Enhanced Blend of Value Managers

June 30, 2008

About the Fund
In this all-capitalization fund, Russell combines managers with diverse value strategies to help neutralize a natural tendency of many value managers to vary significantly from the benchmark's sector structure. For example, one manager may be an aggressive value manager that focuses on undervalued large cap stocks. Another manager may provide diversification by focusing on stocks paying dividends. By combining these managers, Russell tries to reduce some of the risks normally associated with a single-style approach.

Investment Strategy

• Seeks to provide long-term capital growth.
• Highly diversified investments with an emphasis on undervalued stocks.
• Invests primarily in large- and mid-cap stocks, with some exposure to small company stocks.

Fund Highlights

• To help manage risk, blends managers using a variety of value investing styles, from yield-oriented to turnaround-oriented approaches.
• Managers focus on companies with solid fundamentals or attractive investment value.
• Specialty fund offering additional portfolio diversification.

Managing Money Differently
The Russell approach has been trusted for decades by many of the world's largest investors; Russell's 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.

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.

Due to rounding totals may not equal 100%

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.

Annualized Returns in Percentages as of June 30, 2008

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. Current to the most recent month-end performance for Russell mutual funds is available by choosing fund performance from the left-hand navigation.

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 Value Fund (52K) in PDF format.

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