Balanced 

Fund Overview
Adviser: Mason Street Advisors, LLC
Objective/Focus: The Portfolio seeks 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/Medum/Low Credit Quality, Moderate Interest Rate Sensitivity for bonds, and High Quality, Short Maturity for money market.

No investment strategy can guarantee a profit or protect against a loss.

The Portfolio may gain exposure to foreign investments by investing in one or more of the Series Fund’s foreign portfolios.  Each of those underlying portfolios has its own investment risks, including that it will not perform as expected.  In addition, the Portfolio will bear a pro rata share of the underlying portfolios’ expenses.

Fund Facts as of 09/30/14
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 $2.35 Billion
Top 10 Portfolio Holdings % of Net Assets
Northwestern Mutual Series Fund, Inc., Select Bond Portfolio 40.7%
Northwestern Mutual Series Fund, Inc., Growth Stock Portfolio 6.6%
Northwestern Mutual Series Fund, Inc., Research International Core Portfolio 6.6%
Northwestern Mutual Series Fund, Inc., High Yield Bond Portfolio 5.5%
Northwestern Mutual Series Fund, Inc., Mid Cap Value Portfolio 4.4%
Northwestern Mutual Series Fund, Inc., Mid Cap Growth Stock Portfolio 4.1%
Northwestern Mutual Series Fund, Inc., Domestic Equity Portfolio 3.2%
Northwestern Mutual Series Fund, Inc., Focused Appreciation Portfolio 3.2%
Northwestern Mutual Series Fund, Inc., Large Company Value Portfolio 3.1%
Northwestern Mutual Series Fund, Inc., Large Cap Blend Portfolio 3.1%
Total % of Net Assets 80.5%
Download Publicly Disclosed Holdings
Sector Weightings % of Equities
Investment Companies 94.8%
Cash 5.2%

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-S11 (1012)