Domestic Equity 

Fund Overview
Adviser: Mason Street Advisors, LLC
Sub-adviser: Capital Guardian Trust Company
Objective: Long-term growth of capital and income
Focus: Normally invests at least 80% of net assets (plus any borrowings for investment purposes) in equity securities of U.S. issuers and securities whose principal markets are in the U.S., including American Depository Receipts and other U.S. registered securities. Generally, the companies in which the Portfolio invests will have a market value of $1 billion or more.
Asset Class: Large-Cap Stocks
Style: Value
Fund Facts as of 6/30/10
Fund Inception 07-31-2001
First Available for Variable Annuity 07-31-2001
First Available for Variable Life 07-31-2001
Net Assets $335.32 Million
Top 10 Portfolio Holdings % of Net Assets
Merck & Co., Inc. 3.9%
General Electric Co. 3.1%
Nucor Corp. 3.0%
Philip Morris International, Inc. 3.0%
Chevron Corp. 2.6%
Maxim Integrated Products, Inc. 2.3%
Emerson Electric Co. 2.3%
JPMorgan Chase & Co. 2.3%
Nintendo Co., Ltd., ADR 2.2%
The Proctor & Gamble Co. 2.1%
Total % of Net Assets 26.8%
Download Publicly Disclosed Holdings
Sector Weightings % of Equities
Financials 17.8%
Consumer Discretionary 15.0%
Industrials 13.9%
Consumer Staples 11.5%
Information Technology 10.6%

Investment Strategy:

The Capital Guardian Domestic Equity Portfolio normally will invest primarily in equity securities of U.S. issuers and securities whose principal markets are in the U.S., including American Depository Receipts (ADRs) and other U.S. registered securities. The companies in which the Portfolio invests will generally have a market value of $1 billion dollars or more at the time of purchase.

In selecting securities for purchase or sale by the Portfolio, the Portfolio's investment adviser attempts to keep the Portfolio's assets invested in securities that exhibit one or more value characteristics relative to the market norms reflected in the S&P 500® Index. These value characteristics include below market price to earnings ratios, below market price to book ratios, and dividend yields that are equal to or above the market norms.

Based on the research carried out by the investment adviser's analysts, portfolio managers look across industry sectors in selecting stocks for the Portfolio. With a long-term perspective, portfolio managers look for quality companies at attractive prices that will outperform their peers and the benchmark over time. In keeping with the investment adviser's bottom-up philosophy, the weighting for any given sector reflects the managers' and analysts' assessments and outlooks for individual companies within that sector. Weightings are arrived at through individual stock selection rather than through top-down judgments.

Portfolio Managers:

The team of portfolio managers for the Domestic Equity Portfolio includes Karen Miller, Theodore Samuels and Todd James, who have an average of 22 years with Capital Guardian and 22 years of investment experience. Additionally, a segment of the portfolio is managed by a group of research analysts.

You should carefully consider the investment objectives, risks, expenses and charges of the investment company before you invest. Your Northwestern Mutual Investment Services Registered Representative can provide you with a contract and fund prospectus that will contain the information noted above, and other important information that you should read carefully before you invest or send money.

Download the Select Variable Annuity quarterly performance update

Mason Street Advisors, LLC (MSA) is the principal investment adviser for all the Portfolios in the Northwestern Mutual Series Fund (Series Fund). (Portfolios in the Series Fund are identified by the parenthetical next to the portfolio name.) MSA has engaged and oversees sub-advisers who provide day-to-day management for certain of the Series Fund Portfolios. Each sub-adviser may be replaced without the approval of shareholders. Please see the prospectus for more information. Additional fund options are advised by Russell Investments, Fidelity Investments® and Neuberger Berman Management, Inc.

All securities are offered through Northwestern Mutual Investment Services LLC, (NMIS), Suite 600, 611 E. Wisconsin Avenue, Milwaukee, WI 53202, 1-866-664-7737. Member FINRA and SIPC. NMIS is wholly owned by Northwestern Mutual.

NMFN-VA02 (0309)