barclays Capital U.S. Aggregate Bond Index. Management Investment Adviser The Fund s investment adviser is RIMCo. The Fund s money managers are: Colchester Global Investors Limited Logan Circle Partners, L.P. Macro Currency Group an investment group within Principal Global Investors LLC * Metropolitan West Asset Management, LLC Scout Investments, Inc. 5 RIF-29

200 * Principal Global Investors LLC is the asset management arm of the Principal Financial Group (The Principal ), which includes various member companies including Principal Global Investors LLC, Principal Global Investors (Europe) Limited, and others. The Macro Currency Group is the specialist currency investment group within Principal Global Investors. Where used herein, Macro Currency Group means Principal Global Investors LLC. Portfolio Manager Keith Brakebill, a Senior Portfolio Manager, has primary responsibility for the management of the Fund. Mr. Brakebill has managed the Fund since August 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 the close of regular trading on the New York Stock Exchange ( NYSE ) (normally 4:00 p.m. Eastern Time) on any business day of the Funds (defined as a day on which the NYSE is open for regular trading). 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 generally 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. ( RFS or 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 (0516) RIF-30

201 SUMMARY PROSPECTUS LifePoints Funds Variable Target Portfolio Series MODERATE STRATEGY FUND May 1, 2016 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, Statement of Additional Information (SAI), Annual Report and other information about the Fund online at You can also get this information at no cost by calling or by sending an to: [email protected]. The Fund s Prospectus and SAI, both dated May 1, 2016, and the Fund s most recent shareholder report, dated December 31, 2015, are all incorporated by reference into this Summary Prospectus. Ticker: RIFGX Investment Objective The Fund seeks to provide 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 % Other Expenses % Acquired (Underlying) Fund Fees and Expenses % Total Annual Fund Operating Expenses % Less Fee Waivers and Expense Reimbursements... (0.21)% Net Annual Fund Operating Expenses % # 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, 2017, 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 0.11% 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-1

202 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 $88 $321 $572 $1,291 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. During the most recent fiscal year, the Fund s portfolio turnover rate was 29% of the average value of its portfolio. 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 principally 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. Russell Investment Management Company ( RIMCo ), the Fund s investment adviser, intends the Fund s 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, 2016 is 34% to equity, 59% to fixed income and 7% to alternative asset classes. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-u.s. equity and fixed income securities and derivatives. Alternative Underlying Funds pursue investment strategies that differ from those of traditional broad market equity or fixed income funds or seek returns with a low correlation to global equity markets. The Underlying Funds employ a multi-manager approach whereby most assets of the Underlying Funds are allocated to different unaffiliated money managers. RIMCo considers this Fund to be a moderate fund due to its investment objective and asset allocation to fixed income and equity Underlying Funds. In addition to investing in the Underlying Funds, RIMCo may seek to actively manage the Fund s overall exposures (such as asset class, currency, capitalization size, industry, sector, region, credit exposure, country risk, yield curve positioning or interest rates) by investing in derivatives, including futures, options, forwards and swaps, that RIMCo believes will achieve the desired risk/return profile for the Fund. The Fund may hold cash in connection with these investments. The Fund usually, but not always, pursues a strategy of being fully invested by exposing its cash to the performance of segments of the global equity market by purchasing index futures contracts (also known as equitization ). RIMCo may modify the target allocation for any Fund, including changes to the Underlying Funds in which a Fund invests, from time to time. RIMCO s allocation decisions are generally based on capital markets research, including 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. 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 +/- 5% at the equity, fixed income or alternative category level based on RIMCo s capital markets research, and/or (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. Please refer to the Investment Objective and Investment Strategies section in the Fund s Prospectus for further information. 2 RLP-2

203 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: Investing in Affiliated Underlying Funds. The assets of the Fund are invested principally 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. 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. In addition, certain principal risks associated with investing in the Underlying Funds and, indirectly, the Fund are also principal risks associated with investing in the Fund due to RIMCo s active management of the Fund s overall exposures to seek to achieve the desired risk/return profile for the Fund. Active Management. Despite strategies designed to achieve the Fund s and/or an Underlying Fund s investment objective, the value of investments will change with market conditions, and so will the value of any investment in the Fund and/or Underlying Funds and you could lose money. The securities selected for the Fund s and/or an Underlying Fund s portfolio may not perform as RIMCo or the Underlying Fund s money managers expect. Additionally, securities selected may cause the Fund and/or an Underlying Fund to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that RIMCo will effectively assess the Fund s and/or an Underlying Fund s portfolio characteristics and it is possible that its judgments regarding the Fund s and/or an Underlying Fund s risk/return profile may prove incorrect. In addition, actions taken to actively manage overall Fund and/or Underlying Fund exposures, including risk, may be ineffective and/or cause the Fund and/or Underlying Fund to underperform. Multi-Manager Approach. While the investment styles employed by the money managers are intended to be complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover. Index-Based Investing. Index-based strategies, which may be used to actively manage a Fund s and/or an Underlying Fund s overall exposures, may cause the Fund s and/or an Underlying Fund s returns to be lower than if the Fund and/or an Underlying Fund employed a fundamental investment approach to security selection with respect to that portion of its portfolio. Additionally, index-based strategies are subject to tracking error risk, which is the risk that the performance of the portion of the Fund s and/or an Underlying Fund s portfolio utilizing an index-based strategy will differ from the performance of the index it seeks to track. Quantitative Investing. Quantitative inputs and models are generally backward-looking or use historical data to evaluate prospective investments or to generate forecasts which could result in incorrect assessments of the specific portfolio characteristics or ineffective adjustments to the Fund s and/or an Underlying Fund s overall exposures. Securities selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. Inputs or models may be flawed or not work as anticipated and may cause the Fund and/or an Underlying Fund to underperform other funds with similar investment objectives and strategies. 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 and medium 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. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market. Investments in preferred stocks are subject to the risks of common stocks, as well as 3 RLP-3

204 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. In rising markets, defensive stocks are likely to underperform growth, value and dynamic stocks and the relative performance of stocks selected pursuant to a defensive style may fluctuate over time. Dynamic stocks have higher than average stock price volatility and may experience sharp declines in value. Fixed Income Securities. Prices of fixed income securities generally rise and fall in response to, among other things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that the Underlying Fund s investments in fixed income securities could lose money. In addition, the Underlying Fund could lose money if the issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be downgraded in credit rating or go into default. Non-Investment Grade Debt Securities ( High Yield or Junk Bonds ). Non-investment grade debt securities involve higher volatility and higher risk of default than investment grade bonds. U.S. and Non-U.S. Corporate Debt Securities Risk. Investments in U.S. and non-u.s. corporate debt securities are subject to interest rate risk and market risk, and are affected by perceptions of the creditworthiness and business prospects of individual issuers. Non-U.S. corporate debt securities may expose the Underlying Fund to greater risk than investments in U.S. corporate debt securities. Government Issued or Guaranteed Securities, U.S. Government Securities. Bonds issued or guaranteed by a government are subject to inflation risk, price depreciation risk and default risk. Money Market Securities (Including Commercial Paper). Prices of money market securities generally rise and fall in response to interest rate changes. Asset-Backed Commercial Paper. Investment in asset-backed commercial paper is subject to the risk that insufficient proceeds from the projected cash flows of the contributed receivables are available to repay the commercial paper. 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. Repurchase Agreements. Repurchase agreements are subject to the risk that the sellers may not be able to pay the agreed-upon repurchase price on the repurchase date. 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. The highly leveraged nature of many such loans, including bank loans, and other direct indebtedness may make such loans and other direct indebtedness especially vulnerable to adverse changes in economic or market conditions and/or changes in the financial condition of the debtor. Investments in bank loans are typically subject to the risks of floating rate securities. 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 and/or an Underlying Fund. Currency Trading Risk. Currency trading strategies may involve instruments that have volatile prices, are illiquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds the price of the currency agreed to be sold. 4 RLP-4

