DOMESTIC EQUITY FUND

Fund Overview

Adviser:

Mason Street Advisors, LLC

Subadviser:

Delaware Investments Fund Advisers

Objective/Focus:

Invests primarily in a core group of 30-40 U.S. equity securities believed to be undervalued relative to their intrinsic value. The objective is to seek long – term growth of capital and income.

Asset Class:

Large-Cap Stocks

Style:

Value

Funds with a limited number of holdings may be more greatly affected by any single event or market development than funds that include more holdings.

Fund Facts as of 12/31/18

Fund Inception

07-31-2001

First Available for Variable Annuity

07-31-2001

First Available for Variable Life

07-31-2001

Net Assets

$772.5 Million

Top 10 Portfolio Holdings % of Net Assets

Merck & Co., Inc.

3.5%

Pfizer, Inc.

3.5%

Abbott Laboratories

3.4%

Verizon Communications, Inc.

3.4%

Dollar Tree, Inc.

3.3%

Waste Management, Inc.

3.3%

Equity Residential

3.2%

Cisco Systems, Inc.

3.2%

Mondelez International, Inc.

3.2%

Marsh & McLennan Cos., Inc.

3.1%

Total % of Net Assets

33.1%

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Disclosed Holdings

Sector Weightings % of Equities

Health Care

21.9%

Financials

14.6%

Energy

10.8%

Information Technology

9.3%

Industrials

8.9%

Before investing in a variable product, you should carefully consider the objectives, risks and charges associated with its investment options. For this and other information about a Contract, you should obtain the appropriate Contract and underlying fund prospectuses by contacting your Northwestern Mutual Financial Representative. Read the prospectuses carefully before you invest.

Mason Street Advisors, LLC (MSA) is the principal investment adviser for all the Portfolios in the Northwestern Mutual Series Fund (Series Fund). (Portfolios in the Series Fund 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, Neuberger Berman Investment Advisers LLC and Credit Suisse Asset Management, LLC

All securities are offered through Northwestern Mutual Investment Services LLC, (NMIS), 720 E. Wisconsin Avenue, Milwaukee, WI 53202, 1-866-664-7737. Member FINRA and SIPC. NMIS is a subsidiary of Northwestern Mutual.