BALANCED FUND

Fund Overview

Adviser:

Mason Street Advisors, LLC

Objective/Focus:

The Portfolio seeks to capitalize on changing financial markets and economic conditions following a flexible policy for allocating assets according to a benchmark of 35-55% equities, 40-60% fixed income or debt and 0-20% money market instruments. The objective is to realize as high a level of total return rate as is consistent with prudent investment risk, through income and capital appreciation.

Asset Class:

Balanced

Style:

Hybrid-Market-Oriented for stocks, High/Medium/Low Credit Quality, Moderate Interest Rate Sensitivity for bonds, and High Quality, Short Maturity for money market.

No investment strategy can guarantee a profit or protect against a loss.

The Portfolio may gain exposure to foreign investments by investing in one or more of the Series Fund’s foreign portfolios. Each of those underlying portfolios has its own investment risks, including that it will not perform as expected. In addition, the Portfolio will bear a pro rata share of the underlying portfolios’ expenses.

Top 10 Portfolio Holdings % of Net Assets

Northwestern Mutual Series Fund, Inc.,

Select Bond Portfolio

39.1%

Northwestern Mutual Series Fund, Inc.,

Growth Stock Portfolio

6.6%

Northwestern Mutual Series Fund, Inc.,

High Yield Bond Portfolio

6.1%

Northwestern Mutual Series Fund, Inc.,

Research International Core Portfolio

5.3%

Northwestern Mutual Series Fund, Inc.,

Mid Cap Growth Stock Portfolio

4.3%

Northwestern Mutual Series Fund, Inc.,

Mid Cap Value Portfolio

4.2%

Northwestern Mutual Series Fund, Inc.,

Focused Appreciation Portfolio

3.2%

Northwestern Mutual Series Fund, Inc.,

Large Cap Core Stock Portfolio

3.2%

Northwestern Mutual Series Fund, Inc.,

Large Cap Blend Portfolio

3.2%

Northwestern Mutual Series Fund, Inc.,

Large Company Value Portfolio

3.2%

Total % of Net Assets

78.4%

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Disclosed Holdings