205 Derivatives. Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus the Fund s and/or an Underlying Fund s losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies or other investments. Derivatives are subject to a number of risks such as leveraging risk, 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. Counterparty Risk. Counterparty risk is the risk that the other party or parties 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. Short sales have the potential for unlimited loss. 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 real estate investment trusts ( REITs ), may be affected by changes in the value of the underlying properties owned by the companies and by the quality of tenants credit. Depositary Receipts. Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or into which they may be converted. Commodity Risk. Exposure to the commodities markets may subject the Underlying 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. 5 RLP-5

206 Large Redemptions. Certain Underlying Funds are used as investments for certain funds of funds and in asset allocation programs and may have a large percentage of their Shares owned by such funds or held in such programs. 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. Global Financial Markets Risk. Global economies and financial markets are becoming increasingly interconnected and conditions (including recent volatility and instability) and events (including natural disasters) in one country, region or financial market may adversely impact issuers in a different country, region or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of the Fund s and/or an Underlying Fund s securities, result in greater market or liquidity risk or cause difficulty valuing the Fund s and/or an Underlying Fund s portfolio instruments or achieving the Fund s and/or an Underlying Fund s objective. The officers and Trustees of the Fund currently serve as officers and Trustees of the Underlying Funds. RIMCo currently 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 total returns for the periods shown compare with index returns that measure broad market performance. The Fund is a fund of funds 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. Past performance is no indication of future results. Calendar Year Total Returns 30.00% 20.00% 10.00% 0.00% % (19.97)% 22.45% 12.62% 0.12% 11.07% 6.79% 4.85% (1.71)% Highest Quarterly Return: 11.79% (2Q/09) Lowest Quarterly Return: (9.38)% (4Q/08) % Average annual total returns for the periods ended December 31, Year 5 Year Since Inception* Moderate Strategy Fund... (1.71)% 4.12% 3.94% Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)** % 3.25% 4.47% Russell 1000 Index (reflects no deduction for fees, expenses or taxes) % 12.44% 6.15% * The Fund first issued Shares on May 1, ** The Barclays U.S. Aggregate Bond Index was formerly known as the Barclays Capital U.S. Aggregate Bond Index. 6 RLP-6

207 Management Investment Adviser RIMCo is the investment adviser of the Fund and the Underlying Funds. Portfolio Managers Rob Balkema, a Portfolio Manager, and Brian Meath, a Senior Portfolio Manager, have primary responsibility for the management of the Fund. Mr. Balkema and Mr. Meath have managed the Fund since December 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 the close of regular trading on the New York Stock Exchange ( NYSE ) (normally 4:00 p.m. Eastern Time) on any business day of the Funds (defined as a day on which the NYSE is open for regular trading). 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 generally 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. ( RFS or 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. 7 RLP-7

208 RLP (0516)

209 SUMMARY PROSPECTUS LifePoints Funds Variable Target Portfolio Series BALANCED STRATEGY FUND May 1, 2016 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, Statement of Additional Information (SAI), Annual Report and other information about the Fund online at You can also get this information at no cost by calling or by sending an to: [email protected]. The Fund s Prospectus and SAI, both dated May 1, 2016, and the Fund s most recent shareholder report, dated December 31, 2015, are all incorporated by reference into this Summary Prospectus. Ticker: RIFHX Investment Objective The Fund seeks to provide above average long term 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 % Other Expenses % Acquired (Underlying) Fund Fees and Expenses % Total Annual Fund Operating Expenses % Less Fee Waivers and Expense Reimbursements... (0.18)% Net Annual Fund Operating Expenses % # 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, 2017, 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 0.11% 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-9

210 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 $101 $354 $627 $1,405 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. During the most recent fiscal year, the Fund s portfolio turnover rate was 23% of the average value of its portfolio. 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 principally 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. Russell Investment Management Company ( RIMCo ), the Fund s investment adviser, intends the Fund s 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, 2016 is 55% to equity, 35% to fixed income and 10% to alternative asset classes. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-u.s. equity and fixed income securities and derivatives. Alternative Underlying Funds pursue investment strategies that differ from those of traditional broad market equity or fixed income funds or seek returns with a low correlation to global equity markets. The Underlying Funds employ a multi-manager approach whereby most assets of the Underlying Funds are allocated to different unaffiliated money managers. RIMCo considers this Fund to be a balanced fund due to its investment objective and asset allocation to equity and fixed income Underlying Funds. In addition to investing in the Underlying Funds, RIMCo may seek to actively manage the Fund s overall exposures (such as asset class, currency, capitalization size, industry, sector, region, credit exposure, country risk, yield curve positioning or interest rates) by investing in derivatives, including futures, options, forwards and swaps, that RIMCo believes will achieve the desired risk/return profile for the Fund. The Fund may hold cash in connection with these investments. The Fund usually, but not always, pursues a strategy of being fully invested by exposing its cash to the performance of segments of the global equity market by purchasing index futures contracts (also known as equitization ). RIMCo may modify the target allocation for any Fund, including changes to the Underlying Funds in which a Fund invests, from time to time. RIMCO s allocation decisions are generally based on capital markets research, including 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. 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 +/- 5% at the equity, fixed income or alternative category level based on RIMCo s capital markets research, and/or (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. Please refer to the Investment Objective and Investment Strategies section in the Fund s Prospectus for further information. 2 RLP-10

211 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: Investing in Affiliated Underlying Funds. The assets of the Fund are invested principally 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. 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. In addition, certain principal risks associated with investing in the Underlying Funds and, indirectly, the Fund are also principal risks associated with investing in the Fund due to RIMCo s active management of the Fund s overall exposures to seek to achieve the desired risk/return profile for the Fund. Active Management. Despite strategies designed to achieve the Fund s and/or an Underlying Fund s investment objective, the value of investments will change with market conditions, and so will the value of any investment in the Fund and/or Underlying Funds and you could lose money. The securities selected for the Fund s and/or an Underlying Fund s portfolio may not perform as RIMCo or the Underlying Fund s money managers expect. Additionally, securities selected may cause the Fund and/or an Underlying Fund to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that RIMCo will effectively assess the Fund s and/or an Underlying Fund s portfolio characteristics and it is possible that its judgments regarding the Fund s and/or an Underlying Fund s risk/return profile may prove incorrect. In addition, actions taken to actively manage overall Fund and/or Underlying Fund exposures, including risk, may be ineffective and/or cause the Fund and/or Underlying Fund to underperform. Multi-Manager Approach. While the investment styles employed by the money managers are intended to be complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover. Index-Based Investing. Index-based strategies, which may be used to actively manage a Fund s and/or an Underlying Fund s overall exposures, may cause the Fund s and/or an Underlying Fund s returns to be lower than if the Fund and/or an Underlying Fund employed a fundamental investment approach to security selection with respect to that portion of its portfolio. Additionally, index-based strategies are subject to tracking error risk, which is the risk that the performance of the portion of the Fund s and/or an Underlying Fund s portfolio utilizing an index-based strategy will differ from the performance of the index it seeks to track. Quantitative Investing. Quantitative inputs and models are generally backward-looking or use historical data to evaluate prospective investments or to generate forecasts which could result in incorrect assessments of the specific portfolio characteristics or ineffective adjustments to the Fund s and/or an Underlying Fund s overall exposures. Securities selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. Inputs or models may be flawed or not work as anticipated and may cause the Fund and/or an Underlying Fund to underperform other funds with similar investment objectives and strategies. 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 and medium 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. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market. Investments in preferred stocks are subject to the risks of common stocks, as well as 3 RLP-11

