NEUBERGER BERMAN AMT SUSTAINABLE EQUITY FUND

Fund Overview

Adviser:

Neuberger Berman Investment Advisers LLC

Objective/Focus:

Invests mainly in common stocks of mid- to large-capitalization companies. Seeks to reduce risk by investing across many different industries. The objective is long-term growth of capital by investing primarily in securities of companies that meet the portfolio’s quality oriented financial and ESG criteria.

Asset Class:

Large-Cap Stocks

Style:

Blend

Mutual funds that follow social policies may underperform similar funds that do not have such policies.

Fund Facts as of 09/30/18

Fund Inception

04-30-2007

First Available for Variable Annuity

04-30-2007

First Available for Variable Life

06-30-2011

Net Assets

$473.93 Million

Top 10 Portfolio Holdings % of Net Assets

Advance Auto Parts

4.4%

Progressive Corp.

4.3%

Comcast Corp. - Class A

4.1%

Danaher Corp.

3.9%

Becton, Dickinson & Co.

3.8%

Texas Instruments

3.7%

Intercontinental Exchange Group, Inc.

3.7%

Cognizant Technology Solutions – Class A

3.5%

AmerisourceBergen Corp.

3.4%

Kroger Co.

3.3%

Total % of Net Assets

38.1%

Sector Weightings % of Equities

Health Care Equipment & Supplies

10.7%

Internet Software & Services

5.9%

IT Services

5.8%

Banks

5.8%

Health Care Provides & Services

5.3%

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