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International Equity
Fund Overview
Adviser:Mason Street Advisors, LLC
Sub-adviser:Templeton Investment Counsel, LLC
Objective:Long-term Capital Growth
Focus:Primarily invests in non-U.S. companies
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.

Fund Facts as of 06-30-2008
Fund Inception04-30-1993
First Available for Variable Annuity04-30-1993
First Available for Variable Life05-03-1994
  
Net Assets$1.61 Billion
Top Ten Holdings (% of Net Assets)
Nintendo Co., Ltd.2.3%
Telefonica SA Sponsored, ADR2.0%
BAE Systems PLC1.9%
E. ON AG1.8%
Royal Dutch Shell PLC - Class B1.8%
Samsung Electronics Co., Ltd.1.7%
Companhia Vale do Rio Doce, ADR1.6%
Electricite de France1.5%
Vodafone Group PLC1.5%
Novartis AG1.5%
  
Total % of Net Assets17.6%
Geographic Allocation (% of Equities)
Europe67.7%
Asia24.7%
Latin America/ Caribbean3.5%
Australia/New Zealand2.1%
North America1.4%
Middle East/ Africa0.6%

Investment Strategy:

The Franklin Templeton International Equity Portfolio invests a majority of its net assets in equity securities, with at least 65% of its net assets in securities of issuers from a minimum of three countries outside the U.S. that management believes are undervalued based on such earnings, cash flows and business franchises.

The strategy for the Portfolio will reflect a bottom-up, value-oriented and long-term investment philosophy. In choosing equity investments, the Portfolio's manager will focus on the market price of a company's securities in relation to the company's long-term earnings, asset value and cash flow potential. A company's historical value measures, including price/earnings ratio, profit margins and liquidation value, will also be considered.

Portfolio Managers:

The lead portfolio co-managers are Gary P. Motyl, CFA and Guang Yang, PhD, CFA. Gary P. Motyl is Chief Investment Officer of Templeton Institutional Global Equities and President of Templeton Investment Counsel, LLC, having joined Templeton in 1981. Mr. Motyl earned a BS in finance from Lehigh University in Pennsylvania and an MBA from Pace University in New York. Dr. Guang Yang is a Senior Vice President of Templeton Investment Counsel, LLC, having joined Templeton in 1995. Dr. Yang earned a BS from the University of Science and Technology of China and MBA from the Harvard Business School. He earned a PhD in neuroscience from the Australian National University.

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.