APPENDIX C - Ownership of Shares of the FundThe following tables show the allocation of shares of the Portfolios of the Fund among the GeneralAccount and the separate investment accounts as of March 31, 2009. All shares are owned of record.GROWTH STOCK PORTFOLIOGeneral Account — shares 0.0%NML Variable Annuity Account A 7,052,367 shares 2.5%NML Variable Annuity Account B 133,738,078 shares 45.9%NML Variable Annuity Account C 4,562,212 shares 1.6%Northwestern Mutual Variable Life Account 145,070,034 shares 49.9%Northwestern Mutual Variable Life Account II 334,183 shares 0.1%Total 290,756,874 shares 100.0%FOCUSED APPRECIATION PORTFOLIOGeneral Account — shares 0.0%NML Variable Annuity Account A 4,487,227 shares 3.1%NML Variable Annuity Account B 87,424,424 shares 60.7%NML Variable Annuity Account C 655,648 shares 0.5%Northwestern Mutual Variable Life Account 50,327,653 shares 35.0%Northwestern Mutual Variable Life Account II 1,044,751 shares 0.7%Total 143,939,703 shares 100.0%LARGE CAP CORE STOCK PORTFOLIOGeneral Account — shares 0.0%NML Variable Annuity Account A 7,827,642 shares 2.3%NML Variable Annuity Account B 176,125,107 shares 50.3%NML Variable Annuity Account C 6,425,320 shares 1.8%Northwestern Mutual Variable Life Account 157,458,158 shares 45.5%Northwestern Mutual Variable Life Account II 399,711 shares 0.1%Total 350,235,938 shares 100.0%INDEX 500 STOCK PORTFOLIOGeneral Account — shares 0.0%NML Variable Annuity Account A 18,777,255 shares 3.0%NML Variable Annuity Account B 319,144,986 shares 50.9%NML Variable Annuity Account C 16,889,808 shares 2.7%Northwestern Mutual Variable Life Account 271,144,399 shares 43.3%Northwestern Mutual Variable Life Account II 814,216 shares 0.1%Total 626,770,664 shares 100.0%DOMESTIC EQUITY PORTFOLIOGeneral Account — shares 0.0%NML Variable Annuity Account A 15,658,488 shares 3.5%NML Variable Annuity Account B 277,615,326 shares 62.7%NML Variable Annuity Account C 1,334,822 shares 0.3%Northwestern Mutual Variable Life Account 147,226,742 shares 33.2%Northwestern Mutual Variable Life Account II 1,190,901 shares 0.3%Total 443,026,279 shares 100.0%B-78
EQUITY INCOME PORTFOLIOGeneral Account — shares 0.0%NML Variable Annuity Account A 8,523,733 shares 4.8%NML Variable Annuity Account B 113,549,045 shares 63.4%NML Variable Annuity Account C 645,241 shares 0.4%Northwestern Mutual Variable Life Account 55,526,894 shares 31.0%Northwestern Mutual Variable Life Account II 819,377 shares 0.4%Total 179,064,290 shares 100.0%MID CAP GROWTH STOCK PORTFOLIOGeneral Account — shares 0.0%NML Variable Annuity Account A 11,951,304 shares 3.4%NML Variable Annuity Account B 188,494,000 shares 53.2%NML Variable Annuity Account C 13,643,010 shares 3.8%Northwestern Mutual Variable Life Account 140,015,841 shares 39.5%Northwestern Mutual Variable Life Account II 387,473 shares 0.1%Total 354,491,628 shares 100.0%INDEX 400 STOCK PORTFOLIOGeneral Account — shares 0.0%NML Variable Annuity Account A 8,735,121 shares 2.5%NML Variable Annuity Account B 176,306,316 shares 50.7%NML Variable Annuity Account C 12,076,969 shares 3.5%Northwestern Mutual Variable Life Account 149,496,317 shares 43.0%Northwestern Mutual Variable Life Account II 922,345 shares 0.3%Total 347,537,068 shares 100.0%MID CAP VALUE PORTFOLIOGeneral Account — shares 0.0%NML Variable Annuity Account A 3,558,814 shares 3.8%NML Variable Annuity Account B 56,190,002 shares 60.9%NML Variable Annuity Account C 408,755 shares 0.4%Northwestern Mutual Variable Life Account 31,975,422 shares 34.6%Northwestern Mutual Variable Life Account II 316,623 shares 0.3%Total 92,449,616 shares 100.0%SMALL CAP GROWTH STOCK PORTFOLIOGeneral Account — shares 0.0%NML Variable Annuity Account A 6,222,995 shares 2.4%NML Variable Annuity Account B 124,413,300 shares 48.1%NML Variable Annuity Account C 8,097,832 shares 3.1%Northwestern Mutual Variable Life Account 119,800,755 shares 46.3%Northwestern Mutual Variable Life Account II 375,973 shares 0.1%Total 258,910,855 shares 100.0%B-79
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APPENDIX F - Proxy Voting Policies
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stocks that make up that index. Str
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Interest rate swaps do not involve
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the Adviser or Sub-Adviser will not
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Forward Contracts. The Portfolios m
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principal amount as the call writte
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Options on Foreign Currencies. The
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securities. The issuers of the unde
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the former pools. However, timely p
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- Page 38 and 39: corresponding floaters. The underly
- Page 40 and 41: A Portfolio will not enter into suc
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- Page 44 and 45: Portfolio TurnoverPortfolio turnove
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- Page 50 and 51: OWNERSHIP OF SHARES OF THE FUNDAll
- Page 52 and 53: on the next $50 million, 0.50% on t
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- Page 56 and 57: Name of Portfolio 2008 2007 2006Int
- Page 58 and 59: Broker High Yield Bond BalancedAsse
- Page 60 and 61: and cost of trade execution of Port
- Page 62 and 63: Effective April 30, 2008, the Fund
- Page 64 and 65: TAXES AND DIVIDENDSEach Portfolio i
- Page 66 and 67: APPENDIX A - Credit RatingsDescript
- Page 68 and 69: F2Good credit quality. A satisfacto
- Page 70 and 71: . Moody’s Commercial Paper (short
- Page 72 and 73: Plus (+) or minus (-)The ratings fr
- Page 74 and 75: APPENDIX B - Directors and Officers
- Page 76 and 77: Name, Address, andYear of BirthDavi
- Page 80 and 81: SMALL CAP VALUE PORTFOLIOGeneral Ac
- Page 82 and 83: APPENDIX D - Portfolio ManagersOthe
- Page 84 and 85: PortfolioManager(s)FundRegisteredIn
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- Page 88 and 89: management firms. Performance is pr
- Page 90 and 91: Portfolio managers are eligible for
- Page 92 and 93: PortfolioPortfolio Manager(s)Dollar
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- Page 96 and 97: MSA’s Equity Trading Department s
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- Page 104 and 105: Amend Quorum RequirementsVote propo
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shareholders and the effect on shar
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portfolio company could have influe
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The Proxy Voting Service will refer
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that substantially differs from dom
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15. Janus will generally vote in fa
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46. For shareholder proposals outsi
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2. Staggered BoardIf a company has
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proposed for a legitimate business
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APPENDIX G - Portfolio Holdings Dis
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ICP Securities LLCIntermonte Securi