SMALL CAP VALUE FUND

Fund Overview

Adviser:

Mason Street Advisors, LLC

Subadviser:

T. Rowe Price Associates, Inc.

Objective/Focus:

Invests primarily in the stocks of small capitalization companies whose current stock prices do not appear to adequately reflect their underlying value as measured by assets, earnings, cash flow, or business franchises. The objective is to seek long-term capital growth.

Asset Class:

Small-Cap Stocks

Style:

Value

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

Fund Facts as of 09/30/18

Fund Inception

07-31-2001

First Available for Variable Annuity

07-31-2001

First Available for Variable Life

07-31-2001

Net Assets

$659.1 Million

Top 10 Portfolio Holdings % of Net Assets

Home BancShares, Inc.

1.6%

Green Dot Corp. - Class A

1.6%

Littelfuse, Inc.

1.5%

Quidel Corp.

1.3%

Landstar System, Inc.

1.3%

Nomad Foods, Ltd.

1.2%

Avanos Medical, Inc.

1.2%

Belden, Inc.

1.2%

Atrion Corp.

1.2%

Cavco Industries, Inc.

1.2%

Total % of Net Assets

13.3%

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Disclosed Holdings

Sector Weightings % of Equities

Financials

26.1%

Industrials

13.8%

Consumer Discretionary

9.7%

Information Technology

9.5%

Real Estate

8.7%

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.