Equity Income 

Fund Overview
Adviser: Mason Street Advisors, LLC
Subadviser: T. Rowe Price Associates, Inc.
Objective/Focus: Seeks companies that appear to be undervalued by various measures but have good prospects for capital appreciation and dividend growth. The fund will normally invest at least 80% of net assets in common stocks, with a focus on companies paying above-average dividends. The objective is long-term growth of capital and income.
Asset Class: Large-Cap Stocks
Style: Value
Fund Facts as of 09/30/14
Fund Inception 05-01-2003
First Available for Variable Annuity 05-01-2003
First Available for Variable Life 05-01-2003
Net Assets $748.01 Million
Top 10 Portfolio Holdings % of Net Assets
General Electric Co. 2.7%
JPMorgan Chase & Co. 2.6%
Wells Fargo & Co. 2.2%
Chevron Corp. 2.0%
Apache Corp. 1.9%
Exxon Mobil Corp. 1.8%
U.S. Bancorp 1.7%
Bank of America Corp. 1.7%
Johnson & Johnson 1.7%
Royal Dutch Shell PLC - Class A, ADR 1.5%
Total % of Net Assets 19.8%
Download Publicly Disclosed Holdings
Sector Weightings % of Equities
Financials 20.3%
Energy 15.0%
Industrials 14.5%
Consumer Discretionary 11.4%
Information Technology 10.8%

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). (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-S10 (0601)