Small Cap Value 

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Fund Overview
Adviser: Mason Street Advisors, LLC
Subadviser: T. Rowe Price Associates, Inc.
Objective/Focus: Long-term Capital Growth

Invests in the stocks of companies whose current stock prices do not appear to adequately reflect their underlying value as measured by assets, earnings, cash flow, or business franchises. Normally the fund will invest at least 80% of net assets in companies with market capitalizations that do not exceed the largest company in the S&P SmallCap 600® Index. The objective is to seek long-term capital growth.
Asset Class: Small-Cap Stocks
Style: Value
Investing in small company stocks involves a greater degree of risk than investing in medium or large company stocks.
Fund Facts as of 12/31/11
Fund Inception 07-31-2001
First Available for Variable Annuity 07-31-2001
First Available for Variable Life 07-31-2001
Net Assets $362.57 Million
Top 10 Portfolio Holdings % of Net Assets
Aaron's, Inc. 2.3%
ProAssurance Corp. 2.2%
Landstar System, Inc. 2.2%
Kirby Corp. 2.1%
Genesee & Wyoming, Inc. - Class A 1.9%
Nordson Corp. 1.6%
AptarGroup, Inc. 1.6%
Alaska Air Group, Inc. 1.5%
Beacon Roofing Supply, Inc. 1.5%
Owens & Minor, Inc. 1.5%
Total % of Net Assets 18.4%
Download Publicly Disclosed Holdings
Sector Weightings % of Equities
Industrials 27.0%
Financials 22.0%
Consumer Discretionary 11.6%
Materials 11.0%
Information Technology 9.9%

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. Mason Street Advisors, LLC (MSA) is the principal investment adviser for all the Portfolios in the Northwestern Mutual Series Fund (Series Fund) (NMSF). (Portfolios in the Series Funds 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, LLC.

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

NMFN-VA16 (0309)