Small Cap Value 

Fund Overview
Adviser: Mason Street Advisors, LLC
Subadviser: T. Rowe Price Associates, Inc.
Objective/Focus: Invests primarily in the stocks of small capitalization companies whose current stock prices do not appear to adequately reflect their underlying value as measured by assets, earnings, cash flow, or business franchises. The objective is to seek long-term capital growth.
Asset Class: Small-Cap Stocks
Style: Value
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 07-31-2001
First Available for Variable Annuity 07-31-2001
First Available for Variable Life 07-31-2001
Net Assets $537.3 Million
Top 10 Portfolio Holdings % of Net Assets
Landstar System, Inc. 2.4%
Genesee & Wyoming, Inc. - Class A 1.9%
Kirby Corp. 1.9%
ProAssurance Corp. 1.8%
East West Bancorp, Inc. 1.7%
Alaska Air Group, Inc. 1.6%
Aaron's, Inc. 1.5%
SVB Financial Group 1.5%
Home BancShares, Inc. 1.4%
West Pharmaceutical Services, Inc. 1.3%
Total % of Net Assets 17.0%
Download Publicly Disclosed Holdings
Sector Weightings % of Equities
Industrials 25.7%
Financials 24.4%
Consumer Discretionary 14.0%
Information Technology 10.7%
Materials 9.1%

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)