Balanced 

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Fund Overview
Adviser: Mason Street Advisors, LLC
Objective/Focus: The Portfolio is actively managed to capitalize on changing financial markets and economic conditions following a flexible policy for allocating assets according to a benchmark of 35-55% equities, 40-60% fixed income or debt and 0-20% money market instruments. The objective is to realize as high a level of total return rate as is consistent with prudent investment risk, through income and capital appreciation.
Asset Class: Balanced
Style: Hybrid-Market-Oriented for stocks, High Quality, Intermediate Maturity for bonds, and High Quality, Short Maturity for money market.
No investment strategy can guarantee a profit or protect against a loss.
Fund Facts as of 12/31/11
Fund Inception 12-31-1981
First Available for Variable Annuity 12-31-1981
First Available for Variable Life 07-01-1984
The original Variable Annuity and Variable Life funds merged on 05-03-1994.
Net Assets $2.19 Billion
Top 10 Portfolio Holdings % of Net Assets
Vanguard Emerging Markets ETF 2.0%
Apple, Inc. 1.5%
iShares MSCI EAFE Index Fund 1.5%
iShares iBoxx $ High Yield Corporate Bond Fund 1.1%
SPDR Barclays Capital High Yield Bond ETF 1.0%
Federal Home Loan Mortgage Corp., Various 9.0%
US Treasury, Various 6.2%
Federal National Mortgage Association, Various 5.2%
Israel Government AID Bond, Various 1.4%
US Treasury Inflation Index Bond, Various 0.6%
Total % of Net Assets 29.5%
Download Publicly Disclosed Holdings
Sector Weightings % of Equities
Investment Grade Bonds 40.0%
Large Cap 25.7%
Cash 14.5%
Mid Cap 8.6%
High Yield Bonds 5.0%

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-S11 (0601)