Emerging Markets Equity 

Fund Overview
Adviser: Mason Street Advisors, LLC
Subadviser: Massachusetts Financial Services Company
Objective/Focus: Normally invests at least 80% of its net assets in equity securities of issuers that are tied economically to emerging market countries. May invest in companies of any size. The objective is capital appreciation.
Asset Class: Emerging Market International Stocks
Style: Blend
Investments in emerging or developing markets involve exposure to economic structures that are generally less diverse and mature, and to political systems which have less stability than those of more developed countries. These securities are particularly subject to a risk of loss from political instability.
Emerging market securities are subject to currency transfer restrictions and may experience delays and disruptions in securities settlement procedures for a Fund's portfolio securities.
The volatility of emerging markets can be significantly higher than other equity asset classes.
Fund Facts as of 09/30/14
Fund Inception 04-30-2007
First Available for Variable Annuity 04-30-2007
First Available for Variable Life 06-30-2011
Net Assets $412.55 Million
Top 10 Portfolio Holdings % of Net Assets
Taiwan Semiconductor Manufacturing Co., Ltd. 4.7%
Naspers, Ltd. - Class N 2.9%
Cognizant Technology Solutions Corp. 2.8%
Kia Motors Corp. 2.6%
Kasikornbank PCL 2.5%
MediaTek, Inc. 2.4%
Housing Development Finance Corp., Ltd. 2.3%
Samsung Electronics Co., Ltd. 2.2%
SABMiller PLC 1.8%
China Construction Bank Corp. - Class H 1.6%
Total % of Net Assets 25.8%
Download Publicly Disclosed Holdings
Geographic Allocation % of Equities
Asia 55.5%
Latin America/Caribbean 15.9%
North America 11.0%
Europe 10.6%
Mid East/Africa 6.5%

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.

Mason Street Advisors, LLC (MSA), a wholly owned company of Northwestern Mutual, is a federally registered investment adviser. MSA is the principal investment adviser for all the Portfolios in the Northwestern Mutual Series Fund (Series Fund). (Portfolios in the Series Funds are identified by the parenthetical next to the portfolio name.) MSA has engaged and oversees subadvisers who provide day-to-day management for certain of the Series Fund Portfolios. Each subadviser 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, Credit Suisse Asset Management, LLC, and Neuberger Berman Management, LLC.

All securities are offered through Northwestern Mutual Investment Services LLC, (NMIS), Subsidiary of Northwestern Mutual and member FINRA and SIPC.

NMFN-VA21 (1012)