212 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. In rising markets, defensive stocks are likely to underperform growth, value and dynamic stocks and the relative performance of stocks selected pursuant to a defensive style may fluctuate over time. Dynamic stocks have higher than average stock price volatility and may experience sharp declines in value. Fixed Income Securities. Prices of fixed income securities generally rise and fall in response to, among other things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that the Underlying Fund s investments in fixed income securities could lose money. In addition, the Underlying Fund could lose money if the issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be downgraded in credit rating or go into default. Non-Investment Grade Debt Securities ( High Yield or Junk Bonds ). Non-investment grade debt securities involve higher volatility and higher risk of default than investment grade bonds. U.S. and Non-U.S. Corporate Debt Securities Risk. Investments in U.S. and non-u.s. corporate debt securities are subject to interest rate risk and market risk, and are affected by perceptions of the creditworthiness and business prospects of individual issuers. Non-U.S. corporate debt securities may expose the Underlying Fund to greater risk than investments in U.S. corporate debt securities. Government Issued or Guaranteed Securities, U.S. Government Securities. Bonds issued or guaranteed by a government are subject to inflation risk, price depreciation risk and default risk. Money Market Securities (Including Commercial Paper). Prices of money market securities generally rise and fall in response to interest rate changes. Asset-Backed Commercial Paper. Investment in asset-backed commercial paper is subject to the risk that insufficient proceeds from the projected cash flows of the contributed receivables are available to repay the commercial paper. 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. Repurchase Agreements. Repurchase agreements are subject to the risk that the sellers may not be able to pay the agreed-upon repurchase price on the repurchase date. 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. The highly leveraged nature of many such loans, including bank loans, and other direct indebtedness may make such loans and other direct indebtedness especially vulnerable to adverse changes in economic or market conditions and/or changes in the financial condition of the debtor. Investments in bank loans are typically subject to the risks of floating rate securities. 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 and/or an Underlying Fund. Currency Trading Risk. Currency trading strategies may involve instruments that have volatile prices, are illiquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds the price of the currency agreed to be sold. 4 RLP-12

213 Derivatives. Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus the Fund s and/or an Underlying Fund s losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies or other investments. Derivatives are subject to a number of risks such as leveraging risk, 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. Counterparty Risk. Counterparty risk is the risk that the other party or parties 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. Short sales have the potential for unlimited loss. 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 real estate investment trusts ( REITs ), may be affected by changes in the value of the underlying properties owned by the companies and by the quality of tenants credit. Depositary Receipts. Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or into which they may be converted. Commodity Risk. Exposure to the commodities markets may subject the Underlying 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. 5 RLP-13

214 Large Redemptions. Certain Underlying Funds are used as investments for certain funds of funds and in asset allocation programs and may have a large percentage of their Shares owned by such funds or held in such programs. 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. Global Financial Markets Risk. Global economies and financial markets are becoming increasingly interconnected and conditions (including recent volatility and instability) and events (including natural disasters) in one country, region or financial market may adversely impact issuers in a different country, region or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of the Fund s and/or an Underlying Fund s securities, result in greater market or liquidity risk or cause difficulty valuing the Fund s and/or an Underlying Fund s portfolio instruments or achieving the Fund s and/or an Underlying Fund s objective. The officers and Trustees of the Fund currently serve as officers and Trustees of the Underlying Funds. RIMCo currently 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 total returns for the periods shown compare with index returns that measure broad market performance. The Fund is a fund of funds 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. Past performance is no indication of future results. Calendar Year Total Returns (27.27)% 25.49% 14.06% (2.40)% 12.95% 12.43% 4.61% (2.30)% Highest Quarterly Return: 14.73% (2Q/09) Lowest Quarterly Return: (14.31)% (4Q/08) 40.00% 30.00% 20.00% 10.00% 0.00% % % % Average annual total returns for the periods ended December 31, Year 5 Years Since Inception* Balanced Strategy Fund... (2.30)% 4.84% 3.56% Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)** % 3.25% 4.47% Russell 1000 Index (reflects no deduction for fees, expenses or taxes) % 12.44% 6.15% Russell Developed ex-u.s. Large Cap Index (net of tax on dividends from foreign holdings) (reflects no deduction for fees or expenses)... (2.56)% 3.09% 0.03% * The Fund first issued Shares on May 1, ** The Barclays U.S. Aggregate Bond Index was formerly known as the Barclays Capital U.S. Aggregate Bond Index. 6 RLP-14

215 Management Investment Adviser RIMCo is the investment adviser of the Fund and the Underlying Funds. Portfolio Managers Rob Balkema, a Portfolio Manager, and Brian Meath, a Senior Portfolio Manager, have primary responsibility for the management of the Fund. Mr. Balkema and Mr. Meath have managed the Fund since December 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 the close of regular trading on the New York Stock Exchange ( NYSE ) (normally 4:00 p.m. Eastern Time) on any business day of the Funds (defined as a day on which the NYSE is open for regular trading). 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 generally 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. ( RFS or 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. 7 RLP-15

216 RLP (0516)

217 SUMMARY PROSPECTUS LifePoints Funds Variable Target Portfolio Series GROWTH STRATEGY FUND May 1, 2016 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, Statement of Additional Information (SAI), Annual Report and other information about the Fund online at You can also get this information at no cost by calling or by sending an to: [email protected]. The Fund s Prospectus and SAI, both dated May 1, 2016, and the Fund s most recent shareholder report, dated December 31, 2015, are all incorporated by reference into this Summary Prospectus. Ticker: RIFIX Investment Objective The Fund seeks to provide high long term capital appreciation, and as a secondary objective, 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 % Other Expenses % Acquired (Underlying) Fund Fees and Expenses % Total Annual Fund Operating Expenses % Less Fee Waivers and Expense Reimbursements... (0.18)% Net Annual Fund Operating Expenses % # 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, 2017, 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 0.12% 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-17

218 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 $378 $668 $1,494 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. During the most recent fiscal year, the Fund s portfolio turnover rate was 23% of the average value of its portfolio. 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 principally 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. Russell Investment Management Company ( RIMCo ), the Fund s investment adviser, intends the Fund s 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, 2016 is 71% to equity, 16% to fixed income and 13% to alternative asset classes. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-u.s. equity and fixed income securities and derivatives. Alternative Underlying Funds pursue investment strategies that differ from those of traditional broad market equity or fixed income funds or seek returns with a low correlation to global equity markets. The Underlying Funds employ a multi-manager approach whereby most assets of the Underlying Funds are allocated to different unaffiliated money managers. RIMCo considers this Fund to be a growth fund due to its investment objective and asset allocation to equity and alternative Underlying Funds. In addition to investing in the Underlying Funds, RIMCo may seek to actively manage the Fund s overall exposures (such as asset class, currency, capitalization size, industry, sector, region, credit exposure, country risk, yield curve positioning or interest rates) by investing in derivatives, including futures, options, forwards and swaps, that RIMCo believes will achieve the desired risk/return profile for the Fund. The Fund may hold cash in connection with these investments. The Fund usually, but not always, pursues a strategy of being fully invested by exposing its cash to the performance of segments of the global equity market by purchasing index futures contracts (also known as equitization ). RIMCo may modify the target allocation for any Fund, including changes to the Underlying Funds in which a Fund invests, from time to time. RIMCO s allocation decisions are generally based on capital markets research, including 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. 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 +/- 5% at the equity, fixed income or alternative category level based on RIMCo s capital markets research, and/or (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. Please refer to the Investment Objective and Investment Strategies section in the Fund s Prospectus for further information. 2 RLP-18

