NMFN: IV, MF, Russell, RF, Russell U.S. Growth Fund

Russell U.S. Growth Fund

Focusing on Growth

June 30, 2008

About the Fund
This all-capitalization fund may include companies with earnings that grow faster than the market predicts or those with earnings that are gaining momentum. The way Russell combines managers helps combat the potential increase in risk inherent in the nature of these investment strategies. For example, one firm may emphasize the early identification of mid-cap companies with attractive niches that they believe are poised to become dominant large-cap growth companies. As a balance, Russell may include a manager that attempts to identify perception gaps (or opportunities they believe are under-appreciated by the market) in stocks with attractive long-term growth prospects.

Investment Strategy

Seeks to provide long-term capital growth.
Emphasis on stocks expected to grow at above-average rates.
Invests primarily in large- and mid-cap stocks, with some exposure to small- and micro-cap stocks.

Fund Highlights

The fund's managers focus on a company's growth potential, and buy stocks they believe are poised to outperform their peers.
Blends multiple growth managers to help manage the risk of using a single investment style.
Invests in a full spectrum of growth stocks, from blue chips to technology.

Managing Money Differently
The Russell approach has been trusted for decades by many of the world's largest investors; their mutual funds allow you to employ that same approach. Russell identifies investment managers they believe have exceptional capabilities, blending them to help manage risk through diversification, and constantly monitoring them. Regardless of market conditions, Russell's investment approach remains constant.

Allocation of Fund Assets


	% Allocated	Year Assigned

Growth


Cornerstone Capital Management, Inc.	24%	2007


Delaware Management Company (a series of Delaware Management Business Trust)	24%	2005


Fuller & Thaler Asset Management, Inc.	4%	2001


Suffolk Capital Management, LLC	14%	2007


Sustainable Growth Advisers, L.P.	14%	2006


Turner Investment Partners, Inc.	20%	2000


Money managers listed are current as of 06/30/08. Subject to the fund's Board approval, Russell has the right to engage or terminate a money manager at any time and without a shareholder vote, based on an exemptive order from the Securities and Exchange Commission. The investment strategies are the goals of the individual money managers; there is no assurance that the exact objective will always be met.

Small capitalization (small cap) investments involve stocks of companies with smaller levels of market capitalization (generally less than $2 billion) than larger company stocks (large cap). Small cap investments are subject to considerable price fluctuations and are more volatile than large company stocks. Investors should consider the additional risks involved in small cap investments.

	Sector Weightings				% of Total Equity

	Auto and Transportation				2.5
	Consumer Discretionary				17.8
	Consumer Staples				8.0
	Financial Services				10.7
	Health Care				16.3
	Integrated Oils				0.7
	Materials and Processing				4.7
	Other Energy				6.4
	Producer Durables				4.6
	Technology				24.3
	Utilities				0.7
	Miscellaneous				3.3

Due to rounding totals may not equal 100%.

	Top Ten Holdings				% of fund

	Google, Inc.				3.7
	Apple, Inc.				3.7
	QUALCOMM, Inc.				2.9
	Cisco Systems, Inc.				2.5
	The Coca-Cola Company				2.0
	Teva Pharmaceutical Industries, Ltd.				1.9
	Staples, Inc.				1.8
	Procter & Gamble Co.				1.7
	Corning, Inc.				1.7
	eBay, Inc.				1.6

					23.5

The top ten holdings list does not reflect the investment of cash reserves and cash collateral received in securities lending transactions in one or more of RIC's money market funds.

Performance Review

Annualized Returns in Percentages as of June 30, 2008



Fund	QTR	YTD	One Year	Three Years	Five Years	Since Inception 01/31/01

Select Growth Fund Class S	-1.61	-13.13	-7.67	3.21	6.04	-2.48

	Fund Fees and Expenses


	Annual Fund Operating Expenses

	Total		Net


	1.19%		1.17.%

Net annual operating expense ratio reflects the actual expenses expected to be borne by shareholders. The fund's adviser has contractually agreed to waive, for certain funds, at least until February 28, 2009, up to the full amount of its advisory fees and then to reimburse the fund for certain other direct fund-level expenses to the extent those expenses exceed a specified percentage of the average daily net assets of the fund for the period specified in the prospectus. Details of the waivers and reimbursements are in the current prospectus.

Growth of $10,000 — Class S Shares

Performance information is historical and does not guarantee future results. Investment return and principal value will fluctuate so that redeemed shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Month-end performance for Russell mutual funds is available by choosing fund performance from the left-hand navigation.

Characteristics

Total Market Value	$182.1 million
Net Asset Value	$7.94



	Cusip	Ticker

Class C	782478846	RSGCX


Class S	782478812	RSGSX

The fund offers other classes of shares with higher fees and expenses. These other classes may charge up to a 0.75% distribution fee and a 0.25% shareholder servicing fee which will result in a higher expense ratio and lower performance than that shown above. For a full description of other available classes, please see the prospectus.

Fund objectives, risks, charges, and expenses should be carefully considered before investing.

For more complete information, including a contract and fund prospectus that gives investment objectives, risks, charges, expenses, and other information about the investment company, contact a Northwestern Mutual Financial Network Representative, who is a Registered Representative of Northwestern Mutual Investment Services, LLC (NMIS). Read the prospectuses carefully before you invest or send money.

Consult the Prospectus.
Consult the Statement of Additional Information.

View Select Growth Fund (52K) in PDF format.

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