LARGE CAP BLEND FUND

Fund Overview

Adviser:

Mason Street Advisors, LLC

Subadviser:

Fiduciary Management, Inc.

Objective/Focus:

Invests primarily in a core group of 20-30 equity securities and American Depositary Receipts (ADRs). Seeks stocks of good businesses selling at value prices.  The objective is to seek long-term growth of capital and income.

Asset Class:

Large-Cap Stocks

Style:

Blend

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

04-30-2007

First Available for Variable Annuity

04-30-2007

First Available for Variable Life

06-30-2011

Net Assets

$154.4 Million

Top 10 Portfolio Holdings % of Net Assets

Dollar General Corp.

5.6%

Berkshire Hathaway, Inc. - Class B

5.6%

Twenty-First Century Fox, Inc. - Class B

5.3%

UnitedHealth Group, Inc.

4.9%

Honeywell International, Inc.

4.2%

JPMorgan Chase & Co.

4.0%

Accenture PLC - Class A

3.4%

PepsiCo, Inc.

3.3%

Nestle SA, ADR

3.3%

The TJX Cos., Inc.

3.2%

Total % of Net Assets

42.8%

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Disclosed Holdings

Sector Weightings % of Equities

Financials

16.3%

Industrials

14.9%

Consumer Discretionary

14.5%

Health Care

13.6%

Communication Services

10.4%

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.