219 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: Investing in Affiliated Underlying Funds. The assets of the Fund are invested principally 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. 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. In addition, certain principal risks associated with investing in the Underlying Funds and, indirectly, the Fund are also principal risks associated with investing in the Fund due to RIMCo s active management of the Fund s overall exposures to seek to achieve the desired risk/return profile for the Fund. Active Management. Despite strategies designed to achieve the Fund s and/or an Underlying Fund s investment objective, the value of investments will change with market conditions, and so will the value of any investment in the Fund and/or Underlying Funds and you could lose money. The securities selected for the Fund s and/or an Underlying Fund s portfolio may not perform as RIMCo or the Underlying Fund s money managers expect. Additionally, securities selected may cause the Fund and/or an Underlying Fund to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that RIMCo will effectively assess the Fund s and/or an Underlying Fund s portfolio characteristics and it is possible that its judgments regarding the Fund s and/or an Underlying Fund s risk/return profile may prove incorrect. In addition, actions taken to actively manage overall Fund and/or Underlying Fund exposures, including risk, may be ineffective and/or cause the Fund and/or Underlying Fund to underperform. Multi-Manager Approach. While the investment styles employed by the money managers are intended to be complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover. Index-Based Investing. Index-based strategies, which may be used to actively manage a Fund s and/or an Underlying Fund s overall exposures, may cause the Fund s and/or an Underlying Fund s returns to be lower than if the Fund and/or an Underlying Fund employed a fundamental investment approach to security selection with respect to that portion of its portfolio. Additionally, index-based strategies are subject to tracking error risk, which is the risk that the performance of the portion of the Fund s and/or an Underlying Fund s portfolio utilizing an index-based strategy will differ from the performance of the index it seeks to track. Quantitative Investing. Quantitative inputs and models are generally backward-looking or use historical data to evaluate prospective investments or to generate forecasts which could result in incorrect assessments of the specific portfolio characteristics or ineffective adjustments to the Fund s and/or an Underlying Fund s overall exposures. Securities selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. Inputs or models may be flawed or not work as anticipated and may cause the Fund and/or an Underlying Fund to underperform other funds with similar investment objectives and strategies. 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 and medium 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. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market. Investments in preferred stocks are subject to the risks of common stocks, as well as 3 RLP-19

220 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. In rising markets, defensive stocks are likely to underperform growth, value and dynamic stocks and the relative performance of stocks selected pursuant to a defensive style may fluctuate over time. Dynamic stocks have higher than average stock price volatility and may experience sharp declines in value. Fixed Income Securities. Prices of fixed income securities generally rise and fall in response to, among other things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that the Underlying Fund s investments in fixed income securities could lose money. In addition, the Underlying Fund could lose money if the issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be downgraded in credit rating or go into default. Non-Investment Grade Debt Securities ( High Yield or Junk Bonds ). Non-investment grade debt securities involve higher volatility and higher risk of default than investment grade bonds. U.S. and Non-U.S. Corporate Debt Securities Risk. Investments in U.S. and non-u.s. corporate debt securities are subject to interest rate risk and market risk, and are affected by perceptions of the creditworthiness and business prospects of individual issuers. Non-U.S. corporate debt securities may expose the Underlying Fund to greater risk than investments in U.S. corporate debt securities. Government Issued or Guaranteed Securities, U.S. Government Securities. Bonds issued or guaranteed by a government are subject to inflation risk, price depreciation risk and default risk. Money Market Securities (Including Commercial Paper). Prices of money market securities generally rise and fall in response to interest rate changes. Asset-Backed Commercial Paper. Investment in asset-backed commercial paper is subject to the risk that insufficient proceeds from the projected cash flows of the contributed receivables are available to repay the commercial paper. 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. Repurchase Agreements. Repurchase agreements are subject to the risk that the sellers may not be able to pay the agreed-upon repurchase price on the repurchase date. 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. The highly leveraged nature of many such loans, including bank loans, and other direct indebtedness may make such loans and other direct indebtedness especially vulnerable to adverse changes in economic or market conditions and/or changes in the financial condition of the debtor. Investments in bank loans are typically subject to the risks of floating rate securities. 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 and/or an Underlying Fund. Currency Trading Risk. Currency trading strategies may involve instruments that have volatile prices, are illiquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds the price of the currency agreed to be sold. 4 RLP-20

221 Derivatives. Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus the Fund s and/or an Underlying Fund s losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies or other investments. Derivatives are subject to a number of risks such as leveraging risk, 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. Counterparty Risk. Counterparty risk is the risk that the other party or parties 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. Short sales have the potential for unlimited loss. 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 real estate investment trusts ( REITs ), may be affected by changes in the value of the underlying properties owned by the companies and by the quality of tenants credit. Depositary Receipts. Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or into which they may be converted. Commodity Risk. Exposure to the commodities markets may subject the Underlying 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. 5 RLP-21

222 Large Redemptions. Certain Underlying Funds are used as investments for certain funds of funds and in asset allocation programs and may have a large percentage of their Shares owned by such funds or held in such programs. 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. Global Financial Markets Risk. Global economies and financial markets are becoming increasingly interconnected and conditions (including recent volatility and instability) and events (including natural disasters) in one country, region or financial market may adversely impact issuers in a different country, region or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value of the Fund s and/or an Underlying Fund s securities, result in greater market or liquidity risk or cause difficulty valuing the Fund s and/or an Underlying Fund s portfolio instruments or achieving the Fund s and/or an Underlying Fund s objective. The officers and Trustees of the Fund currently serve as officers and Trustees of the Underlying Funds. RIMCo currently 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 total returns for the periods shown compare with index returns that measure broad market performance. The Fund is a fund of funds 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. Past performance is no indication of future results. Calendar Year Total Returns 40.00% 20.00% 0.00% % (34.30)% 28.59% 15.06% (4.73)% 14.22% 16.56% 3.76% (3.31)% Highest Quarterly Return: 17.69% (2Q/09) Lowest Quarterly Return: (19.20)% (4Q/08) % Average annual total returns for the periods ended December 31, Year 5 Years Since Inception* Growth Strategy Fund... (3.31)% 4.93% 2.73% Russell 1000 Index (reflects no deduction for fees, expenses or taxes) % 12.44% 6.15% Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)** % 3.25% 4.47% Russell Developed ex-u.s. Large Cap Index (net of tax on dividends from foreign holdings) (reflects no deduction for fees or expenses).... (2.56)% 3.09% 0.03% * The Fund first issued Shares on May 1, ** The Barclays U.S. Aggregate Bond Index was formerly known as the Barclays Capital U.S. Aggregate Bond Index. 6 RLP-22

223 Management Investment Adviser RIMCo is the investment adviser of the Fund and the Underlying Funds. Portfolio Managers Rob Balkema, a Portfolio Manager, and Brian Meath, a Senior Portfolio Manager, have primary responsibility for the management of the Fund. Mr. Balkema and Mr. Meath have managed the Fund since December 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 the close of regular trading on the New York Stock Exchange ( NYSE ) (normally 4:00 p.m. Eastern Time) on any business day of the Funds (defined as a day on which the NYSE is open for regular trading). 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 generally 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. ( RFS or 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. 7 RLP-23

224 RLP (0516)

225 SUMMARY PROSPECTUS LifePoints Funds Variable Target Portfolio Series EQUITY GROWTH STRATEGY FUND May 1, 2016 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, Statement of Additional Information (SAI), Annual Report and other information about the Fund online at You can also get this information at no cost by calling or by sending an to: [email protected]. The Fund s Prospectus and SAI, both dated May 1, 2016, and the Fund s most recent shareholder report, dated December 31, 2015, 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 % Other Expenses % Acquired (Underlying) Fund Fees and Expenses % Total Annual Fund Operating Expenses % Less Fee Waivers and Expense Reimbursements... (0.27)% Net Annual Fund Operating Expenses % # 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, 2017, 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 0.12% 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-25

