FOCUSED APPRECIATION FUND

Fund Overview

Adviser:

Mason Street Advisors, LLC

Subadviser:

Loomis Sayles Company

Objective/Focus:

Invests primarily in a core group of 20-40 equity securities of companies selected for their growth potential. May invest in companies of any size from larger, well-established issuers to smaller, emerging growth companies. The objective is long-term capital growth.

Asset Class:

Large-Cap Stocks

Style:

Growth

Investing in small company stocks involves a greater degree of risk than investing in medium or large company stocks.

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.

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 9/30/17

Fund Inception

05-01-2003

First Available for Variable Annuity

05-01-2003

First Available for Variable Life

05-01-2003

Net Assets

$910.3 Million

Top 10 Portfolio Holdings % of Net Assets

Alibaba Group Holding, Ltd., ADR

7.2%

Facebook, Inc. - Class A

6.7%

Amazon.com, Inc.

6.4%

Visa, Inc. - Class A

5.4%

Cisco Systems, Inc.

4.5%

Oracle Corp.

4.2%

Monster Beverage Corp.

3.8%

Autodesk, Inc.

3.7%

Novo Nordisk A/S, ADR

3.3%

Danone SA, ADR

3.2%

Total % of Net Assets

48.4%

Download Publicly
Disclosed Holdings

Sector Weightings % of Equities

Information Technology

44.8%

Health Care

15.8%

Consumer Staples

12.8%

Consumer Discretionary

9.6%

Industrials

7.8%

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.