EQUITY INCOME FUND

Fund Overview

Adviser:

Mason Street Advisors, LLC

Subadviser:

T. Rowe Price Associates, Inc.

Objective/Focus:

Seeks companies that appear to be undervalued by various measures but have good prospects for capital appreciation and dividend growth. The fund will normally invest at least 80% of net assets in common stocks, with a focus on companies paying above-average dividends. The objective is long-term growth of capital and income.

Asset Class:

Large-Cap Stocks

Style:

Value

Fund Facts as of 03/31/18

Fund Inception

05-01-2003

First Available for Variable Annuity

05-01-2003

First Available for Variable Life

05-01-2003

Net Assets

$804.8 Million

Top 10 Portfolio Holdings % of Net Assets

JPMorgan Chase & Co.

4.0%

Wells Fargo & Co.

2.8%

Exxon Mobil Corp.

2.4%

Microsoft Corp.

2.2%

Morgan Stanley

2.2%

Total SA, ADR

2.1%

Verizon Communications, Inc.

1.9%

Harris Corp.

1.9%

DowDuPont, Inc.

1.8%

Johnson & Johnson

1.8%

Total % of Net Assets

23.2%

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Disclosed Holdings

Sector Weightings % of Equities

Financials

26.8%

Health Care

12.0%

Information Technology

10.5%

Energy

9.5%

Industrials

8.3%

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), Suite 600, 611 E. Wisconsin Avenue, Milwaukee, WI 53202, 1-866-664-7737. Member FINRA and SIPC. NMIS is a subsidiary of Northwestern Mutual.