226 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 $113 $411 $730 $1,636 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. During the most recent fiscal year, the Fund s portfolio turnover rate was 31% of the average value of its portfolio. 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 principally 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. Russell Investment Management Company ( RIMCo ), the Fund s investment adviser, intends the Fund s 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, 2016 is 79% to equity, 8% to fixed income and 13% to alternative asset classes. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and non-u.s. equity and fixed income securities and derivatives. Alternative Underlying Funds pursue investment strategies that differ from those of traditional broad market equity or fixed income funds or seek returns with a low correlation to global equity markets. The Underlying Funds employ a multi-manager approach whereby most assets of the Underlying Funds are allocated to different unaffiliated money managers. RIMCo considers this Fund to be an equity growth fund due to its investment objective and asset allocation to equity and alternative Underlying Funds. In addition to investing in the Underlying Funds, RIMCo may seek to actively manage the Fund s overall exposures (such as asset class, currency, capitalization size, industry, sector, region, credit exposure, country risk, yield curve positioning or interest rates) by investing in derivatives, including futures, options, forwards and swaps, that RIMCo believes will achieve the desired risk/return profile for the Fund. The Fund may hold cash in connection with these investments. The Fund usually, but not always, pursues a strategy of being fully invested by exposing its cash to the performance of segments of the global equity market by purchasing index futures contracts (also known as equitization ). RIMCo may modify the target allocation for any Fund, including changes to the Underlying Funds in which a Fund invests, from time to time. RIMCO s allocation decisions are generally based on capital markets research, including 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. 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 +/- 5% at the equity, fixed income or alternative category level based on RIMCo s capital markets research, and/or (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 net assets plus borrowings for investment purposes in shares of equity Underlying Funds. The Fund considers certain alternative Underlying Funds that invest predominantly in equity securities to be equity Underlying Funds for purposes of assessing compliance with this policy. 2 RLP-26

227 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: Investing in Affiliated Underlying Funds. The assets of the Fund are invested principally 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. 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. In addition, certain principal risks associated with investing in the Underlying Funds and, indirectly, the Fund are also principal risks associated with investing in the Fund due to RIMCo s active management of the Fund s overall exposures to seek to achieve the desired risk/return profile for the Fund. Active Management. Despite strategies designed to achieve the Fund s and/or an Underlying Fund s investment objective, the value of investments will change with market conditions, and so will the value of any investment in the Fund and/or Underlying Funds and you could lose money. The securities selected for the Fund s and/or an Underlying Fund s portfolio may not perform as RIMCo or the Underlying Fund s money managers expect. Additionally, securities selected may cause the Fund and/or an Underlying Fund to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that RIMCo will effectively assess the Fund s and/or an Underlying Fund s portfolio characteristics and it is possible that its judgments regarding the Fund s and/or an Underlying Fund s risk/return profile may prove incorrect. In addition, actions taken to actively manage overall Fund and/or Underlying Fund exposures, including risk, may be ineffective and/or cause the Fund and/or Underlying Fund to underperform. Multi-Manager Approach. While the investment styles employed by the money managers are intended to be complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover. Index-Based Investing. Index-based strategies, which may be used to actively manage a Fund s and/or an Underlying Fund s overall exposures, may cause the Fund s and/or an Underlying Fund s returns to be lower than if the Fund and/or an Underlying Fund employed a fundamental investment approach to security selection with respect to that portion of its portfolio. Additionally, index-based strategies are subject to tracking error risk, which is the risk that the performance of the portion of the Fund s and/or an Underlying Fund s portfolio utilizing an index-based strategy will differ from the performance of the index it seeks to track. Quantitative Investing. Quantitative inputs and models are generally backward-looking or use historical data to evaluate prospective investments or to generate forecasts which could result in incorrect assessments of the specific portfolio characteristics or ineffective adjustments to the Fund s and/or an Underlying Fund s overall exposures. Securities selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. Inputs or models may be flawed or not work as anticipated and may cause the Fund and/or an Underlying Fund to underperform other funds with similar investment objectives and strategies. 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 and medium capitalization companies may involve greater risks because these companies generally have narrower markets, 3 RLP-27

228 more limited managerial and financial resources and a less diversified product offering than larger, more established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market. 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. In rising markets, defensive stocks are likely to underperform growth, value and dynamic stocks and the relative performance of stocks selected pursuant to a defensive style may fluctuate over time. Dynamic stocks have higher than average stock price volatility and may experience sharp declines in value. 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. Volatility in interest rates and in fixed income markets may increase the risk that the Underlying Fund s investments in fixed income securities could lose money. In addition, the Underlying Fund could lose money if the issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be downgraded in credit rating or go into default. Non-Investment Grade Debt Securities ( High Yield or Junk Bonds ). Non-investment grade debt securities involve higher volatility and higher risk of default than investment grade bonds. U.S. and Non-U.S. Corporate Debt Securities Risk. Investments in U.S. and non-u.s. corporate debt securities are subject to interest rate risk and market risk, and are affected by perceptions of the creditworthiness and business prospects of individual issuers. Non-U.S. corporate debt securities may expose the Underlying Fund to greater risk than investments in U.S. corporate debt securities. Government Issued or Guaranteed Securities, U.S. Government Securities. Bonds issued or guaranteed by a government are subject to inflation risk, price depreciation risk and default risk. Money Market Securities (Including Commercial Paper). Prices of money market securities generally rise and fall in response to interest rate changes. Asset-Backed Commercial Paper. Investment in asset-backed commercial paper is subject to the risk that insufficient proceeds from the projected cash flows of the contributed receivables are available to repay the commercial paper. 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. The highly leveraged nature of many such loans, including bank loans, and other direct indebtedness may make such loans and other direct indebtedness especially vulnerable to adverse changes in economic or market conditions and/or changes in the financial condition of the debtor. Investments in bank loans are typically subject to the risks of floating rate 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 and/or an Underlying Fund. Currency Trading Risk. Currency trading strategies may involve instruments that have volatile prices, are illiquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds the price of the currency agreed to be sold. Derivatives. Investments in a derivative instrument could lose more than the initial amount invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus the Fund s and/or an Underlying Fund s losses may be greater if it invests in derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in equity or fixed income securities, currencies or other investments. Derivatives are subject to a number of risks such as leveraging risk, liquidity risk, market risk, credit risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its 4 RLP-28

229 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. Counterparty Risk. Counterparty risk is the risk that the other party or parties 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. Short sales have the potential for unlimited loss. 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 real estate investment trusts ( REITs ), may be affected by changes in the value of the underlying properties owned by the companies and by the quality of tenants credit. Depositary Receipts. Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or into which they may be converted. Commodity Risk. Exposure to the commodities markets may subject the Underlying 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. Large Redemptions. Certain Underlying Funds are used as investments for certain funds of funds and in asset allocation programs and may have a large percentage of their Shares owned by such funds or held in such programs. 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. Global Financial Markets Risk. Global economies and financial markets are becoming increasingly interconnected and conditions (including recent volatility and instability) and events (including natural disasters) in one country, region or financial market may adversely impact issuers in a different country, region or financial market. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions 5 RLP-29

