International Equity 

Fund Overview
Adviser: Mason Street Advisors, LLC
Subadviser: Templeton Investment Counsel, LLC
Objective/Focus: Primarily invests in stocks of non-U.S. companies believed to be undervalued. Investments may include small, medium and large capitalization issues. The objective is long-term capital growth.
Asset Class: International Stocks
Style: Value
Overseas 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.

Investing in small company stocks involves a greater degree of risk than investing in medium or large company stocks.

Fund Facts as of 09/30/14
Fund Inception 04-30-1993
First Available for Variable Annuity 04-30-1993
First Available for Variable Life 05-03-1994
Net Assets $1.71 Billion
Top 10 Portfolio Holdings % of Net Assets
Telenor ASA 2.2%
Credit Agricole SA 2.1%
Samsung Electronics Co., Ltd. 2.0%
China Telecom Corp., Ltd. 2.0%
Royal Dutch Shell PLC - Class B 2.0%
DBS Group Holdings, Ltd. 1.8%
Singapore Telecommunications, Ltd. 1.8%
MMC Norilsk Nickel OJSC-ADR 1.8%
Teva Pharmaceutical Industries, Ltd., ADR 1.8%
HSBC Holdings PLC 1.8%
Total % of Net Assets 19.3%
Download Publicly Disclosed Holdings
Geographic Allocation % of Equities
Europe 62.8%
Asia 30.0%
North America 2.7%
Mid East/Africa 1.8%
Latin America/Caribbean 1.4%

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-S03 (1012)