Focused Appreciation 

Fund Overview
Adviser: Mason Street Advisors, LLC
Subadviser: 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 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 $674.09 Million
Top 10 Portfolio Holdings % of Net Assets
Google, Inc. - Class C 5.2%
Precision Castparts Corp. 4.9%
Canadian Pacific Railway, Ltd. 4.1%
Celgene Corp. 3.7%
Lowe's Cos., Inc. 3.7%, Inc. 3.6%
Valeant Pharmaceuticals International, Inc. 3.5%
Endo International PLC 3.4%, Inc. 3.2%
Delphi Automotive PLC 3.1%
Total % of Net Assets 38.4%
Download Publicly Disclosed Holdings
Sector Weightings % of Equities
Information Technology 25.4%
Consumer Discretionary 24.9%
Health Care 20.9%
Industrials 13.0%
Financials 10.9%

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. 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-S05 (1012)