230 designed to support the markets. Such events and conditions may adversely affect the value of the Fund s and/or an Underlying Fund s securities, result in greater market or liquidity risk or cause difficulty valuing the Fund s and/or an Underlying Fund s portfolio instruments or achieving the Fund s and/or an Underlying Fund s objective. The officers and Trustees of the Fund currently serve as officers and Trustees of the Underlying Funds. RIMCo currently 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 total returns for the periods shown compare with index returns that measure broad market performance. The Fund is a fund of funds 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. Past performance is no indication of future results. Calendar Year Total Returns 60.00% 40.00% 20.00% 0.00% % (40.75)% 30.83% 15.09% (6.22)% 15.68% 19.81% 3.48% (3.87)% Highest Quarterly Return: 20.33% (2Q/09) Lowest Quarterly Return: (23.82)% (4Q/08) % % Average annual total returns for the periods ended December 31, Year 5 Years Since Inception* Equity Growth Strategy Fund... (3.87)% 5.27% 1.81% Russell 1000 Index (reflects no deduction for fees, expenses or taxes) % 12.44% 6.15% Russell Developed ex-u.s. Large Cap Index (net of tax on dividends from foreign holdings) (reflects no deduction for fees or expenses).... (2.56)% 3.09% 0.03% * The Fund first issued Shares on May 1, Management Investment Adviser RIMCo is the investment adviser of the Fund and the Underlying Funds. Portfolio Managers Rob Balkema, a Portfolio Manager, and Brian Meath, a Senior Portfolio Manager, have primary responsibility for the management of the Fund. Mr. Balkema and Mr. Meath have managed the Fund since December RLP-30

231 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 the close of regular trading on the New York Stock Exchange ( NYSE ) (normally 4:00 p.m. Eastern Time) on any business day of the Funds (defined as a day on which the NYSE is open for regular trading). 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 generally 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. ( RFS or 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. 7 RLP-31

232 RLP (0516)

233 Credit Suisse Trust Commodity 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 You can also get this information at no cost by calling 1 (877) or by sending an request to [email protected]. The portfolio s Prospectus and Statement of Additional Information, both dated May 1, 2016, as supplemented, along with the portfolio s annual report to shareholders for the fiscal year ended December 31, 2015, are incorporated by reference into this Summary Prospectus. Investment Objective The portfolio seeks total return. Fees and Portfolio Expenses The accompanying table describes the fees and expenses you may pay if you buy and hold shares of the portfolio. The fee table and the expense example do not reflect expenses incurred from investing through a variable contract or qualified plan and do not reflect variable annuity or life insurance contract charges. If they did, the overall fees and expenses would be higher than those shown. Detailed information about the cost of investing in the portfolio through a variable contract or qualified plan is presented in the contract prospectus through which the portfolio s shares are offered to you or in the plan documents or other informational materials supplied by plan sponsors. Shareholder fees (fees paid directly from your investment) Summary Prospectus May 1, 2016 Ticker: CCRSX Maximum sales charge (load) imposed on purchases Maximum deferred sales charge (load) Maximum sales charge (load) on reinvested distributions Redemption fees Exchange fees N/A N/A N/A N/A N/A Annual portfolio operating expenses (expenses that you pay as a percentage of the value of your investment) Management fee 0.50% Distribution and service (12b-1) fee 0.25% Other expenses % Total annual portfolio operating expenses 1.09% Less: amount of fee limitations/expense reimbursements % Total annual portfolio operating expenses after fee limitations/expense reimbursements 1.05% 1 The portfolio invests in Credit Suisse Cayman Commodity Fund II, Ltd., a wholly-owned subsidiary of the portfolio organized under the laws of the Cayman Islands (the Subsidiary ). Other Expenses include expenses of both the portfolio and the Subsidiary. 2 Credit Suisse Trust (the Trust ) and Credit Suisse Asset Management, LLC ( Credit Suisse ) have entered into a written contract limiting operating expenses to 1.05% of the portfolio s average daily net assets at least through May 1, This limit excludes certain expenses, including interest charges on fund borrowings, taxes, brokerage commissions, dealer spreads and other transaction charges, expenditures that are capitalized in accordance with generally accepted accounting principles, acquired fund fees and expenses, short sale dividends, and extraordinary expenses (e.g., litigation and indemnification and any other costs and expenses that may be approved by the Board of Trustees). The Trust is authorized to reimburse Credit Suisse for management fees previously limited and/or for expenses previously paid by Credit Suisse, provided, however, that any reimbursements must be paid at a date not more than three years after the end of the fiscal year during which such fees were limited or expenses were paid by Credit Suisse and the reimbursements do not cause the portfolio to exceed the expense limitation in the contract at the time the fees were limited or expenses were paid. This contract may not be terminated before May 1, Example This example may help you compare the cost of investing in the portfolio with the cost of investing in other mutual funds. The example does not include expenses incurred from investing through a variable annuity or life insurance contract or qualified plan. If the example included these expenses, the figures shown would be higher. Assume you invest $10,000, the portfolio returns 5% annually, expense ratios remain the same and you close your account at the end of each of the time periods shown. Although your actual costs may be higher or lower, based on these assumptions, your cost would be: 1 Year 3 Years 5 Years 10 Years $107 $343 $597 $1,325 CST-1

234 Portfolio Turnover The computation of the portfolio s portfolio turnover rate for regulatory purposes excludes trades of derivatives and instruments with a maturity of one year or less. However, the portfolio expects to engage in frequent trading of derivatives, which could have tax consequences that impact shareholders, such as the realization of taxable short-term capital gains. In addition, the portfolio could incur transaction costs, such as commissions, when it buys and sells securities and other instruments. Transaction costs, which are not reflected in annual portfolio operating expenses or in the example, affect the portfolio s performance. During the fiscal year ended December 31, 2015, the portfolio s portfolio turnover rate was 113% of the average value of its portfolio. Principal Investment Strategies The portfolio is designed to achieve positive total return relative to the performance of the Bloomberg Commodity Index Total Return (the BCOM Index ). The portfolio intends to invest its assets in a combination of commodity-linked derivative instruments and fixed income securities. The portfolio gains exposure to commodities markets by investing through the Subsidiary and in structured notes linked to the BCOM Index, other commodity indices, or the value of a particular commodity or commodity futures contract or subset of commodities or commodity futures contracts. The value of these investments will rise or fall in response to changes in the underlying index or commodity. The portfolio may invest up to 25% of its total assets in the Credit Suisse Cayman Commodity Fund II, Ltd., a wholly-owned subsidiary of the portfolio organized under the laws of the Cayman Islands (the Subsidiary ). The portfolio will invest in the Subsidiary primarily to gain exposure to the commodities markets within the limitations of the federal tax laws, rules and regulations that apply to registered investment companies. Generally, the Subsidiary will invest in commodity-linked derivative instruments, but it will also invest in fixed income instruments, including U.S. government securities, U.S. government agency securities, corporate bonds, debentures and notes, mortgage-backed and other asset-backed securities, event-linked bonds, loan participations, bank certificates of deposit, fixed time deposits, bankers acceptances, commercial paper and other short-term fixed income securities. The primary purpose of the fixed income instruments held by the Subsidiary will be to serve as collateral for the Subsidiary s derivative positions; however, these instruments are also expected to earn income for the Subsidiary. The portfolio invests in a portfolio of fixed income securities normally having an average duration of one year or less, and emphasizes investmentgrade fixed income securities. Principal Risks of Investing in the Portfolio A Word About Risk All investments involve some level of risk. Simply defined, risk is the possibility that you will lose money or not make money. Principal risk factors for the portfolio are discussed below. Before you invest, please make sure you understand the risks that apply to the portfolio. As with any mutual fund, you could lose money over any period of time. The portfolio is not a complete investment program and should only form a small part of a diversified portfolio. At any time, the risk of loss associated with a particular instrument in the portfolio s portfolio may be significantly higher than 50% of the value of the investment. Investors in the portfolio should be willing to assume the greater risks of potentially significant short-term share price fluctuations. Investments in the portfolio are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Commodity Exposure Risks The portfolio s and the Subsidiary s investments 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 commodity-linked derivative instruments may be affected by changes in 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. 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. Correlation Risk Changes in the value of a hedging instrument may not match those of the investment being hedged. In addition, certain of the portfolio s commodity-linked derivative investments may result in the portfolio s performance diverging from the BCOM Index, perhaps materially. For example, a structured note can be structured to limit the loss or the gain on the investment, which would result in the portfolio not participating in declines or increases in the BCOM Index that exceed the limits. Credit Risk The issuer of a debt instrument or the counterparty to a contract, including derivatives contracts, may default or otherwise become unable to honor a financial obligation. Changes in an issuer s credit rating or the market s perception of an issuer s creditworthiness also may affect the value of the portfolio s investment in that issuer. Derivatives Risk Derivatives are financial contracts whose value depends on, or is derived from, the value of 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 also may use derivatives for leverage. 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 are subject to a number of risks described elsewhere in the Prospectus, such as commodity exposure risks, correlation risk, liquidity risk, interest rate risk, market risk and credit risk. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the portfolio will engage in these transactions to reduce exposure to other 2 CST-2

