Mid Cap Value 

Fund Overview
Adviser: Mason Street Advisors, LLC
Sub-adviser: American Century Investment Management, Inc.
Objective/Focus: Invests primarily in common stocks of medium sized companies that are determined through quantitative and fundamental research to be undervalued.
Asset Class: Mid-Cap Stocks
Style: Value
Investing in medium company stocks involves a greater degree of risk than investing in large company stocks.
Fund Facts as of 03/31/14
Fund Inception 05-01-2003
First Available for Variable Annuity 05-01-2003
First Available for Variable Life 05-01-2003
Net Assets $364.43 Million
Top 10 Portfolio Holdings % of Net Assets
Republic Services, Inc. 3.3%
Northern Trust Corp. 2.8%
Imperial Oil, Ltd. 2.8%
The ADT Corp. 2.0%
Applied Materials, Inc. 1.9%
iShares Russell Midcap Value Index Fund 1.7%
Westar Energy, Inc. 1.6%
Sysco Corp. 1.6%
Lowe's Cos., Inc. 1.5%
Apache Corp. 1.5%
Total % of Net Assets 20.7%
Download Publicly Disclosed Holdings
Sector Weightings % of Equities
Financials 25.1%
Industrials 13.4%
Utilities 12.2%
Health Care 11.2%
Information Technology 9.8%

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. 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-S10 (0601)