Focused Appreciation 

Fund Overview
Adviser: Mason Street Advisors, LLC
Sub-adviser: Janus Capital Management, LLC
Objective/Focus: Invests primarily in a core group of 20-40 equity securities of companies selected for their growth potential. May invest in companies of any size from larger, well-established issuers to smaller, emerging growth companies. The objective is long-term capital growth.
Asset Class: Large-Cap Stocks
Style: Growth
Investing in small company stocks involves a greater degree of risk than investing in medium or large company stocks.
Oversees investments can pose more risks than domestic investments. Unit values are subject to fluctuations in foreign stock markets, currency values, interest rates, government regulations and political conditions.

Funds with a limited number of holdings may be more greatly affected by any single event or market development than funds that include more holdings.

Fund Facts as of 03/31/14
Fund Inception 05-01-2003
First Available for Variable Annuity 05-01-2003
First Available for Variable Life 05-01-2003
Net Assets $621.2 Million
Top 10 Portfolio Holdings % of Net Assets
Google, Inc. - Class A 5.2%
Precision Castparts Corp. 4.4%
Canadian Pacific Railway, Ltd. 4.0%
MasterCard, Inc. - Class A 3.6%
Monsanto Co. 3.6%
Gilead Sciences, Inc. 3.5%
U.S. Bancorp 3.5%
Lowe's Cos., Inc. 3.3%
Priceline.com, Inc. 3.1%
Amazon.com, Inc. 3.1%
Total % of Net Assets 37.3%
Download Publicly Disclosed Holdings
Sector Weightings % of Equities
Consumer Discretionary 28.7%
Information Technology 23.3%
Health Care 19.1%
Industrials 11.6%
Financials 7.8%

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). 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.

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

NMFN-VA11 (1012)