235 risks when that would be beneficial. In December 2015, the Securities and Exchange Commission proposed a new rule to regulate the use of derivatives by registered investment companies, such as the portfolio. If the new rule goes into effect, it could limit the ability of the portfolio to invest or remain invested in derivatives. Exposure Risk The risk associated with investments (such as derivatives) or practices (such as short selling) that increase the amount of money the portfolio could gain or lose on an investment. Hedged 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. Speculative 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. For example, potential losses from commoditylinked notes or swap agreements, from writing uncovered call options and from speculative short sales are unlimited. Fixed Income Risk The market value of fixed income investments will change in response to interest rate changes and other factors, such as changes in the effective maturities and credit ratings of fixed income investments. During periods of falling interest rates, the values of outstanding fixed income securities and related financial instruments generally rise. Conversely, during periods of rising interest rates, the values of such securities and related financial instruments generally decline. Fixed income investments are also subject to credit risk. Focus Risk The portfolio will be exposed to the performance of commodities in the BCOM 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. If the portfolio is exposed to a significant extent to a particular commodity or subset of commodities, the portfolio will be more exposed to the specific risks relating to such commodity or commodities and will be subject to greater volatility than if it were more broadly diversified among commodity sectors. Futures Contracts Risk The risks associated with the portfolio s use of futures contracts and swaps and structured notes that reference the price of futures contracts include the risk that: (i) changes in the price of a futures contract may not always track the changes in market value of the underlying reference asset; (ii) trading restrictions or limitations may be imposed by an exchange, and government regulations may restrict trading in futures contracts; and (iii) if the portfolio has insufficient cash to meet margin requirements, the portfolio may need to sell other investments, including at disadvantageous times. Interest Rate Risk Changes in interest rates may cause a decline in the market value of an investment. With bonds and other fixed income instruments, a rise in interest rates typically causes a fall in values, while a fall in interest rates typically causes a rise in values. The portfolio may be subject to a greater risk of rising interest rates due to the current period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. Generally, the longer the maturity or duration of a debt instrument, the greater the impact of a change in interest on the instrument s value. In periods of market volatility, the market values of fixed income securities may be more sensitive to changes in interest rates. Leveraging Risk The portfolio may invest in certain derivatives that provide leveraged exposure. The portfolio s investment in these instruments generally requires a small investment relative to the amount of investment exposure assumed. As a result, such investments may cause the portfolio to lose more than the amount it invested in those instruments. The net asset value of the portfolio when employing leverage will be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the portfolio to pay interest. Liquidity Risk Certain portfolio holdings, such as commodity-linked notes and swaps, may be difficult or impossible to sell at the time and the price that the portfolio would like. The portfolio may have to lower the price, sell other holdings instead or forgo an investment opportunity. Any of these could have a negative effect on portfolio management or performance. Market Risk The market value of a security may fluctuate, sometimes rapidly and unpredictably. These fluctuations, which are often referred to as volatility, may cause an instrument to be worth less than it was worth at an earlier time. Market risk may affect a single issuer, industry, commodity, sector of the economy, or the market as a whole. Market risk is common to most investments including stocks, bonds and commodities, and the mutual funds that invest in them. Bonds and other fixed income securities generally involve less market risk than stocks and commodities. The risk of bonds can vary significantly depending upon factors such as issuer and maturity. The bonds of some companies may be riskier than the stocks of others. Non-Diversified Status The portfolio is considered a non-diversified investment company under the Investment Company Act of 1940, as amended (the 1940 Act ), 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 may be subject to greater volatility with respect to its portfolio securities than a fund that is diversified. Portfolio Turnover Risk The portfolio expects to engage in frequent trading of derivatives. Active and frequent trading may lead to the realization and distribution to shareholders of higher short-term capital gains, which would increase their tax liability. Frequent trading also increases transaction costs, which could detract from the portfolio s performance. CST-3 3

236 Structured Note Risk The value of a structured note will be influenced by time to maturity, level of supply and demand for the type of note, interest rate and market volatility, changes in the issuer s credit rating, and economic, legal, political, or geographic events that affect the reference asset. In addition, there may be a lag between a change in the value of the underlying reference asset and the value of the structured note. 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. These risks are described elsewhere in the Prospectus. The Subsidiary is not registered under the 1940 Act and, unless otherwise noted in the Prospectus, 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 Credit Suisse, making it unlikely that the Subsidiary will take action contrary to the interests of the portfolio and its shareholders. The portfolio s Board of Trustees has oversight responsibility for the investment activities of the portfolio, including its investment in the Subsidiary, and the portfolio s role as sole shareholder of the Subsidiary. The Subsidiary will be subject to the same investment restrictions and limitations, and follow the same compliance policies and procedures, as the portfolio. 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 continue to operate as it does currently and could adversely affect the portfolio. Swap Agreements Risk Swap agreements involve the risk that the party with whom the portfolio has entered into the swap will default on its obligation to pay the portfolio and the risk that the portfolio will not be able to meet its obligations to pay the other party to the agreement. Tax Risk In order to qualify as a Regulated Investment Company (a RIC ) under the Internal Revenue Code of 1986, as amended (the Code ), the portfolio must meet certain requirements regarding the source of its income, the diversification of its assets and the distribution of its income. The Internal Revenue Service ( IRS ) has issued a ruling that income realized from certain types of commodity-linked derivatives would not be qualifying income. As a result, the portfolio s ability to realize income from investments in such commodity-linked derivatives as part of its investment strategy must be limited to a maximum of 10% of its gross income. If the portfolio fails to qualify as a RIC, the portfolio will be subject to federal income tax on its net income at regular corporate rates (without reduction for distributions to shareholders). When distributed, that income also would be taxable to shareholders as an ordinary dividend to the extent attributable to the portfolio s earnings and profits. If the portfolio were to fail to qualify as a RIC and became subject to federal income tax, shareholders of the portfolio would be subject to diminished returns. The portfolio has obtained a private letter ruling from the IRS confirming that the income produced by certain types of structured notes constitutes qualifying income under the Code. In addition, the IRS has issued a private letter ruling to the portfolio confirming that income derived from the portfolio s investment in its Subsidiary will also constitute qualifying income to the portfolio. Based on such rulings, the portfolio seeks to gain exposure to the commodity markets primarily through investments in the Subsidiary, which invests in commodity-linked swaps, commodity futures and other derivatives, and directly through investments in commodity index-linked notes. In 2012, the IRS announced an internal review of its regulatory approach with respect to commodity-related investments by U.S. mutual funds, and placed a moratorium on the issuance of any additional private letter rulings regarding commodity-related investments by U.S. mutual funds. The IRS, after completion of its internal review, may significantly change its regulatory approach and adopt a regulatory approach to commodityrelated investments resulting in significant restrictions on the portfolio s ability to invest as it does currently. U.S. Government Securities Risk Obligations of U.S. government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. government. No assurance can be given that the U.S. government will provide financial support to its agencies and authorities if it is not obligated by law to do so. Performance The accompanying bar chart and table provide an indication of the risks of investing in the portfolio. The bar chart shows you how portfolio performance has varied from year to year for up to 10 years (if applicable). The table compares the portfolio s performance over time to that of a broad-based securities market index. The table also compares the portfolio s performance to the BCOM Index, which is currently composed of futures contracts on 22 physical commodities. The bar chart and table do not reflect additional charges and expenses which are, or may be, imposed under the variable contracts or plans; such charges and expenses are described in the prospectus of the insurance company separate account or in the plan documents or other informational materials supplied by plan sponsors. Inclusion of these charges would reduce the total return for the periods shown. As with all mutual funds, past performance is not a prediction of future performance. The portfolio makes updated performance available at the portfolio s website ( or by calling Credit Suisse Funds at Year-by-Year Total Returns Best quarter: 16.74% (Q2 08) Worst quarter: % (Q4 08) Inception date: 2/28/ % 17.33% 19.48% 16.66% % % -2.09% % % % 4 CST-4

237 Average Annual Total Returns One Year Five Years Ten Years Period Ended 12/31/15: Commodity Return Strategy Portfolio % % -5.90% Bloomberg Commodity Index Total Return (Reflects no deductions for fees or expenses) % % -6.09% Standard & Poor s 500 Index (Reflects no deductions for fees or expenses) 1.38% 12.57% 7.12% Management Investment adviser: Credit Suisse Asset Management, LLC ( Credit Suisse ) Portfolio managers: The Credit Suisse Commodities Management Team is responsible for the day-to-day management of the portfolio. Nelson Louie and Christopher Burton, each a Managing Director of Credit Suisse, are the co-lead portfolio managers of the team and have been team members since August 2010 and the portfolio s inception in February 2006, respectively. Purchase and Sale of Portfolio Shares Shares of the portfolio may be purchased or redeemed only through variable annuity contracts and variable life insurance policies offered by the separate accounts of certain insurance companies or through tax-qualified pension and retirement plans. Shares of the portfolio may be purchased and redeemed each day the New York Stock Exchange is open, at the portfolio s net asset value determined after receipt of a request in good order. The portfolio does not have any initial or subsequent investment minimums. However, your life insurance company, pension plan or retirement plan may impose investment minimums. Tax Information Distributions made by the portfolio to an insurance company separate account, and exchanges and redemptions of portfolio shares made by a separate account, ordinarily do not cause the corresponding contract holder to recognize income or gain for federal income tax purposes. See the accompanying contract prospectus for information regarding the federal income tax treatment of the distributions to separate accounts and the holders of the contracts. Payments to Broker/Dealers and Other Financial Representatives The portfolio and its related companies may pay broker/dealers or other financial intermediaries (such as a bank or insurance company) for the sale of portfolio shares and related services. These payments may create a conflict of interest by influencing your broker/dealer or other representative or its employees or associated persons to recommend the portfolio over another investment. Ask your financial representative or visit your financial representative s website for more information. CST-5 5

238 Credit Suisse Asset Management, LLC. One Madison Avenue New York, NY CST-6 TRCRS SUMPRO 0516

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243 Business Continuity Plan Northwestern Mutual Investment Services, LLC ( NMIS ) has a business continuity plan to provide for an orderly return to normal business operations after a significant disruption. Where necessary, NMIS has integrated its plan with the business continuity plan of its parent, The Northwestern Mutual Life Insurance Company, and plans of key third-party services providers. While a catastrophic event may negatively impact our ability to continue to transact business, we have attempted to identify potential disruptions and methods to continue to operate in the event such disruptions occur. The strategy of NMIS s business continuity plan is to take all reasonable and appropriate steps to protect our people, our infrastructure, the services provided to our customers, and the services provided to our field. NMIS s business continuity plan addresses: data back up and recovery; mission critical systems; financial and operational assessments; alternative communications with customers, employees, and regulators; alternate physical location of employees; critical supplier, contractor, bank and counterparty impact; regulatory reporting; and assuring our customers prompt access to their funds and securities if we were unable to continue our business. The information below is intended as a synopsis of our business continuity plan. Since the timing and extent of significant business disruptions are by nature unpredictable, we have reserved flexibility in our plan to allow us to respond to tangible events in the manner we deem appropriate as they occur. Contacting Us Your primary contact in the event of a significant business disruption affecting the home office is your financial representative. If your financial representative or the network office to which your financial representative is associated with experiences a significant business disruption, you can contact the home office at If a significant business disruption affects your ability to contact our home office please go to www. northwesternmutual.com for instructions on how to obtain information regarding your accounts. Strategy by Disruption Type The strategy of NMIS s business continuity plan is to address three scenarios in which a Northwestern Mutual campus is impacted by a local business disruption. The scenarios are (1) part or all of the Milwaukee, Wisconsin Campus disabled, (2) part or all of the Franklin, Wisconsin Campus disabled, and (3) significant portion of staff unable to work (for example, pandemic). In all scenarios, NMIS plans to continue business, transfer operations to our clearing firm, if necessary, and notify our clients through our web site or via the home office phone number which are both listed in the paragraph above. If the significant business disruption is so severe that it prevents NMIS from processing transactions, NMIS will take all necessary steps to assure our clients prompt access to their funds and securities. Milwaukee Campus Only Disruption If NMIS loses the ability to perform business at part or all of the Milwaukee campus, the staff associated with the mission critical functions will be relocated to an established off-site location outside of the affected area. The firm expects to recover and resume business as soon as reasonably practical depending on the severity of the disruption. Franklin Campus Only Disruption If NMIS loses the ability to perform business at part or all of the Franklin campus, the staff associated with the mission critical functions will be relocated to an established off-site location outside of the affected area. The firm expects to recover and resume business as soon as reasonably practical depending on the severity of the disruption. Staff Only Disruption If a staff only disruption (for example, pandemic) was to occur at either the Milwaukee or Franklin campus, the firm will redirect the available staff, to service the critical and essential processes needed to keep the firm running with little impact. If necessary, certain key employees will work from an established remote location to assist in the recovery of business operations. Changes and Modifications The firm may, from time to time, alter or revise the plan as necessary to support current business needs. Certain aspects of the plan are tested on a regular basis and updated as necessary. For a current copy of this notice, go to and search business continuity or contact your Northwestern Mutual representative. If you have questions about our business continuity plan, please contact us at SIPC Disclosure Variable insurance products are offered through Northwestern Mutual Investment Services, LLC ( NMIS ), a wholly owned subsidiary of The Northwestern Mutual Life Insurance Company. NMIS is a broker-dealer and investment adviser registered with the SEC and is a member of FINRA and SIPC. You may obtain information about SIPC, including the SIPC brochure, by contacting SIPC at or visiting its web site at Complaints Complaints concerning Northwestern Mutual s variable life insurance or variable annuity contracts may be directed to: Variable Life Variable Annuity Northwestern Mutual Northwestern Mutual Policyowner Services Dept. Investment Client Services Dept. Variable Life Service Center P.O. Box 3223 P.O. Box 3220 Milwaukee, WI Milwaukee, WI (1107) (REV 0512) This page is not part of the Prospectus.

244 PO BOX 3095 MILWAUKEE WI PRSRT STD US POSTAGE PAID NORTHWESTERN MUTUAL SIGN UP TO GO PAPERLESS TODAY. NorthwesternMutual.com/Paperless Anytime, anywhere access to view, download, print or documents. Immediate notice when your documents are available online. A single, secure location to manage your documents. Paperless delivery is currently available only for personally owned policies and investments. Business-related contract/policy documents are not available for edelivery at this time. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Northwestern Long Term Care Insurance Company, Milwaukee, WI (long-term care insurance) is a subsidiary of NM (0386) (REV 0516)